JACKSONVILLE, FLA. — Cinemark Holdings Inc. will open a 14-screen theater in summer 2020 as part of Phase II of Sleiman Enterprises’ Atlantic North shopping center. Each theater will feature electric-powered, oversized recliners with footrests and cupholders, reserved seating and wall-to-wall screens with enhanced sound systems. Belk, Earth Fare, Academy Sports + Outdoors and LA Fitness anchor Atlantic North. Phase II will also include 300,000 square feet of additional retail and restaurant space. As of Dec. 31, 2018, Cinemark operates 546 theaters in North and South America.
Florida
Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami
by Alex Tostado
SWEETWATER, FLA. — Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended for double-wide homes and 36 percent are intended for single-family homes. Amenities include a swimming pool, management/maintenance office, mail facility, tennis courts and a playground. Lil’ Abner is situated less than two miles north of Florida International University and about 19 miles west of downtown Miami.
Konover South Backfills Former Winn-Dixie in South Florida with Sprouts, Planet Fitness
by Alex Tostado
JUPITER, FLA. — Konover South LLC has signed Sprouts Farmers Market and Planet Fitness to backfill a former Winn-Dixie at Admirals Crossing in Jupiter. Sprouts will span 30,900 square feet, and Planet Fitness will cover 17,800 square feet. Konover South CEO David Coppa expects Sprouts and Planet Fitness to open by the end of the year. Admirals Crossing, which is located at 3757 Military Trail, about three miles south of downtown Jupiter, totals 73,000 square feet. Other tenants include Berry Fresh Café, Inlet Liquors, Jimmy John’s Gourmet Sandwiches, Massage Envy and My Gym.
ORLANDO, FLA. — Orlando’s City Council has approved the retail redevelopment and reposition One South Orange Building, which was built in the early 1900s. One Orange Development will lead efforts on the redesign, which will focus on 7,000 square feet of the ground floor retail space and deliver an updated canopy and glass wall system and outdoor lighting and signage. The project will also maintain the historic brick detailing from the original building’s design, as well as bringing in a Taco Bell Cantina, which will offer an open kitchen, appetizers and alcoholic beverages. JLL will handle leasing efforts.
TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.
SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.
BOCA RATON, FLA. — HFF has arranged a $125.7 million construction loan for Uptown Boca, a 38-acre mixed-use project in Boca Raton. Jutland Finance Inc. provided the floating-rate loan to the development team of Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital. Elliott Throne, Steven Klein and Jesse Wright led HFF’s debt placement team in the transaction. The developers broke ground in October 2018 and said Uptown Boca will comprise 456 residential units, which are expected to deliver in early 2020, and 171,086 square feet of retail space, which is expected to deliver this summer. Retail tenants include Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi. The development will be situated at the corner of Glades Road and 95th Avenue, about five miles west of downtown Boca Raton.
BRANDON, FLA. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of The Park at Avilla and The Park at Pienza, both in the Tampa Bay city of Brandon, for a combined $27.4 million. The two properties are situated about three miles apart and combine for 200 units. Both properties were built in 1986. Ryan Moody, Patrick Dufour and Ryan Crowley of NKF represented the seller, Highgate Capital, in the transaction. 29th Street Capital acquired the assets.
TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.
MIAMI GARDENS, FLA. — Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not disclosed.