Florida

Estate Cos. Breaks Ground on Eight-Story Apartment Community in South Florida

by John Nelson February 20, 2023

POMPANO BEACH, FLA. — The Estate Cos. (EIG) has broken ground on Soleste Pompano Beach, an eight-story multifamily project located at 208 N. Federal Highway in South Florida’s Broward County. Upon completion, the community will feature 253 apartments in one- and two-bedroom configurations and 4,000 square feet of commercial space. Amenities will include a pool and sun deck, fitness center and a picnic area. The property will also include a parking garage with 367 spaces and an additional 11 spaces at ground level.

February 20, 2023

Development Florida Leasing Activity Restaurant Retail Southeast

Asana Partners Adds Five New Tenants to Sunset Harbour Retail Center in Miami Beach

by John Nelson February 20, 2023

MIAMI BEACH, FLA. — Asana Partners has announced the addition of five new tenants to Sunset Harbour, a 21,000-square-foot retail center in Miami Beach. Restaurants Casa Bufala, Sacro and Nautical Bowls will occupy 2,500, 2,813 and 950 square feet, respectively. Chip City Cookies will also join the food-and-beverage lineup, leasing 980 square feet. Additionally, fitness and wellness club The Outsider will open a 2,006-square-foot location.

February 20, 2023

Development Florida Loans Self-Storage Southeast

Associated Bank Provides $8.6M Construction Loan for Self-Storage Facility in Spring Hill, Florida

by John Nelson February 17, 2023

SPRING HILL, FLA. — Associated Bank has provided an $8.6 million loan to an affiliate of Metro Storage LLC for the construction of a self-storage facility located in Spring Hill. Upon completion, the development will comprise 62,856 square feet across 543 units, 504 of which will be climate-controlled. The property will also feature 83 covered and 31 uncovered RV and boat parking spaces. Edward Notz of Associated Bank’s Commercial Real Estate Division originated the loan.

February 17, 2023

Florida Loans Office Southeast

Berkadia Arranges $113M Refinancing of Gateway at Wynwood Office Building in Miami

by John Nelson February 16, 2023

MIAMI — Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot office building located at 2616 N. Miami Ave. in Miami that opened last year. Charles Foschini, Christopher Apone and Robert Iudice of Berkadia’s South Florida office arranged the loan through A10 Capital on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LP. The three-year loan features two one-year extension options. Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT. Designed by Kobi Karp, Gateway at Wynwood features a private rooftop terrace, 512 onsite parking spaces and 24,000 square feet of ground-level retail space. Existing office tenants include BoConcept, OpenStore and Veru, among others.

February 16, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $2.9M Ground-Lease Sale of Burger King-Occupied Restaurant in West Palm Beach

by John Nelson February 15, 2023

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million ground-lease sale of a single-tenant retail property in West Palm Beach. Developed in 2022 at 65 Benoist Farms Road, the 2,866-square-foot property is occupied by Burger King and has a 20-year triple-net ground lease in place. Patrick Nutt and William Wamble of SRS represented the seller, Brightwork Development, in the sale. The buyer was a private investor based in South Florida.

February 15, 2023

Development Florida Loans Southeast Student Housing

Charles Street, ACRES Receive $63M Construction Financing for Student Housing Project Near Florida State University

by John Nelson February 14, 2023

TALLAHASSEE, FLA. — A joint venture between Charles Street Development and ACRES Realty Funding has received $63 million in construction financing for Renegade Apartments, a 153-unit student housing development in Tallahassee. The community will be located blocks from Florida State University’s campus at 501 Chapel Drive. Bayview Asset Management originated the financing, funding the debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. The project’s design-build team includes Humphreys & Partners, HPA Design Group and Ruscilli Construction Co. Renegade Apartments is scheduled for completion in 2024 and will be leased and managed by Asset Living.

February 14, 2023

Acquisitions Florida Retail Southeast

Avison Young Negotiates $23M Sale of Strip Retail Center in South Florida

by John Nelson February 14, 2023

PEMBROKE PINES, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the $23 million sale of Pembroke Centre, a 29,350-square-foot strip retail center located at 304-306 SW 145th Ave. in Pembroke Pines, a city in South Florida’s Broward County. David Duckworth, Michael Fay, John Crotty and Brian de la Fé of Avison Young represented the seller, PP Omni Ventures, an affiliate of Hart Lyman Cos. that developed the property, in the transaction. Monolith Real Estate Property Management represented the buyer, an entity doing business as OMAX Invest LLC. Situated on four acres near I-75 and Pines Boulevard, Pembroke Centre was fully leased at the time of sale to Pubbelly Sushi, Firebirds Wood Fired Grill and Xfinity Store by Comcast. The property sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination.

February 14, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $18.2M Sale of Hotel in Treasure Island, Florida

by John Nelson February 14, 2023

TREASURE ISLAND, FLA. — Marcus & Millichap has arranged the sale of Treasure Bay Resort & Marina, an 83-room hotel located at 11125 Gulf Blvd. in Treasure Island, part of the Tampa Bay metro area. Ben Mallah, a private investor, purchased the hotel for $18.2 million in an all-cash transaction. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller in the deal. Treasure Bay Resort features a hurricane-resistant exterior, pool, Jacuzzi and a marina.

February 14, 2023

Development Florida Industrial Southeast

MDH Partners Delivers 350,878 SF Industrial Building in Ocala, Florida

by John Nelson February 10, 2023

OCALA, FLA. — MDH Partners has completed construction on Ocala Logistics Center, a 350,878-square-foot speculative distribution facility situated on 27.9 acres in Ocala. Located at the corner of Northwest 35th Street and Northwest 27th Avenue, the property features 196 parking spaces, 96 trailer drops, ESFR sprinkler systems and 36-foot clear heights. The building allows for single or multi-tenant occupancy and includes 2,759 square feet of office space, LED warehouse lighting and six dock levelers. Peak Development Co. served as development manager on the project, and Avison Young is handling leasing on behalf of MDH Partners.

February 10, 2023

Alabama Florida Industrial Loans Maryland North Carolina Southeast

JLL Arranges $193M Refinancing for Industrial Portfolio in Sun Belt, Mid-Atlantic

by John Nelson February 9, 2023

MIAMI — JLL has arranged a $193 million permanent loan for the refinancing of a nine-property industrial portfolio totaling 1.7 million square feet. The properties are located on infill sites in South Florida, Texas, North Carolina, Alabama and Maryland. Chris Drew, Melissa Rose and Christopher Gathman of JLL arranged the five-year, fixed-rate, non-recourse loan through TIAA Bank on behalf of the borrower, Adler Real Estate Partners. The assets were constructed between 1981 and 2001 and were leased to 145 separate tenants at the time of financing. The properties included: • Riverchase Center in Hoover, Ala. • 1001 Broken Sound Parkway in Boca Raton, Fla. • Prospect Park I & II in Fort Lauderdale, Fla. • Delray North Business Center in Delray Beach, Fla. • Rivers Business Park I & II in Columbia, Md. • South Point Business Park in Charlotte, N.C. • Parkwest I & II in Raleigh, N.C. • Addison Tech Center in Addison, Texas • Kramer 1-5 at Braker Center in Austin, Texas

February 9, 2023

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