SARASOTA COUNTY, FLA. — Capital Funding Group (CFG) has provided a $179.8 million construction loan to Erickson Senior Living. The seniors housing owner and operator will use the financing for the first phase of development of Emerson Lakes, a continuing care retirement community (CCRC) currently underway in Sarasota County. Situated within the Lakewood Ranch community, the first phase of Emerson Lakes will comprise four buildings — three residential buildings and one community building. Together, the three residential buildings will total 319 independent living units. Upon completion, Emerson Lakes will span 87 acres with 1,015 independent living residences and 130 continuing care units. Erickson will operate the community.
IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets. JLL arranged the financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan. The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants. The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses. CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth. JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led the …
TAMPA, FLA. — Atlanta-based Stonemont Financial Group has delivered TIA Executive Center, a 100,620-square-foot industrial facility located at 6101 Johns Road in Tampa. The property, which is situated two miles from Tampa International Airport, features 32-foot clear heights, spec office suites and space that is divisible down to around 33,000 square feet. Project partners include joint venture partner PCCP, general contractor Frampton Construction, architect Harley Commercial Architecture, engineer Kimley-Horn and leasing agents Peter Cecor and Harrison Pithers of JLL.
BOCA RATON AND VERO BEACH, FLA. — Funds managed by affiliates of Fortress Investment Group have sold two seniors housing communities located in Florida. Totaling 178 units, the communities include Sonata Boca Raton and Sonata Vero Beach. JLL Capital Markets brokered the sale on behalf of the seller. Agewell Solvere Living will remain in place as the operator at both communities. The buyer and sales price were not disclosed.
JACKSONVILLE, FLA. — Miami-based Simi Capital Group has purchased a 75,000-square-foot industrial property located at 4549 St. Augustine Road in Jacksonville. The seller was a family entity that owned the property for more than 50 years. The sales price was not disclosed. Simi Capital Group is repositioning the asset into a small bay industrial park with modern suites ranging in size from 1,500 to 4,500 square feet. Upgrades will include upgraded offices, LED lighting, exterior finishes and a fully secured site with an automated gate and 24/7 camera surveillance. The park was originally developed in 1973, according to LoopNet Inc.
OCALA, FLA. — Catalyst Development Partners has completed The Darley, a 288-unit luxury apartment community located within the Heath Brook master-planned development in Ocala, roughly 35 miles southeast of Gainesville. Spanning seven buildings, The Darley offers one-, two- and three-bedroom floorplans ranging in size from 701 square feet to 1,347 square feet. Amenities at the complex include a freestanding clubhouse, 24-hour fitness center and coworking spaces. Residents also have access to additional outdoor amenities including a resort-style swimming pool, grill stations, pub-style dining areas, semi-private cabanas with garden daybeds, an entertainment pavilion, pickleball court, dog wash station and dog park. Electric vehicle charging stations are also available throughout the community. The property was more than 50 percent preleased upon completion of the development.
WEST PALM BEACH, FLA. — Newmark has arranged the $70 million sale of Visions of Willow Pond, a 300-unit, garden-style multifamily community located in West Palm Beach. Tal Frydman and Hampton Beebe of Newmark represented the seller, Bar Investment Group, in the transaction. Jim Badolato, Mike McKee and Kippy Donovan, also with Newmark, secured a $50 million Freddie Mac loan to finance the purchase of the property on behalf of the buyer, Morgan Properties. The buyer plans to implement a capital improvement program at the property to enhance community amenities and upgrade units. Situated at 4860 Sand Stone Lane, Visions at Willow Pond totals 17 buildings and features one- and two-bedroom floorplans ranging in size from 521 square feet to 1,064 square feet, according to Apartments.com. Amenities at the property include a resort-style swimming pool, sundeck, 24-hour fitness center, tennis court, playground and clubhouse lounge.
TAMPA, FLA. — TSCG has negotiated the $12.7 million sale of Buccaneer Square, a 103,813-square-foot shopping center located at the intersection of West Hillsborough Avenue and Memorial Highway in central Tampa. Aldi anchors the property, which was 91 percent leased at the time of sale. Additional tenants include Harbor Freight Tools, Boot Barn and Five Below. CVS Pharmacy and Chick-fil-A occupy separate outparcels at the property that were not included in the sale. Originally built in 1970 and renovated in 2000, Buccaneer Square comprises roughly 8.5 acres. Anthony Blanco of TSCG represented the seller, a private partnership, in the transaction. The buyer was an out-of-state private investment group.
CP Group, DRA Advisors Execute 266,000 SF of Office Leasing Activity at Boca Raton Innovation Campus
BOCA RATON, FLA. — CP Group and DRA Advisors have executed more than 266,000 square feet of leasing activity at Boca Raton Innovation Campus (BRiC), a 1.7 million-square-foot office campus located in Boca Raton. The deals feature three new tenants and three lease renewals. The new leases include healthcare staffing firm Allstar Recruiting Locums LLC (42,697 square feet), home warranty provider Cinch Home Services (32,888 square feet) and tech company EchoTwin AI’s first office location (2,704 square feet). Meanwhile, healthcare technology company Modernizing Medicine renewed its 127,821-square-foot lease at the property, Everglades University renewed its 52,582-square-foot lease and financial services company Newtek renewed its 7,810-square-foot lease. Jeff Kelly of CBRE represented CP Group in all lease transactions at BRiC. Ryan Nunes and Alan Kleber of Cushman & Wakefield represented Allstar Recruiting Locums LLC, Cinch Home Services and Modernizing Medicine. Zach Wendelin of JLL and Adam Bernstein, who has since joined Stream Realty, represented Everglades University in the lease negotiations. Additionally, a $100 million renovation at BRiC has included the redevelopment of the former IBM R&D facility, which has been transformed to feature an onsite wellness center run by Boca Raton Regional Hospital, the addition of two coffee shops and a grab-and-go …
MIAMI — The City of Miami’s Urban Development Review Board has officially approved the master plan for Midtown Park, a $2 billion mixed-use development. A joint venture between Rosso Development, Midtown Development and Proper Hospitality is developing the project, a construction timeline for which has not yet been announced. Plans for the two-phase, 1.2 million-square-foot project currently call for 924 residential units, 60,000 square feet of office space and more than 120,000 square feet of retail and restaurant space. Additionally, the development will feature two public plazas, a network of pedestrian-oriented streetscapes and an eight-court racquet and padel club operated by ULTRA Padel. The first component of the project to be developed will be Midtown Park Residences by Proper, situated at 3055 N. Miami Avenue. Arquitectonic has designed the 28-story tower, which will deliver 288 branded residences in studio to three-bedroom layouts, plus penthouses with private rooftop gardens and pools. Meyer Davis Studio served as the interior designer for the tower. Amenities at Midtown Park Residences by Proper will include a pool deck with a restaurant and bar, private pickleball court, fitness center, yoga and meditation garden, spa pool, coworking spaces, a kids club and a communal vegetable garden. Completion of …
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