PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.
OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.
FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …
MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.
ORLANDO, FLA. — Crescent Communities has sold Novel Lucerne, a 375-unit apartment community in Orlando, to Knightvest Capital and funds managed by Oaktree Capital Management LP. Newmark brokered the transaction, the sales price of which was not disclosed. Floor plans at Novel Lucerne come in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool with grilling stations; resident lounge with event kitchen and workspaces; fitness center with a separate group and spin fitness room; dog park; and resident art gallery. Ground-floor retail tenants include natural grocery chain Earth Fare and fitness concept Eat the Frog Fitness. Located at the intersection of Orlando’s SoDo and downtown neighborhoods, Novel Lucerne provides residents with access to shopping, dining and parks. The area is also within walking distance of the Orlando Health Campus, Lake Lucerne and the Dr. Phillips Center for the Performing Arts. Development Partners included general contractor Brasfield & Gorrie, architectural firm The Preston Partnership, civil engineer GAI Consultants, landscaping architect Dix.Hite Partners and interior designer Vignetter. Novel Lucerne is one of 10 multifamily communities that Crescent has developed in Florida.
MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood. Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026. “Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.” Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will feature a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services. The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail …
Miami’s multifamily market slowed down dramatically at the start of COVID-19 and now has quickly rebounded to record levels. Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance. Going forward, the market is ideally positioned for continued long-term growth thanks to positive market fundamentals and continued strong sales activity. Demand for rentals was strong pre-pandemic and will grow even greater in the post COVID-19 era as South Florida continues to increase its resident count. Between 2020 and 2021, South Florida added 42,842 residents, including 14,318 new residents in Miami-Dade County. With the influx of residents, South Florida is expected to have over 37,000 new households created each year over the next five years. That represents over 14,800 new renters per year, assuming 60 percent of households enter homeownership and 40 percent rent, which is in line with historical ratios. Record year for sales 2021 was a record-setting year for the South Florida multifamily market. The region experienced 603 multifamily sales totaling $11.4 billion, which …
MIAMI GARDENS, FLA. — Marcus & Millichap has negotiated the $16.8 million sale of Commons Plaza, a three-story office building located at 5901 Miami Gardens Drive in Miami Gardens. Situated on a three-acre lot at the intersection of 183rd Street and 57th Avenue, the 56,601-square-foot property was 99 percent leased at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, an entity doing business as Commons Plaza LLC, and procured the buyer, an entity doing business as MG Office Plaza LLC.
FORT LAUDERDALE, FLA. — Aztec Group has arranged $102 million in construction financing for Rivr Lofts in Fort Lauderdale. Located in the Tarpon River Entertainment & Design District south of New River, Rivr Lofts will be a Class A high-rise featuring 352 apartments. Square Mile Capital provided the loan to the developer, Moderno Development Group, which assembled the one-acre site in 2018 and obtained entitlements in 2021. The project team includes Moss Construction and Robert Mathias of NCC Development. The site is located at the corner of SW 5th Street and SW 3rd Avenue and is within walking distance to local shopping and entertainment. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground-floor retail, onsite parking and a resident lounge and bar on the ground floor.
LONGWOOD, FLA. — Winter Park, Fla.-based CrossMarc Services and Baltimore-based MCB Real Estate have purchased Springs Plaza, a 64,753-square-foot shopping center in Longwood, about 15 miles north of Orlando. Faison Enterprises also provided equity for the $19.6 million acquisition. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of New York-based Apollo Global Management, in the transaction. The shopping center was built in 1979 and renovated in 2017. Shadow-anchored by Publix, Springs Plaza’s tenant roster includes Tijuana Flats, golf-themed sports bar Mulligan’s, The Back Porch Longwood, Hurricane Grill & Wings, Woof Gang Bakery & Grooming, a health food concept and a nail salon, among others.