Florida

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Acquisitions Development Florida Multifamily Southeast

Mast Capital, Rockpoint Buy Site in Miami’s Brickell District for $103M, Plan for Residential Development

by Julia Sanders January 5, 2022

MIAMI — Miami-based Mast Capital and Boston-based Rockpoint have bought a 2.8-acre site in Miami for $103 million. The site is located on the southern side of the Brickell Central Business District submarket. Construction on the project is slated for 2022. Mast Capital plans to build an 80-story condominium tower with 400 residences and two multifamily towers spanning 50 stories and 60 stories with a combined 850 apartments. The three residential towers will span 2.6 million square feet. Community amenities will include food and beverage services, 1,650 parking spaces and ground-floor retail on South Miami Avenue. Located at 1420 S Miami Ave., the development will be situated one mile from downtown Miami, 6.8 miles from University of Miami and 9.6 miles from Miami International Airport. The property is also near retailers and restaurants including Branca Café, PM Fish & Steak House and Publix.

January 5, 2022

Acquisitions Florida Office Southeast

Benderson Development Purchases Office Building in Sarasota, Florida for $25M

by Julia Sanders January 4, 2022

SARASOTA, FLA. — Sarasota-based Benderson Development has purchased Sarasota County’s administration building in downtown Sarasota for $25 million. The deal allows the seller, Sarasota County, to lease back the space in the building for another four years. Sarasota County will be the only tenant at the building. Paul Carr, Todd Tolbert, Ken Krasnow and Brooke Berkowitz of Colliers arranged the sale of the 158,149-square-foot office property. Located at 1660 Ringling Blvd., the building is situated one mile from downtown Sarasota, 6.4 miles from Sarasota Beach and 57.6 miles from Tampa. The property is also close the Sarasota Art Museum, Whole Foods Market and Marie Selby Botanical Gardens Downtown Sarasota campus. Built in 1972, the property has been renovated several times over the years.

January 4, 2022

Acquisitions Florida Hospitality Southeast

Caspers Co. Buys Current Hotel in Tampa for $85M

by Jeff Shaw January 3, 2022

TAMPA, FLA. — Current Rocky Point LLC, an affiliate of Tampa-based Caspers Co., has acquired The Current Hotel, an Autograph Collection hotel by Marriott in Tampa. The price was $85 million. Dave Weymer, Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Rocky Point Holdings LLC, in the transaction. American Momentum Bank provided a $55 million loan to the buyer. Built in 2019, The Current Hotel features 180 rooms, the Julian Restaurant, Rox Rooftop Bar and a lobby bar. The hotel property also includes a private beach, infinity pool and waterfront views from every guestroom. Located at 2545 N. Rocky Point Drive, the hotel is 4.8 miles from the Tampa International Airport, 0.5 miles from East Tampa Beach and 15 miles from Clearwater. The property is also situated near restaurants such as Whiskey Joe’s Bar & Grill and Oystercatchers.

January 3, 2022

Acquisitions Florida Industrial Southeast

Bridge Industrial Purchases 336,852 SF Pompano Beach Commerce Park in Florida

by Jeff Shaw January 3, 2022

POMPANO BEACH, FLA. — Bridge Industrial has purchased Pompano Beach Commerce Park, a 336,852-square-foot industrial campus in Pompano Beach. Jose Lobon of CBRE National Partners represented the undisclosed seller in the transaction. The price was not disclosed. Located on Powerline Road, Pompano Beach Commerce Park comprises three buildings spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities include features such as 24-foot clear heights and multiple points of ingress and egress along its 800 feet of linear frontage on Powerline Road. Following the acquisition, Bridge Industrial plans to launch a comprehensive capital improvement program at the property, including upgrades to the landscaping, parking lot, signage and roof. The campus is located less than two miles from Interstate 95 and just 1.4 miles from the Florida Turnpike. The property also sits 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and approximately 40 miles from the Port of Miami and Miami International Airport.

January 3, 2022

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $14.8M Sale of Industrial Property in Miami

by Jeff Shaw January 3, 2022

MIAMI — Cushman & Wakefield has arranged the sale of a 51,392-square-foot industrial facility located at 7480 NW 48th St. in Miami. Wayne Ramoski and Miguel Aclivar of Cushman & Wakefield represented the seller, DFJ Properties West LLC, in the transaction. RLIF East 5 LLC was the buyer. The price was $14.8 million. Sitting on more than four acres, 7480 NW 48th St. is a warehouse and showroom property that is fully leased to Ferguson Enterprises, a Newport News, Va.-based distributor of plumbing supplies, waterworks and fire and fabrication products. The facility is situated on two lots offering a variety of industrial and commercial uses in South Florida’s airport submarket. The property includes features such as 23.8-foot clear heights, more than 50 striped parking spaces and proximity to Miami International Airport. The property is currently zoned for industrial and heavy manufacturing use.

January 3, 2022

Development Florida Multifamily Southeast

Altman Breaks Ground on 449-Unit Apartment Community in Tampa

by John Nelson December 23, 2021

TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.

December 23, 2021

Acquisitions Development Florida Industrial Southeast

CBRE Arranges $26.4M Sale of Industrial Site in Hialeah, Florida

by John Nelson December 23, 2021

HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.

December 23, 2021

Acquisitions Florida Office Southeast

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

by John Nelson December 23, 2021

MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.

December 23, 2021

Florida Loans Multifamily Southeast

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

by Julia Sanders December 22, 2021

MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.

December 22, 2021

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