Florida

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

by Julia Sanders February 15, 2022

HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.

February 15, 2022

Development Florida Multifamily Southeast Student Housing

Landmark to Develop 760-Bed Student Housing Project Near University of South Florida in Tampa

by Julia Sanders February 15, 2022

TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.

February 15, 2022

Acquisitions Florida Industrial Southeast

Terreno Realty Acquires Industrial Property in Hialeah, Florida for $73.2M

by Julia Sanders February 14, 2022

HIALEAH, FLA. — Terreno Realty Corp. has acquired an industrial property in Hialeah for $73.2 million. The seller was not disclosed. Located at 4281-4341 West 108th St. on nearly 20 acres, the industrial property includes two recently developed rear-load distribution buildings totaling approximately 407,000 square feet. The property features 124 dock-high and four grade-level loading positions, 32-foot clear heights and parking for 359 cars. Additionally, the property is expected to obtain LEED certification. The property is fully preleased to two undisclosed tenants with leases expected to start in May and September. The property is situated immediately adjacent to Terreno Realty’s five existing buildings on West 108th Street and adjacent to Florida’s Turnpike and Interstate 75.

February 14, 2022

Acquisitions Florida Hospitality Southeast

Integra Investments, Activate Hospitality Sell Miami Beach Hotel for $23.5M

by Julia Sanders February 11, 2022

MIAMI BEACH, FLA. — Locally based partners Integra Investments and Activate Hospitality have sold Sixty Sixty Resort, an 82-room hotel located in Miami Beach, for $23.5 million. Gregory Rumpel of JLL Capital Markets brokered the deal. Bloom Hotels is the buyer. Sixty Sixty is a 16-floor building that was built as a condo-hotel in 1992. In 2020, the previous owners planned renovations for the property, including the addition of a ground-floor restaurant and café. Situated at 6060 Indian Creek Drive, Sixty Sixty offers direct ocean access and panoramic views of downtown Miami and Miami Beach. The property’s features include a 2,000-square-foot dock, pool and two rooftop terraces. The building affords patrons access to a plethora of dining, retail and entertainment options, including the renowned Bal Harbour shops and Lincoln Road.

February 11, 2022

Development Florida Industrial North Carolina South Carolina Top Stories

Crescent Communities Breaks Ground on Three Industrial Projects Totaling 1.7 MSF

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Crescent Communities has broken ground on three industrial properties totaling 1.7 million square feet. The company plans to build eight buildings across three markets known as AXIAL Crosspoint in Greenville, S.C.; AXIAL Bonds Farm in Concord, N.C.; and AXIAL 301 Manatee in Bradenton, Fla. The firm bought the project land for an undisclosed price, and the seller of the land was not disclosed. Along with the three land transactions, Crescent Communities announced a new brand name for its industrial platform, AXIAL Industrial. The brand will first be executed through the AXIAL Bonds Farm, AXIAL Crosspoint and AXIAL 301 Manatee projects, which are all set to begin construction soon this year and are slated for completion in 2023. “With the debut of AXIAL Industrial, we will provide our clients with a one-stop platform featuring a thoughtful and diligent process for each industrial development, from land acquisition to product development for each specific location and every stage in between,” says Bryan Blythe, managing director of AXIAL Industrial at Crescent Communities’ Commercial business unit. AXIAL Bonds Farm will feature three rear-load buildings totaling 809,720 square feet. The property will also offer various-sized buildings with ample employee parking. The property …

February 11, 2022

Acquisitions Florida Office Southeast

Marcus & Millichap Brokers Sale of 59,070 SF Office Building in Plantation, Florida

by Julia Sanders February 10, 2022

PLANTATION, FLA. — Marcus & Millichap has brokered the $12.7 million sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Germany-based Rüger Holding. Zylberglait and Crocchiola of Marcus & Millichap also represented the buyer, Coral Springs, Fla.-based MMB Commercial Properties Co. Inc. Plantation Corporate Center was built in 1985 and renovated in 2019. The property was 88 percent leased at the time of sale. Located at 2 S. University Drive on 3.2 acres, the property is situated on a signalized corner of West Broward Boulevard and South University Drive. The property is also located directly across from Westfield Broward Mall.

February 10, 2022

Florida Loans Multifamily Southeast

Ready Capital Closes on $17M Acquisition Loan for Multifamily Portfolio in Jacksonville, Florida

by Julia Sanders February 10, 2022

JACKSONVILLE, FLA. — Ready Capital has closed on a $17 million acquisition loan for a 160-unit unnamed multifamily property in Jacksonville. Upon acquisition, the unnamed sponsor will implement a capital improvement plan. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.

February 10, 2022

Development Florida Multifamily Southeast

Mill Creek, CrossHarbor Capital Break Ground on 383-Unit Apartment Project in St. Petersburg, Florida

by Julia Sanders February 9, 2022

ST. PETERSBURG, FLA. — Boca Raton, Fla.-based Mill Creek Residential and Boston-based CrossHarbor Capital Partners have broken ground on Modera St. Petersburg, a 383-unit mixed-use apartment community near downtown St. Petersburg. The property is expected to be open for first move-ins by late 2023. Modera St. Petersburg will be a 20-story, high-rise community with 14,000 square feet of ground-floor retail space. The property will offer one-, two- and three-bedroom floorplans with den layouts and penthouses available. Unit features will include wood plank-style flooring, nine-foot ceilings, built-in shelves and desks in select homes, ceiling fans, private balconies, stainless steel appliances, quartz countertops, tile backsplashes, kitchen islands, USB ports, in-unit washers and dryers, walk-in closets and central heating and air with programmable thermostats. Community amenities will include a fitness center, outdoor pool, rooftop lounge and terrace, grilling area, outdoor dining, clubhouse, conference room, coworking spaces, common-area Wi-Fi, game room, package lockers, onsite pet spa and secured garage parking with electric vehicle charging stations. Other community features will include access to bike storage, additional storage options and mobile-app and key-fob entry. Situated at 201 17th St. South, Modera St. Petersburg will border the Pinellas Trail, a 47-mile bike trail that stretches north to …

February 9, 2022

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Secures $67M in Financing for Multifamily Property in Davie, Florida

by Julia Sanders February 7, 2022

DAVIE, FLA. — Walker & Dunlop has secured $67 million in financing for Zona Village, a 201-unit multifamily property in Davie. Tom Melody, Eric McGlynn, Jonathan Paine and Wes Wallace of Walker & Dunlop arranged the 10-year, non-recourse loan with a fixed interest rate for the borrower, Ceiba Groupe, to replace the existing construction financing. An undisclosed national life insurance company was the lender. Built in 2021, Zona Village offers studio, one- and two-bedroom floorplans, as well as 16,500 square feet of ground-ﬂoor retail space. Unit features include balconies and patios, granite countertops, large soaking tubs, in-unit washers and dryers and large closets. Community amenities include a resort-style pool, conference room, working stations, fitness facilities, onsite pet spa, bike storage, onsite retail and a resident lounge. Located at 3890 Davie Road, Zona Village is situated less than eight miles from downtown Fort Lauderdale and 22 miles from downtown Miami. The property is also near Interstate 595 and the Florida Turnpike.

February 7, 2022

Acquisitions Florida Hospitality Southeast

Berkadia Hotels & Hospitality Arranges $16M Sale of Holiday Inn Express Hotel in Metro Tampa

by Julia Sanders February 7, 2022

BRANDON, FLA. — Berkadia Hotels & Hospitality has arranged the $16 million sale of the Holiday Inn Express Brandon, a 119-room hotel property in Brandon. Michael Weinberg, Preston Reid, Kyle Stevenson and Wyatt Krapf of Berkadia Hotels & Hospitality arranged the sale on behalf of the seller, New Jersey-based Spring Bay Property Co. The buyer was not disclosed. The Holiday Inn Express Brandon features amenities such as an outdoor heated pool, fitness center and self-service laundry facilities for guests. Located at 510 Grand Regency Blvd. off Interstate 75, the hotel is near the Tampa Bay Convention Center, Busch Gardens, Hard Rock Casino and Brandon Ice Sports Forum.

February 7, 2022

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