Florida

CBRE Brokers $122.6M Sale of Waterfront Development Site on South Florida’s Fisher Island

by John Nelson September 22, 2022

FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.

September 22, 2022

Development Florida Mixed-Use Multifamily Retail Southeast

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

by John Nelson September 21, 2022

CUTLER BAY, FLA. — A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395 residential units and over 500,000 square feet of retail space, with dining and entertaining venues at the existing mall and an additional 150,000 square feet of new retail space and outparcels for food-and-beverage operators, as well as a specialty grocer. Plans also call for a 150-room hotel, 60,000 square feet of medical office space, green spaces, man-made lakes, walking trails, bike and golf cart paths and transit access. The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs, according to Electra America and BH Group. The developers expect to break ground on the first residential building in mid-2023 and deliver the asset in early 2025, with rents starting at $2,500. The design-build team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultant CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and …

September 21, 2022

Florida Loans Multifamily Northmarq Southeast

Northmarq Arranges $56M Loan for Fountainhead Apartments Under Construction in Jacksonville

by John Nelson September 21, 2022

JACKSONVILLE, FLA. — Northmarq has arranged a $56 million loan for Fountainhead, a 360-unit apartment community located at 7237 Corklan Drive in Jacksonville. The unnamed borrower will use the 10-year, fixed-rate loan to refinance a construction loan for the community, which is currently under construction and in lease-up. Ryan Whitaker of Northmarq arranged the interest-only loan through an unnamed life insurance company. Upon completion, amenities at Fountainhead will include a business center, clubhouse, lounge, 24-hour fitness center, resort-style swimming pool, playground, car care center, EV charging stations, fire pit, dog agility park, sundeck, grill, picnic area and onsite garages.

September 21, 2022

Development Florida Industrial Southeast

BG Capital, FreezPak Logistics to Build $120M Cold Storage Facility in Jacksonville

by John Nelson September 20, 2022

JACKSONVILLE, FLA. — Philadelphia-based BG Capital and New Jersey-based FreezPak Logistics have purchased a 20.5-acre development site at 8730 Somers Road in Jacksonville for $11.2 million. The duo plan to develop an approximately $120 million cold storage facility spanning 272,400 square feet at the site, which is located near JaxPort’s Talleyrand and Dames Point terminals. The property, dubbed FreezPak Jacksonville, will feature 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and 194 car parking spots. The facility will offer 56,000 pallet positions in the freezer space spanning 211,517 square feet and the cooler dock spanning 40,480 square feet. Users will have access to blast freezing, cross-docking, transportation, repacking, overseas container plug-in and USDA and FDA compliance at the facility, as well as a fleet of 42 robots installed by FreezPak’s robotic division. BG Capital and FreezPak plan to break ground on the Jacksonville project in the first quarter of 2023 and deliver in first-quarter 2024. FreezPak has another Florida development in the works, FreezPak Miami, which is set to open in December. BG Capital has partnered with FreezPak Logistics to build and own more than $3 billion of cold storage projects in seaport markets around the country. The …

September 20, 2022

Development Florida Southeast Student Housing

Lynn University, Capstone Development Complete $40.5M Residence Hall Project in Boca Raton

by John Nelson September 20, 2022

BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.

September 20, 2022

Florida Market Reports Office Southeast Southeast Market Reports

Activity in Orlando’s Office Market is Fueled by Flight to Quality, Tech Industry

by John Nelson September 20, 2022

The Orlando office market is finally seeing positive absorption across all major submarkets. An impressive second quarter recorded 122,423 square feet of positive absorption, bringing the total for the first half of the year to 156,778 square feet. As companies have been making decisions on their return to the office, the Orlando market has seen increased activity with numerous large, long-term leases signed, predominantly fueled by smaller local users and corporate relocations from other markets. Kimley-Horn’s relocation and expansion to 60,000 square feet in downtown Orlando marked one of the largest transactions in the past five years. While still up 20 basis points year-over-year, total vacancy saw its first drop in the last four quarters. Vacancy was consistently holding at 13.3 percent from third-quarter 2021 until it fell 30 basis points this quarter to 13 percent. The major driver of the drop was vacant sublease space being withdrawn or leased. Although firms are still seeking sublease route for their office space, we believe more space will be given back in the near term. We are seeing an increased pattern of flight to quality, where corporate users are focusing their attention on submarkets and assets that provide higher quality workplaces and …

September 20, 2022

Acquisitions Florida Loans Multifamily Southeast

PCCP Provides $72.7M Acquisition Loan for Jacksonville Apartment Community

by John Nelson September 19, 2022

JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.

September 19, 2022

Florida Hospitality Loans Southeast

Sonnenblick-Eichner Originates $82.4M Refinancing for Ocean Key Resort in Key West, Florida

by John Nelson September 15, 2022

KEY WEST, FLA. — Sonnenblick-Eichner Co. has arranged $82.4 million in financing for Ocean Key Resort & Spa, a 100-room waterfront hotel in Key West. The borrower, Kirkland, Wash.-based Noble House Hotels & Resorts, will use the five-year, fixed-rate loan to pay off an existing loan and fund a $10.5 million renovation of the property. An unnamed life insurance company provided the nonrecourse loan, which is interest-only for the entire term. Ocean Key’s amenities include a full-service restaurant, oceanfront pool with cabanas and a poolside bar and spa. The resort also includes Sunset Pier and the Sunset Pier Restaurant and Bar.

September 15, 2022

Development Florida Southeast Student Housing

Landmark, Atlantic American Partners Break Ground on 702-Bed Student Housing Project Near FSU

by John Nelson September 15, 2022

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has broken ground on The Metropolitan at Tallahassee, a 702-bed student housing development near Florida State University. The community will be located at 1701 W. Pensacola St. near the university’s Doak S. Campbell Stadium. The development is set to offer two- to four-bedroom, fully furnished units. Shared amenities will include an outdoor putting green, 24-hour study lounge, computer lab, fitness center, resort-style swimming pool and a grilling area. Landmark Construction will serve as the general contractor for the project, which is scheduled for completion in August 2024.

September 15, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $91.8M Sale of Affordable Housing Portfolio in Florida

by John Nelson September 14, 2022

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of a four-property, 669-unit affordable housing portfolio located throughout Florida. The properties sold for a combined total of $91.8 million. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the private sellers, Benjamin Mallah and Benjamin Mallah II, as well as the buyer, a national owner and operator of affordable housing communities. The properties include The Overlook at Monroe in Sanford; Villas at Cove Crossing Apartments in Lake Worth; St. Luke’s Apartments in Lakeland; and Sonrise Villas Apartments in Fellsmere. Constructed between 1994 and 2007, the LIHTC properties range in size between 94 and 240 units. All were originally developed with affordable tax credits and have long-term income and rent restrictions, which Kristol says the new ownership will retain for “years to come.”

September 14, 2022

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