MIAMI — New York City-based Integra Real Estate Capital has arranged a $49 million, non-recourse loan for Fontainbleau Park Plaza, a 235,000-square-foot shopping center in Miami. The shopping center’s anchor tenants include Walmart Supercenter and LA Fitness. Russell Kimyagarov of Integra arranged the 10-year, interest-only loan on behalf of the borrower, a Miami-based ownership group.
PALM COAST, FLA. — Atlanta-based Branch Properties LLC has begun construction on Phase I of Island Walk, a $40.8 million retail and restaurant redevelopment of the Palm Harbor shopping center in Palm Coast. Phase I includes the demolition of the buildings to the west of the existing Publix. The redevelopment will add 50,000 square feet of retail space to Palm Harbor. Phase I, which includes the majority of Island Walk’s small shop tenants, is expected to be complete in the spring. Phase II, which will include the redevelopment/expansion of the Publix and the addition of more small shop space, is slated to finish in the fall. Publix has signed a lease for the new 53,785-square-foot store, which is roughly 20 percent larger than the existing store. Phase III, which will include additional retail space to the east of the Publix, is slated to open in mid-2016. Palm Harbor’s tenant roster, including Publix, Starbucks Coffee, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during the redevelopment. Branch Properties, along with Michael Collard Properties, purchased the 28.7-acre site for the future Island Walk in May 2014 from The Inland Real Estate Group.
COCONUT CREEK AND WEST PALM BEACH, FLA. — Northland Investment Corp. has acquired two apartment communities in Coconut Creek and West Palm Beach. The two properties include the 300-unit Cypress Shores in Coconut Creek and the 202-unit Village Place in West Palm Beach. Cypress Shores’ amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, car wash bay and three lakes with fountains. At Village Place, the amenities include a computer lounge, area for barbeques and picnics, multipurpose court for sports and recreation, swimming pool, dog park and a fitness center. With these two transactions, Northland now owns and operates 20 properties spanning 5,600 apartment units in Florida.
LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.
ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.
Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …
PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.
ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.
POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.
MIAMI GARDENS, FLA. — Wal-Mart Stores Inc. has opened a new Walmart Neighborhood Market located at 3791 N.W. 167th St. in Miami Gardens. The new store is expected to employ roughly 95 people. The 41,000-square-foot location will feature groceries, health and beauty aids, a pharmacy, pet products and cleaning supplies.
