WESLEY CHAPEL, FLA. — Hutton, a real estate development and investment firm based in Chattanooga, has opened Cypress Creek Town Shopping Center, a 190,000-square-foot shopping center located in Wesley Chapel, 20 miles north of downtown Tampa. Earth Fare anchors the center, which is the latest phase of Cypress Creek Town Center. Other tenants in the new shopping center include Burlington, Hobby Lobby, Five Below, Dollar Tree and HomeGoods. Remaining tenants are scheduled to open in late spring. Chattanooga, Tenn.-based Hutton has completed three previous developments at Cypress Creek Town Center, including a 26,000-square-foot, multi-tenant development leased to retailers such as Mellow Mushroom and Men’s Wearhouse; an adjacent 8,000-square-foot Chuy’s; and a 16,000-square-foot multi-tenant building that includes Blaze Pizza, Chipotle Mexican Grill, Verizon Wireless and Sleep Number.
GAINESVILLE, FLA. — Celebration Pointe developers have signed a lease to bring in The Keys, a fresh seafood restaurant and entertainment venue. The Keys is locally owned by Tony Espetia, a real estate professional with Coldwell Banker M. M. Parrish Realtors and former owner of Rum Runners and Fat Tuesday in Gainesville; Brad Heron, the current owner of Rockeys Dueling Piano Bar; and Diego Ibanez, who has more than 25 years of restaurant experience and is the co-owner of Emiliano’s Café, a longtime family-owned restaurant that started as a bakery in the early 1980s. The Keys will serve freshly caught seafood and feature dueling pianos. The Keys, which has a double meaning playing off both the Florida Keys and piano keys, is expected to open this summer. Celebration Pointe is a 160-acre mixed-use development that will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues.
LOS ANGELES — CBRE has arranged the $90 million sale of 22 medical buildings in Florida, Georgia, Alabama and Illinois. The sale includes the Dermatology Solutions Group portfolio, an eight-building portfolio totaling 51,505 square feet in Alabama and Florida. The portfolio is fully occupied by Dermatology Solutions Group, which signed 10-year leases at each site at closing. Physician Group sold the properties to a public single-tenant REIT. A 47,936-square-foot building situated at 2061 Peachtree St. in Atlanta’s Buckhead district was included in the sale as well. The asset was built in 2013 and fully occupied by tenants including Georgia Hand, Shoulder & Elbow (GHSE), the largest hand and upper extremity practice in Georgia. Physician Group sold the building to a public healthcare REIT. The other 13 buildings total 197,385 square feet and are located in Chicago. The undisclosed developer sold the assets to Institutional Fund.
JACKSONVILLE, FLA. — Becovic Management Group (BMG) has acquired Lost Lake Resort Apartments, a 280-unit community, for $48.5 million. The property was built in 2014 and offers one-, two- and three-bedroom floor plans. Community amenities include an indoor sports court, swimming pool, spa, clubhouse, fitness center, coffee bar, theater room, pet park and a car wash. HFF represented the Indiana-based buyer and the seller, Illinois-based Inland Investments.
PEMBROKE PINES, FLA. — CBRE has negotiated the sale of Pembroke Place, a 158,463-square-foot shopping center in Pembroke Pines. Sedano’s grocery store, Crunch Fitness and Vargas University anchor the property, which is located 24 miles north of downtown Miami. Longpoint Realty Partners acquired the asset for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Sterling Organization, in the transaction.
DUNEDIN, FLA. — Berkadia has provided a $13.6 million Freddie Mac loan for the acquisition of Promenade at Edgewater, a 188-unit apartment community in Dunedin. The 10-year, fixed-rate loan includes full-term interest-only payments. Promenade at Edgewater is located at 257 Milwaukee Ave., 25 miles west of downtown Tampa. The asset was built in 1973 and comprises six two- and three-story buildings offering one- and two-bedroom floor plans. Community amenities include a swimming pool, fitness center, designated dog walking area, picnic areas with grills and views of the lakes at Dunedin Highland Memorial Park. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia’s Miami office provided the loan on behalf of the buyer, Pensam Capital. The seller was not disclosed.
TAMPA, FLA. — The Bromley Cos. has signed True Food Kitchen to a 5,000-square-foot lease in Midtown Tampa, a $500 million, 22-acre development in Tampa. This marks True Food’s first west central Florida location. Integrative medicine expert Andrew Weil co-founded the Oprah Winfrey-backed health-driven restaurant that operates several locations in Jacksonville, Naples and Boca Raton, Fla. The Bromley Cos., in collaboration with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co., Crescent Communities and Concord Hospitality, has already signed Whole Foods Market. Whole Foods will relocate its existing Tampa store and occupy 48,000 square feet at Midtown Tampa in 2020.
NEWNAN, GA. AND ORLANDO, FLA. — Industrial Outdoor Ventures (IOV) has acquired two industrial facilities, one located in Newnan and the other in Orlando. IOV purchased the metro Atlanta property from Spancrete for $5.5 million. The vacant former concrete facility sits on 41.3 acres and will be fully redeveloped into a transportation and heavy equipment storage facility. The site is located at 95 Newnan South Industrial Drive, three miles from Interstate 85 and 42 miles southwest of downtown Atlanta. The Orlando asset was bought for $3.4 million from a private seller. Sitting on 6.5 acres at 3732 Bryn Mawr St., the property offers 63 dock-high doors and three drive-thru bays. The facility is fully leased to ABF Freight System Inc.
FORT LAUDERDALE, FLA. — Apartment Investment and Management Co. (Aimco) has hired Steve Witten to focus on acquisitions as the new senior advisor to the REIT’s chairman and CEO, Terry Considine. Witten previously worked with Marcus & Millichap for the past 20 years, where he helped found the firm’s Institutional Property Advisors (IPA) division. Witten will be based in Fort Lauderdale and will focus on providing support for Aimco to increase its multifamily portfolio across South Florida. Witten graduated from Temple University in 1972 and completed the Certified Commercial Investment Member (CCIM) program in 1984.
MIAMI — ZOM Living and The Moinian Group have partnered to purchase the land necessary to develop Luma, a 43-story, 434-unit apartment community within downtown Miami’s Miami Worldcenter project. The joint venture plans to break ground in the coming weeks. Luma will offer floor plans ranging from 566 to 1,808 square feet and amenities such as a wellness center, speakeasy, sundry shop, dog salon, fitness center and a swimming pool. Miami Worldcenter is a $4 billion mixed-use project that will sit on 27 acres, span 10 city blocks and offer more than 2,000 hotel rooms, 500,000 square feet of office space and 300,000 square feet of retail and entertainment space at full buildout. Robert Given and Robert Kaplan of Cushman & Wakefield arranged equity and debt financing on behalf of the joint venture to acquire the land.