Florida

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by John Nelson August 1, 2022

MILTON, FLA. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent preleased to tenants including Domino’s Pizza, Great Clips, Japanese restaurant Nikko Sushi, nail salon Grand Nail Lounge and ice cream shop Scoops Ice Cream and Sweets. A local medical provider will occupy a 7,500-square-foot outparcel at the center.

August 1, 2022

Development Florida Industrial Leasing Activity Southeast

All Florida Paper Signs 226,698 SF Industrial Lease in Metro Miami

by John Nelson July 29, 2022

HIALEAH, FLA. — All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant. Construction on Building D is scheduled to begin in the fourth quarter, and All Florida Paper is slated to occupy the space by mid-2023. Once completed, Beacon Logistics Park, located at NW 145th Place and NW 107th Ave., will span more than 1.3 million square feet of space.

July 29, 2022

Florida Georgia Loans Multifamily Southeast Tennessee

ECI Group Refinances Sun Belt Multifamily Portfolio with $625M Loan from Goldman Sachs

by John Nelson July 28, 2022

ATLANTA — ECI Group, an Atlanta-based multifamily developer and investor, has obtained a $625 million loan for the refinancing of a 13-property multifamily portfolio in the Sun Belt. Goldman Sachs Bank USA provided the loan, and Jones Lang LaSalle Securities LLC served in an advisory role to ECI Group, which will use the loan to refinance the portfolio and fund renovations for six communities. Built between 1979 and 2021, the 3,478-unit portfolio comprises Class A and B properties in Florida, Georgia, Tennessee and Texas. The assets had an average occupancy of 96.6 percent at the time of the loan closing.

July 28, 2022

Development Florida Office Southeast

Gatsby to Develop 200,000 SF PGA Tower Office Building in Palm Beach Gardens

by John Nelson July 28, 2022

PALM BEACH GARDENS, FLA. — Gatsby FL, a division of New York City-based family investment firm Gatsby Enterprises, plans to build PGA Tower, a 200,000-square-foot office building in Palm Beach Gardens. Chris Smith with CBRE and Darryl Kaplan of Darryl R Kaplan Co. represented Gatsby in the land acquisition. Smith will be handling leasing along with CBRE’s John Criddle and Joe Freitas. Situated on seven acres near the intersection of PGA and RCA boulevards, the eight-story office building will feature column-free, 25,000-square-foot floor plates; fine dining restaurants; 7,000 square feet of quick-serve restaurants and retail; a fitness center; and 1,000 covered garage parking spots along with EV charging stations. PGA Tower’s offices will feature 10-foot, floor-to-ceiling windows with hurricane-resistant glass, full generator back-ups and building top signage. Gatsby, which also owns the nearby DiVosta Towers and 800 Brickell in Miami, anticipates tenant delivery beginning in first-quarter 2024.

July 28, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

Development Florida Loans Multifamily Southeast

Newmark Arranges $64.5M Construction Loan for Advantis Station Apartments in Fort Lauderdale

by John Nelson July 27, 2022

FORT LAUDERDALE, FLA. — Newmark has arranged a $64.5 million loan for the development of Advantis Station, a 252-unit midrise apartment community situated within Fort Lauderdale’s Flagler Village. The borrower is a joint venture between Midtown Capital Partners and Prospect Real Estate Group. Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin and Tim Polglase of Newmark arranged the loan through Forum Real Estate Group and Bank OZK. Advantis Station will be situated on a 1.3-acre site at the intersection of NE 3rd Ave. and NE 6th Street, which is near a Brightline station and Peter Feldman Park. The property will feature studio, one-, two-, three- and four-bedroom units, as well as over 300 parking spaces and ground-floor retail space. The construction timeline was not disclosed.

July 27, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units

by John Nelson July 27, 2022

DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.

July 27, 2022

Acquisitions Florida Retail Southeast

Limestone, Orion Buy Millenia Plaza Retail Center in Orlando for $74.1M

by John Nelson July 26, 2022

ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.

July 26, 2022

Acquisitions Florida Industrial Southeast

JLL Arranges $45M Sale of 600 Whittaker Distribution Center in Jacksonville

by John Nelson July 25, 2022

JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.

July 25, 2022

Acquisitions Florida Multifamily Southeast

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

by John Nelson July 22, 2022

MIAMI — Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two-bedroom floor plans with balconies, stainless steel appliances, energy-efficient washers and dryers and modern finishes. Community amenities include outdoor electric grills, a resort-style pool with poolside cabanas, fitness center with a yoga studio, outdoor boxing gym, onsite management and maintenance, movie theater, bike storage and a dog wash station. The acquisition of Miro Brickell marks the seventh property currently under HGI’s ownership in Miami-Dade County, bringing the investor’s local portfolio to more than 1,500 units.

July 22, 2022

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