Friday, May 23, 2025
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DevelopmentFloridaIndustrialSoutheast

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

by John Nelson

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.

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DevelopmentFloridaHospitalityMixed-UseMultifamilySoutheast

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

by John Nelson

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.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Miami

by John Nelson

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th St. in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. Designed by CC Hodgson Architectural Group, Mosaico’s amenities include a large community space, fitness center, computer lab, library, onsite management offices and a rooftop community garden. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & Community Development, which administered HUD project-based vouchers. Mosaico was financed with 4 percent Low-Income Housing Tax Credits (LIHTC) issued by Florida Housing Finance Corp. and syndicated by Boston Financial, as well as a $45.5 million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County that was underwritten by R4 Capital.

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FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Tenants Continue Moving to South Florida in Search of Class A Office Space

by John Nelson

There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …

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AcquisitionsFloridaHospitalitySoutheast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

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DevelopmentFloridaIndustrialSoutheast

GCP to Develop 237,500 SF Industrial Facility Near Jacksonville Port

by John Nelson

JACKSONVILLE, FLA. — Growth Capital Partners (GCP), an industrial real estate developer and owner based in Birmingham, plans to develop a 237,500-square-foot industrial facility near JAXPORT (Jacksonville Port Authority). GCP recently purchased a 37.8-acre site on Alta Drive near JAXPORT’s Blount Island and Dames Point terminals with plans to break ground in July on the project. Dubbed Port Commerce Center, the front-load, concrete tilt-wall project will feature 32-foot clear heights, a 130-foot truck court and land for trailer storage. GCP has tapped Bryan Bartlett of Newmark to lease the property. Newmark also represented the land seller, an entity doing business as Alta Jacksonville Holdings, in the transaction. Birmingham-based Vardaman Construction LLC is the general contractor of Port Commerce Center, which is GCP’s fourth industrial project underway. The developer is also building industrial facilities in Texas and Tennessee.

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DevelopmentFloridaLoansMixed-UseSoutheastTop Stories

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

by Kristin Harlow

MIAMI — JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the country’s first Treehouse Hotel, along with multiple food and beverage outlets and public spaces. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to The Underline and reinvigorate Southside Park, according to JDS. The Underline is a 10-mile linear park, urban trail and public destination being built on land below Miami’s Metrorail that is opening in phases through 2025. Southside Park’s proposed design enhancements include an enclosed dog run, seating areas, water features, opportunities for public art, playgrounds, a new basketball court and space for active programming such as movie nights and community sports events. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing through Maxim Capital Group. An existing land acquisition loan was replaced with a bridge construction loan at a lower interest …

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Strong rent growth has spurred investor appetite for Florida’s multifamily market and has boosted out-of-state and international multifamily investment and development. —Jeffrey Margolis, Partner, Berger Singerman LLP
FeaturesFloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Florida Apartment Market’s Strong Real Estate Fundamentals Attract National, International Investors

by Jaime Lackey

There is an overall sentiment that the Southeast multifamily real estate market, and specifically Florida, is doing better than any other region in the United States. Despite record inflation, rising interest rates, increased construction costs and supply chain issues, investors, developers and lenders are becoming increasingly bullish when it comes to the Florida multifamily market. A rising population count resulting in a swift pace of rent growth and tight apartment vacancy have led to increased out-of-state and international interest and capital being invested in the state. With competitive yields and better returns compared with alternative investments, investors view Florida multifamily projects as a sound opportunity. Florida has been less stringent when it came to COVID-19 policies and lockdowns compared with restrictions adopted in the Northeast and on the West Coast. Limited and lenient state-wide restrictions in Florida during the health crisis allowed the state’s economy to recover more quickly than most major U.S. markets. In addition to an established migration of retirees, Florida has attracted a younger population, with workers looking for warmer climates and relaxed COVID-19 policies. Similarly, massive migration from other regions is being fueled by the ease of doing business, a favorable regulatory environment, business-friendly tax rates, …

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FloridaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Miami’s Industrial Market is in a Position of Strength Heading into Summer 2022

by John Nelson

Amid a record-breaking year for Miami-Dade County in 2021, industrial market fundamentals grew even stronger in the first quarter of 2022. Last year, the national industrial market saw unprecedented activity resulting from unlimited investment capital from Wall Street, private equity firms and REITs deploying significant capital into buying existing income-producing property and development sites. In the first quarter of 2022, market fundamentals continued to heat up in Miami-Dade County and are expected to continue to attract investors and developers that are looking to capitalize on a growing population and soaring demand for warehousing space. The ongoing global supply chain challenges are forcing existing tenants’ requirements to include additional warehouse space for storage. Simultaneously, new-to-market tenants are continuing to flock to the area, despite a shrinking supply of available space. Together, this confluence of activity triggered a record low vacancy rate of 2.7 percent in Miami-Dade County in the first quarter, a 150-basis-point decrease year-over-year. Rental rates also reached a record high of $11.80 per square foot triple-net, which is an increase of 8.3 percent year-over-year. We expect continued growth in port markets, as well as increased leasing activity from third-party logistics and e-commerce tenants. In 2021, Amazon leased multiple locations …

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AcquisitionsFloridaMultifamilySoutheast

CBRE Arranges $240M Sale of Florida Multifamily Portfolio

by John Nelson

TAMPA, FLA. — CBRE has arranged the sale of a 14-property multifamily portfolio in Florida totaling 2,384 units. Michael Regan and Frank Carriera of CBRE represented both the seller, Amzak Capital Management, and the buyers, NorthEnd Equities and Motti Schapira, in the $240 million transaction. The properties, which were built between the 1970s and 1990s, included: • Lakeland Manor in Lakeland (376 units) • Kings Trail in Jacksonville (320 units) • Bella Mar in Tampa (264 units) • Rolling Hills in Orlando (240 units) • Timber Falls in Tampa (184 units) • Jacksonville Heights in Jacksonville (173 units) • Del Rio in Tampa (160 units) • Tanglewood in Eustis (138 units) • Mount Dora in Mount Dora (132 units) • Lago Bello in Tampa (120 units) • North Washington (119 units) • Brandywyne in Winter Haven (81 units) • The Landings (60 units) • Country Place in Winter Haven (18 units)

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