Wednesday, November 12, 2025
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DevelopmentFloridaOfficeSoutheast

Gatsby Florida to Develop 220,000 SF Office Tower in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Gatsby Florida plans to develop The Modern at Palm Beach Gardens, a 220,000-square-foot office tower in South Florida. The real estate development firm plans to break ground on The Modern in January and deliver the eight-story property in late 2027. Darryl Kaplan of Darryl R. Kaplan Co. is handling the leasing of the project and has preleased approximately 25 percent of the tower’s gross leasable area. Gatsby Florida expects a “rapid lease-up” due to an expected exodus from New York City by major corporations. The Modern will feature a 10,000-square-foot fine dining restaurant, a 4,000-square-foot casual dining eatery and an additional 7,000 square feet of retail space situated under an adjacent 838-space parking garage. Planned amenities include a large rooftop patio with covered seating, a wet bar and restrooms, as well as a fitness center with full-service locker rooms and a media/conference center.

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DevelopmentFloridaIndustrialSoutheast

MWI Property Group Delivers 192,924 SF Industrial Facility in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — MWI Property Group has delivered a new 192,924-square-foot industrial facility located at 9395 Pritchard Road in Jacksonville. The facility is situated within Westlake Commerce Center, which features a 337,104-square-foot building delivered earlier this year. Guy Preston, Seda Preston and John Cole of Colliers are leading the leasing and marketing efforts at the new facility. The property features 32-foot clear heights, 55 dock-high doors, 100 trailer positions, ESFR fire protection and 2,000-amp power.

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Elyps-Apartments
AcquisitionsFloridaMultifamilySoutheast

Pinnacle Sells Elyps Luxury Apartments in Fort Lauderdale for $46.5M

by Abby Cox

FORT LAUDERDALE, FLA. — Miami-based developer Pinnacle has sold Elyps Apartments, a 140-unit luxury community in Fort Lauderdale, for $46.5 million. The buyer was Ram Elyps LLC, an affiliate of Rental Asset Management (RAM). CBRE represented Pinnacle affiliate, Bimini Cove LLC, in the transaction. Completed in 2023, Elyps offers one- and two-bedroom floorplans ranging in size from 777 to 1,182 square feet, according to Apartments.com. Amenities at the property include a swimming pool and sundeck, fitness center, business center, rooftop terrace, pet washing station and electric vehicle charging stations.

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AcquisitionsCompany NewsFloridaSeniors HousingSoutheast

Sonida Senior Living to Acquire CNL Healthcare Properties for $1.8B

by John Nelson

DALLAS AND ORLANDO, FLA. — Seniors housing owner and operator Sonida Senior Living Inc. (NYSE: SNDA) has entered into a definitive merger agreement to acquire CNL Healthcare Properties (CHP), a non-traded public REIT, in a deal valued at $1.8 billion. Upon completion of the merger, the combined company will be the eighth-largest senior living owner, with a portfolio of 153 independent living, assisted living and memory care communities and enterprise value of $3 billion. Under the agreement, Dallas-based Sonida will acquire 100 percent of CHP in a cash and stock transaction. The transaction is expected to close in the first or second quarter of 2026, subject to customary closing conditions. Both the Sonida and CHP board of directors unanimously approved the merger.   Financing for the acquisition will include cash provided by Conversant Capital and Silk Partners — the two largest Sonida shareholders — and debt financing from RBC Capital Markets and BMO Capital Markets. Ahead of the merger, Sonida’s portfolio comprises 97 seniors housing communities that the company owns, manages or invests in, including 84 owned properties. In total, the portfolio serves roughly 10,250 residents. CHP’s current portfolio comprises 69 seniors housing communities with 7,535 units across 26 states.

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AcquisitionsFloridaGeorgiaIndustrialKentuckySoutheast

MDH Partners Acquires 1.5 MSF Industrial Portfolio in Southeast, Midwest for $165M

by John Nelson

ATLANTA — Atlanta-based MDH Partners has purchased a six-property, 1.5 million-square-foot industrial portfolio in the Southeast and Midwest for $165 million. John Huguenard and Trent Agnew of JLL represented the seller, LBA Logistics, in the transaction. The portfolio has an average vintage of 2017, an average clear height of 33 feet and 6.9 years of weighted average lease term remaining, with each property fully leased to a single tenant. The assets include a 69,679-square-foot property in Miami leased to Compass Group USA; a 552,700-square-foot property in Jacksonville leased to Margo Garden Products; a 246,920-square-foot property in Atlanta leased to SupplyOne; a 235,013-square-foot facility in Louisville leased to ICS AmerisourceBergen; a 68,388-square-foot property in Cincinnati leased to GE Aerospace; and a 302,880-square-foot facility in Columbus leased to Hims.

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DevelopmentFloridaRetailSoutheast

EDENS Breaks Ground on Redevelopment of Shadowood Square Shopping Center in Boca Raton

by John Nelson

BOCA RATON, FLA. — EDENS has begun the overhaul of Shadowood Square, a shopping center located at 9887 Glades Road in Boca Raton. The development firm is demolishing a portion of the center, now rebranded as Shadowood, that once housed a movie theater to make way for five new retail buildings totaling 49,330 square feet. The new buildings will be connected by a 25-foot-wide promenade and public green space. Additionally, three existing retail buildings totaling 60,557 square feet will be fully renovated, and placemaking elements including brightened facades, signage and wayfinding, paseos, public art and outdoor seating will be installed. EDENS has signed lease agreements with J. Crew Factory, Joe and the Juice and Maman to join the tenant roster. Blo Blow Dry Bar, Dave’s Hot Chicken are Nomu Sushi & Pub recently opened at Shadowood. The construction phase is expected to last between 18 and 24 months, with the last phase of new retail opening in late 2027.

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AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Brokers $57M Sale of Distribution Center in Orlando

by John Nelson

ORLANDO, FLA. — Cushman & Wakefield has brokered the $57 million sale of a 713,585-square-foot industrial facility located at 8201 Chancellor Drive in Orlando. The property was fully leased at the time of sale to CVS Health Corp. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield represented the seller, Tratt Properties, in the transaction. The buyer was Aventura, Fla.-based MG3 Group. Located in Orlando Central Park, the property features tilt-wall construction, clear heights ranging from 28 to 40 feet, 429 trailer parking spaces and 97 dock-high loading doors.

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DevelopmentFloridaLoansMultifamilySoutheastTop Stories

SCALE Lending Provides $460M in Financing for Two-Tower Apartment Project in Downtown Miami

by Kristin Harlow

MIAMI — SCALE Lending, the debt financing arm of New York City-based Slate Property Group, has provided a $460 million cross-collateralized facility on behalf of the Namdar Group for two adjacent apartment towers under development in downtown Miami. The facility will comprise a $230 million bridge loan for the completion and lease-up of 55 N.E. 2nd Street (Phase I), which contains 680 multifamily units across 358,000 square feet; and a $230 million loan for the ground-up construction of 50 N.E. 3rd Street (Phase II), which comprises 714 apartment units across 395,000 square feet. The two 43-story towers will be connected from the first through eighth floors upon completion. Phase I is slated for completion in the first quarter of 2026. Construction of Phase II commenced in September 2025, with completion estimated for spring 2028. Units range in size from studios to two-bedroom layouts. A connected garage on the second through sixth floors will include 269 parking spaces, and the ground floor will feature 7,100 square feet of retail space. Combined, the buildings will include 62,000 square feet of amenity spaces on the seventh and eighth floors to be shared by tenants of both towers. Both buildings will offer gyms, golf …

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Crossroads Logistics Park
AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Negotiates Sale of 58,849 SF Industrial Property in East Tampa

by Abby Cox

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of Crossroads Logistics Park, a 58,849-square-foot industrial facility located at 5231 Crossroads Park Drive on Tampa’s east side. Delivered in 2025, the small-bay building is 67 percent leased, with roughly 26,946 square feet still available for lease. Crossroads Logistics Park features tilt-wall construction, 28-foor clear heights, spec office build-outs, 22 dock-high doors, two drive-in doors, ESFR sprinklers and five trailer parking stalls. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the seller, Arrow Capital, in the transaction. The buyer was Clarion Partners. The sales price was not disclosed.

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Affordable HousingFloridaLoansMultifamilySoutheast

Berkadia Provides $17.8M Agency Refinancing for Apartment Community in Miami

by John Nelson

MIAMI — Berkadia has arranged a $17.8 million Fannie Mae loan for the refinancing of RAM Miami River North, a 96-unit apartment community in the Little Havana area of Miami. The borrower, Rental Asset Management (RAM), acquired the property in 2022, the same year it was developed. Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Hugo Hernandez of Berkadia’s Miami office originated the loan on behalf of RAM, an Oakland Park, Fla.-based multifamily owner and operator. Berkadia also arranged the original acquisition loan through Amerant. Robbins of Berkadia says that RAM Miami River North qualifies for Fannie Mae’s affordability program since “almost three-quarters of the units at offer rents at 120 percent of the area median income.” Located at 590 W. Flagler St., RAM Miami River North includes one- and two-bedroom units averaging 650 square feet in size, as well as a pool, fitness center and a package service center.

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