Thursday, May 1, 2025
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DevelopmentFloridaIndustrialMixed-UseSoutheast

Rockpoint, Frampton Construction Break Ground on 1.5 MSF Race Track Logistics Park in South Florida

by John Nelson

POMPANO BEACH, FLA. — Rockpoint and general contractor Frampton Construction have broken ground on Race Track Logistics, a 1.5 million-square-foot industrial park in South Florida’s Pompano Beach. The 87-acre project is situated on a former horse racing track within The Pomp, a 223-acre master planned development by The Cordish Cos. and Caesars Entertainment. The industrial project is approved for eight buildings and will sit east of the Harrah’s Pompano Beach Casino at 777 Isle of Capri Blvd. Phase I of Race Track Logistics will comprise 620,738 square feet across four buildings with an expected completion date by September 2025. The buildings will include 36-foot clear heights and 165 dock doors with two drive-in doors per building.

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AcquisitionsFloridaRetailSoutheast

TSCG Brokers $16.5M Sale of Causeway Shopping Center on Florida’s Space Coast

by John Nelson

MELBOURNE, FLA. — TSCG has brokered the $16.5 million sale of Causeway Shopping Center in Melbourne, a city on Florida’s Space Coast. Ross Dress for Less, Michaels and Bealls anchor the 111,816-square-foot property. Anthony Blanco of TSCG represented the seller, a joint venture between Forge Capital Partners and The Sembler Co., in the transaction. Darrell Deshaw of Western Retail Advisors represented the California-based buyer. Originally built in 1966 and renovated in 2008, Causeway Shopping Center was 85 percent leased at the time of sale. 

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AcquisitionsFloridaHealthcareSoutheast

Easterly Government Properties Purchases 193,100 SF VA Healthcare Facility in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Easterly Government Properties Inc., a publicly traded REIT focused on the acquisition, development and management of commercial properties leased to the U.S. government, has acquired a 193,100-square-foot outpatient facility in Jacksonville leased to the Department of Veterans Affairs (VA). The property is the final asset to be acquired in Easterly’s previously announced portfolio of 10 properties that are fully leased to the VA under predominately 20-year firm term leases. The sales price was not disclosed. The Jacksonville VA clinic was delivered last November and replaced two smaller regional VA facilities. In addition to primary and specialty healthcare services, the facility also features a domiciliary that provides housing to veterans who are otherwise homeless, require substance abuse treatment or need additional full-time care. Easterly currently owns, directly or through a joint venture, 94 properties totaling 9.2 million square feet.

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AcquisitionsFloridaIndustrialSoutheast

Basis Industrial Acquires 206,275 SF Business Park in St. Petersburg, Florida

by John Nelson

ST. PETERSBURG, FLA. — Basis Industrial has acquired Pinellas Business Center, a six-building, 206,275-square-foot industrial park in the Tampa Bay city of St. Petersburg. Dale Peterson, Joe Chick and Courtney Snell of CBRE Capital Markets represented the seller, Taurus Investment Holdings, in the transaction. The sales price was not disclosed. Originally built in 1985 and 1986, Pinellas Business Center underwent a $3 million façade renovation project in 2022 and 2023. The property was 93 percent leased at the time of sale to firms occupying spaces ranging from 2,000 square feet to just over 41,000 square feet.

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FloridaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Changing Size Preferences, New Supply Shift Orlando’s Industrial Fundamentals

by John Nelson

Orlando’s industrial market has enjoyed consistently low vacancy, robust new development and significant rent growth year after year since the onset of the pandemic. While fundamentals remain strong, project deliveries and changing size preferences for leased space have caused a shift in activity. From an economic perspective, Orlando is well-positioned. The unemployment rate has decreased by 30 basis points since first-quarter 2024, reaching 2.9 percent, notably lower than the national average of 4.3 percent. Over the past year, nonfarm employment has grown by 1.4 percent with construction employment seeing a significant increase of 2.9 percent during the same period. Small to mid-sized spaces For the past 20 consecutive quarters, Orlando has maintained positive net absorption. Small bay and other tenants under 200,000 square feet have dominated leasing activity, while demand for spaces over 200,000 square feet has significantly slowed.  As a result, year-to-date absorption is just over 800,000 square feet, representing a 40.8 percent decrease compared to 2023’s midyear total and the lowest midyear total since 2020. This slowdown in absorption is accompanied by a rise in vacancy rates, which have increased by 1 percent since last year and 3 percent since 2022. ATR Commercial Flooring took 150,600 square feet …

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DevelopmentFloridaSoutheastStudent Housing

Joint Venture Breaks Ground on 674-Bed Student Housing Community Near Florida State University

by John Nelson

TALLAHASSEE, FLA. — A joint venture partnership between Portman, 908 Group, Canyon Partners Real Estate and PTM Partners has broken ground on The Hall, a 674-bed student housing development located near Florida State University in Tallahassee. The property is scheduled for completion in spring 2026. The development site is located within a Qualified Opportunity Zone across from Legacy Hall, the future home of the university’s FSU College of Business. The community will offer 191 units across two mid-rise buildings. Shared amenities will include a rooftop swimming pool and a high-end fitness center. The development will also feature 7,689 square feet of ground floor retail space and 452 parking spaces. The joint venture recently secured $73.3 million in construction financing from Pacific Life Insurance Co. for the project. TSB Capital Advisors acted as financial advisor to Portman and 908 Group in the deal. The development team for The Hall includes general contractor Favergray.

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AcquisitionsFloridaIndustrialSoutheastTennessee

Faropoint Purchases Industrial Portfolio in Jacksonville, Memphis for $105M

by John Nelson

JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Merritt Properties Acquires 200,328 SF Office Park in Jacksonville for Industrial Conversion

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.

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FloridaLoansOfficeSoutheast

CBRE Arranges $96M Refinancing for Office Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — CBRE has arranged a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower located at 515 N. Flagler Drive in West Palm Beach. The 21-story property was 92 percent leased to 48 tenants at the time of financing. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. The investment group has maintained and renovated the office building with over $18 million of recent capital investments, including multi-tenant floor renovations, speculative suite build-outs, elevator and lobby renovations and exterior upgrades. Since the start of 2022, the owners have executed 88,000 square feet of leases at Northbridge Centre.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $6.6M Ground Lease Sale for New Fort Myers Restaurant Building Leased to Cooper’s Hawk

by John Nelson

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the $6.6 million sale of a ground lease for a new restaurant building located at 13671 Olympic Court in Fort Myers. Cooper’s Hawk Winery & Restaurant occupies the 10,653-square-foot property on a 15-year triple-net lease. Britt Raymond and Kyle Fant of SRS represented the seller, Stock Development, in the transaction. Josh Kanter and Anthony D’Ambrosia of NNN Pro represented the undisclosed buyer, a private investment firm that purchased the restaurant in a 1031 exchange. The restaurant sits on a 2.2-acre site along 6 Mile Cypress Highway and adjacent to Daniels Crossing, a 500,000-square-foot, Publix-anchored shopping center.

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