MIAMI — Madison Realty Capital has originated a $55 million construction loan for Metro at Edgewater, a 32-story, 279-unit residential apartment development in Miami. Melissa Rose and Jesse Wright of JLL Capital Markets arranged the financing. The unnamed borrower(s) will also use the funds to construct the adjacent 18-unit Sonder building. The overall project is slated for completion by July 2023. Metro at Edgewater will contain 266,306 square feet of residential space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-, two- and three-bedroom floorplans. Community amenities will include a coffee bar, hotel-style pool deck, fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant and 312 onsite parking spaces. Located at 430 NE 31st St. in Miami’s Edgewater neighborhood, the property is situated 12 miles from the University of Miami and 7.2 miles from Miami International Airport.
JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.
CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.
MEDLEY, FLA. — CBRE has secured the sale of Medley 104 Industrial Center, a 263,188-square-foot distribution center in Medley. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller, Dallas-based Lincoln Property Co., in transaction. The buyer, an Ares Management fund, purchased the asset for an undisclosed price. Medley 104 Industrial Center is fully leased to three tenants, including USPLY, PGT Industries and Artefacto. The building features include 25-foot clear heights, 132-foot truck court depths, a rear-load configuration, 40 dock-high doors, three drive-in doors and ESFR sprinklers. The property has recently undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, upgrading the exterior building lighting and adding LED lighting in the warehouse. Located at 9400 NW 104th St., the property is situated approximately 10 miles from Miami International Airport.
BRADENTON, FLA. — Atlanta-based MDH Partners has acquired 301 Corporate Center, a two-building, 208,000-square-foot industrial property in Bradenton. Joe DeHaven served as the acquisition lead for MDH Partners. John Dunphy of JLL represented the seller and developer, Peak Development, in the transaction. JLL will handle the leasing and property management assignment at the property. Built in 2022, 301 Corporate Center is situated on 16 acres and features two 104,000-square-foot buildings available for lease. Amenities include ESFR sprinkler systems, clear heights of 32 feet, 30 exterior dock doors, 375 parking spaces and access to a 175-foot shared truck court. The property is situated close to Tampa International Airport, as well as Interstates 75 and 275.
DORAL, FLA. — Marcus & Millichap has arranged the sale of Doral Park Centre, a 13,925-square-foot retail strip center in Doral. The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that was fully leased at the time of sale to tenants including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa and CKO Kickboxing. Located at 3887 NW 107th Ave., the property is situated 10 miles from Miami International Airport.
WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.
FORT LAUDERDALE, FLA. — Colliers has arranged the sale of a three-building warehouse and office complex totaling 20,820 square feet in Fort Lauderdale. Robert Listokin of Colliers represented the seller, an entity doing business as PRF Holdings LLC, and Levy Realty represented the undisclosed buyer. The sales price was $4 million. The property, dubbed the Southern Cross Portfolio, includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom/storage building and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage its business. The buildings are situated adjacent to Lockhart Stadium and Fort Lauderdale Executive Airport.
TALLAHASSEE, FLA. — Greystone has provided a $16.6 million Fannie Mae loan to refinance Renaissance Apartments in Leon County, a 168-unit multifamily property in Tallahassee. Kyle Jemtrud of Greystone originated the financing on behalf of the borrower, Pax Properties LLC. The financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed interest rate and six years of interest-only payments. Built in 1974, Renaissance Apartments in Leon County is a garden-style community with 13 buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include an onsite pool, community center and laundry facilities. The property was 95 percent occupied at the time of sale. Located at 2959 Apalachee Parkway, the apartment community is situated 11 miles from the Tallahassee International Airport and 3.8 miles from Florida State University.
MIAMI — Norfolk, Va.-based Harbor Group International has acquired 275 FontaineParc, a 133-unit, Class A multifamily property in Miami. The sales price was $50 million, or about $379,939 per unit. The seller was not disclosed. Built in 2020, 275 FontaineParc offers one-, two- and three-bedroom floorplans. Unit features include walk-in closets, private balconies, stainless steel appliances and quartz countertops. Community amenities include a pool, fitness center, private bike storage, onsite maintenance and covered parking. The property was fully occupied at the time of sale. Located at 275 Fontainebleau Blvd., the property is situated 11.7 miles from downtown Miami and 7.4 miles from Miami International Airport.