Florida

JLL Brokers $16M Sale of Village Oaks Shopping Center in Pensacola, Florida

by John Nelson June 28, 2022

PENSACOLA, FLA. — JLL has brokered the $16 million sale of Village Oaks, a 166,245-square-foot shopping center located at 6241 N. Davis Highway in Pensacola. A South Florida-based family office purchased Village Oaks from an affiliate of Atlanta-based RCG Ventures. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Built in 1988 and renovated in 2014, the property’s tenant roster includes Bealls, PetSmart, Planet Fitness, Party City, Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.

June 28, 2022

Development Florida Multifamily Southeast

Adam America, Stellar Communities to Develop 275-Unit Apartment Community in Broward County

by John Nelson June 24, 2022

DANIA BEACH, FLA. — An affiliate of Adam America Real Estate and Stellar Communities plan to develop a six-story, 275-unit apartment community in South Florida’s Broward County. The developers recently purchased 7.2 acres of fully entitled land at 4200 SW 54 Court in Dania Beach for the development near the new Seminole Hard Rock Hotel & Casino. Designed by CFE Architects, the unnamed apartment community will feature a 450-space parking garage, nature preserve, parks, resort-style pool, fitness center, clubroom, coworking space and electric vehicle charging stations. Units will come in studio, one-, two- and three-bedroom floor plans. Adam America and Stellar plan to deliver the community by the fourth quarter of 2024. The duo are also co-developing build-to-rent communities around Florida and a high-rise multifamily project in Miami suburb Aventura.

June 24, 2022

Florida Loans Retail Southeast

Northmarq Arranges $16.7M Refinancing of Metro Tampa Retail Portfolio

by John Nelson June 24, 2022

TAMPA, FLA. — Northmarq’s Tampa office has arranged four loans totaling approximately $16.7 million for the refinancing of a retail portfolio in the metro Tampa area. The four assets include Carrollwood Regency Plaza and The Pointe at Tampa Palms in Tampa, North Tampa Shores in Oldsmar and Triple Crown Plaza in Ocala. Together the centers span 115,309 square feet of retail space. Robert Hernandez of Northmarq arranged the loans, each of which were underwritten with 10-year terms and 30-year amortization schedules. An unnamed life insurance company provided the loans on behalf of the undisclosed borrower.

June 24, 2022

Features Florida Multifamily Southeast Southeast Feature Archive

One Year Later: Surfside Collapse Inspires Newly Passed Florida Legislation Addressing Structural Integrity

by John Nelson June 24, 2022

By Jim Prichard of Ball Janik LLP The 13-story, L-shaped Champlain Towers decorated the Surfside coastline. In the early morning of June 24, 2021, the pool deck suffered a partial collapse, triggering more destruction in the structure’s central section and eastern wing. In less than 30 seconds, approximately half of the 136 units in the building were destroyed, leaving 98 residents dead and establishing a horrific legacy as one of the deadliest structural engineering failures in U.S. history. In the wake of the tragedy, Miami-Dade County Mayor Daniella Levine Cava ordered an immediate audit of all high-rise buildings that were more than 40 years old and five stories tall constructed by the developer. The attention to South Florida development prompted a review of hundreds of older buildings. There was also an onslaught of editorial investigations, including features by The New York Times, The Wall Street Journal and the Miami Herald. Florida International University conducted its satellite analysis of the site as well. All investigations, first-hand experiences, and post-collapse engineering findings reported that there had been concerns about the structural integrity of the building and that the collapse was based on faulty construction and deterioration. As a law firm, our biggest …

June 24, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson June 22, 2022

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

June 22, 2022

Development Florida Industrial Southeast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson June 21, 2022

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

June 21, 2022

Development Florida Hospitality Mixed-Use Multifamily Southeast

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

by John Nelson June 20, 2022

MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.

June 20, 2022

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Miami

by John Nelson June 20, 2022

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th St. in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. Designed by CC Hodgson Architectural Group, Mosaico’s amenities include a large community space, fitness center, computer lab, library, onsite management offices and a rooftop community garden. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & Community Development, which administered HUD project-based vouchers. Mosaico was financed with 4 percent Low-Income Housing Tax Credits (LIHTC) issued by Florida Housing Finance Corp. and syndicated by Boston Financial, as well as a $45.5 million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County that was underwritten by R4 Capital.

June 20, 2022

Florida Market Reports Office Southeast Southeast Market Reports

Tenants Continue Moving to South Florida in Search of Class A Office Space

by John Nelson June 20, 2022

There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …

June 20, 2022

Acquisitions Florida Hospitality Southeast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson June 17, 2022

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

June 17, 2022

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