Florida

Marcus & Millichap Negotiates $16.8M Sale of Office Building in Miami Gardens, Florida

by John Nelson May 26, 2022

MIAMI GARDENS, FLA. — Marcus & Millichap has negotiated the $16.8 million sale of Commons Plaza, a three-story office building located at 5901 Miami Gardens Drive in Miami Gardens. Situated on a three-acre lot at the intersection of 183rd Street and 57th Avenue, the 56,601-square-foot property was 99 percent leased at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, an entity doing business as Commons Plaza LLC, and procured the buyer, an entity doing business as MG Office Plaza LLC.

May 26, 2022

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $102M Construction Loan for Rivr Lofts Apartments in Fort Lauderdale

by John Nelson May 25, 2022

FORT LAUDERDALE, FLA. — Aztec Group has arranged $102 million in construction financing for Rivr Lofts in Fort Lauderdale. Located in the Tarpon River Entertainment & Design District south of New River, Rivr Lofts will be a Class A high-rise featuring 352 apartments. Square Mile Capital provided the loan to the developer, Moderno Development Group, which assembled the one-acre site in 2018 and obtained entitlements in 2021. The project team includes Moss Construction and Robert Mathias of NCC Development. The site is located at the corner of SW 5th Street and SW 3rd Avenue and is within walking distance to local shopping and entertainment. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground-floor retail, onsite parking and a resident lounge and bar on the ground floor.

May 25, 2022

Acquisitions Florida Retail Southeast

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

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