Florida

Kennedy Wilson Properties Brokers $19.6M Sale of Office Building in Clearwater, Florida

by John Nelson May 10, 2023

CLEARWATER, FLA. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has brokered the $19.6 million sale of an eight-story office building in Clearwater. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co. (i.e. Mercury Insurance), in the transaction. Convergent Capital Partners, a Tampa-based investment group, is the buyer and is planning to make renovations to the property. Located at 1901 Ulmerton Road, the 157,000-square-foot building is located on a 7.3-acre site in Clearwater’s Feather Sound area and features a gym, café and five-story parking garage. The building was delivered in 1999 and currently has approximately 100,000 square feet available for lease. K.C. Tenukas, Kristin Kenney and Nick Baldwin of CBRE will be marketing the building for lease on behalf of Convergent Capital.

May 10, 2023

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

Wolfson Sells Build-to-Rent Residential Community in Tampa Bay Area for $59M

by John Nelson May 9, 2023

BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold a build-to-rent (BTR) residential community in the Tampa Bay city of Bradenton for $59 million. The buyer was not disclosed, but Manatee County Property Appraiser files identify the buyer as an affiliate of New York-based JP Morgan Asset Management. The Tampa Bay-area community, known as Cantabria Bradenton, spans 184 three- and four-bedroom homes on 36 acres. The property comprises 172 attached townhomes and 12 detached single-family homes, each with attached garages and private, fenced yards. Community amenities include a clubhouse, fitness center, pool, walking trails and picnic areas. Wolfson Development has a pipeline of nearly 2,000 units, including Cantabria Bradenton, with a total exit valuation of nearly $1 billion. The sale was done in partnership with Transcendent Investment Management and Dan Armistead.

May 9, 2023

Development Florida Loans Mixed-Use Southeast

Office America, Avanti Receive $31.5M Construction Financing for Mixed-Use Project in South Florida

by John Nelson May 8, 2023

LAKE WORTH BEACH, FLA. — Office America Group and Avanti Way Group have received $31.5 million in construction financing for the development of Deco Green, a mixed-use project located at 1715 N. Dixie Highway in Lake Worth Beach. Designed by Martin Architectural Group, the development in Palm Beach County will span 125,000 square feet and comprise 125 residential units, 8,000 square feet of office and retail space and roughly 20,000 square feet of green space. Construction is scheduled to begin in late 2024.

May 8, 2023

Florida Leasing Activity Retail Southeast

Five New Tenants Join Shops at Merrick Park in Metro Miami

by John Nelson May 8, 2023

CORAL GABLES, FLA. — Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Female apparel retailer Shusha Boutique also recently opened on the third level. Built in 2002, Shops at Merrick Park spans more than 740,000 square feet and houses tenants including flagship Nordstrom and Neiman Marcus stores. New York-based Brookfield Properties owns the center.

May 8, 2023

Development Florida Hospitality Mixed-Use Office Restaurant Retail Southeast Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Complete 72-Unit Seniors Housing Community in Fort Walton Beach, Florida

by John Nelson May 4, 2023

FORT WALTON BEACH, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to literacy training, financial assistance and employment assistance services onsite. Funding sources for Shoreline Villas include $10.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity from JP Morgan Chase and Raymond James as syndicator, as well as a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank. The design-build team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design and surveyors Panhandle Associates.

May 4, 2023

Acquisitions Florida Industrial Southeast

RealOp Purchases 507,590 SF Industrial Property in Jacksonville in Sale-Leaseback Deal

by John Nelson May 3, 2023

JACKSONVILLE, FLA. — RealOp Investments, a private equity firm based in Greenville, S.C., has purchased two Class B warehouse buildings in Jacksonville totaling 507,590 square feet. As part of the sale-leaseback arrangement, the properties are 100 percent leased to Southeastern Toyota Distributors. At expiration of the three-year lease, RealOp plans to launch a comprehensive $7 million capital improvement and redevelopment program at the park. Located near the I-95 and Baymeadows Road interchange, the property represents RealOp’s seventh acquisition in Florida.

May 3, 2023

Acquisitions Florida Retail Southeast

Benderson Acquires 128,399 SF Bee Ridge Square Shopping Center in Sarasota, Florida

by John Nelson May 2, 2023

SARASOTA, FLA. — Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot shopping center in Sarasota. Burlington anchors the center, which houses 15 tenants, including Stage Door Studios, ofKors Bakery and EGGSTraordinary Café. Burlington recently downsized its footprint at the center, which it has anchored since 2001. Bee Ridge Square is located off exit 207 of I-75 at the intersection of Bee Ridge and Cattlemen roads. Justin Smith, Chris Peterson, Fred Victor and Sam Koonce of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. The seller and sales price were not disclosed.

May 2, 2023

Acquisitions Florida Industrial Southeast

Basis Industrial Acquires Three-Property Tampa Portfolio for $35M

by John Nelson May 1, 2023

TAMPA, FLA. — Boca Raton-based Basis Industrial has purchased portfolio of industrial properties located in Tampa for $33 million. The portfolio includes Brandywine Business Center at 3801 Corporex Park Drive; Corporex Plaza at 3902 Corporex Park Drive and Presidents Plaza Business Center at 4801 George Road. Together the properties total 224,108 square feet. Tenants at the properties, which were 96 percent occupied at the time of sale, include Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Anthony Scavo represented Basis Industrial on an internal basis. Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed sellers.

May 1, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 241,124 SF Industrial Portfolio in Orlando

by John Nelson May 1, 2023

ORLANDO, FLA. — CBRE has arranged the sale of an industrial portfolio comprising 241,124 square feet across three buildings in Orlando. Located at 10425 S. Orange Ave., 523 W. Grant St. and 44 27th St., the buildings total 130,400, 62,210 and 48,514 square feet, respectively. GID Industrial purchased the portfolio, which was fully leased to 14 tenants, including USPS, at the time of sale. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Alain Bonvecchio of CBRE Capital Markets represented the undisclosed, Boston-based seller in the transaction. David Murphy and Monica Wonus of CBRE also assisted with the sale, the price of which was not disclosed.

May 1, 2023

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