PALM BAY, FLA. — Calkain Cos. has brokered the sale of a freestanding Verizon Wireless store located at 1109 Malabar Road N.E. in Palm Bay. Verizon Wireless has seven years remaining on its initial lease, which is guaranteed by Cellular Sales of Knoxville. Coast Realty represented the unnamed buyer that purchased the asset in cash at a 6.67 percent cap rate.
TAMPA, FLA. — Skanska has signed a $60 million contract to renovate and expand the Tampa International Airport (TPA) Main Terminal building in Tampa. When completed, the project will add 53,819 square feet to the terminal’s third-floor transfer level, with nearly 15,069 square feet of indoor public seating and large outdoor terraces. Skanska began construction of the expansion in December 2014. The renovation will begin in July 2015, and the total project is slated for completion in November 2017.
TRINITY, FLA. — The Sembler Co. has broken ground on the 65,000-square-foot Shoppes at Trinity Lakes, a Publix-anchored shopping center located in the southeast quadrant of State Road 54 and Trinity Boulevard in Trinity. In addition to the 45,600-square-foot Publix and 1,400-square-foot Publix Liquor Store, Sembler has signed leases with retailers new to the Trinity market, including Orange Theory Fitness, Moe’s Southwest Grill, China Wok, Nail Dior Lounge, Hair Cuttery and Majik Touch Cleaners. The secured leases total nearly 11,000 square feet. The Shoppes at Trinity Lakes also includes three outparcels, two of which are under contract.
ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group, in a joint venture with a client advised by Heitman LLC, has purchased Lexington Park in Tampa’s Westchase district. The joint venture purchased the 400-unit luxury apartment community for $64.5 million, according to the Tampa Bay Business Journal. The acquisition brings Pollack Shores’ current Florida portfolio to more than 4,400 units totaling more than $550 million. Pollack Shores plans to upgrade Lexington Park’s apartment interiors with wood plank flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, new lighting and plumbing fixtures. The company will also renovate the 12,500-square-foot clubhouse, fitness center and pool areas. Matrix Residential, Pollack Shores’ multifamily residential management division, will manage the property. Pat Jones of Walker & Dunlop represented the undisclosed seller in the transaction. Mark Sixour and Elliott Throne of HFF arranged acquisition financing on behalf of Pollack Shores.
WEST PALM BEACH, FLA. — Meridian Design Build has broken ground on a 225,198-square-foot sorting and distribution facility in West Palm Beach. The project is a build-to-suit for a global shipping and information services firm. SunCap Property Group is developing the asset, which will be located on a 27.2-acre site at the southeast corner of Pike Road and 7th Place North. Meridian is currently demolishing two existing buildings and a significant amount of asphalt and concrete pavement, which will be broken up on-site and incorporated into the new construction. Upon completion, the facility will feature 8,160 square feet of office space, 51 loading docks, 153 interior van loading positions, 390 auto parking stalls and 134 exterior trailer stalls. In addition to Meridian and SunCap, the design team includes architect Ware Malcomb and civil engineer Langan.
PEMBROKE PINES, FLA. — Continental Properties Acquisition Corp. (CPAC) has sold Palm Johnson Plaza, a 90,000-square-foot shopping center located in Pembroke Pines, for $8.5 million. Bar Invest, a Miami-based private investment group, purchased the center. Prior to the sale, CPAC completed a repositioning program, including parking lot upgrades, landscaping and new tenant build outs. Tenants of the center include anchor Winn-Dixie and junior anchor Planet Fitness. CPAC purchased the center in 2012 for roughly $3.2 million and has since brought the center’s occupancy from 54 percent to 86 percent.
ST. PETERSBURG BEACH, FLA. — HFF has arranged $26.1 million in post-acquisition financing for Postcard Inn, a 196-room boutique resort located on the beach at 6300 Gulf Blvd. in St. Petersburg Beach near St. Petersburg. Located on an 8.5-acre site along the Gulf of Mexico, the hotel features a junior Olympic-sized pool with towel service, more than 16,000 square feet of indoor and outdoor meeting space, outdoor pool, table tennis, fire pit, arcade games, on-site parking, two fitness centers and three dining options including PCI Beach Bar & Snack Shack. The hotel was originally built in 1935 and underwent significant renovations in 2009. Dan Peek, Scott Wadler, Max Comess and Preston Reid of HFF arranged the five-year, floating rate loan through BankUnited on behalf of the borrower, CRP 6300 Gulf LLC.
MIAMI — Aztec Group Inc. has secured $20 million in financing for Crossings Shopping Village, a 109,000-square-foot shopping center located at 13047 S.W. 112th St. in Miami. The property’s tenant roster includes Publix, CVS/pharmacy and You Fit Fitness Center. Aztec Group arranged the loan through a Florida-based bank on behalf of the borrower, Michael D. Friedman. The seven-year loan has a fixed rate interest rate of 3.85 percent and is structured with one year of interest-only payments followed by a 29-year amortization schedule.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.
