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FloridaLoansMixed-UseOfficeRetailSoutheast

CMC Group Obtains $69.9M Loan for Refinancing of Metro Miami Mixed-Use Development

by John Nelson

CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

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AcquisitionsFloridaOfficeSoutheast

CBRE Brokers Sale of 947,176 SF NetPark Tampa Bay Office Building

by John Nelson

TAMPA, FLA. — CBRE has brokered the sale of NetPark Tampa Bay, a 947,176-square-foot, two-story office complex located on a 98.7-acre site at 5701 E. Hillsborough Ave. in Tampa. The property is the largest office asset in the Tampa Bay market and the sale marks the largest office property sold in the Southeast since 2022, according to CBRE. The office building formerly operated as East Lake Square Mall, a regional mall that opened in 1976 and closed in 1998. Dale Peterson, Joe Chick and Courtney Snell of CBRE represented the seller, Bluett Capital Realty Inc. and its tenants-in-common (TIC) ownership group, in the transaction. New Jersey-based Saxum Real Estate Partners purchased NetPark Tampa Bay, marking its first acquisition in Tampa. The sales price was not disclosed, but the Tampa Bay Times reports the property traded for $45 million.

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DevelopmentFloridaMixed-UseSoutheastStudent Housing

Core Spaces, RD Management to Develop 1,300 Student Housing Beds Near University of South Florida in Tampa

by John Nelson

TAMPA, FLA. — Core Spaces and RD Management plan to break ground soon on Hub II, a 400-unit student housing project in Tampa’s Uptown district that will comprise 1,300 beds and a structured parking garage with 800 spaces. The project is Phase I of multiple communities that the co-developers are planning within Rithm, a nearly 100-acre campus adjacent to the University of South Florida that formerly housed University Mall, which opened in 1974. Core Spaces and RD Management ultimately plan to develop up to 3,000 student housing beds, 150 conventional apartments and 10,000 square feet of retail space at Rithm, which already features a Sprouts Farmers Market, restaurants, bars and incubator space for startup companies. Construction will begin on Hub II this fall, and the project is expected to be completed in fall 2027. The other phases (Hub III and Hub IV) will include over 700 beds and 800 beds, respectively, and will be fully delivered by 2030. In 2022, Core Spaces delivered Hub Tampa, a 359-unit, 890-bed student housing community located within Rithm.

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AcquisitionsFloridaSeniors HousingSoutheast

Continuum Advisors Negotiates Sale of 387-Unit Seniors Housing Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Continuum Advisors has arranged the sale of Amavida, a newly built, 387-unit seniors housing community in Fort Myers. Opened in December 2018 on a 30-acre site, the 570,000-square-foot campus comprises 28 cottages, 223 independent living apartments, 101 assisted living apartments and 35 memory care apartments, plus a 9,000-square-foot clubhouse. The sale includes 8 acres of fully entitled land ready for a Phase II expansion of approximately 130 additional independent living units. Continuum served as the exclusive sale-side representation for Quadrum Global. A national investor with a development background acquired the asset for an undisclosed price. The new owner has selected Life Care Services as the operator of Amavida. Ranked as the No. 1 retirement community by Fort Myers’ Community’s Choice Awards in 2023, the campus is uniquely situated on an infill site adjacent to the 275-acre Lakes Regional Park.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

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DevelopmentFloridaMultifamilySoutheast

Berkadia Arranges Sale of 22-Acre Multifamily Development Site in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — Berkadia has arranged the sale of a 22-acre multifamily development site at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, a city in South Florida. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million, with plans to develop a 324-unit community at the site. A construction timeline was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia arranged the transaction. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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AcquisitionsFloridaLoansMultifamilySoutheast

Berkadia Arranges $39.9M Acquisition Loan for Brantley Pines Apartments in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Berkadia has arranged a $39.9 million acquisition loan for Brantley Pines Apartments, a 296-unit multifamily community located at 1801 Brantley Road in Fort Myers. Mitch Sinberg, Michael Basinski, Brad Williamson and Scott Wadler of Berkadia’s South Florida office arranged the five-year, fixed-rate Freddie Mac loan on behalf of the borrower, Boca Raton, Fla.-based Interface Properties. The seller was not disclosed. Built in two phases between 1988 and 1997, Brantley Pines is situated near Southwest Florida International Airport. The property features one-, two- and three-bedroom floor plans, as well as a 24-hour fitness center, pool, grills, business center, pickleball court and a pet park. Interface Properties plans to complete a light value-add program at the community during its ownership.

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DevelopmentFloridaIndustrialSoutheast

BBX Logistics, FRP Development to Build 182,000 SF Industrial Park in Davie, Florida

by John Nelson

DAVIE, FLA. — BBX Logistics Properties has formed a joint venture with FRP Development Corp. to develop The Park at Davie, a two-building industrial park in South Florida spanning 182,000 square feet. Located just south of State Road 84, the 11.3-acre project is situated near Fort Lauderdale-Hollywood International Airport and Port Everglades, as well as the Florida Turnpike and I-595. The co-developers plan to break ground on The Park at Davie in the fourth quarter and complete construction in 2025. The duo is also partnering on the development of The Park at Lakeland in Lakeland, Fla.

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DevelopmentFloridaIndustrialSoutheast

Excel Construction Delivers 266,000 SF Industrial Facility in Metro Miami for World Electric Supply

by John Nelson

HIALEAH GARDENS, FLA. — Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center I, which is owned by The Easton Group. Ware Malcomb was the architect on the project, and Luis Caicedo and Juancarlo Lopez of Excel served as the project manager and superintendent, respectively.

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DevelopmentFloridaMixed-UseSoutheast

City of Jacksonville Approves Incentive Package, Rezoning for 8.3-Acre PHXJAX Mixed-Use Development

by John Nelson

JACKSONVILLE, FLA. — The Jacksonville City Council has approved a $5.5 million incentive package from the Office of Economic Development for Phoenix Arts & Innovation District (PHXJAX), an 8.3-acre mixed-use project currently underway by Future of Cities (FoC) in Jacksonville. Additionally, FoC received approval for rezoning to allow for commercial and multifamily residential uses. The developer has invested $38 million into the project. Upon completion, the development will comprise 10 separate properties, with creative office space, artist studios, galleries, event and gathering spaces and retail and restaurant space. The first phase of development began in December 2023 with the groundbreaking for Emerald Station. Construction is also underway on Liberty Building, which will total 17,850 square feet. The buildings are scheduled for completion in the third quarter of 2024 and second quarter of 2025, respectively. A nearby property at 2335 Market St. will serve as an outdoor market, offering green and community activity space, and PHXJAX will also include dedicated office space for the Jacksonville Small and Emerging Business (JSEB) organization. The City of Jacksonville has also authorized a 50 percent, 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million for the project.

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