DAYTONA BEACH, FLA. AND CHATTANOOGA, TENN. — CBL Properties has signed leases with five new restaurants at shopping malls in Daytona Beach and Chattanooga. The new dining options are part of the redevelopment of two former Sears Auto Centers, which CBL acquired in 2017. Bonefish Grill, Metro Diner and The Casual Pint will join the tenant mix at Volusia Mall in Daytona Beach. Tennessee-based Aubrey’s and Panda Express will open at Northgate Mall in Chattanooga. Construction on both mall..
KISSIMMEE, FLA. — CBRE has brokered the sale of Lugano, a newly constructed, 288-unit apartment community located at 3021 Savosa Ave. in Kissimmee, roughly 20 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and developer, Fore Property Co. Cortland Partners acquired the property for an undisclosed price. Constructed in 2017, the LEED Silver-certified community features a resort-style pool, 24/7 fitness center,..
PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square-foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 million. Douglas Mandel and Todd Everett of IPA arranged the transaction on behalf of the seller and procured the..
JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon,..
BRANDON, FLA. — Phoenix Realty Group (PRG) has acquired Tuscany Villas, a 248-unit apartment community in Brandon, for $28.2 million. PRG will invest in a capital improvement program and will rename the community Alvista Sterling Palms. Planned upgrades include new signage, an enhanced amenity package, installation of faux wood flooring in all common areas, new countertops, new kitchen cabinet doors, new hardware and stainless steel appliances. The community was originally constructed in..
FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land..
FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The..
SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota..
ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast..
ORLANDO, FLA. — Tavistock Development Co. has launched the Tavistock Hotel Collection, a hospitality portfolio that will include the previously announced Tavistock Town Center Hotel at Lake Nona Town Center and the newly announced Tavistock Lake Nona Resort. Both properties will be located at Lake Nona, the firm’s 7,000-acre master-planned community in Orlando. Tavistock Lake Nona Resort will be situated between the Lake Nona Golf & Country Club and the USTA National Campus. The hotel..