Florida

Newmark Brokers $50M Sale of Sawgrass Apartments in Orlando

by John Nelson December 9, 2022

ORLANDO, FLA. — Newmark has arranged the sale of Sawgrass Apartments, a 208-unit multifamily community located at 2859 South Conway Road in Orlando. The McKinley Cos., a multifamily investment firm based in Ann Arbor, Mich., acquired the property from Philadelphia-based PRG Real Estate for $50 million. Apartments feature studio, one-, two- and three-bedroom layouts that range in size from 658 to 1,117 square feet. Amenities at the community — which underwent $2.5 million in capital improvements in 2008 — include a lakeside dining area, sundeck and swimming pool, fitness center, pet park, car care center and electric vehicle charging stations. Scott Ramey, Ryan Moody, Patrick Dufour, Brad Downing, Andrew Visnick and Paul Grant of Newmark brokered the transaction. The buyer plans to rebrand Sawgrass Apartments as The Frederick, according to McKinley.

December 9, 2022

Development Florida Mixed-Use Restaurant Retail Southeast

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

by John Nelson December 7, 2022

MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.

December 7, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $57M Sale of Doral Shops in Metro Miami

by John Nelson December 7, 2022

DORAL, FLA. — Marcus & Millichap has brokered the $57 million sale of Doral Shops, a 113,354-square-foot shopping center located at 11402 N. West 41st St. in Doral, a suburb of Miami. Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a limited liability company that developed Doral Shops 20 years ago. The buyer was also a limited liability company. Both parties requested anonymity.

December 7, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

Acquisitions Florida Multifamily Southeast

Newmark Negotiates $98M Sale of Luma Headwaters Apartments in Orlando

by John Nelson December 5, 2022

ORLANDO, FLA. — Newmark has brokered the $98 million sale of Luma Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando. Scott Ramey, Brad Downing, Patrick Dufour, Paul Grant and Ryan Moody of Newmark represented the seller, Waypoint Residential, in the transaction. Newmark also arranged a Freddie Mac loan assumption process and secured additional financing on behalf of the buyer, Houston-based Venterra Realty. Matt Williams, Kyle Schlitt, Rob Wright and James Maynard of Newmark arranged the $5.7 million supplemental loan.

December 5, 2022

Acquisitions Florida Multifamily Southeast

Northmarq Brokers Sale of 228-Unit Caroline Apartments in Lakeland, Florida

by John Nelson December 5, 2022

LAKELAND, FLA. — Northmarq has arranged the sale of The Caroline, a recently completed apartment community comprising 228 units in Lakeland, roughly 40 miles east of Tampa. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq represented the buyer, Topaz Capital Group, which acquired the property for an undisclosed price. Located at 1906 Griffin Road, the community features units in one-, two- and three-bedroom layouts, with an average unit size of 1,161 square feet. Amenities include a clubhouse, pool, an outdoor kitchen and entertainment space, pet park, fitness center, playground and wetland boardwalk.

December 5, 2022

Development Florida Hospitality Multifamily Southeast

Urban Network Capital Plans $170M Visions Orlando Residential Development

by John Nelson December 2, 2022

ORLANDO, FLA. — Urban Network Capital Group (UNCG) plans to break ground on Visions Orlando, a 42-acre residential and hospitality community in Orlando, in the second quarter of 2023. The $170 million project will feature three components: Illusions, Reflections and Inspirations. Illusions will feature 48 single-family homes in seven- and eight-bedroom layouts, with prices beginning at $799,000. Reflections will comprise 132 townhomes featuring five- and six-bedroom layouts. Pricing for the townhomes will start at $629,000. Inspirations will be the condo hotel component of the development, with 181 one- and two-bedroom units. Prices for these units will begin at $235,000. The property will feature the Disney Good Neighbor Program qualification for the condo hotel and the Disney Vacation Home Rental Program qualification for the single-family residences and townhomes. Initial completions are scheduled for the second quarter of 2024. A 12,000-square-foot clubhouse will feature amenities including a gym, Pilates rooms, yoga deck, steam room, sauna, restaurant, bar, lounges, movie theater, kids room, arcade, business center and driving simulators. Outdoor amenities will include a pool with a waterpark, Jacuzzis, hot tubs, cabanas, a playground, croquet lawn, golf putting, a bikeshare and tennis, volleyball and pickleball courts.

December 2, 2022

Development Florida Multifamily Southeast

FaverGray, Chance Partners Break Ground on 288-Unit Apartment Community in Wildwood, Florida

by John Nelson December 2, 2022

WILDWOOD, FLA. — FaverGray and development partner Chance Partners have broken ground on The Juliette at Wildwood, a 288-unit multifamily development in Wildwood, approximately 50 miles northwest of Orlando. The project marks the second joint venture between the two companies. Situated on a 21.9-acre site, the community will feature amenities including a pool, clubhouse with a fitness room and coworking area, a dog park and dog spa and bocce ball court. Delivery is scheduled for the fourth quarter of 2024.

December 2, 2022

Development Florida Mixed-Use Southeast Student Housing

University of Tampa Breaks Ground on Multipurpose Building, Including 600-Bed Residence Hall

by John Nelson December 1, 2022

TAMPA, FLA. — The University of Tampa has broken ground on a 10-story, 460,000-square-foot multipurpose building that will be the largest facility on campus when completed in 2024. The property will feature a 600-bed residence hall, 37 faculty offices, five classrooms, study rooms, study lounge designated for military veterans, a ground-level Starbucks, four levels of parking and spaces dedicated for the school’s Office of Diversity, Equity and Inclusion, Institute for Sales Excellence and the International Programs Office. Additionally, students living in the building will have access to a 9,000-square-foot “sky park.” The design-build team includes Baker Barrios Architects and KWJ Architects. The University of Tampa has an estimated student enrollment of 10,600 for the current academic year, which is the 91-year-old university’s largest student body to date.

December 1, 2022

Acquisitions Development Florida Mixed-Use Multifamily Southeast

Joint Venture Acquires Last Parcel Within Miami Worldcenter Campus for $17.5M, Plans Residential Tower

by John Nelson December 1, 2022

MIAMI — A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and Mika Mattingly of Colliers represented the buyer in the transaction. The seller, International Longshoreman Association, sold the 24,000-square-foot site for $17.5 million. The labor union has owned the site for more than 45 years and previously operated a 5,130-square-foot building on the parcel. The buyer also recently acquired an adjacent site at 600 N.E. 1st Ave. to bring the total assemblage to 34,000 square feet. Aria and Merrimac are currently planning to develop 600 Miami Worldcenter, a condominium project comprising more than 600 for-sale residences. OneWorld Properties is leading sales for the project on behalf of the developers.

December 1, 2022

Newer Posts

Older Posts