CLERMONT, FLA. — GBT Realty Corp. has broken ground on Hammock Ridge Commons, a 30,500-square-foot shopping center located in Clermont, approximately 25 miles east of Orlando. An entity doing business as Shoppes at Hammock Ridge Crossing LLC sold the original 3.7-acre land parcel to the Brentwood, Tenn.-based developer for $2.5 million. A 23,273-square-foot Sprouts Farmers Market will anchor Hammock Ridge Commons, which will be the first store in Lake County for the Arizona-based specialty grocer. Additional tenants will include a dentist and nail salon, and roughly 1,700 square feet of inline space is still available for lease at the center. The general contractor, J. Raymond Construction Corp., plans to deliver Hammock Ridge Commons in spring 2026.
SINGAPORE AND NEW YORK CITY — Mapletree Investments Pte Ltd., a global real estate investment and management firm based in Singapore, has sold a 1.8 million-square-foot industrial portfolio to New York City-based Faropoint for $328 million. The transaction represents Faropoint’s largest acquisition to date and Mapletree’s first major U.S. warehouse disposition. The portfolio, which Mapletree held under a closed-end private fund launched in 2019, comprises 30 shallow-bay warehouse buildings spread across Florida (14), Georgia (7), New Jersey (5), Texas (3) and Pennsylvania (1). John Huguenard and Trent Agnew of JLL represented Mapletree in the transaction. Mapletree has owned and managed more than 70 million square feet of industrial assets in the United States since entering the country in 2014.
WEST PALM BEACH, FLA. — A public-private partnership between Gilbane and Palm Beach Atlantic University is set to break ground on a $240 million residence hall project on the university’s campus in downtown West Palm Beach. The 25-story tower will span 319,000 square feet and offer 990 beds across 275 units upon completion, which is scheduled for August 2027. The development will also feature a 28,000-square-foot dining hall, 14,000-square-foot fitness center, 704-space parking garage and a student recreation center. Shared amenities will include a game lounge, study areas and wellness and social lounges. The community will also offer 230 bike and e-bike stalls. Gilbane will lead design, construction and financing for the project. The development team includes Cube 3, Urban Design Studio, Shutts & Bowen and Kimley-Horn. The project has been approved by the Palm Beach County Board of Commissioners and will be funded through bonds issued by Palm Beach County. Construction is scheduled to begin this summer.
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million. Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income (AMI). According to Apartments.com, the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222. Amenities at the property include a rooftop terrace, fitness center, clubroom and community gathering space. Services offered at the community include 24-hour assistance, adult literacy training and support with light housekeeping, grocery shopping and laundry. Financing for the development included $32.6 million in 9 percent low-income housing tax credit (LIHTC) equity syndicated through Raymond James; a $33 million construction loan from TD Bank; a $7.5 million permanent Freddie Mac loan provided and serviced by Berkadia; and a $640,000 loan from the City of Fort Lauderdale. HTG Gomez Construction served as the project’s general contractor. The project team also included architect REP-R-TWAR, civil engineer Thomas Engineering and interior design firm B. Pila …
TAMPA, FLA. — Berkadia has arranged $38.6 million in debt and equity financing for the recapitalization of Pointe at Carrollwood, a 224-unit apartment community located at 4949 Marbrisa Drive in Tampa. The financing includes a $29.9 million, five-year, fixed-rate Freddie Mac loan and a preferred equity investment of $8.4 million from Miami-based Atlantic Pacific Cos. Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson and Mitch Sinberg of Berkadia originated the financing package on behalf of the borrower, Miami-based Beacon Real Estate Group. Originally built in 1984, Pointe at Carrollwood offers one- and two-bedroom apartments ranging in size from 629 square feet to 1,050 square feet. Since purchasing the property in March 2022, Beacon has invested $3.6 million in capital improvements to renovate units with modern cabinetry, stainless steel appliances, quartz or granite countertops, walk-in closets and expanded balconies or patios. Community amenities include a swimming pool with grilling options, fitness center, boardwalk, 24-hour laundry center, car care station and a playground. Situated near Tampa International Airport and Busch Gardens, the apartment complex was 95 percent occupied at the time of financing.
This year marks the centennial of several Miami municipalities, including Coral Gables and Hialeah, placing Miami-Dade County in a unique position: looking back on a rich history as a sunseeker’s playground, while charging full speed into a future where it is also a tech hub and financial powerhouse, with some dubbing the city as “Wall Street South.” From the first land rush in the 1920s to the post-pandemic migration surge a century later, Miami’s real estate story includes fascinating characters, iconic architecture, multiple booms and busts and not one but two great railroad eras — all contributing to the city’s allure as a place to live, and where institutional-quality capital is increasingly eager to invest. Population, job momentum Miami has enjoyed one of the strongest multifamily markets in the country for roughly the past decade. A blend of population growth and job creation forms the backbone of Miami’s resilient rental market. Miami-Dade County added over 64,000 net new residents as of July 2024, driven almost entirely by international newcomers. According to the U.S. Census Bureau, the county saw 123,835 international arrivals, offsetting the 67,000 locals who left. Behind that growth is an unprecedented business boom. Lured by Florida’s business-friendly environment …
GROVELAND, FLA. — JLL has arranged the $97.3 million sale of Turnpike Logistics Center, a Class A distribution center located at 19800 S. Obrien Road in Groveland, about 31 miles west of Orlando. Built in 2023, the 977,441-square-foot property was fully leased to Duke Energy, a utility company that uses the facility as its Florida headquarters and distribution hub. John Huguenard, Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller, Scannell Properties, in the transaction. Goldman Sachs Alternatives was the buyer. The facility features 40-foot clear heights, 212 dock-high doors, four drive-in doors, 130-foot truck court depths, 381 automobile parking spaces, 235 truck/trailer spaces and a 2.6-acre IOS laydown yard.
JACKSONVILLE, FLA. — Berkadia has arranged the $44.6 million sale of Addison Landing, a 289-unit, garden-style multifamily community located in Jacksonville. Greg Rainey of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. The buyer was Tampa, Florida-based Argyle Real Estate Capital. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia also secured $31.3 million in financing through a Freddie Mac loan for the acquisition. The 10-year floating loan features interest-only payments for seven years. Built in 2007 on a 19-acre site, Addison Landing comprises 34 two- and three-story buildings. Floorplans at the property include one-, two-, three- and four-bedroom units totaling up to 1,425 square feet, according to Apartments.com. Select units also offer private, fenced yards, vaulted ceilings and lake views. Amenities at the community include a swimming pool, sun deck, outdoor kitchen and poolside lounge, clubhouse with a fitness center, billiards room, business center, playground, dog park, pet stations, package locker system and detached garages. The revious ownership invested $4.6 million in community enhancements.
POMPANO BEACH, FLA. — Fort Lauderdale-based Stiles and Charlotte, North Carolina-based FCA Partners have completed the redevelopment of Shopper’s Haven, a 200,144-square-foot retail center in Pompano Beach, roughly 36 miles north of Miami. A new Publix Supermarket — which opened June 26 — anchors the center. Dunphy Development provided additional development and construction management services, and Hawkins Construction served as the project’s general contractor. Stiles and FCA acquired the property in 2024. First Horizon Bank provided financing for both the property acquisition and redevelopment Redevelopment of the site included ground-up construction of the new Publix, along with upgrades to the property’s exterior, walkways, landscaping and parking areas. Several additional retailers and restaurants are scheduled to join the property’s tenant roster, which currently includes Walgreens, Outback Steakhouse, Dunkin’ Donuts, Xfinity, Leslie’s Pool Supplies, Michael’s, Bealls, YouFit and Domino’s.
POMPANO BEACH, FLA. — Stream Realty Partners has negotiated the sale of a 10-acre industrial development site located at the corner of NW 33rd St. and NW 27th Ave. in Pompano Beach. Steve Medwin and Nick Wigoda of Stream represented the buyers, Foundry Commercial and Crow Holdings Capital, in the transaction. Situated near the Florida Turnpike, Interstate 95 and Port Everglades, the site will be developed into a two-building industrial campus that totals approximately 182,000 square feet.
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