CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.
PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.
BRANDON, FLA. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a shopping center in Brandon, roughly 13 miles east of Tampa, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center in joint venture with an institutional partner. Dennis Carson, Casey Rosen, Sriram Rajan, George Good and Pete Meyer of CBRE represented URW in the transaction.
MIAMI — Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly, Christopher Kramer, Nick Scribani and Danny Matz of Newmark secured the financing through Valley National Bank and Israel Discount Bank on behalf of the borrowers, Kushner Cos. and Block Capital Group.
DAVENPORT, FLA. — Wood Partners has broken ground on Alta Citron, a multifamily project in Davenport. Upon completion, the development will comprise 324 apartments in one-, two- and three-bedroom layouts. Amenities at the property will include a pool, clubhouse with a fitness center, grilling stations, outdoor fire pits, hammocks and a pet park with a washing station. Pre-leasing at the community is expected to begin this fall, with the opening scheduled for the fourth quarter of this year.
MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
SUNRISE, FLA. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June. This transaction marks Dwight Mortgage Trust’s entry into the retail sector.
SARASOTA, FLA. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. The developer, Belpointe PREP LLC, is a publicly traded qualified opportunity fund based in Greenwich, Conn. Aster & Links is a Main Street-style development that comprises two high-rise buildings that will rise seven and 10 stories. The 424-unit property will include one-, two- and three-bedroom apartments and four-bedroom townhome-style penthouses, as well 900 parking spaces consisting of garage and surface parking. Amenities will include a clubroom, fitness room, center courtyard with heated saltwater pool and rooftop amenities including a community room and a private dining area for private events, as well as outdoor grills and seating. Leasing at Aster & Links is anticipated to begin in the first half of 2024. The target opening date for Sprouts was not disclosed.
APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.
