Florida

Skanska to Lead $229M Renovation, Expansion of Hospital in Southwest Florida

by Camren Skelton May 10, 2018

FORT MYERS, FLA. — Skanska USA has unveiled renovation and expansion plans for Gulf Coast Medical Center, a hospital in the Southwest Florida city of Fort Myers. The $229 million expansion will add three floors totaling 365,700 square feet. The project includes the expansion of the emergency departments, clinical laboratory, radiology department, dining services and the central energy plant. The planned expansions will increase the hospital’s bed capacity from 356 to 624. Skanska will also renovate an existing 48,500 square feet of space at the hospital. Skanska is leading the project on behalf of the hospital owner, Lee Health. The development team, including general contractor Gates Construction and architect HKS Inc., expects to complete the hospital’s renovation program by September 2021.

May 10, 2018

Acquisitions Florida Office Southeast

IPA Brokers $16.4M Sale of 10-Story Office Building on Florida’s Gulf Coast

by Camren Skelton May 10, 2018

SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.

May 10, 2018

Development Florida Industrial Loans Southeast

Bridge Development Receives $75M Construction Loan for 2.1 MSF Industrial Project in South Florida

by Camren Skelton May 9, 2018

MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.

May 9, 2018

Florida Loans Multifamily Southeast

Love Funding Arranges $40.6M HUD Loan for New Apartment Community in Southwest Florida

by Camren Skelton May 9, 2018

FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.

May 9, 2018

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges $19.8M Sale of Shopping Center in Tampa

by Camren Skelton May 3, 2018

TAMPA, FLA. — Plaza Advisors has arranged the sale of Southtown Center, a 43,669-square-foot shopping center located at the intersection of South Dale Mabry Highway and West Neptune Street in Tampa. Hillsborough County records show the asset sold for $19.8 million, or $452 per square foot. Jim Michalak, Mike Cvetetic and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, a Los Angeles-based investor. An Australian entity acquired Southtown Center, which was 97 percent leased at the time of sale to tenants such as Moe’s Southwest Grill, Tropical Smoothie Café, Cold Stone Creamery, Hair Cuttery, Weight Watchers, Massage Envy, Pure Barre, European Wax Center, Burger Monger, DaVita Dialysis and Century 21.

May 3, 2018

Development Florida Industrial Southeast

McCraney Acquires 43.9 Acres Near Orlando for 652,696 SF Industrial Development

by Camren Skelton May 2, 2018

OCOEE, FLA. — McCraney Property Co. has acquired 43.9 acres in Ocoee, roughly 12 miles west of Orlando, with plans to develop a 652,696-square-foot industrial park. Dubbed Distribution 429, the development will include three buildings: Building 100, totaling 104,950 square feet; Building 200, totaling 145,164 square feet; and Building 300, totaling 402,582 square feet. William “Bo” Bradford of Lee & Associates represented the undisclosed seller in the land sale. McCraney expects to break ground on the development later this month. The buildings will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.

May 2, 2018

Development Florida Mixed-Use Southeast

Cordish Cos., Eldorado Resorts to Co-Develop 223-Acre Mixed-Use Project in South Florida

by Camren Skelton May 1, 2018

POMPANO, FLA. — The Cordish Cos. and Eldorado Resorts Inc. have formed a 50/50 joint venture to plan, design and develop a new 223-acre mixed-use project in Pompano. Located 35 miles north of Miami and roughly 10 miles north of Fort Lauderdale, the project will encompass the site of the existing Isle Casino Racing Pompano Park. Eldorado Resorts owns the 223-acre site around the casino and racing track. The development will include a corporate office campus, residential units, retail, dining, entertainment space and a hotel. The Cordish Cos. develops and operates hotels, casino, retail and restaurant projects across the country. In Florida, the Baltimore-based firm developed the Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa, and in April the company unveiled plans to co-develop a $2.5 billion mixed-use village surrounding EverBank Field in Jacksonville. Eldorado Resorts, a Nevada-based casino entertainment company, owns and operates 20 properties in 10 states.

May 1, 2018

Acquisitions Florida Multifamily Southeast

Franklin Street Brokers $17.9M Sale of Apartment Community in Metro Orlando

by Camren Skelton May 1, 2018

ALTAMONTE SPRINGS, FLA. — Franklin Street has arranged the $17.9 million sale of Wymore Grove Apartments, a 200-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, Wynmore Grove Partnership, and the buyer, Israeli-based 360 Wymore ROI LP. Wymore Grove was constructed in 1973 and features a swimming pool, tennis courts and a fitness center. The new owner plans to renovate the property with exterior, interior and common area upgrades.

May 1, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Negotiates $10.8M Sale of Office Building in South Florida

by Camren Skelton May 1, 2018

PORT ST. LUCIE, FLA. — NKF Capital Markets has arranged the $10.8 million sale of an office building located at 300 N.W. Peacock Blvd. in Port St. Lucie, a city in South Florida’s St. Lucie County. The two-story, 51,527-square-foot building is fully leased to healthcare company McKesson, also known as Change Healthcare. Michael Lohmann, Michael Lapointe, Adam Greenberg and Scott Gordon of NKF Capital Markets arranged the transaction on behalf of the seller, PSL Advanced LLC. An undisclosed buyer acquired the asset through a 1031 exchange

May 1, 2018

Development Florida Mixed-Use Southeast

Cordish Cos., Jacksonville Jaguars to Co-Develop $2.5B Mixed-Use Project Around EverBank Field

by Camren Skelton April 30, 2018

JACKSONVILLE, FLA. — Baltimore-based development firm The Cordish Cos. has been selected to co-develop a $2.5 billion mixed-use village surrounding EverBank Field, home of the National Football League’s Jacksonville Jaguars. The NFL franchise, in conjunction with Iguana Investments, a company controlled by Jaguars owner Shad Khan, will work with Cordish to develop the more than 4 million-square-foot project, located steps from the stadium, Daily’s Place amphitheater, Veterans Memorial Arena and the Baseball Grounds of Jacksonville. Architecture firm Beyer Blinder Belle is designing the development, which will feature dining, entertainment, retail, office, hotels and residential units. A construction timeline was not disclosed. The Cordish Cos. has partnered with leading professional sports franchises and media companies including the St. Louis Cardinals, FOX Sports, Philadelphia Flyers, NBC Sports and the Texas Rangers. The Jacksonville project hinges on approval from environmental regulators, according to local media reports. The brownfield site slated for development was previously used by shipyards and tank farms, and would require a cleanup of petroleum-contaminated soil beneath the pavement.

April 30, 2018

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