Florida

CrossMarc, MCB Acquire Springs Plaza Shopping Center in Longwood, Florida for $19.6M

by John Nelson May 25, 2022

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.

May 25, 2022

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 42,000 SF Office Lease at 800 Brickell in Miami

by John Nelson May 24, 2022

MIAMI — Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman & Wakefield represented Kaseya in the lease negotiations. The landlord is Naba Realty LLC.

May 24, 2022

Development Florida Multifamily Southeast

Prospect, Midtown Capital Begin Construction on 252-Unit Fort Lauderdale Apartment Tower

by John Nelson May 23, 2022

FORT LAUDERDALE, FLA. — Prospect Real Estate Development Group and Midtown Capital have begun construction on a new 252-unit apartment building in Fort Lauderdale. The property, Advantis Station Flagler Village, will include a seventh-floor amenity deck with a pool and unique features such as a large mural, art columns and sections framed by synthetic wood. Advantis Station at Flagler Village is one of several ventures between Prospect and Midtown Capital. The partnership also broke ground on Advantis Lake Worth in November 2021. Advantis Station at Flagler Village is expected to be complete in fall 2024. BCC Construction is serving as general contractor on the project.

May 23, 2022

Florida Leasing Activity Life Sciences Office Southeast

JLL Arranges 75,000 SF Office Lease in Miami for Medical Research Firm

by John Nelson May 23, 2022

MIAMI — JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according to JLL. The New Jersey-based firm leased four full floors at Quattro East, located at 700 NW 107th Ave. Doug Okun of JLL represented the landlord, an entity owned by Guy Sharon and Yoav Merary that is doing business as Four 700 LLC, in the lease negotiations. David Herbert, Donna Abood and Joseph Abood of Avison Young represented ERG. Quattro Miami was recently renovated with updated façades, lobbies, common areas and restrooms, a revamped café, new elevator controls and cabs, a renovated fitness center and a new conferencing center. The park’s tenant roster includes Farelogix/Accelya, State’s Title and Alliance for Aging, in addition to other traditional office tenants and medical and research companies.

May 23, 2022

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

by John Nelson May 20, 2022

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

May 20, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers Sale of Two Luxury Florida Apartment Communities for $221.7M

by John Nelson May 19, 2022

ST. PETERSBURG, FLA. — JBM Institutional Multifamily has brokered the sale of two Class A multifamily communities in Florida: Ridgelake in Sarasota and The Reserve at Coconut Point in Estero. The combined sales price for both properties was $221.7 million. The buyer was not disclosed. Ridgelake is a 329-unit property located off Bee Ridge Road and I-75. The property is an elevator-serviced, Class A community that features luxury finishes such as a dedicated solar farm that powers the clubhouse and some of the residential buildings, a heated saltwater pool, fitness center, community garden, community recycling program and valet trash, electric vehicle chargers and attached/detached garages. The three-story property is NGBS Green-certified and Energy Star-rated. Units feature stainless steel appliances, quartz countertops, shaker-style cabinets, luxury wood-like plank flooring, wine coolers, walk-in showers and large soaking tubs. The Reserve at Coconut Point is a 180-unit property located within the Coconut Point development. Coconut Point Mall, a 1.2 million-square-foot retail destination, is less than one mile away. The Reserve is a podium-style construction community, with covered parking on the first floor. The concrete, elevator-serviced community features a resort-style pool with sundeck, half-mile jogging trail, Luxer One package room with refrigerator for grocery delivery, …

May 19, 2022

Development Florida Multifamily Southeast Top Stories

MG Developer, Baron Property Group to Build $204M Luxury Multifamily Project in Coral Gables, Florida

by Katie Sloan May 19, 2022

CORAL GABLES, FLA. — A partnership between MG Developer and Baron Property Group has announced plans for Merrick Parc, a $204 million, two-tower luxury multifamily project located at 3191 SW 39 Ave. in Coral Gables. Designed by Behar & Font, the 43,785-square-foot community will offer 450 rental units in one- and two-bedroom configurations alongside ground-floor retail space. The development site is located four miles from Miami International Airport and five miles away from downtown Miami’s Brickell neighborhood. The developers partnered with Colliers to finance an initial $24 million tranche with an additional $13 million in equity financing for the project, a timeline for which was not announced. The initial land acquisition was funded by S3 Capital and closed in late April. Demand is high for luxury rental units in the Miami and Coral Gables areas, according to Alirio Torrealba, CEO and founder of MG Developer. The company is currently developing a 10-story multifamily project in Hialeah, roughly 11 miles outside Miami, and is preparing to break ground on another 48-unit community in Coral Gables named Gables Village. A number of additional multifamily projects have been recently announced in the Miami area, including a $220 million mixed-use project by Shoma Group; …

May 19, 2022

Acquisitions Florida Loans Multifamily Southeast

Mesa West Provides $135M Acquisition Loan for Sophia at Abacoa Apartments in South Florida

by John Nelson May 18, 2022

JUPITER, FLA. — Mesa West Capital has provided a $135 million acquisition loan for The Sophia at Abacoa, a 390-unit multifamily community in Jupiter. Matt Williams and James Maynard of Newmark arranged the loan on behalf of the borrower, Berkshire Residential Investments. Located in the Abacoa neighborhood, Sophia at Abacoa was built in 2002 and offers a variety of one-, two- and three-bedroom floor plans housed in low-rise residential buildings on a 22-acre site. The property features a wide variety of amenities including a clubhouse, fitness center, two resort-style pools, dog park, sand volleyball court, outdoor grilling areas with picnic tables and a car detailing station. The property also benefits from being within walking distance of downtown Abacoa, which features shopping, dining and entertainment options. The Sophia at Abacoa is also near Roger Dean Stadium, the spring training facility for the Miami Marlins and the St. Louis Cardinals, in addition to 16 golf and country clubs in Jupiter. With the loan for Berkshire, Mesa West Capital has originated over $550 million in first mortgage and mezzanine debt in Florida over the past 12 months.

May 18, 2022

Development Florida Loans Southeast Student Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson May 17, 2022

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

May 17, 2022

Acquisitions Florida Loans Multifamily Southeast

CBRE Arranges $50.3M Acquisition Financing for Two Multifamily Properties in Tampa

by John Nelson May 17, 2022

TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …

May 17, 2022

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