Florida

Marcus & Millichap Brokers $6.7M Sale of West Miami Store Leased to Walgreens

by John Nelson June 20, 2023

MIAMI — Marcus & Millichap has brokered the $6.7 million sale of a freestanding store in west Miami that is leased to Walgreens. The 13,650-square-foot store is located on a 1.4-acre parcel at 16690 SW 88th St. and is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Built in 2004, the store is subject to a new 15-year triple-net lease with Walgreens. Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap’s Miami office represented the buyer, a local private investment firm, in the transaction. The seller was also not disclosed.

June 20, 2023

Acquisitions Florida Multifamily Southeast

Praedium Group Acquires 348-Unit Multifamily Community in Lantana, Florida

by John Nelson June 19, 2023

LANTANA, FLA. — The Praedium Group has acquired Manor Lantana, a 348-unit multifamily community located in Lantana, a city in South Florida’s Palm Beach County. Built in 2022, the property comprises four four-story buildings, 18 two-story villas featuring tuck-under garages and a two-story clubhouse. Apartments at the community average 1,164 square feet. Amenities include a spa, golf simulator and a fitness center. The seller and sales price were not disclosed.

June 19, 2023

Florida Market Reports Restaurant Retail Southeast Southeast Market Reports

Reviewing Miami’s Retail Scene: An Overview of the Present Atmosphere

by John Nelson June 19, 2023

Miami is a vivacious city renowned for its scenic beaches, sunny climate and dynamic nightlife. The South Florida city is also a hub for a flourishing retail industry, which serves an eclectic blend of both locals and visitors. Miami’s retail market is characterized by its diversity, with a broad spectrum of retailers ranging from luxurious, high-end boutiques to small, locally owned businesses. This range of retailers is a reflection of the city’s diverse population, which includes a sizable Hispanic community, as well as individuals from all corners of the globe. Consequently, Miami’s retailers must be adept at catering to a wide range of tastes. One of the most notable trends in the Miami retail market in recent years has been the growth of e-commerce. Like many other cities around the world, Miami has seen a significant increase in online shopping. This has presented both challenges and opportunities for retailers in the city. On the one hand, the rise of e-commerce has led to increased competition for brick-and-mortar retailers in Miami. Online retailers such as Amazon and Walmart have made it easier than ever for consumers to shop from the comfort of their own homes, and this has put pressure on …

June 19, 2023

Florida Leasing Activity Restaurant Retail Southeast

Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach

by John Nelson June 16, 2023

MIAMI BEACH, FLA. — Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning this summer. Lincoln Road is the most visited open-air retail destination in South Florida, having drawn more than 8 million visitors in 2022.

June 16, 2023

Affordable Housing Civic Development Florida Mixed-Use Multifamily Southeast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 183,877 SF Shopping Center in Orlando

by John Nelson June 15, 2023

ORLANDO, FLA. — Plaza Advisors has negotiated the sale of Orlando Square, a 183,877-square-foot shopping center located at the southwest corner of Sand Lake Road and South Orange Blossom Trail in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Miami-based Core Investment Management purchased the center from an entity doing business as AGRE Orlando Square LLC. Plaza Advisors represented the seller in the transaction.

June 15, 2023

Development Florida Healthcare Southeast

Rendina Healthcare Opens 48,000 SF Outpatient Hospital in Jupiter, Florida

by John Nelson June 14, 2023

JUPITER, FLA. — Rendina Healthcare Real Estate has opened PAM Health Rehabilitation Hospital of Jupiter, a 48,000-square-foot, 42-bed inpatient rehabilitation hospital in South Florida. The facility provides a range of services that include physical therapy, occupational therapy and speech therapy. The property features specialized equipment, patient rooms and physical rehab gymnasiums. The hospital is a joint venture between Rendina Healthcare and PAM Health, a health system based in Pennsylvania that operates outpatient rehabilitation facilities across the country.

June 14, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $6.4M Sale of Hotel in Vero Beach, Florida

by John Nelson June 14, 2023

VERO BEACH, FLA. — Marcus & Millichap has brokered the $6.4 million sale of Best Western Vero Beach, a 65-room hotel located at 9330 19th Lane in Vero Beach. The buyer, a private, undisclosed 1031 exchange investor, financed the acquisition with a bridge loan. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller, a partnership, in the transaction. The Best Western hotel is situated off I-95 near the Vero Beach Outlets, an outlet mall housing national retailers including LOFT and Columbia Factory Store. Hotel amenities include complimentary breakfast, guest laundry, an outdoor swimming pool and a fitness center.

June 14, 2023

Development Florida Mixed-Use Office Southeast

Brand Atlantic, Wheelock Street Capital Complete Redevelopment of Office Building in Downtown West Palm Beach

by John Nelson June 13, 2023

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have completed the redevelopment of 111 Olive, a boutique office building in downtown West Palm Beach. The building is the first phase of Banyan & Olive, a Class A mixed-use development within the city’s Clematis Waterfront District. 111 Olive features newly renovated offices with 14-foot ceilings and pine timber wood ceilings. The building offers two 9,000-square feet suites and two 5,000-square feet suites, with one of the smaller suites fully built out for immediate move-in. Tenant amenities include a golf simulator lounge and clubroom seating; art installations throughout the main lobby, elevator lobby lounges and office corridors; shower cabana changing rooms with private lockers and towel service; dedicated parking at 300 Banyan garage with direct connection from the main lobby; concierge attendant at main lobby desk for security, guest registry, mail, package storage and tenant requests; and club-level amenities at 300 Banyan, featuring an indoor/outdoor fitness center, open-air lounge and reservable outdoor event space.

June 13, 2023

Affordable Housing Development Florida Multifamily Southeast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson June 12, 2023

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

June 12, 2023

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