MIAMI — Los Angeles-based CIM Group, through its CIM Real Estate Debt Solutions business, has provided a $154 million loan for the refinancing of 2 and 3 MiamiCentral, two adjacent office towers in downtown Miami. Eastdil Secured arranged the financing on behalf of the borrower, Blackstone, which acquired the office towers in 2021. Built in 2018, 2 and 3 MiamiCentral span 17 and 12 stories, respectively, and total approximately 339,000 square feet of commercial space, including a Publix grocery store. Amenities include wellness and fitness facilities, an outdoor roof deck, private work lounges and conferencing space, concierge services, valet parking and secure access to 1,357 structured parking spaces. In addition to owning 2 and 3 MiamiCentral, Blackstone is also an office tenant. The towers anchor MiamiCentral, a mixed-use development adjacent to the MiamiCentral Station transit hub that includes more than 800 luxury residential units, an 18,000-square-foot food hall, a Starbucks and Chick-fil-A.
TAMPA, FLA. — A public-private partnership between RISE and the University of Tampa is set to break ground on an 833-bed residence hall project located at the corner of South Boulevard and Cleveland Street in Tampa. RISE will finance and construct the building, which is scheduled for completion in fall 2028. The university will own and operate the residence hall, with RISE managing building maintenance and custodial services. The development team includes Niles Bolton Associates and Juneau Construction. The 11-story community is designed for first- and second-year students and will offer suite-style units with shared living spaces. Amenities will include study lounges, two common rooms, dining facilities, bicycle storage and surface-level parking. The project will also include improvements to the surrounding infrastructure, such as enhanced pedestrian and cyclist pathways along South Boulevard and an upgraded Hillsborough Transit Authority (HART) bus shelter at Cleveland Street and Fielding Avenue.
MARIANNA, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.2 million in acquisition financing for The Grove Apartments, a 44-unit multifamily community located in the heart of the Florida Panhandle in Marianna, approximately 65 miles west of Tallahassee. Garrett Fierstein of MMCC secured the five-year loan through a local credit union. The loan carries a 6.12 percent fixed interest rate, 30-year amortization period and a 70 percent loan-to-value ratio. Situated near Chipola College and Florida Caverns State Park, The Grove is fully occupied and features a mix of two- and three-bedroom townhomes with an average size of 1,100 square feet, according to Apartments.com.
PENSACOLA, FLA. — McDowell Housing Partners has broken ground on Ekos at Warrington, a 120-unit affordable housing community located in Pensacola near the Naval Air Station (NAS). The community will serve a mix of income levels, with 10 percent of units reserved for extremely low-income (ELI) households at 40 percent of the area median income (AMI), and the remaining 90 percent of units serving households at or below 60 percent AMI. Also, 50 percent of the total units will be set aside for active-duty military members, veterans and their families, including half of the ELI units that will be reserved for veterans experiencing homelessness. Ekos at Warrington is expected to be completed in the third quarter of 2027. Located at 280 Dogwood Drive, Ekos at Warrington will span four, three-story buildings, along with a standalone clubhouse. The project will provide 72 one-bedroom, 36 two-bedroom and 12 three-bedroom units ranging in size from 631 to 1,197 square feet. Amenities will include onsite management and maintenance offices, a fitness center, community room with a kitchenette and game tables, media/business center with a computer lab, as well as a swimming pool, playground, dog park, barbecue area and a gazebo. The project will meet National Green …
POMPANO BEACH, FLA. — Kurv Industrial, formerly known as Bridge Industrial, has acquired East Pompano Industrial Center, a five-building industrial park in South Florida’s Broward County. The Chicago-based based owner-operator purchased the 818,611-square-foot development from Vancouver-based QuadReal Property Group for $220 million, making the deal the largest industrial acquisition in South Florida this year, according to Kurv. The acquisition is part of the previously announced $789 million joint venture partnership between Kurv and Canada Pension Plan Investment Board (CPP Investments). CBRE National Partners represented the seller in the transaction. East Pompano Industrial Center, which will be rebranded as Kurv Pompano, was 50 percent leased at the time of sale. The park comprises four rear-load facilities with 32-foot clear heights and a low-coverage building delivered in 1993. Kurv plans to invest in speculative office build-outs and energy efficient upgrades at the park during its ownership.
WINTER GARDEN, FLA. — Orlando-based Foundry Commercial has brokered the $24.5 million sale of The Exchange, a mixed-use building located at 270 W. Plant St. in downtown Winter Garden, a suburb of Orlando. Delivered in 2021, the 42,800-square-foot property was fully leased to office tenants and retailers at the time of sale. The buyer is James Larweth, a private investor who has actively acquired assets in downtown Winter Garden. Chris DeMartino, Rick Helton, Dale Peterson, Joe Chick and Christine Mansour of Foundry represented the seller, the Keating family, in the transaction. Jay Strates of The Strates Group was the previous leasing agent for The Exchange and assisted the Foundry team in the sale.
DELRAY BEACH, FLA. — A joint venture between Delray Beach-based Basis Industrial and global investment management firm One Investment Management (OneIM) has purchased an industrial portfolio in the Orlando and Atlanta markets. The firms acquired the 839,001-square-foot portfolio from Boston-based Albany Road Real Estate Partners for $144.6 million as part of a multibillion-dollar programmatic joint venture between Basis Industrial and OneIM. The acquired portfolio spans multiple building within three properties: Lake Point Business Park (134,389 square feet) and Challenger South (146,538 square feet) in Orlando and Breck Exchange in Duluth, Ga. (558,074 square feet). Aaron Appel, Jonathan Schwartz and Michael Brown of Walker & Dunlop assisted in sourcing acquisition debt. Mo Beler, Jonathan Paine, Cory Elbaum and Jackson Irwin of Walker & Dunlop advised on the joint venture equity raise.
Gateway Jax Plans Office Building at Pearl Square in Downtown Jacksonville, Taps JLL to Lead Leasing
JACKSONVILLE, FLA. — Gateway Jax plans to break ground next year on 655 Pearl, a six-story trophy office building that will anchor the Pearl Square mixed-use development underway in downtown Jacksonville. Designed by Morris Adjmi Architects and BDG Architects, the property will offer 100,000 square feet of offices and amenity spaces and 25,000 square feet of ground-floor retail space. Gateway Jax has tapped Michael Loftin, Jesse Shimp and Mack Keasler of JLL to lead the leasing efforts at 655 Pearl, which is the only office component within the first collection of buildings at Pearl Square. There are currently five buildings under construction, including the redevelopment of the 110-room Ambassador Hotel. At full build-out, the 2 million-square-foot mixed-use development will span nine city blocks and include 655 Pearl, the Ambassador Hotel, 1,250 apartments, more than a dozen restaurants and shops and a Publix grocery store. Gateway Jax plans to deliver 655 Pearl in 2028.
TALLAHASSEE, FLA. — A joint venture between Park7 Group and PGIM has broken ground on an 804-bed student housing development located near the Florida State University campus in Tallahassee. The nine-story community will offer 230 units alongside shared amenities including a rooftop pool and terrace, fitness center and collaborative study lounges. The project is scheduled for completion in fall 2028.
MIAMI — A joint venture comprising affiliates of the Falcone Group, ROK Acquisitions, Andre Mirmelli, The Davis Cos. and Jamestown has acquired a retail and entertainment district situated within Miami Worldcenter, a new $6 billion mixed-use destination in downtown Miami. The seller was master development group Miami Worldcenter Associates, which is a partnership between Falcone Group, Nitin Motwani and CIM Group. The sales price was $210 million. Totaling 300,000 square feet of retail, dining and entertainment space with 100,000 square feet of parks and plazas, the acquired property will be operated by Falcone Group, along with ROK Acquisitions and Andrew Mirmelli. Davis Cos. and Jamestown will serve as limited partners. Tenants within the retail district include a flagship Apple store, Sephora, lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar and Club Studio. Food-and-beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, Serafina, Go Greek Yogurt and Starbucks Coffee. Entertainment venues include Lucky Strike Bowling and the Museum of Ice Cream. “By combining continuity of vision with additional institutional capital, strategic oversight and operational discipline, …
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