Sunday, June 8, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Florida

AcquisitionsFloridaHospitalitySoutheast

Certares, TMGOC Ventures Acquire The Ray Hotel in South Florida

by John Nelson

DELRAY BEACH, FLA. — A joint venture between Certares and TMGOC Ventures has purchased The Ray Hotel, an upscale, 141-room hotel in Delray Beach, a coastal city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Alexandra Lalos Church, Zak Brodstein and Lauren Habig of Hodges Ward Elliott represented the seller in the transaction. Delivered in September 2021, The Ray is part of Hilton’s Curio Collection of high-end hotels. The property offers amenities including a rooftop restaurant and bar, rooftop pool deck, 1,800-square-foot fitness center and a modern event space. The Ray’s three full-service eateries include restaurants from Michelin-star chef Akira Back and Campi Italian, a concept from New York-based Host Restaurants.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaLeasing ActivityRetailSoutheast

Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road

by John Nelson

MIAMI BEACH, FLA. — Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant. The store at 900-904 Lincoln Road will serve as the new flagship location in the city for Victoria’s Secret, which is relocating from an adjacent location at 901 Lincoln Road. The specialty retailer is backfilling space formerly occupied by Aerie and Express.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Orlando Multifamily Makes a Comeback as Market Conditions Improve

by John Nelson

Orlando’s multifamily market has experienced softened conditions lately due to a record amount of new supply being built, as well as economic challenges impacting commercial real estate as a whole. Yet, green shoots have emerged as insurance costs continue to ease and interest rates remain steady with downward pressure. Both overall sentiment and renter demand have steadily improved as well.  Properties in the multifamily space seeing the most interest these days are those that are high-quality and well-located. Two key multifamily sale transactions that occurred in the second quarter of 2024 were in the Southwest Orlando submarket. This includes the 424-unit Osprey Links at Hunter’s Creek property that sold for $100.6 million, which marked Orlando’s largest multifamily sale this year, and the 296-unit Sonceto Apartments property that sold for $71 million.  Investors are flooding back into the market with increasingly more aggressive offers and heightened competition as a result of the still limited available multifamily inventory and notion that supply levels have peaked.  However, additional supply will still enter the market in the years to come as developers maintain a positive outlook on Orlando with just over 2,000 units across six buildings delivered by the end of the second quarter …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaMixed-UseMultifamilySoutheast

Ryan Cos. Completes 502-Unit Renata at Lakewood Ranch Multifamily Community in Bradenton, Florida

by John Nelson

BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaMultifamilySoutheast

CBRE Brokers $15M Sale of Office Building in Orlando

by John Nelson

ORLANDO, FLA. — CBRE has brokered the $15 million sale of an office building located at 65 S. Keller Road in Orlando. The building, which was fully leased at the time of sale, totals 82,260 square feet. David Harari, CEO of Bloom Ventures, was the buyer. Ronald Rogg of CBRE represented the undisclosed seller in the transaction. Zack Brumbaugh of CBRE secured acquisition financing on behalf of the borrower.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaIndustrialSoutheast

Avison Young Brokers $9.1M Sale of Industrial Building in Miami

by John Nelson

MIAMI — Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 N.W. 37th Ave. in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously arranged Plage Associates’ $7.5 million purchase of the property in 2020. RAM Steel Framing will continue to occupy the building, which is situated roughly three miles from Miami International Airport.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Four New Tenants Sign Leases at Promenade at Coconut Creek Near Fort Lauderdale

by John Nelson

COCONUT CREEK, FLA. — Four new tenants have signed leases at Promenade at Coconut Creek, a shopping center located in Coconut Creek, approximately 15 miles north of downtown Fort Lauderdale. Fragrance store Orientica is now open at the property, within a 1,045-square-foot space. Karma Bath & Body Co. is scheduled to open a 1,868-square-foot store later this month, and My Phone Lab and Happy Monkey will occupy 1,801 and 1,000 square feet, respectively, beginning in October. Avison Young manages and leases Promenade at Coconut Creek on behalf of the owner, Charlotte-based Hill Partners Inc.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaRetailSoutheast

Topgolf to Open Two-Level Venue in Panama City Beach, Florida

by John Nelson

PANAMA CITY BEACH, FLA. — Topgolf plans to open a new two-level venue in Panama City Beach. The new Topgolf will be situated along Powell Adams Drive adjacent to Pier Park. The location will feature 74 outdoor, climate-controlled hitting bays across two levels, as well as a restaurant, bar, 22-foot video wall, more than 140 TVs and an outdoor patio. Set to open in summer 2025, the new property will be Topgolf’s 10th venue in the state and first in Florida’s Panhandle. Topgolf expects to employ roughly 275 to 300 staffers once fully operational.

Continue Reading
FacebookTwitterLinkedinEmail
BurgerFi-Kissimmeee
FloridaRestaurantRetailSoutheastTop Stories

Restaurant Chain BurgerFi Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

FORT LAUDERDALE, FLA. — BurgerFi International (NASDAQ: BFI) has filed for voluntary Chapter 11 bankruptcy protection. The Fort Lauderdale-based company operates under two brands: BurgerFi and Anthony’s Coal Fired Pizza & Wings. The two entities have a total of 144 locations open across the United States, Puerto Rico and Saudi Arabia.  The filing pertains to 67 corporately owned locations operating under both the BurgerFi and Anthony’s banners. The remaining 77 franchisee-owned locations are excluded from the filing, with the company’s total portfolio expected to remain open and continue normal operations.  BurgerFi cited a drastic decline in post-pandemic consumer spending, sustained inflation and increasing food and labor costs as the key drivers in the decision to file for bankruptcy. The company joins a number of restaurants that have recently filed for bankruptcy protection, including Mediterranean fast-casual chain Roti, Italian dining chain Buca de Beppo and seafood chain Red Lobster. “We need to stabilize the business in a structured process,” says Jeremy Rosenthal, who has been named chief restructuring officer for the company. “We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital.” The company’s board …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansMultifamilySoutheast

Patterson Arranges Construction Financing for Multifamily Development in Metro Orlando

by John Nelson

DAVENPORT, FLA. — Patterson Real Estate Advisory Group has arranged an undisclosed amount of construction financing for the development of LUMEN | Legacy Park, a 219-unit apartment development in the Orlando suburb of Davenport. Trustmark National Bank and BankUnited provided the funding to the borrowers, Red Clay Development Partners and Atlantic Residential. LUMEN | Legacy Park will feature one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and community spaces. The construction timeline was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts