Florida

Sansone Group, Mandich to Develop 110,476 SF Spec Cold Storage Facility in Downtown Tampa

by John Nelson July 11, 2022

TAMPA, FLA. — A partnership between St. Louis-based Sansone Group and Miami-based Mandich Group has purchased a 7.3-acre site in downtown Tampa’s Ybor City district. The developers plan to build a speculative cold storage facility at the site that will include 45-foot clear heights and span 110,476 square feet upon completion, which is set for 2024. The property, dubbed Tampa Cold Logistics, will be situated near I-4, Port Tampa and Tampa International Airport. Tippmann Group is the general contractor for the project, and Eric Swanson on Avison Young helped facilitate the deal, which is Sansone’s first partnership with Mandich Group.

July 11, 2022

Acquisitions Florida Retail Southeast

RK Centers Acquires Pineapple Commons Shopping Center in Stuart, Florida for $48.5M

by John Nelson July 11, 2022

STUART, FLA. — RK Centers has purchased Pineapple Commons, a 256,000-square-foot open-air shopping center located at 2502 N.W. Federal Highway in Stuart, a coastal city about 40 miles north of West Palm Beach. Kimco Realty sold the property to RK Centers for $48.5 million. Dennis Carson of CBRE represented Kimco in the transaction. Built in 2005, Pineapple Commons’ tenant roster includes City Furniture, Ashley Furniture, Best Buy, Ross Dress for Less, Ulta Beauty, PetSmart, Marshalls, Shoe Carnival, Starbucks, Chipotle and 15 other dining, service and specialty retail shops.

July 11, 2022

Development Florida Loans Multifamily Southeast

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

by John Nelson July 8, 2022

NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.

July 8, 2022

Development Florida Loans Multifamily Southeast

Bank OZK, JVP Provide $97.2M Construction Financing for Fort Lauderdale Apartment Tower

by John Nelson July 7, 2022

FORT LAUDERDALE, FLA. — Bank OZK and JVP Management have provided $97.2 million in construction financing for the development of One River, a 34-story apartment tower located at 629 SE 5th Ave. in Fort Lauderdale. Keith Kurland of Walker & Dunlop arranged the financing, which comprises a senior loan from Bank OZK and a mezzanine loan from JVP Management, on behalf of the developers, OKO Group and Cain International. The co-developers have also recently topped off 830 Brickell, a 55-story office tower in Miami. Designed by Adrian Smith + Gordon Gill Architecture and architect of record Dorsky + Yue International, One River will feature 251 high-end apartments and 2,600 square feet of ground-level retail space. Amenities will include a resort-style rooftop pool deck; fitness center with yoga, spinning and Pilates rooms; spa with sauna and steam facilities; outdoor fitness deck and barbecue terrace; lounges for gaming and coworking; package room; bike storage; and a dog spa. OKO and Cain plan to begin vertical construction this summer and deliver the property in September 2024.

July 7, 2022

Development Florida Loans Multifamily Southeast

Tortoise Properties Obtains $88.5M Loan for Apartment Development in West Palm Beach

by John Nelson July 7, 2022

WEST PALM BEACH, FLA. — Tortoise Properties LLC has obtained an $88.5 million construction loan for a new multifamily development in downtown West Palm Beach. Acore Capital provided the loan to Tortoise, a privately held developer based in Palm Beach County. The unnamed property will comprise two eight-story towers located at 740 and 840 N. Dixie Highway that will be connected via a skybridge over Eucalyptus Street. The luxury apartment community will feature 264 studio, one- and two-bedroom residences, as well as 3,400 square feet of retail space and 371 parking spaces. The project team includes architect MSA Architects, general contractor Verdex Construction, landscape architect EDSA, project manager Hensel Phelps, civil engineer Keshavarz & Associates, structural engineer McNamara Salvia, general engineer WGI, property manager Castle Residential and entitlements and permitting overseer Managed Land Entitlements. No construction timeline was disclosed.

July 7, 2022

Acquisitions Florida Retail Southeast

Katz & Associates Arranges $10.6M Sale of Former HHGregg Store in Boca Raton, Florida

by John Nelson July 7, 2022

BOCA RATON, FLA. — Katz & Associates has arranged the $10.6 million sale of a former hhgregg store located at 20841 S. State Road 7 in Boca Raton. CIRE Equity, a commercial real estate investor with offices in Southern California and Phoenix, purchased the 41,250-square-foot store from an entity doing business as Pan York Glades LLC. Jon Cashion and Daniel Solomon of Katz & Associates represented the seller in the transaction. EoS Fitness, a retail fitness concept based in Phoenix, will backfill the store, which is situated adjacent to a Burlington and PetSmart.

July 7, 2022

Development Florida Office Southeast

SHVO to Develop 250,000 SF Office Building in Miami Beach

by John Nelson July 6, 2022

MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large windows offering panoramic views. SHVO and Foster + Partners recently collaborated on Transamerica Pyramid Center, a luxury office redevelopment in San Francisco. The design team for The Alton also includes locally based Kobi Karp Architects. No construction timeline was disclosed.

July 6, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $2.9M Sale of MedMen-Leased Store in Pensacola, Florida

by John Nelson July 6, 2022

PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.

July 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

by Kristin Harlow July 6, 2022

MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge and a business center with individual coworking spaces and a conference room. The acquisition marks Avanti’s fourth South Florida investment in the past year, following purchases in Boynton Beach, Doral and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek Class A apartments in the state and other key markets nationwide. “We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply-constrained apartment sector,” says Christian Garner, president and CEO of Avanti. Walker & Dunlop’s South Florida investment sales team, led by Still Hunter, brokered the sale. Headquartered in Denver, Avanti is an investor and owner-operator of …

July 6, 2022

Acquisitions Florida Georgia Industrial Southeast

JLL Brokers $157.8M Sale of Industrial Portfolio in Sun Belt

by John Nelson July 5, 2022

ATLANTA — JLL has brokered the sale of an industrial portfolio in the Sun Belt totaling nearly 1.3 million square feet across 12 individual buildings. Taurus Investment Holdings LLC purchased the assets from Summit Real Estate Group for $157.8 million. Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller in the transaction. The portfolio includes Creekside Distribution Center in East Point, Ga.; Peachtree Nortech in Peachtree Corners, Ga.; Maggie Boulevard in Orlando; West Bay Corporate Center and Metropointe Commerce Center in North St. Petersburg, Fla.; and Corporate Center Fannin I in Houston. The portfolio was 98 percent leased at the time of sale to public and private companies, including Raytheon, Iron Mountain and DAP Americas.

July 5, 2022

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