Florida

Key International, Shaner Open 156-Room SpringHill Suites Hotel in Jacksonville Beach, Florida

by John Nelson April 12, 2023

JACKSONVILLE BEACH, FLA. — Key International and Shaner Hotels have opened the 156-room SpringHill Suites by Marriott Jacksonville Beach Oceanfront hotel. Shaner will operate the oceanfront hotel, which is owned by Key International. Located at 465 N. First St. in Jacksonville Beach, the hotel houses Sandbar Jax Bch, an oceanfront restaurant and bar, as well as a 24/7 lobby market for snacks and necessities and a fitness center that offers unobstructed views of the oceanfront pool. The hotel represents the first partnership between Key and Shaner and Shaner’s fifth hotel in the metro Jacksonville market.

April 12, 2023

Acquisitions Florida Retail Southeast

SRS Brokers $28.4M Sale of Shopping Center Underway in Central Florida

by John Nelson April 11, 2023

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $28.4 million sale of WaterStar Orlando, a 79,680-square-foot shopping center under construction near Walt Disney World’s Animal Kingdom Lodge. Orlando-based Equinox Development Properties is developing the center, which is located on a 7.7-acre site at 7991 W. Irlo Bronson Memorial Highway in Kissimmee. Set to open in the next few months, WaterStar Orlando will be anchored by Marshalls, Burlington and pOpshelf, and will also house Noire Nail Bar and Keke’s Breakfast Café. Equinox sold the shopping center to a South Florida-based entity doing business as Orlando 22 LLC. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented the seller in the transaction, and John Ellis of Newmark represented the buyer. WaterStar Orlando is part of a mixed-use development that will also include Madison WaterStar Orlando, a 516-unit apartment development that is also under construction.

April 11, 2023

Acquisitions Florida Industrial Southeast

JLL Arranges Sale of 464,400 SF Distribution Center in Auburndale, Florida

by John Nelson April 11, 2023

AUBURNDALE, FLA. — JLL has arranged the sale of Building 100, a 464,000-square-foot, cross-dock distribution facility located at Pace Logistics Center in Auburndale. The seller, Intersect Development Group, delivered the property earlier this year. The buyer and sales price were not disclosed. Luis Castillo, Britton Burdette, Cody Brais and Taylor Osborne of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer. Located on a 30-acre site at 1234 Pace Road, Building 100 features 40-foot clear heights, a 60-foot speed bay, dock levelers and a 185- to 190-foot truck court.

April 11, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 37,000 SF Office Lease at Water Street Tampa

by John Nelson April 11, 2023

TAMPA, FLA. — Bradley Arant Boult Cummings LLP, a law firm based in Birmingham, Ala., has leased space on the 10th and 11th floors of Thousand & One, a trophy office tower within the $3.5 billion Water Street Tampa development. Master developer Strategic Property Partners LLC is the landlord of the office tower. The law firm will move into its 37,000-square-foot space from its current regional office on North Tampa Street in downtown Tampa before the end of the year. PEI Global Partners has also recently leased space at Thousand & One, which also houses Citadel, ReliaQuest, Sila Realty Trust, Northern Trust Corp., Weatherford Capital, Synovus Financial Corp., RSM, Suffolk Construction, USA Rare Earth and Walker & Dunlop, among other tenants. Thousand & One features a rooftop terrace, private landscaped terraces, open-air conference room, employee fitness center and town hall meeting space. On the ground level, the building features a landscaped plaza with public art and water features and several ground-floor retailers, including Naked Farmer, CAVA and the recently opened Boulon Brasserie.

April 11, 2023

Acquisitions Florida Office Southeast

JLL Brokers Sale of 170,172 SF Cornerstone Corporate Center in Plantation, Florida

by Jeff Shaw April 10, 2023

PLANTATION, FLA. — JLL Capital Markets has arranged the sale of Cornerstone Corporate Center I, a 170,172-square-foot, multi-tenant office building in Plantation, just west of Fort Lauderdale. Situated on 9.1 acres, the property was 80 percent leased at the time of sale to tenants including Marriott International, Morgan Stanley and MetLife. Amenities at the building include a covered parking deck, gym, café and access to nearby restaurants. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic of JLL represented the seller, an entity doing business as The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. PIR Corner LLC acquired the property for an undisclosed price.

April 10, 2023

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

JLL Brokers Sale of 48.1-Acre Build-to-Rent Development Site in Metro Tampa

by John Nelson April 7, 2023

WESLEY CHAPEL, FLA. — JLL Capital Markets has brokered the sale of a 48.1-acre build-to-rent development site located in Wesley Chapel. The site is approved for the construction of a 190-unit townhome community called GroveParc Townhomes. Max La Cava, Zach Nolan and Manny de Zarraga of JLL represented the seller, Blue Pointe Investors, in the transaction. Resibuilt acquired the property for an undisclosed price. Upon completion, which is scheduled for January 2025, GroveParc Townhomes will feature three- and four-bedroom townhomes with garages. Amenities will include a clubhouse, swimming pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent Krate & The Grove at Wesley Chapel, an open-air shopping center.

April 7, 2023

Development Florida Restaurant Retail Southeast

Azor-Led Partnership Breaks Ground on Wawa Gas Station in South Florida

by John Nelson April 7, 2023

PLANTATION, FLA. — A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property is situated within the northern portion of a three-acre site acquired by the partnership in 2016. Midtown Crossing, a 6,400-square-foot retail center, occupies the southern portion. Scheduled for completion in 12 months, the Wawa will offer prepared foods, beverages, coffee, fuel services and subcharge-free ATMs.

April 7, 2023

Acquisitions Florida Office Southeast Top Stories

BH Group, PEBB Enterprises Acquire Office Depot Campus in Boca Raton, Florida for $104M

by Jeff Shaw April 7, 2023

BOCA RATON, FLA. — A joint venture between BH Group and PEBB Enterprises has acquired the Office Depot headquarters campus in Boca Raton for $104 million. The 650,000-square-foot asset was built in 2008 on 28.9 acres as a build-to-suit development for Office Depot. The buyers plan to renovate the property to make it a multi-tenant campus, then lease approximately half of the space back to Office Depot. The property features three five-story, LEED Gold-certified office buildings with backup generators and hurricane-proof windows. Amenities include an onsite cafeteria, outdoor patio, fitness center, conference center, auditorium and two parking garages. Located three miles west of I-95, the campus sits adjacent to famed golf course The Old Course at Broken Sound and 700-acre master-planned community The Park at Broken Sound. The complex is also located 1.5 miles north of Lynn University and the Boca Raton Innovation Campus, as well as three miles north of Florida Atlantic University. John Criddle, Joe Freitas and Max Pawk of CBRE will market the vacant space for lease following the renovations. “For the first time since the campus was constructed, the North Tower office building will be available as a multi-tenant property with floorplates of approximately 40,000 square feet,” says Joe Freitas. …

April 7, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami

by John Nelson April 6, 2023

MIAMI — Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade County Housing Finance Authority and Florida Housing Finance Corp. contributed capital in the form of debt, LIHTC equity or subsidies. Set to open in late 2024, Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings reserved for residents earning up to 60 percent of the area median income. Amenities will include a swimming pool, fitness center, clubroom, business center, playground, barbecue area and a dog run.

April 6, 2023

Acquisitions Florida Industrial Loans Southeast

Red Oak Provides $10.2M Acquisition Loan for Industrial Facility on Florida’s Space Coast Leased to Blue Origin

by John Nelson April 6, 2023

MELBOURNE, FLA. — Red Oak Capital Holdings has provided a $10.2 million acquisition loan for an 80,107-square-foot industrial facility located at 4401 Fortune Place in Melbourne. The borrower, Reich Brothers I LLC, used the bridge loan to acquire the Space Coast property and prepare it for occupancy by its sole tenant, Blue Origin, an aerospace, defense and space exploration company backed by Amazon founder Jeff Bezos. The property traded for $12.5 million. The interest-only loan was underwritten at an interest rate of 8.5 percent and features a 24-month term with two six-month renewal options. The borrower plans to exit the loan via permanent financing upon completion of re-tenanting the building to Blue Origin, according to Red Oak.

April 6, 2023

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