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DevelopmentFloridaLeasing ActivityRestaurantRetailSoutheast

Kitson & Partners Adds 20 New Tenants at Shops at Yellow Pine Shopping Center in Southwest Florida

by John Nelson

PUNTA GORDA, FLA. — Kitson & Partners has signed 20 new leases to its tenant lineup at The Shops at Yellow Pine, a 120,000-square-foot shopping center located within the master-planned community of Babcock Ranch in Punta Gorda. Situated north of Crescent B Commons, a Publix-anchored shopping center, The Shops at Yellow Pine comprises three multi-tenant buildings and two standalone outparcels along Cypress Parkway. Five Guys, Marshalls, Ace Hardware, Five Below and Hope Chiropractic are already open at the center, while Panera Bread, Jersey Mike’s Subs and Verizon Wireless are expected to open in June. Several more tenants will follow later in the year, including Carvel; Papa Johns; Yummy Thai and Chinese; HomeGoods; Ulta Beauty; Aesthetics Lounge & Spa; Fountain Pools; Tipsy Nail Salon; Seymour Orthodontics; Tampa General Hospital (TGH) urgent care and medical services; and seafood and steak restaurant Oar & Iron Raw Bar & Grill, which will occupy its own building overlooking Sunset Lake. Additionally, outdoor seating areas will be available for use throughout the development, which is slated to open this summer.

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DevelopmentFloridaMultifamilySoutheast

ANF Delivers First Phase of Parks at Delray Development in Delray Beach, Florida

by John Nelson

DELRAY BEACH, FLA. — ANF has delivered Phase I of Parks at Delray, a 43-acre mixed-use development located at 2100 S. Congress Ave. in Delray Beach. ANF worked on behalf of the ownership group, which comprises 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. The first phase of Parks at Delray, which ANF topped out in September 2023, includes 420 one-, two- and three-bedroom apartments ranging in size from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging in size from 1,670 to 1,770 square feet. Designed by MSA Architects, the community’s resort-style amenities include a clubhouse, fitness center, pool, social lounge and green spaces. When fully built out, Parks at Delray will feature 747 multifamily units, approximately 10 percent of which will be designated as workforce housing.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

National CORE to Develop 144-Unit Affordable Seniors Housing Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities will include a community room, cybercafe, swimming pool, fitness room, community garden and a pickleball court. Residents will have access to computer training, daily activities and free assistance with light housekeeping, grocery shopping and laundry through AGPM, National CORE’s property management partner. KeyBank Community Development Lending and Investment has provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction and originated a $7.4 million Freddie Mac Forward commitment for permanent financing, which will be funded upon stabilization of the community. Florida Housing Finance Corp. has committed $22 million to the project in the form of a Multifamily Mortgage Revenue Note, as well as $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4 percent LIHTC …

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AcquisitionsFloridaGeorgiaNorth CarolinaRetailSoutheast

Marcus & Millichap Facilitates 10-Property Portfolio Sale of Dollar General-Leased Stores in the Southeast

by John Nelson

ATLANTA — The Taylor McMinn Retail Group of Marcus & Millichap in Atlanta has brokered the sale of a 10-store portfolio in North Carolina, Georgia and Florida. Each store is triple-net leased to Dollar General for an average lease term of 13 years remaining. The undisclosed seller was an institution and the buyers were all individual private investors who paid an average of 97 percent of list price, according to Don McMinn of the Taylor McMinn Retail Group. “This portfolio sale showcases our team’s ability to achieve above-market pricing by leveraging our track record, network and platform in spite of challenging market conditions,” says McMinn.

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FloridaLoansLouisianaSouth CarolinaSoutheastStudent Housing

JLL Secures Refinancings for Three Southeast Student Housing Communities Totaling $134.9M

by John Nelson

TAMPA, FLA. — JLL Capital Markets has secured refinancings totaling a combined $134.9 million for three student housing communities across the Southeast. Lee Weaver, Melissa Marcolini Quinn, Rob Rothaug and Jade Starkey of JLL worked on behalf of Commercial Street Partners to secure a $97.5 million refinancing for Apella on Newport in Tampa. The three-year, floating-rate loan was placed through MF1/Limekiln Real Estate Investment Management. The newly constructed community spans 195,076 square feet at 311 North Newport Ave. near the University of Tampa campus. The property offers 576 beds across 150 fully furnished units in two-, three-, four- and six-bedroom configurations. Shared amenities include a rooftop pool, fitness center, study lounges and secured garage parking.  Weaver and Quinn, along with Kenny Cutler, Rob Rothaug and Cristian Sieman of JLL, also secured a $22 million refinancing for Preserve at Tech near Louisiana Tech University in Ruston, La. Prime Finance provided the two-year, floating-rate loan to borrower RISE: A Real Estate Co. Completed in 2021 at 1913 West Alabama Ave., the community offers 588 beds across 168 units in three- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour clubhouse, computer lab, fitness center and a gaming lounge.  JLL also worked on …

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AcquisitionsFloridaLeasing ActivityOfficeSoutheast

JLL Arranges $40M Sale-Leaseback of Office, TV Studio Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — JLL Capital Markets has arranged the $40 million sale-leaseback of 1100 Banyan, a 70,131-square-foot office and TV studio building in West Palm Beach. Simon Banke, Matt McCormack, Joe Judge and Anna Schaffer of JLL represented the seller, The E.W. Scripps Co., and procured the buyer, a joint venture between Related Ross, Wexford Real Estate Investors and Key International. Cincinnati-based Scripps is leasing the entire property from the new ownership for a minimum of 2.5 years.  Completed in 2000, 1100 Banyan is a two-story building that houses Scripps’ WPTV news studio and office space. The fully leased property also includes a 170-space parking garage and 33 surface parking spaces.

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DevelopmentFloridaHospitalitySoutheast

Moss Completes 248-Room Opal Sol Luxury Resort & Spa in Clearwater Beach, Florida

by John Nelson

CLEARWATER BEACH, FLA. — Moss has completed Opal Sol, a 680,000-square-foot luxury resort and spa located in Clearwater Beach. Designed by Nichols Architects, Opal Sol offers 248 suites with private balconies, three elevated decks, a spa with a full-service salt room and fitness center, four ballrooms, future retail storefronts along the Beach Walk and four restaurants, including Drift, Lolita’s, Beach Market and Toast. Additionally, an elevated pedestrian bridge now connects Opal Sol to its sister property, Opal Sands. The hotels within the Opal Collection offer a combined 125,000 square feet of indoor meeting space, plus 55,000 square feet of outdoor space with roughly 800 rooms and parking for over 1,000 vehicles in the Clearwater Beach market.

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DevelopmentFloridaLoansMultifamilySoutheast

13th Floor, JSB Capital Group Obtain $67.5M Construction Loan for Multifamily Project in Davie, Florida

by John Nelson

DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit multifamily project in the north Miami suburb of Davie. Santander Bank provided the loan. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will feature studio, one-, two- and three-bedroom units ranging in size from 568 square feet to 1,415 square feet. Amenities at the property will include a clubhouse with a resort-style pool, fitness center, business center with coworking areas and about 6,200 square feet of ground floor retail space. The site for Parks at Davie is located on the east side of Broward College’s Davie campus near the Florida Turnpike. 13th Floor and JSB Capital expect to break ground later this month, with completion slated for 2027.

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DevelopmentFloridaMultifamilySoutheast

Vista Residential Breaks Ground on 221-Unit Multifamily Development in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Vista Residential Partners has broken ground on Gardens Vista, a 221-unit multifamily development located in the South Florida city of Palm Beach Gardens. Situated on 6.7 acres, Gardens Vista is less than one mile from Gardens Mall and the Nova Southeastern University campus. Atlanta-based Niles Bolton Associates is designing the project. The four-story, Spanish colonial-styled community will offer 131 one-bedroom, 68 two-bedroom and 22 three-bedroom apartments, with 10 percent of its units designated as workforce housing. Amenities at the complex will include a resort-style swimming pool, gym, two pickleball courts, interactive game room, coworking spaces, 24/7 package concierge, electric vehicle charging stations, dog park and a nature preserve.  Vista Residential has partnered with a global asset manager representing an unspecified state-sponsored pension fund, as well as a Midwest insurance company, for the financing of the development.

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FloridaLeasing ActivityRestaurantRetailSoutheast

Edens Revitalizes Downtown Palm Beach Gardens Development With 13 New Retailers, Capital Improvements

by John Nelson

PALM BEACH GARDENS, FLA. — Edens has added a new wave of retailers to join the roster at Downtown Palm Beach Gardens, a 403,000-square-foot open-air retail center in Palm Beach Gardens. Recently opened concepts include Skin Laundry, MeTime Salon, TINA Stephens, ZOE Boutique and Vagabond Kids Apparel. Committed tenants that will open soon include Pura Vida Miami, Crew Factory, Sweathouz, Tweeds Custom Suits, Humanaut Health, Van Leeuwen Ice Cream, Muse Paint Bar and Laser Away. Existing tenants include Whole Foods Market, REI, CMX Cinemas, Life Time Fitness, The Cheesecake Factory, Sweetgreen and Yard House, among others. In addition to the new retail concepts, Edens has revitalized Downtown Palm Beach Gardens with facade work, new decorative elements, landscaping, signage and outdoor furniture at the development’s “Northern Strand” area near the REI and CMX Cinemas. Other improvements include installing five new interactive digital directories and adding a cut-through running east-west through the development.

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