Florida

CBRE Brokers $39M Sale of Biscayne Centre Office Building in North Miami

by John Nelson March 29, 2023

NORTH MIAMI, FLA. — CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa. An entity doing business as Biscayne Real Estate Holdings LLC purchased the property from an entity doing business as 11900 Biscayne LLC. Benjamin Silver and Charlie Manuel of CBRE represented the seller and procured the buyer in the transaction.

March 29, 2023

Acquisitions Development Florida Retail Southeast

Benderson Acquires Two Retail Properties, Opens Publix in Sarasota, Florida

by John Nelson March 29, 2023

SARASOTA, FLA. — University Park, Fla.-based Benderson Development has acquired two properties in Sarasota. Located at 4001 South Tamiami Trail, the first property is a former Café Baci restaurant. The second property, which comprises 16,500 square feet, is located at the corner of Bee Ridge and Beneva roads and is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft Beer & Pizza Café, Apollonia Grill, Starbucks Coffee, Mantra Fitness, StretchLab, EoS Fitness, Daruma, DogPerfect and Tripletail Seafood & Spirits.

March 29, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $4.5M Sale of CVS-Leased Retail Property in Sarasota, Florida

by John Nelson March 27, 2023

SARASOTA, FLA. — Marcus & Millichap has brokered the $4.5 million sale of a 10,378-square-foot retail property located at 8546 S. Tamiami Trail in Sarasota. CVS/pharmacy occupies the building on a net-lease basis. The property was built in 1999 on a 1.6-acre site. Joseph Prio, Alan Lipsky and Barry Wolfe of Marcus & Millichap arranged the sale on behalf of the seller, FFT Livingstone Investors Inc. An undisclosed private investor was the buyer.

March 27, 2023

Acquisitions Florida Retail Southeast

Franklin Street Arranges $7.3M Sale of Metro Miami Store Leased to CVS

by John Nelson March 23, 2023

DORAL, FLA. — Franklin Street has arranged the $7.3 million sale of a 14,900-square-foot, single-tenant retail store located at 3750 NW 87th Ave. in Doral, a suburb of Miami. The property was triple-net leased to CVS. Greg Matus, Adam Tiktin and Alex Lazo of Franklin Street, along with Norman Matus of Red Rock Realty, represented the seller, Illinois-based Curfin Property US Inc. Florida-based Goldenberg Investment Group Inc. purchased the property, which was built in 2016.

March 23, 2023

Development Florida Hospitality Southeast

Bask to Develop Eight Extended Stay America Premier Suites Hotels in Florida

by John Nelson March 22, 2023

CHICAGO — Bask Development, a Chicago-based real estate development firm, has entered into an agreement with Charlotte-based hospitality chain Extended Stay America to develop eight hotels in Florida under the Extended Stay America Premier Suites brand. The locations of the hotels weren’t disclosed but Bask says the properties will be located in “major markets.” Bask operates throughout the United States, with 30 hotels under management and an additional six under construction. Extended Stay America Premier Suites comprises both new construction as well as renovated properties with fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable TV, onsite guest laundry and an enhanced breakfast offering, along with upgraded design elements including larger TVs, increased storage space and a signature bedding package. Extended Stay America currently has 36 Extended Stay America Premier Suites open and operating throughout the United States.

March 22, 2023

Development Florida Hospitality Loans Seniors Housing Southeast

Capital Funding Group Provides $27.2M Loan for Seniors Housing Conversion Project in South Florida

by John Nelson March 22, 2023

SUNRISE, FLA. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.

March 22, 2023

Acquisitions Florida Seniors Housing Southeast

Virtus Real Estate Capital, Blaze Capital Acquire 163-Unit Active Adult Property in Metro Orlando

by John Nelson March 22, 2023

DAVENPORT, FLA. — Austin, Texas-based Virtus Real Estate Capital and Charleston, S.C.-based Blaze Capital Partners have acquired The Pointe at Siena Ridge, a 163-unit active adult residential community in the Orlando suburb of Davenport. The seller and sales price were not disclosed. The property was constructed in 2021 and features a mix of one- and two-bedroom apartments ranging in size from 753 to 1,046 square feet that are reserved for residents 55 and older. Each unit features 9-foot ceilings, in-unit washers and dryers, stainless steel appliances and private, screened-in balconies and patios. Community amenities include a resort-style swimming pool, elevator access, fitness center, movie theater, hair salon, bocce ball court, clubhouse and coffee bar and wine lounge. The property also provides tenants with 23 detached garages and electric vehicle charging stations. The Pointe at Siena Ridge is Blaze Capital’s fourth active adult acquisition in Florida.

March 22, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

EDEN Living Receives $22M Construction Loan for Build-to-Rent Multifamily Project in Wildwood, Florida

by John Nelson March 20, 2023

WILDWOOD, FLA. — EDEN Living has received $22 million in construction financing for a build-to-rent residential development in Wildwood. Max La Cava and Kenny Cutler of JLL secured the non-recourse loan through City National Bank. Located at 2072 County Road 501, the project is near the master-planned community The Villages. EDEN Living began construction in June of last year, with delivery expected in the first quarter of 2024. Upon completion, the community will feature 130 units in a mix of 799-square-foot, one-bedroom and 1,268-square-foot, two-bedroom layouts. Amenities will include a clubhouse, fitness center, barbecue area, pickleball courts and a park with walkways and seating areas.

March 20, 2023

Development Florida Mixed-Use Multifamily Southeast

13th Floor, Key International Break Ground on First Phase of 747-Unit Multifamily Project in Delray Beach, Florida

by John Nelson March 17, 2023

DELRAY BEACH, FLA. — 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on the first phase of a multifamily project at the Parks at Delray, a 50-acre mixed-use development located along Congress Avenue in Delray Beach. Upon completion, the residential component will total 747 units across a mix of townhomes and three- and five-story apartment buildings. Phase I, which is scheduled for delivery in 2024 and 2025, will comprise 420 units, with Phase II including 327 units. Apartments will range in size from 580 to 1,400 square feet in one-, two- and three-bedroom layouts. The townhomes will feature three-bedroom layouts and span between 1,670 and 1,770 square feet. Amenities will include a clubhouse, gym, pool, social room and parks and green spaces. ANF Group is serving as the general contractor on the project, which was designed by MSA Architects. Parks at Del Ray will also feature 40,000 square feet of grocery-anchored retail space and 68,000 square feet of office space.

March 17, 2023

Affordable Housing Civic Development Florida Loans Mixed-Use Multifamily Retail Southeast Walker & Dunlop

Walker & Dunlop Arranges $51M Construction Financing for City Hall, Affordable Housing Project in South Florida

by John Nelson March 16, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.

March 16, 2023

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