Florida

Five New Tenants Join Shops at Merrick Park in Metro Miami

by John Nelson May 8, 2023

CORAL GABLES, FLA. — Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Female apparel retailer Shusha Boutique also recently opened on the third level. Built in 2002, Shops at Merrick Park spans more than 740,000 square feet and houses tenants including flagship Nordstrom and Neiman Marcus stores. New York-based Brookfield Properties owns the center.

May 8, 2023

Development Florida Hospitality Mixed-Use Office Restaurant Retail Southeast Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Complete 72-Unit Seniors Housing Community in Fort Walton Beach, Florida

by John Nelson May 4, 2023

FORT WALTON BEACH, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to literacy training, financial assistance and employment assistance services onsite. Funding sources for Shoreline Villas include $10.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity from JP Morgan Chase and Raymond James as syndicator, as well as a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank. The design-build team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design and surveyors Panhandle Associates.

May 4, 2023

Acquisitions Florida Industrial Southeast

RealOp Purchases 507,590 SF Industrial Property in Jacksonville in Sale-Leaseback Deal

by John Nelson May 3, 2023

JACKSONVILLE, FLA. — RealOp Investments, a private equity firm based in Greenville, S.C., has purchased two Class B warehouse buildings in Jacksonville totaling 507,590 square feet. As part of the sale-leaseback arrangement, the properties are 100 percent leased to Southeastern Toyota Distributors. At expiration of the three-year lease, RealOp plans to launch a comprehensive $7 million capital improvement and redevelopment program at the park. Located near the I-95 and Baymeadows Road interchange, the property represents RealOp’s seventh acquisition in Florida.

May 3, 2023

Acquisitions Florida Retail Southeast

Benderson Acquires 128,399 SF Bee Ridge Square Shopping Center in Sarasota, Florida

by John Nelson May 2, 2023

SARASOTA, FLA. — Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot shopping center in Sarasota. Burlington anchors the center, which houses 15 tenants, including Stage Door Studios, ofKors Bakery and EGGSTraordinary Café. Burlington recently downsized its footprint at the center, which it has anchored since 2001. Bee Ridge Square is located off exit 207 of I-75 at the intersection of Bee Ridge and Cattlemen roads. Justin Smith, Chris Peterson, Fred Victor and Sam Koonce of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. The seller and sales price were not disclosed.

May 2, 2023

Acquisitions Florida Industrial Southeast

Basis Industrial Acquires Three-Property Tampa Portfolio for $35M

by John Nelson May 1, 2023

TAMPA, FLA. — Boca Raton-based Basis Industrial has purchased portfolio of industrial properties located in Tampa for $33 million. The portfolio includes Brandywine Business Center at 3801 Corporex Park Drive; Corporex Plaza at 3902 Corporex Park Drive and Presidents Plaza Business Center at 4801 George Road. Together the properties total 224,108 square feet. Tenants at the properties, which were 96 percent occupied at the time of sale, include Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Anthony Scavo represented Basis Industrial on an internal basis. Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed sellers.

May 1, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 241,124 SF Industrial Portfolio in Orlando

by John Nelson May 1, 2023

ORLANDO, FLA. — CBRE has arranged the sale of an industrial portfolio comprising 241,124 square feet across three buildings in Orlando. Located at 10425 S. Orange Ave., 523 W. Grant St. and 44 27th St., the buildings total 130,400, 62,210 and 48,514 square feet, respectively. GID Industrial purchased the portfolio, which was fully leased to 14 tenants, including USPS, at the time of sale. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Alain Bonvecchio of CBRE Capital Markets represented the undisclosed, Boston-based seller in the transaction. David Murphy and Monica Wonus of CBRE also assisted with the sale, the price of which was not disclosed.

May 1, 2023

Development Florida Loans Mixed-Use Southeast

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

by John Nelson April 28, 2023

MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.

April 28, 2023

Florida Leasing Activity Retail Southeast

PEBB Signs Retail Leases Totaling 27,099 SF at Delray Landing in South Florida

by John Nelson April 28, 2023

DELRAY BEACH, FLA. — PEBB Enterprises has signed new retail leases totaling 27,099 square feet at Delray Landing, a shopping center the company is currently redeveloping in Delray Beach. Retro Fitness will occupy 17,299 square feet at the property, and Crown Wine will lease 4,100 square feet. Keke’s Breakfast Café and a dentist office will also open at the center, leasing 4,200 and 1,500 square feet, respectively. Sprouts Farmers Market anchors the property, which is also leased to Burger King and Taco Bell. PEBB acquired the shopping center, which is located at 5024-5070 W. Atlantic Ave., in June 2021 in a joint venture with Topvalco Inc. A grand reopening is scheduled for this summer.

April 28, 2023

Development Florida Hospitality Southeast Top Stories

Joint Venture Opens 255-Room Embassy Suites by Hilton Panama City Beach Resort

by Jeff Shaw April 28, 2023

PANAMA CITY BEACH, FLA. — A joint venture between The St. Joe Co., Hilton Worldwide Holdings Inc. (NYSE: HLT) and Key International have opened the Embassy Suites by Hilton Panama City Beach Resort, a 255-room resort overlooking the Gulf of Mexico. Located in the popular Florida Panhandle vacation town of Panama City Beach, the resort features one- and two-bedroom suites, including two-bedroom family suites and suites with bunk beds. The resort features a pool complex with a waterslide and hot tub, a fitness center, business center and approximately 15,500 square feet of meeting and event space. The property also includes two restaurants: Blu Bar & Grill, which will serve lunch and dinner, and Fin, which will provide guests with complimentary breakfast. Vue 55, a 3,800 square-foot open-air event venue on the fifth floor, will also be available for weddings and group functions. The resort is in the Pier Park shopping and entertainment district. According to the Panama City Beach website, Pier Park currently offers 124 stores, as well as restaurants such as Dick’s Last Resort and Hook’d Pier Bar and Grill, an IMAX theater and a Ferris wheel. “The location of this resort is unlike anything in the market,” says …

April 28, 2023

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