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AcquisitionsFloridaIndustrialSoutheast

JLL Arranges $92.5M Sale of Industrial Portfolio in East Tampa

by Abby Cox

TAMPA, FLA. — JLL Capital Markets has arranged the sale of a nine-building portfolio located across two industrial parks in Tampa on the east side of the city’s central business district. East Capital Partners purchased the 492,957-square-foot portfolio for $92.5 million, according to the Tampa Bay Business Journal. Luis Castillo, Cody Brais and David Orta Jr. of JLL represented the seller in the transaction. Melissa Rose, Jovi Rodriguez and Duncan Miller, also with JLL, secured financing for the acquisition on behalf of the new owner. The portfolio spans 25.6 acres and includes Adamo Distribution Center and Commerce Distribution Center. The small-bay industrial parks were 94 percent leased at the time of sale to 28 tenants across multiple industries such as utilities, logistics, manufacturing, consumer goods, building materials, biotech, medical supplies and technology.

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hialeah-industrial-portfolio
AcquisitionsFloridaIndustrialLoansSoutheast

Basis Purchases Industrial Portfolio in Hialeah, Florida for $84.8M

by Abby Cox

HIALEAH, FLA. — Basis Industrial has purchased a portfolio of 42 small-bay industrial buildings totaling 396,135 square feet in Hialeah, a suburb of Miami, for $84.4 million. Jose Lobón of CBRE represented the seller, TA Realty, in the transaction. Anthony Scavo internally represented Basis Industrial. BankUnited and Seacoast Bank provided financing for the acquisition, while NexPoint Advisors provided more than $20 million of preferred equity. The portfolio includes 24 buildings totaling 282,000 square feet at West 31st Place, West 32nd Place and West 33rd Place; 17 buildings totaling 93,116 square feet in the east pocket at West 8th Court, West 27th Street and West 28th Street; and one 20,119-square-foot building at 7395 W. 18th Lane. The industrial buildings feature a mix of cross-dock and front-load configurations with dock-high and grade-level loading, 14- to 22-foot clear heights, with roughly 5 to 12 percent of the space dedicated to offices. The portfolio was 85 percent leased to 79 tenants at the time of sale in industries relating to home design and improvement, as well as many other small family-owned businesses. The average tenant size is approximately 4,280 square feet.

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SPP-Entertainment-Center-Tampa
DevelopmentFloridaMixed-UseRestaurantRetailSoutheastTop Stories

Strategic Property Partners to Develop Entertainment District in Downtown Tampa

by Abby Cox

TAMPA, FLA. — Strategic Property Partners (SPP) has announced plans to develop an entertainment district in downtown Tampa. The district is proposed for a vacant parcel across from Benchmark International Arena, the 19,092-seat home of the NHL’s Tampa Bay Lightning. Situated on Channelside Drive between Morgan and Jefferson streets, the new district will support the broader $3 billion Water Street Tampa neighborhood. SPP plans to partner with Lightning owner Vinik Sports Group (VSG) to manage the entertainment venue, which will be privately financed. “Water Street Tampa was designed to evolve, and this entertainment district is the next step in completing the larger vision,” says Josh Taube, CEO of SPP. “Water Street Tampa is a dynamic neighborhood with waterfront, public spaces, residences, retail, hotels and offices all connected through a walkable experience. This project activates the western edge of the neighborhood by adding an entertainment energy through live music and cultural experiences, strengthening ‘WST’ as a preeminent destination.” Upon full build-out, Tampa’s new entertainment district will include a 3,500-seat music and performance venue for rising and mid-tier touring artists; a 250-room hotel; and 100,000 square feet of retail, dining and entertainment space. SPP aims to break ground on the project in …

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DevelopmentFloridaMultifamilySeniors HousingSoutheast

United Group Begins Construction on 152-Unit Active Adult Development in Winter Park, Florida

by John Nelson

WINTER PARK, FLA. — The United Group of Cos. has begun construction on Terracotta Terrace, an active adult community in Winter Park, roughly six miles northeast of Orlando. Upon completion, the property will total 152 units reserved for residents age 55 and older. Residences will include one- and two-bedroom apartments, as well as penthouses. Additionally, the community will feature 12,000 square feet of amenity space. Amenities will include a pool, outdoor bar and kitchen, dog park, bocce ball, shuffleboard courts, fire pits, cabanas, a great room, café and bar area, movie theater, fitness center, yoga studio and a wellness center with a salon, massage studio and sauna. Completion of construction is scheduled for the fourth quarter of 2027. The project team includes Winter Park Construction and Forum Architecture & Design. United Plus Property Management, the management arm of United Group, will operate the community.

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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Negotiates Sale of 134,832 SF Publix-Anchored Shopping Center in Boca Raton, Florida

by John Nelson

BOCA RATON, FLA. — Cushman & Wakefield has negotiated the sale of Polo Club Shops, a 134,832-square-foot shopping center located in Boca Raton. The center is anchored by Publix, which completed a full demolition and reconstruction of its store in 2022, expanding the property by an additional 48,387 square feet. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Atlanta-based Jamestown Properties, in the transaction. The buyer, Publix Super Markets, purchased the shopping center for an undisclosed price. The Lakeland, Fla.-based grocer is operating with a new 20-year lease. Other tenants at Polo Club Shops include Beignets & Brews, Brendy’s Ice Cream, Ernie’s Açai Bowls, First Watch, Peak Beauty Studio, Manhattan Joe’s Pizzeria, Pet Supermarket and Phenix Salon Suites.

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DevelopmentFloridaIndustrialSoutheast

Parkway Breaks Ground on Phase II of $750M Industrial Park in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Parkway has broken ground on Phase II of Lakeland Central Park, a $750 million industrial park spanning 740 acres in Lakeland. The second phase will comprise LCP 300, a new 261,000-square-foot cross-dock industrial facility at 1735 Winston Park Blvd.; an extension of Winston Park Boulevard with a direction connection to a signalized intersection at Airport Road; and pad-ready sites that can accommodate facilities spanning 162,000 to 1.7 million square feet. Phase I of Lakeland Central Park included LCP 200, a 705,000-square-foot, Class A facility that recently sold to a global furniture manufacturer and retailer. Parkway expects to deliver LCP 300 by fourth-quarter 2026, with the infrastructure, extension of Winston Park Boulevard and pad site deliveries expected to be completed by second-quarter 2027. The project team for Lakeland Central Park includes capital partner Silverpeak, an unnamed institutional investor with $140 billion of real estate assets under management, Berkadia (financial intermediary), Pinnacle Financial Partners (lead debt lender), Jr. Davis Construction (general contractor for infrastructure), Marcobay Construction (general contractor for LCP 300) and Cushman & Wakefield (marketing and leasing).

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AcquisitionsFloridaMultifamilySoutheast

Crescent Communities Sells 260-Unit NOVEL Nona Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Crescent Communities has sold NOVEL Nona, a 260-unit apartment community in Orlando’s Lake Nona neighborhood, to an undisclosed, private real estate management company. The Charlotte-based developer broke ground on the property in 2021. NOVEL Nona features a fitness center with a dedicated studio for yoga and spin classes, coworking spaces, a saltwater pool with cabanas, bike storage, walking trails, a conservation area, top-floor lounge with TVs and a craft cocktail bar, two courtyards, firepits and grills. Crescent Communities recently announced the appointment of Greg Minder to lead strategy, development and execution across the company’s multifamily presence in Tampa, Orlando and Jacksonville. The developer currently has several properties in the construction stages in those markets.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Prestige, Brunetti Deliver 341-Unit Apartment Community at Hialeah Park Race Track & Casino in Metro Miami

by John Nelson

HIALEAH, FLA. —  A partnership between Prestige Cos. and Brunetti Organization has completed Flamingo Village, a 341-unit apartment community located at 2200 E. Fourth Ave. within the 200-acre Hialeah Park Race Track & Casino campus. The community is situated on 13 acres and represents the largest development on the site since the casino opened in 2013. Brunneti is the master developer of Hialeah Park, which is located about 11.5 miles northwest of Miami. Centennial Bank provided a $60.7 million construction loan to the co-developers for Flamingo Village, which features floorplans ranging in size from 890 to 1,375 square feet in garden-style and townhome layouts. Monthly rental rates range from $2,600 to $3,375, according to Apartments.com. Amenities include two clubhouses, swimming pools, wide landscaped walkways, a fitness center with a yoga and meditation studio, business center, pet play area, a park and tanning deck. Flamingo Village is situated within walking distance of the Hialeah Metrorail station.

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FloridaLeasing ActivityOfficeSoutheast

University of Miami Signs 42,000 SF Office Lease at Flagler Station for UHealth

by Abby Cox

MIAMI — The University of Miami has signed a 42,000-square-foot office lease at Building 1300 at Flagler Station in Miami. The university signed a 10-year lease for the space, and will occupy nearly one-third of the building for its healthcare system (UHealth) offices. The long-term lease deal also includes building-top signage for the university, which will elevate visibility for the brand. The University of Miami is expected to move into its new space in the second quarter of 2026. Building 1300 at Flagler Station spans four stories and features flexible floor plates and amenities including a fitness center, outdoor seating area and a meeting room. Hamilton Development originally acquired Building 1300 earlier this year as part of its acquisition of a 24.4-acre site at Flagler Station. Cameron Tallon of CBRE represented Hamilton Development in the lease negotiations.

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1-N-Dale-Mabry-Tampa
AcquisitionsFloridaOfficeSoutheast

Joint Venture Purchases 13-Story Office Tower in Tampa’s Westshore Neighborhood

by Abby Cox

TAMPA, FLA. — A joint venture between Enverra Real Estate Partners and a New York City-based family office has acquired 1 North Dale Mabry, a 13-story, 260,000-square-foot office tower in the Westshore submarket of Tampa. The seller and sales price were not disclosed, but Business Observer Florida reports that Bridge Investment sold the property in a short-sale for $40 million, roughly five years after acquiring the property for $56.5 million. The office property offers floor-to-ceiling windows, a fitness center, conference facility and a renovated lobby. Additionally, 1 North Dale Mabry is home to various tenants such as Travelers Insurance, Marsh & McLennan Agency, Rissman Law Firm, Ideal Image and PCL Construction. Atlanta-based Enverra plans to invest $4 million to elevate the property with a coffee bar, landscaped outdoor terrace and upgrades to the current fitness center, conference facilities and other common areas.

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