ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.
JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.
MIAMI — Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two-bedroom floor plans with balconies, stainless steel appliances, energy-efficient washers and dryers and modern finishes. Community amenities include outdoor electric grills, a resort-style pool with poolside cabanas, fitness center with a yoga studio, outdoor boxing gym, onsite management and maintenance, movie theater, bike storage and a dog wash station. The acquisition of Miro Brickell marks the seventh property currently under HGI’s ownership in Miami-Dade County, bringing the investor’s local portfolio to more than 1,500 units.
MIAMI — International law firm Sidley Austin LLP has signed a 60,000-square-foot office lease at 830 Brickell, a 55-story office tower nearing completion in Miami’s Brickell district. The building, developed in partnership by OKO Group and Cain International, is the first standalone office tower to be built in Brickell in over a decade. The office building is nearly 70 percent leased ahead of its late-2022 completion to tenants including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and WeWork, among others. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlords in the lease deal. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.
ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.
PALMETTO, FLA. — Stonemont Financial Group has broken ground on Palmetto Industrial Park, a 427,000-square-foot industrial facility located in the Sarasota suburb of Palmetto. Situated near I-75 and I-275 in Manatee County, the property will feature three rear-load facilities, each spanning more than 100,000 square feet. The speculative buildings will feature 32-foot clear heights and the campus will feature 354 car parking spaces and 127 trailer parking spaces. General contractor Landmark Construction Services plans to deliver Palmetto Industrial Park in the second quarter of 2023.
DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.
FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, three-fourths of which are two-, three- and four-bedroom units. Amenities at the LIHTC property include a gated swimming pool with a large sundeck and cabanas, business center, fitness center, two playgrounds, basketball courts, a car wash and a community van. The new ownership will continue to operate The Brittany as affordable housing.
AVENTURA, FLA. — Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self-storage facility in the Miami suburb of Aventura. Glendale, Calif.-based self-storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units. Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South Florida-based America’s Capital Partners. The nonrecourse, fixed-rate loan will be interest-only for the full 10-year term.
MIAMI — Helm Equities has announced plans for Parterre 42, a $300 million office building that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and charging stations, and flexible furniture groupings. COOKFOX Architects designed the project. Additional amenities at the property, which features unobstructed views of Biscayne Bay and the downtown Miami skyline, will include an indoor-outdoor cafe, multi-level fitness center, bike and scooter storage, and valet parking alongside retail space. The project was designed to achieve LEED Gold and WELL Gold certifications with a dedicated outdoor air system and an all-electric HVAC system. “We worked with COOKFOX to turn the typical office building inside-out, incorporating massive amounts of functional outdoor space on every floor so that occupants of Parterre 42 feel like they are truly working in nature,” says Ayal Horovits, principal at Helm Equities. Paul Amrich, Neil King, Gordon Messinger and Camron Tallon of CBRE have been tapped to lease the project’s 320,000 square feet of office space. A timeline for construction was not announced. …