PINELLAS PARK, FLA. — Cushman & Wakefield has arranged the $21 million sale-leaseback of a 29.5-acre industrial site located at 3565 126th Ave. in Pinellas Park. Albany Road Real Estate Partners purchased the site from Gaston Trees Debris Recycling, which is leasing back 10 acres at the site. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, J.T. Faircloth, Casey Perry, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Jingoli Power leases 12 acres at the site, and the remaining 7.5 acres is available for lease. Situated less than five miles from the St. Pete-Clearwater International Airport, the site is zoned for up to 450,000 square feet of industrial development.
RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.
The demand for retail space throughout Central Florida has been extremely high as new concepts are moving into the marketplace due to the mass exoduses from New York City and California. With the major population shift, we are running into the issue of limited supply to lease. Vacancy rates are currently projected at 3.8 percent, which is approximately 100 basis points below the 10-year historical average. Vacancy rates are projected to meet the mid-4 percent range by the end of 2023 due to the expected completion of more than 700,000 square feet of retail space during the fourth quarter, according to research from CoStar Group. Some developers are backing out of ground-up development deals due to the heightened labor and construction costs that every firm is experiencing. However, there are still some notable developments occurring in certain trade areas such as Minneola, Lake Nona, Apopka (Kelly Park) and Davenport, which are just some of the areas with projects expected to deliver in the fourth quarter of this year. These new ground-up projects require lessees to pay a higher rent to make these deals pencil out. The current average asking rate in Orlando is $27.77 per square foot, well ahead of …
JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.
WEST PALM BEACH, FLA. — The first round of retail and restaurant tenants have signed leases to join the commercial district at Nora, a mixed-use development underway in downtown West Palm Beach. A partnership between West Palm Beach-based NDT Development, Miami-based Place Projects and Greenwich, Conn.-based Wheelock Street Capital is developing Nora. The lineup of new tenants includes three food-and-beverage concepts: Loco Taqueria & Oyster Bar, H&H Bagels and Van Leeuwen Ice Cream. The roster will also include two fitness concepts: [solidcore] and Rumble Boxing. The first phase of Nora will comprise 25 eateries and several shops and wellness concepts along North Railroad Avenue. Nora will also include boutique and creative offices and a 201-room hotel that will be developed by a partnership between BD Hotels and Sean MacPherson.
ENGLEWOOD, FLA. — Kaplan Residential plans to develop Generation Englewood, a 306-unit apartment community in Southwest Florida. The Bay Harbor Islands, Fla.-based developer purchased the nearly 20-acre site at 201 Pine St. in Englewood from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. Kaplan plans to break ground on Generation Englewood in the first quarter of 2024. Designed by CID Design Group, the development will include a 10,000-square-foot clubhouse, including a dog park that offers outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Monthly rental rates will range from $2,000 to $3,500, according to Kaplan Residential, which plans to deliver Generation Englewood in early 2026.
JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …
MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.
JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.
Tampa Bay Rays to Build $1.3B Ballpark, Surrounding Mixed-Use Development in St. Petersburg, Florida
ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …