Florida

FORT WALTON BEACH, FLA. — TSCG has brokered the $8.4 million sale of The Shoppes at Paradise Pointe, a Publix-anchored shopping center located at U.S. Highway 98 and Perry Avenue SE in Fort Walton Beach. The 73,416-square-foot property sits at the mainland approach to Brooks Bridge, which connects Fort Walton Beach to Okaloosa Island. Anthony Blanco of TSCG represented the seller, SITE Centers Corp., in the transaction. The buyer was an undisclosed private investor. Built in 1987, The Shoppes at Paradise Pointe was 82.5 percent leased at the time of sale to tenants including Publix, which has anchored the center since 2001, as well as Great Clips, Mariner Finance and Painting With a Twist. The acquisition also included two developed outparcels occupied by Waffle House and Beach Liquors.

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SFL-Gateway

STUART, FLORIDA — JLL Capital Markets has arranged a $66.8 million loan to refinance South Florida Gateway, a 987,184-square-foot industrial development located at 2400-2450 Southwest Gateway Place in Stuart, a coastal city about 40 miles north of West Palm Beach. Melissa Rose, Michael DiCosimo, Michael Romero and Nicole Diaz of JLL secured the floating-rate loan on behalf of the borrowers, Orlando-based Foundry Commercial and San Francisco-based Stockbridge Capital Group. The lender was not disclosed. South Florida Gateway comprises two newly delivered buildings that are situated on nearly 65 acres. Building One features 285,510 square feet of rear-load warehouse space with 32-foot clear heights, 60 dock doors and two drive-in ramps. Building Two encompasses 701,674 square feet of cross-dock distribution space with 36-foot clear heights, 120 dock doors and four drive-in ramps.

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Bread-Building

HOLLYWOOD, FLA. — BTI Partners has opened the Bread Building, a 362-unit luxury residential tower located in the South Florida city of Hollywood. The property was built on the site of the former Hollywood Bread Building, which served as the headquarters for the Hollywood Bread Co., a popular diet bread brand in the 1930s. Situated in downtown Hollywood, the Bread Building offers studio, one- and two-bedroom floorplans ranging in size from 507 to 1,210 square feet, according to Apartments.com. Monthly rental rates begin at $2,146. The complex comprises more than 30,000 square feet of indoor and outdoor amenities such as a fitness center and yoga room, pool deck, gaming area and bar, coworking and business center, community lounge, spa, onsite concierge, grilling pavilion, pet-friendly zones, bike storage and electric vehicle charging stations. The 25-story property also features 15,407 square feet of ground-floor retail, including a new Walgreens pharmacy. In addition, BTI Partners has restored the original Hollywood Bread Building sign, which is now permanently displayed in the residential lobby.

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Key-Biscayne

KEY BISCAYNE, FLA. — Berkadia has arranged a $9.8 million loan to refinance a 61,504-square-foot, two-story retail center located on Key Biscayne, a barrier island situated south of Miami. Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez of Berkadia secured the 10-year, fixed-rate loan through a correspondent life insurance company on behalf of the undisclosed owner, which purchased the property in 1997. The financing features a 23 percent loan-to-value ratio. The retail property is situated on Crandon Boulevard, Key Biscayne’s primary commercial corridor and its only land connection to mainland Miami. Built in 1990, the center was 98.8 percent leased at the time of sale to a mix of tenants such as T-Mobile and Northern Trust.

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BOYNTON BEACH, FLA. — Green Cay Life Plan Village Inc., a nonprofit corporation, has broken ground on a continuing care retirement community (CCRC) project in Boynton Beach, approximately 30 miles north of Fort Lauderdale. Greenbrier Development LLC and BRP Senior Housing Management LLC, a Delray Beach-based affiliate of private equity real estate firm Big Rock Partners, are co-developers for the project, called The Winsberg at Green Cay. Greenbrier Development will also manage the seniors housing property, which is the first new CCRC built in Palm Beach County since 2016. Upon completion, the project — which was first announced in 2022 — will span 15 acres. The community will total 220 residences in a 510,000-square-foot building, with 189 independent living units and 32 assisted living and memory care units. Amenities will include multiple dining venues, a bar and bistro, fitness center, yoga studio, salon, theater, pickleball court, swimming pool and spa. Moss Construction is the construction manager for The Winsberg at Green Cay. The opening is scheduled for 2028.

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SWEETWATER, FLA. — Adam America Real Estate and JW Capital Management have secured $180 million for the refinancing of Terrazul, a 22-story student housing community located adjacent to Florida International University (FIU). Completed in 2024, the 1,201-bed property is located at 700 S.W. 107th Ave. in Sweetwater, a city in Miami-Dade County. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer and Michael Ianno of Walker & Dunlop arranged the financing through Corebridge Institutional Investment LLC. The borrowers will use the financing to pay off Terrazul’s existing construction loan and collect proceeds. The property features 932 studio, one-, two- and four-bedroom units that were 98 percent occupied at the time of financing, as well as 647 parking spaces, a suite of amenities and 15,442 square feet of retail space on the ground level.

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FORT LAUDERDALE, FLA. — Hines and Urban Street Development (USD) have signed two new office tenants to join T3 FAT Village, a mass-timber office building within the $500 million FAT Village mixed-use redevelopment project in Fort Lauderdale’s Flagler Village. GXO Logistics Inc. will open a new 35,000-square-foot office at the six-story, 180,000-square-foot office building, and workplace furniture provider CBI Workplace Solutions will move its Fort Lauderdale operation to the property from Las Olas Boulevard. The companies are the first committed tenants at T3 FAT Village and will open their offices next year. Blanca Commercial Real Estate handles the office leasing assignment at T3 FAT Village. Christina Jolley, Chris Harak and Kevin Carrasco of Blanca CRE represented GXO in the lease negotiations, while David Hillegas and A.J. Belt of Cushman & Wakefield represented CBI Workplace Solutions. Hines and USD plan to announce the property’s ground-level retail and restaurant tenants later this year.

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BOCA RATON, FLA. — Newmark has arranged an undisclosed amount of acquisition financing for Boca Raton Innovation Campus (BRiC), a 1.7 million-square-foot office and research-and-development campus located at 5000 T-Rex Ave. in Boca Raton. West Palm Beach, Fla.-based Related Ross purchased the 124-acre property for an undisclosed price. According to South Florida Business Journal, the selling entity comprised locally based CP Group, DRA Advisors, Las Olas Capital Advisors and Rialto. Jordan Roeschlaub, Nick Scribani, John Caraviello and Josh King of Newmark arranged the acquisition financing through Ares Real Estate funds. The BRiC site used to serve as the regional headquarters campus for IBM. In addition to offices and laboratory space, BRiC features two cafés, an 800-seat presentation hall, multiple event spaces, a gym and direct shuttle service to the Boca Raton Tri-Rail station. Tenants at the campus include D-Wave Quantum Inc., Modernizing Medicine, Cinch Home Services, Allstar Recruiting Locums LLC and Everglades University.

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JACKSONVILLE, FLA. — Merritt Properties has broken ground on Phase III of Imeson Landing Business Park in north Jacksonville. The new phase will comprise three shallow-bay industrial buildings totaling 126,500 square feet. The new buildings will be situated across the road from the first two phases of Imeson Landing, which total 266,200 square feet across five buildings. Buildings 600, 700 and 800 will feature 16- and 18-foot clear heights, rear-loaded docks, 90- to 100-foot truck courts and move-in ready incubator spaces to support small, growing businesses. Merritt and general contractor ARCO/Design Build plan to deliver Phase III in second-quarter 2027. The Baltimore-based developer has tapped Ross Crabtree and Luke Pope of JLL to handle leasing at Imeson Landing’s third phase.

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industrial-portfolio

NEW YORK — JLL Capital Markets has arranged a $102 million loan to finance a four-property industrial portfolio spanning Georgia, Florida and South Carolina. Peter Rotchford, Steven Binswanger and Lucas Borges of JLL secured the loan through Canadian Imperial Bank of Commerce (CIBC) on behalf of the borrower, SkyREM. The portfolio, which totals 1.9 million square feet, is currently fully leased to six tenants with a weighted average lease term of more than six years.

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