Florida

SRS Facilitates $2.8M Sale of Tampa Property Leased to Banfield Pet Hospital

by John Nelson November 28, 2022

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a 4,000-square-foot single-tenant property located at 12815 Bayou Branch Ave. in Tampa. Banfield Pet Hospital, which is engaged in a 10-year lease, occupies the property. Patrick Nutt, William Wamble and Daniel Becker of SRS arranged the transaction on behalf of the seller, locally based Soho Capital. A private, Florida-based investor purchased the property for $2.8 million in a 1031 exchange. The property is located across the street from North Bay Shopping Center, a 270,000-square-foot retail center anchored by Publix and Lowe’s Home Improvement.

November 28, 2022

Development Florida Hospitality Multifamily Southeast

PMG, Greybrook Open 49-Story Elser Hotel & Residences in Downtown Miami

by John Nelson November 22, 2022

MIAMI — PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which includes eight electric grills, a pool deck, bar, poolside LED screening wall, an outdoor plunge pool and event space all overlooking Biscayne Bay. Other amenities include a cocktail bar and restaurant, a coffee shop by Café Domino and coworking space.

November 22, 2022

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 1.1 MSF Industrial Park in Metro Miami

by John Nelson November 22, 2022

MEDLEY, FLA. — CBRE has arranged the sale of a 12-building industrial park in the Miami suburb of Medley totaling nearly 1.1 million square feet. Boston-based TA Realty purchased the portfolio from an unnamed global investment advisor for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the transaction. Situated off Okeechobee Road, the park was fully leased at the time of sale to 46 tenants in the aviation, home design and improvement, third party logistics and food distribution industries.

November 22, 2022

Development Florida Industrial Southeast

Onicx, Aries Capital to Build 1 MSF Industrial Park in Edgewater, Florida

by John Nelson November 21, 2022

EDGEWATER, FLA. — Tampa-based Onicx Group has acquired 83 acres of industrial land in Edgewater in a joint venture with Aries Capital. The companies, which acquired the site for $4.2 million, will develop a 1 million-square-foot industrial park called Space Coast Industrial Park at Parktowne. Groundbreaking for the development is expected in January 2023. Phase I will include the construction of two buildings comprising 133,500 and 176,000 square feet, for a total 309,500 square feet. Completion of the first phase is anticipated for the first quarter of 2025. Orlando-based C4 Architecture will serve as the project’s architect. Scott Claiborne of Onicx led the site identification and development approval process, with Neil Freeman, Matt Carney and Brandon Perdeck of Aries overseeing the land acquisition and transaction structure and financing.

November 21, 2022

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $2.7M Sale of Restaurant in Lutz, Florida Ground Leased to Chick-fil-A

by John Nelson November 21, 2022

LUTZ, FLA. — SRS Real Estate Partners has arranged the sale of a 4,854-square-foot, single-tenant retail building in Lutz, approximately 15 miles north of Tampa. Chick-fil-A occupies the property via a ground lease and plans to open next month. Patrick Nutt and William Wamble of SRS represented the seller, Ferber Development, in the $2.7 million transaction. A private Florida-based investor acquired the property, which is located at 17693 Harpers Run and is an outparcel to Cypress Ranch, a 164-acre mixed-use development project.

November 21, 2022

Acquisitions Florida Multifamily Southeast

Lerner Enterprises Purchases Parc at Gatlin Commons Apartments in Port St. Lucie, Florida for $65M

by John Nelson November 16, 2022

PORT ST. LUCIE, FLA. — Lerner Enterprises, a Rockville, Md.-based multifamily developer and manager owned by Washington Nationals’ principal owner Mark Lerner, has purchased Parc at Gatlin Commons, a 200-unit apartment community in Port St. Lucie. Miami-based JSB Capital sold the property to Lerner for $65 million. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the transaction. Built in 2020, Parc at Gatlin Commons features a pool, fitness center, pet play area and a basketball court. The community is located on a 14.4-acre site at 1900 Aledo Lane in Port St. Lucie’s Newport Isles neighborhood. Rental rates range from $1,800 to $2,970, according to Rosewood Realty.

November 16, 2022

Development Florida Hospitality Multifamily Southeast

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

by John Nelson November 16, 2022

HIALEAH, FLA. — The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th St. in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020 and broke ground on the adaptive reuse project in April 2021. Alture Westland, which represents Estate’s first Alture-branded property, features studios and one-bedroom apartments, as well as a pool with a sundeck, fitness center and a clubhouse. The community is currently 85 percent leased, with rental rates starting at $1,636, according to the property website. Additionally, Panera plans to open a new 2,036-square-foot outparcel restaurant on the site with a drive-thru fronting West 49th Street.

November 16, 2022

Acquisitions Development Florida Retail Southeast

Philadelphia Phillies Purchase Distressed Shopping Center Near Metro Tampa Ballpark for $22.5M

by John Nelson November 15, 2022

CLEARWATER, FLA. — An affiliate of the Philadelphia Phillies has purchased the Clearwater Collection, a distressed shopping center spanning 13 acres at 21800 U.S. Highway 19 N in the Tampa suburb of Clearwater, for $22.5 million. The 134,362-square-foot property is located adjacent to BayCare Ballpark, a city-owned baseball arena that the Phillies lease for its Spring Training operations, as well as its Minor League Baseball affiliate team, the Clearwater Threshers. Control of the underlying land affords the Phillies the opportunity to plan for future redevelopment near the park. Michael Vullis of Avison Young was the court-appointed receiver of Clearwater Collection, which recently went into bankruptcy. Vullis and Avison Young colleagues John Crotty, Michael Fay, David Duckworth, Nick Robinson and Brian de la Fé represented the seller, an entity doing business as Clearwater Collection 15, in the transaction. Floor & Décor is the sole occupant of the shopping center and currently occupies 49 percent of the property’s leasable area.

November 15, 2022

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Opens $21M Affordable Housing Community in Tallahassee

by John Nelson November 14, 2022

TALLAHASSEE, FLA. — Housing Trust Group has completed Lafayette Gardens, a $21 million affordable housing community located in the Woodland Drives neighborhood of Tallahassee. Comprising 5.8 acres, the property features 96 units in single- and multi-bedroom layouts. The project team included architectural firm FK Architecture, general contractor Hennessy Construction Services, interior designer Stiles Interiors and landscape architect Wood + Partners. Community amenities include a clubhouse, pool, playground, media center, fitness center, bike/walk trail and a dog park. Chase Bank provided a $15 million construction loan for the project, Raymond James provided $16.1 million in 9 percent low-income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac loan.

November 14, 2022

Florida Leasing Activity Office Southeast

West Marine Moves into New 50,000 SF Office Headquarters in Fort Lauderdale

by John Nelson November 14, 2022

FORT LAUDERDALE, FLA. — West Marine, a sailing, boating, fishing and watersports retailer, has moved into a new corporate headquarters at 1 East Broward, a 350,000-square-foot office building in downtown Fort Lauderdale. NAI/Merin Hunter Codman, the leasing and management company for the property, arranged the 50,000-square-foot lease. West Marine has invested $800,000 in capital improvements to the space. Founded in 1968, West Marine operates 236 physical locations across 38 states and Puerto Rico, as well as two e-commerce platforms.

November 14, 2022

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