Florida

MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan June 30, 2022

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …

June 30, 2022

Development Florida Office Southeast

OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami

by John Nelson June 29, 2022

MIAMI — OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural firm Adrian Smith + Gordon Gill and interior designer Iosa Ghini Associati. 830 Brickell will include a rooftop bar/lounge and restaurant, as well as a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. 830 Brickell is more than 60 percent preleased ahead of its projected completion later this year. Cushman & Wakefield has executed leases with Microsoft, Thoma Bravo, A-CAP, CI Financial, Marsh Insurance, AerCap and WeWork.

June 29, 2022

Acquisitions Florida Southeast Student Housing

Vesper, Fortress Acquire 444-Bed Student Housing Community Near University of South Florida in Tampa

by John Nelson June 29, 2022

TAMPA, FLA. — A joint venture between Vesper Holdings and funds managed by affiliates of Fortress Investment Group has acquired ON50 Tampa, a 444-bed student housing community located near the University of South Florida. The property offers a mix of three- and four-bedroom, fully furnished units. Shared amenities include a swimming pool, computer lab, study lounge, movie and entertainment center, hammock garden, community kitchenette, coffee bar and shuttle service to the university’s campus. The community is the joint venture’s fourth acquisition over the past 13 months. The seller and sales price were not disclosed.

June 29, 2022

Acquisitions Florida Retail Southeast

JLL Brokers $16M Sale of Village Oaks Shopping Center in Pensacola, Florida

by John Nelson June 28, 2022

PENSACOLA, FLA. — JLL has brokered the $16 million sale of Village Oaks, a 166,245-square-foot shopping center located at 6241 N. Davis Highway in Pensacola. A South Florida-based family office purchased Village Oaks from an affiliate of Atlanta-based RCG Ventures. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Built in 1988 and renovated in 2014, the property’s tenant roster includes Bealls, PetSmart, Planet Fitness, Party City, Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.

June 28, 2022

Development Florida Multifamily Southeast

Adam America, Stellar Communities to Develop 275-Unit Apartment Community in Broward County

by John Nelson June 24, 2022

DANIA BEACH, FLA. — An affiliate of Adam America Real Estate and Stellar Communities plan to develop a six-story, 275-unit apartment community in South Florida’s Broward County. The developers recently purchased 7.2 acres of fully entitled land at 4200 SW 54 Court in Dania Beach for the development near the new Seminole Hard Rock Hotel & Casino. Designed by CFE Architects, the unnamed apartment community will feature a 450-space parking garage, nature preserve, parks, resort-style pool, fitness center, clubroom, coworking space and electric vehicle charging stations. Units will come in studio, one-, two- and three-bedroom floor plans. Adam America and Stellar plan to deliver the community by the fourth quarter of 2024. The duo are also co-developing build-to-rent communities around Florida and a high-rise multifamily project in Miami suburb Aventura.

June 24, 2022

Florida Loans Retail Southeast

Northmarq Arranges $16.7M Refinancing of Metro Tampa Retail Portfolio

by John Nelson June 24, 2022

TAMPA, FLA. — Northmarq’s Tampa office has arranged four loans totaling approximately $16.7 million for the refinancing of a retail portfolio in the metro Tampa area. The four assets include Carrollwood Regency Plaza and The Pointe at Tampa Palms in Tampa, North Tampa Shores in Oldsmar and Triple Crown Plaza in Ocala. Together the centers span 115,309 square feet of retail space. Robert Hernandez of Northmarq arranged the loans, each of which were underwritten with 10-year terms and 30-year amortization schedules. An unnamed life insurance company provided the loans on behalf of the undisclosed borrower.

June 24, 2022

Features Florida Multifamily Southeast Southeast Feature Archive

One Year Later: Surfside Collapse Inspires Newly Passed Florida Legislation Addressing Structural Integrity

by John Nelson June 24, 2022

By Jim Prichard of Ball Janik LLP The 13-story, L-shaped Champlain Towers decorated the Surfside coastline. In the early morning of June 24, 2021, the pool deck suffered a partial collapse, triggering more destruction in the structure’s central section and eastern wing. In less than 30 seconds, approximately half of the 136 units in the building were destroyed, leaving 98 residents dead and establishing a horrific legacy as one of the deadliest structural engineering failures in U.S. history. In the wake of the tragedy, Miami-Dade County Mayor Daniella Levine Cava ordered an immediate audit of all high-rise buildings that were more than 40 years old and five stories tall constructed by the developer. The attention to South Florida development prompted a review of hundreds of older buildings. There was also an onslaught of editorial investigations, including features by The New York Times, The Wall Street Journal and the Miami Herald. Florida International University conducted its satellite analysis of the site as well. All investigations, first-hand experiences, and post-collapse engineering findings reported that there had been concerns about the structural integrity of the building and that the collapse was based on faulty construction and deterioration. As a law firm, our biggest …

June 24, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson June 22, 2022

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

June 22, 2022

Development Florida Industrial Southeast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson June 21, 2022

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

June 21, 2022

Development Florida Hospitality Mixed-Use Multifamily Southeast

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

by John Nelson June 20, 2022

MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.

June 20, 2022

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