Florida

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $23M Sale of Tampa Industrial Facility

by John Nelson April 18, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the $23 million sale of 4908 Tampa West, a 214,806-square-foot industrial facility in Tampa’s Airport submarket. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada of Cushman & Wakefield represented the seller, Robert Curran from Tryumph LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through an unnamed national insurance company on behalf of the buyer, IP Capital Partners. 4908 Tampa West is situated about eight miles from Tampa International Airport and near I-275 and I-4. The property was fully leased at the time of sale to companies including anchor tenant CAE. The acquisition includes five acres of additional land onsite for outdoor storage or new development.

April 18, 2023

Florida Loans Mixed-Use Southeast

Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami

by John Nelson April 17, 2023

MIAMI — Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space. Schonfeld Strategic Advisors and Industrious fully occupy the office portion of the development. Scott Wadler, Brad Williamson, Matt Robbins, Mitch Sinberg and Michael Basinski of Berkadia’s South Florida office arranged the 30-month, interest-only financing through MF1 Capital on behalf of the borrowers.

April 17, 2023

Development Florida Mixed-Use Multifamily Southeast

GreenBarn, Skyview Underway on 312-Unit Allen Apartment Community in Central Florida

by John Nelson April 17, 2023

KISSIMMEE, FLA. — GreenBarn Investment Group and Skyview Cos. are underway on the first phase of The Allen, a mixed-use development situated on 20 acres within the Medical Arts District of Kissimmee. Upon completion, the property’s first phase will feature an apartment community comprising 312 units. Sumitomo Mitsui Trust Bank has provided a $52.7 million construction loan for the residential development, and NTT Urban Development Corp. and Rithm Capital Corp. are co-investors. Plans for the project site currently include up to 1 million square feet across three phases of development, with the possibility of an additional 300 multifamily units and a medical office building.

April 17, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Tampa Bay’s Popularity Breathes New Life Into Local Office Market

by John Nelson April 17, 2023

Once bypassed by national developers and investors for larger, metropolitan cities like Miami, the real estate community is now realizing what locals have known for years: Tampa is trending. Tampa Bay’s recognition as one of the country’s top places to live has trickled into the region’s office market, which as of the first quarter of the year, has continued to reap the benefits. While some credit the Tom Brady effect to Tampa’s rise into the national spotlight, the Tampa Bay region is seeing growing demand in other economic sectors beyond sports, including housing, business and leisure. In fact, Time Magazine just featured Tampa as one of only four U.S. cities in its highly coveted 2023 list of the “World’s Greatest Places.” Flurry of activity to start 2023 For the first time in five quarters, the Tampa Bay office market recorded positive absorption of more than 55,000 square feet thanks to more companies moving into space rather than vacating it, JLL’s first-quarter Office Insight Report for 2023 shows. This can be largely attributed to Reliaquest’s move into its 140,000-square-foot headquarters located at Thousand & One Water Street, where it is currently occupying 120,000 square feet, and which made up the lion’s …

April 17, 2023

Development Florida Southeast Student Housing

AARE Sunbelt, JW Capital Top Out 22-Story Terrazul Student Housing Development Near Florida International University

by John Nelson April 14, 2023

SWEETWATER, FLA. — AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management have topped out Terrazul, a 22-story student housing development near Florida International University in Sweetwater. Upon completion, which is scheduled for the second quarter of 2024, the development will comprise 932 units and a total of 1,201 beds. Located along 107th Avenue, the property will also feature 647 parking spaces and 15,442 square feet of retail space. Amenities at Terrazul will include an indoor/outdoor study lounge, library and lounge areas, a gym and outdoor swimming pool. Units will feature private studio, one-, two- and four-bedroom layouts. Coastal Construction Group is the general contractor for the project, and Niles Bolton Associates is the architect.

April 14, 2023

Development Florida Multifamily Southeast

Madison Communities Breaks Ground on 317-Unit Apartment Development in Ruskin, Florida

by John Nelson April 14, 2023

RUSKIN, FLA. — Madison Communities, a multifamily subsidiary of Madison Capital Group, has begun construction on Madison Palms, a 317-unit apartment community in Ruskin. Located at 210 Teco Road, the property will comprise 300,000 square feet of rentable space in the form of one-, two- and three-bedroom units. Apartments will range in size from 719 to 1,403 square feet. Amenities will include a clubhouse with a fitness center, outdoor lounge, swimming pool and deck with grilling stations, recreation areas and cabanas. A construction timeline for the project was not disclosed.

April 14, 2023

Acquisitions Florida Multifamily Southeast

CBRE Investment Management Fund Acquires 455-Unit Village at Lake Lily Apartments in Metro Orlando

by John Nelson April 14, 2023

MAITLAND, FLA. — CBRE Strategic Partners U.S. Value 9 fund, an investment vehicle managed by CBRE Investment Management, has acquired The Village at Lake Lily, a 455-unit apartment community located in Maitland. Situated seven miles north of downtown Orlando, the community features ground-floor retail space, including two local restaurants. Community amenities include a fitness center, two swimming pools with hot tubs, grilling stations, a clubroom, package locker and dog run. The seller and sales price were not disclosed.

April 14, 2023

Development Florida Multifamily Southeast

Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District

by John Nelson April 13, 2023

MIAMI — Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature 430 apartments, 8,000 square feet of ground-level retail space and 25,000 square feet of indoor and outdoor amenities, including a pool, fitness center and coworking spaces. The developers plan to present the project to the City of Miami’s Urban Development Review Board during its April 19 meeting. Greenberg Traurig is representing Eden Multifamily and Dermot in the land-use process. Jordan Karp LLC brokered the pending acquisition of the project site.

April 13, 2023

Development Florida Industrial Southeast

Hunt Midwest, Boyd+Mox Break Ground on 1.4 MSF Industrial Park in Central Florida

by John Nelson April 13, 2023

OCALA, FLA. — Kansas City-based Hunt Midwest and locally based partner Boyd+Mox have broken ground on Ocala South Logistics Park, a 1.4 million-square-foot industrial campus in Central Florida. The Class A development will be situated on a 93-acre site within Florida Crossroads Commerce Park, about three miles from I-75. The co-developers broke ground on the first of four buildings, a rear-load warehouse spanning 251,511 square feet. The speculative building is set to deliver before the end of the year and will feature 32-foot clear heights, 68 dock-high doors, 60-foot-deep speed bays and two drive-in doors. The project represents Hunt Midwest’s first industrial development in Florida and its first venture with Boyd+Mox. The design-build team for Ocala South Logistics Park includes civil engineer Kimley Horn, architect LS3P and general contractor Evans General Contractors. Rian Smith, Kris Courier and Josh Tarkow of CBRE are leasing the park on behalf of the owners.

April 13, 2023

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