Florida

Housing Trust Group Opens $21M Affordable Housing Community in Tallahassee

by John Nelson November 14, 2022

TALLAHASSEE, FLA. — Housing Trust Group has completed Lafayette Gardens, a $21 million affordable housing community located in the Woodland Drives neighborhood of Tallahassee. Comprising 5.8 acres, the property features 96 units in single- and multi-bedroom layouts. The project team included architectural firm FK Architecture, general contractor Hennessy Construction Services, interior designer Stiles Interiors and landscape architect Wood + Partners. Community amenities include a clubhouse, pool, playground, media center, fitness center, bike/walk trail and a dog park. Chase Bank provided a $15 million construction loan for the project, Raymond James provided $16.1 million in 9 percent low-income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac loan.

November 14, 2022

Florida Leasing Activity Office Southeast

West Marine Moves into New 50,000 SF Office Headquarters in Fort Lauderdale

by John Nelson November 14, 2022

FORT LAUDERDALE, FLA. — West Marine, a sailing, boating, fishing and watersports retailer, has moved into a new corporate headquarters at 1 East Broward, a 350,000-square-foot office building in downtown Fort Lauderdale. NAI/Merin Hunter Codman, the leasing and management company for the property, arranged the 50,000-square-foot lease. West Marine has invested $800,000 in capital improvements to the space. Founded in 1968, West Marine operates 236 physical locations across 38 states and Puerto Rico, as well as two e-commerce platforms.

November 14, 2022

Acquisitions Florida Industrial Southeast

Marcus & Millichap Brokers Sale of 327,136 SF Industrial Building in Sebastian, Florida

by John Nelson November 11, 2022

SEBASTIAN, FLA. — Marcus & Millichap has arranged the sale of The Liberty Building, a 327,136-square-foot industrial building located in Sebastian. In addition to industrial and office space, the property features a cafeteria and food preparation area, vending areas, a gymnasium, exercise rooms and employee restrooms and showers. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Hammond Development Group, in the $6.9 million transaction. Zylberglait and Crocchiola also procured and represented the buyer, TLC Land Holdings.

November 11, 2022

Acquisitions Florida Industrial Southeast

CIP Real Estate Acquires Two Industrial Parks in East Tampa for $74.3M

by John Nelson November 10, 2022

TAMPA, FLA. — CIP Real Estate has purchased two industrial parks in east Tampa for a combined $74.3 million. The properties, Center Point Business Park and Hampton Oaks Business Park, are situated three miles apart via U.S. Route 301. The developments span 405,772 square feet of small and mid-bay industrial space and feature 37 dock-high doors, 58 grade-level doors and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years. Rick Brugge of Cushman & Wakefield represented the seller, Albany Road Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing through BankUnited on behalf of CIP.

November 10, 2022

Development Florida Multifamily Southeast

Crescent Communities, CP Capital Break Ground on 277-Unit Apartment Development in Tampa

by John Nelson November 10, 2022

TAMPA, FLA. — Crescent Communities and CP Capital US have broken ground on Novel Independence Park, a 277-unit apartment community located in Tampa’s Westshore Business District. The property will serve as the multifamily component of Independence Park, a 44-acre mixed-use development site. Units will feature stainless steel appliances, stone surface countertops and vinyl wood flooring, and amenities will include a fitness center with a private yoga and spin studio, pool deck overlooking a pond, rooftop lounge, indoor-outdoor private events space, dog park, detached garages and a pedestrian nature trail. The site is situated within walking distance to Rocky Point Golf Club, Skyway Sports Complex and the trailhead for the Skyway Park Trail. The design-build team for Novel Independence Park includes architectural firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction is serving as the general contractor. The construction timeline was not disclosed.

November 10, 2022

Development Florida Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Top Stories

LD&D Plans $200M Mixed-Use Development in Downtown Tampa

by Jeff Shaw November 10, 2022

TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …

November 10, 2022

Florida Loans Multifamily Southeast

Berkadia Provides $93.6M Agency Financing for Two Multifamily Properties in Boynton Beach, Florida

by John Nelson November 9, 2022

BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.

November 9, 2022

Acquisitions Florida Retail Southeast

CrossMarc, MCB Acquire 202,050 SF Shopping Center in Melbourne, Florida

by John Nelson November 7, 2022

MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.

November 7, 2022

Acquisitions Affordable Housing Development Florida Hospitality Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Development Florida Multifamily Southeast

Middle Street Partners Acquires Land in South Daytona, Florida for 389-Unit Multifamily Project

by John Nelson November 4, 2022

SOUTH DAYTONA, FLA. — Charleston-based Middle Street Partners has purchased 23.4 acres in South Daytona for the development of a 389-unit multifamily community. Justin Basquill, Luke Wickham, Shelton Granade and Sean Williams of Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the land sale. The site is located off US Highway 1 with direct views of the Intracoastal Waterway. The name and details about the project were not disclosed, but Middle Street said the property will feature three- and five-story apartment buildings.

November 4, 2022

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