WEST PALM BEACH, FLA. — Time Equities Inc. has unveiled plans for CasaMara, a 300-unit multifamily community in West Palm Beach that will also feature 16,000 square feet of retail space. The property will comprise a 16,000-square-foot clubhouse and seven low-rise buildings offering studio to three-bedroom floor plans. Communal amenities will include a pool with cabanas, pool pavilion building, children’s pool, grilling stations, 60-foot water wall, Jacuzzi, coworking lounge, fitness center, bark park, game room with billiards and Wii stations, club room with art lounge and fire place, dining facilities for private parties, children’s playroom and an outdoor playground. The property is situated on 10 acres at 3111 S. Dixie Highway, two miles south of downtown West Palm Beach. MSA Architects is designing the exterior of CasaMara, while ID and Design International will design the interiors. KAST Construction is the general contractor, and Zabik & Associates is the construction manager. M&T Bank is providing construction financing. Avison Young is handling leasing efforts for the retail portion, and Lincoln Property Co. is handling leasing efforts for the multifamily portion. Time Equities expects to deliver the community in spring 2021.
Florida
ST. JOHNS, FLA. — The Ferber Co. will develop Durbin Creek Crossing, a 70-acre shopping center in the south Jacksonville suburb of St. Johns. Ferber is scheduled to break ground this summer and expects to deliver the asset by fall 2021. The property will offer 250,000 square feet of retail space across 10 outparcels sized between 0.8 and 2.6 acres. Ferber has signed Aldi to a 19,000-square-foot lease. Other tenants coming to Durbin Creek Crossing include ABC Fine Wine & Spirits, First Florida Credit Union and Tire Kingdom. Nancy Sumner and Katy Figg of Colliers International are handling the leasing efforts on behalf of Ferber. The site is located at the corner of St. Johns Parkway and Racetrack Road, 21 miles south of downtown Jacksonville. The remaining 22 acres of wetlands at the southern portion of the site will serve as an environmental buffer protected by a conservation land use designation for the single-family communities south of the site.
GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of the property were not disclosed.
JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.
MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.
NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.
DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.
JACKSONVILLE, FLA. — NAI Hallmark has brokered the $12.4 million sale of Baymeadows Business Center, a two-building, 132,102-square-foot office and industrial campus in Jacksonville. The property was 87 percent leased at the time of sale to tenants including UPS, ADP and Breakthru Beverage Group. The buyer, Miami-based Adler Real Estate Partners, has retained NAI Hallmark to provide leasing and management services at the property. Baymeadows Business Center is situated at 8226 Philips Highway, 11 miles south of downtown Jacksonville. Keith Goldfaden and Daniel Burkhardt of NAI Hallmark, along with David Ellis and Alex Waddey of NAI Global, represented the seller, Woodside Capital Partners, in the transaction.
MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.
MIAMI — Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying residents will range from $401 to $1,443. The three-story building will feature 11,388 square feet of retail space on the ground level, and its community amenities will include a clubroom with a kitchen and lounge seating, fitness center, business/computer room, community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas. Construction is expected to begin immediately with delivery slated for April 2021, and pre-leasing scheduled to start in the fourth quarter. Modis Architects and HSQ Engineers designed the community, and Gomez Construction Co. is the general contractor. HTG received $14.5 million in 9 percent Low Income Housing Tax Credit equity (LIHTC) provided by City Real Estate Advisors, a $5.5 million loan from KeyBank Real Estate Capital and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March 2019 for $2.8 million.