ORLANDO, FLA. — A joint venture led by Trinity Investments has secured a $750 million loan for the refinancing of Grande Lakes Orlando Resort, a resort that includes two luxury hotels and a golf course. Situated on the south side of Orlando, the 409-acre development comprises the 582-room Ritz-Carlton hotel, the 1,010-room JW Marriott hotel and an 18-hole golf course designed by Greg Norman. An undisclosed lender provided the floating-rate CMBS loan to the Trinity-led joint venture, which acquired the resort in 2018. Since its acquisition, Grande Lakes Orlando Resort has undergone renovations to the rooms and public areas, as well as the addition of 12 guestrooms, new food-and-beverage experiences and a pool renovation that includes a new waterpark. Trinity estimates the renovations totaled $118 million.
TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Seven Lakes at Carrollwood, a 640-unit apartment community located at 3303 N. Lakeview Drive in Tampa. Bridge Investment Group acquired the property from a real estate fund managed by Covenant Capital Group LLC. The sales price was not disclosed, but Tampa Bay Business Journal reports that the community traded for $94 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Built in 1982, Seven Lakes at Carrollwood features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse housing a fitness center and games, car care center, walking paths and access to seven community lakes. The property has undergone $7 million in renovations in the past three years, according to Cushman & Wakefield.
LECANTO, FLA. — The Ferber Co. is underway on the development of a 29-acre retail center in Lecanto, about 75 miles north of Tampa. Site work for the property, dubbed The Shoppes at Black Diamond, began in October 2022. Building construction is scheduled to commence over the coming weeks, with openings expected to begin in early 2024. Tenants at the center will include Target Supercenter, Aldi, Starbucks Coffee, 7-Eleven, Panera Bread and Texas Roadhouse.
ORLANDO, FLA. — Lincoln Property Co. (LPC) has arranged leases with five new tenants at Church Street Market, the 72,000-square-foot retail portion of the 55 West mixed-use property in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will open a 7,200-square-foot venue, and Luxe Med Spa has leased 3,800 square feet. Each of the tenants is scheduled to open before the end of the year. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of LPC represented the landlord, Hasta Capital, in the lease negotiations.
FORT MYERS, FLA. — Glenstar Logistics has signed leases with two new tenants at Tri-County 75, an industrial park currently underway at 6115-6150 Tri-County Commerce Way in Fort Myers. Glenstar is developing the 816,866-square-foot project in partnership with Columnar Holdings. Coldest, a Florida-based water bottle manufacturer, has signed a lease at the development for 52,866 square feet of warehouse and office space. Additionally, an unnamed third-party logistics provider (3PL) has signed a 22,784-square-foot lease at the property’s Building 4. General contractor The Conlan Co. will build out 1,400 and 1,100 square feet of office space for Coldest and the 3PL tenant, respectively. Lee & Associates, which is overseeing leasing at the development, represented Glenstar in the lease negotiations. Jeff Buckler of Lee & Associates represented Coldest, and Shawn Stoneburner of Cushman & Wakefield represented the 3PL. Ware Malcomb is the project architect for Tri-County 75, and DeLisi Fitzgerald is serving as the civil engineer. Affinius Capital is providing construction financing for the development.
APOPKA, FLA. — An affiliate of PGIM Real Estate has sold Northwest Distribution Center, a four-property, 646,436-square-foot industrial park in Apopka, a suburb of Orlando. New York-based Clarion Partners purchased the asset for an undisclosed price. Situated off State Road 429 and Ocoee Apopka Road, the portfolio was 85 percent leased at the time of sale. Buildings A and B at Northwest Distribution Center were built in 2008, and Buildings C and D were delivered in 2017. Jose Lobón, Frank Fallon, Trey Barry, David Murphy, Royce Rose and Alain Bonvecchio of CBRE represented the seller in the transaction.
BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.
DELRAY BEACH, FLA. — Pebb Capital has signed 136,852 square feet of retail, restaurant and commercial office leases at Sundy Village, a mixed-use development underway in Delray Beach. The new tenants include communications infrastructure provider Vertical Bridge, Barcelona Wine Bar and a Schulson Collective project by chef and restauranteur Michael Schulson. Additionally, Pebb Capital will relocate its Boca Raton headquarters to Sundy Village in one of the property’s standalone office buildings, taking approximately 5,600 square feet of office space. The firm has also signed a 79,141-square-foot lease on the neighboring block, located at 100 S.E. 1st Ave., for a build-to-suit corporate headquarters relocation of an undisclosed, publicly traded company. Sundy Village will span across six buildings on approximately seven acres at 22 W. Atlantic Ave. Joe Freitas and John Criddle of CBRE oversee the Sundy Village’s office leasing, and Sara Wolfe of Vertical Real Estate handles retail leasing. Pebb Capital broke ground on the project in February, with delivery estimated for summer 2024. The project team includes Gensler and RLC Architects.
MIAMI — Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged the 10-year, Fannie Mae loan, which features five years of interest-only payments. No. 17 Residences Allapattah features one-, two- and three-bedroom apartments ranging from 600 square feet to 1,125 square feet, as well as an urban park, lobby lounge with coworking and social spaces, pool, fitness center and rooftop amenities.
DORAL, FLA. — Cushman & Wakefield has negotiated a 131,411-square-foot industrial lease at Bridge Point Doral, a 175-acre industrial park in Doral, a suburb of Miami. The tenant, an unnamed Fortune 50 food distributor, will fully occupy Building 6 upon its completion in mid-2024. Multiple media outlets are reporting that the tenant is snack giant Frito-Lay, a subsidiary of PepsiCo. Wayne Ramoski, Gian Rodriguez, Skylar Stein and Ivanna Leitner Perez of Cushman & Wakefield represented the developer and owner, Bridge Industrial, in the lease negotiations. Jeff Hartsook and Adam Talbot of Cresa represented the tenant. Bridge Point Doral will ultimately span 2.6 million square feet, the first phase of which will feature 1.2 million square feet.