Florida

LPC Southeast, Innovatus Capital Near Completion of Office Building Renovation in Orlando

by John Nelson August 25, 2022

ORLANDO, FLA. — Lincoln Property Co. Southeast (LPC Southeast) and Innovatus Capital Partners are putting the finishing touches on the $2.5 million overhaul of Westwood Corporate Center in Orlando. LPC Southeast manages the five-story, 125,000-square-foot office building on behalf of Innovatus Capital, which owns the property. Located at 6649 Westwood Blvd., Westwood Corporate Center now includes a two-story, all-glass lobby that features a coffee bar with an adjacent, tech-enabled training/conference center that is available to all tenants. Other upgrades include new touchless entry and purified HVAC system by Wynd Technologies, as well as new outdoor seating that surrounds a landscaped corridor to the neighboring tower that features ping pong tables and a life-size chess board. Additionally, a new private fitness center will offer exercise pods for those who don’t want to work out in groups, as well as instructors offering group classes for fitness programs including yoga and Zumba. The upgrades come on the heels of Marriott Vacation Club vacating its headquarters at Westwood Corporate Center after 20 years of tenancy.

August 25, 2022

Development Florida Southeast Student Housing

RD Management, Core Spaces Open $65M Student Housing Community Near USF in Tampa

by John Nelson August 24, 2022

TAMPA, FLA. — RD Management LLC and Core Spaces have opened Hub Tampa, a 359-unit student housing community located at the corner of University Square and Club drives in Tampa. The $65 million, off-campus property is situated near the University of South Florida (USF) and features 900 student housing beds. Amenities include a health and wellness center, rooftop pool and a study and work center, as well as an activities and events area. The student housing property is part of a mixed-use redevelopment of University Mall named RITHM. The 113-acre campus will include new Sprouts Farmers Market and Burlington stores that are set to open in 2023, as well as an extended stay Marriott hotel.

August 24, 2022

Acquisitions Florida Multifamily Southeast

CLK Purchases Park Apartments in Mobile for $15.8M

by John Nelson August 24, 2022

MOBILE, ALA. — CLK, a Long Island-based commercial real estate investment firm, has acquired The Park Apartments, a 201-unit multifamily community located at 1 Country Lane in Mobile. Lakewood, N.J.-based Walden Asset Group sold the property for $15.8 million, or $78,600 per unit. Aaron Jungreis and David Wildes of Rosewood Realty Group represented both the buyer and seller in the off-market transaction. Built in 1975, Park Apartments features 20 two-story buildings, a pool, fitness center, playground and a picnic area. The property is situated on 11.5 acres within three miles of the Mobile Regional Airport and the University of Southern Alabama. The community was 95 percent occupied at the time of sale.

August 24, 2022

Development Florida Mixed-Use Multifamily Southeast

Flaherty & Collins to Develop $103M Apartment Community in Downtown Cape Coral, Florida

by John Nelson August 23, 2022

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to break ground on The Cove at 47th, a $103 million mixed-use project in downtown Cape Coral. The development will include 327 luxury apartments, 19,000 square feet of ground-floor commercial space and a 585-space parking garage, with 125 spaces reserved for the public. Apartments will come in studio, one-and two-bedroom configurations. The development will also include a steakhouse and sushi concept, Blu Sushi, that will serve as the anchor tenant. The project also includes a resident rooftop sky deck, rooftop bar and resort-style amenities, including a beach-entry saltwater pool with lap lanes, coworking suites, fitness center, pet spa and private electric vehicle charging stations. The project team includes general contractor DeAngelis Diamond and architectural firm Baker Barrios Architects. First Financial Bank and Huntington Bank are providing construction financing to Flaherty & Collins, which expects to open first units in about 16 months and all units by late summer 2024.

August 23, 2022

Acquisitions Florida Retail Southeast

Publix Super Markets Acquires Osceola Village Shopping Center in Kissimmee, Florida for $36.1M

by John Nelson August 18, 2022

KISSIMMEE, FLA. — Lakeland, Fla.-based Publix Super Markets has purchased Osceola Village, a 121,445-square-foot shopping center located at 3040 Dyer Blvd. in Kissimmee, a suburb of Orlando. East Coast Acquisitions sold the Publix-anchored property for $36.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction and procured the buyer. Built in 2008 and renovated in 2022, Osceola Village was fully leased at the time of sale to tenants including Metro Diner, Insight Credit Union, Orlando Health, DaVita Dialysis and Goodwill, which recently entered a new 15-year lease.

August 18, 2022

Acquisitions Florida Multifamily Southeast

Franklin Street Negotiates $34M Sale of Apartment Community on Florida’s Space Coast

by John Nelson August 18, 2022

MELBOURNE, FLA. — Franklin Street has negotiated the sale of Paradise Cay Apartments, a 197-unit multifamily property in Melbourne. Topaz Capital Group LLC purchased the community from Wells Boys & Girls Management for $34 million, or $172,588 per unit. Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe of Franklin Street represented both parties in the 1031 transaction. Located on Florida’s Space Coast at 1900 Post Road, Paradise Cay features one-, two- and three-bedroom units ranging from 619 to 1,061 square feet. Community amenities include a swimming pool, basketball court and picnic areas and gated access.

August 18, 2022

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $64.1M Acquisition Loan for Apartment Community in Tampa

by John Nelson August 17, 2022

TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.

August 17, 2022

Acquisitions Florida Industrial Southeast

Sealy Acquires 841,849 SF Key Logistics Center in Lakeland, Florida

by John Nelson August 17, 2022

LAKELAND, FLA. — Sealy & Co. has purchased Key Logistics Center, an industrial property located at 5300 Allen K Breed Highway in Lakeland. The two-building property includes a 491,920-square-foot distribution center and a 349,929-square-foot facility. The two buildings at Key Logistics Center feature 36-foot clear heights, cross-dock configurations, ample parking, ESFR fire protection, LED lighting and proximity to I-4. Jason Gandy and John Nida led the transactions for Sealy & Co. on an internal basis. Frank Fallon of CBRE represented the undisclosed seller in the off-market transaction. The sales price was not disclosed.

August 17, 2022

Development Florida Mixed-Use Multifamily Southeast

Suffolk to Build 46-Story Mixed-Use Condominium Tower in Downtown St. Petersburg, Florida

by John Nelson August 16, 2022

ST. PETERSBURG, FLA. — Suffolk Construction Co. has been selected to build The Residences at 400 Central, a 46-story mixed-use condominium tower located in downtown St. Petersburg. The 1.3 million-square-foot project will feature 301 condominiums, shops, Class A offices, restaurants and a rooftop observatory with views from Tampa Bay to the Gulf of Mexico. The condos will consist of one- to four-bedroom floorplans, as well as some customized penthouse homes. Residents will have access to more than 35,000 square feet of private indoor and outdoor amenities upon completion. Construction crews are preparing to drill test pilings for the 400 Central tower foundation, which will be immediately followed by the start of foundation work. Red Apple Real Estate and Michael Saunders & Co. are the development team behind 400 Central. The duo established a sales gallery near the site at 465 Central Ave.

August 16, 2022

Acquisitions Florida Retail Southeast

Stan Johnson Co. Arranges $8.4M Sale of Retail Strip Center in Fort Walton Beach, Florida

by John Nelson August 16, 2022

FORT WALTON BEACH, FLA. — Stan Johnson Co. has arranged the $8.4 million sale of Beal Commons, a 15,982-square-foot retail strip center located at 575 Beal Parkway NW in Fort Walton Beach. Chase Dominguez of Stan Johnson Co. represented the seller, an undisclosed local developer, in the disposition of the property to an individual investor based in Arizona. Both parties were involved in 1031 exchanges. The center was built in 2006 and renovated in 2019. Tenants at the time of sale included Starbucks Coffee, FedEx Office, Verizon Wireless and Ruby Tuesday.

August 16, 2022

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