Florida

PMG, Greybrook Realty Partners Break Ground on 31-Story Mixed-Use Development in Midtown Atlanta

by Amy Works June 6, 2022

ATLANTA — PMG and Toronto-based Greybrook Realty Partners have broken ground on Society Atlanta, a 31-story mixed-use development at 811 Peachtree St. in Midtown Atlanta. Designed by Cooper Carry, the mixed-use property will feature 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Juneau Construction Co. is serving as general contractor for project, which is slated to open in late 2024. Society Atlanta will offer traditional layouts alongside “rent-by-bedroom” (also known as co-living) options. Community amenities will include a rooftop pool and restaurant, a coworking lab with private conference rooms, a gym and a fitness studio. The property is the first of PMG’s Society Living multifamily platform to enter the Atlanta market.

June 6, 2022

Acquisitions Florida Retail Southeast

Publix Super Markets Acquires Retail Center in West Palm Beach for $56.5M

by Amy Works June 6, 2022

WEST PALM BEACH, FLA. — Publix Super Market Inc. has purchased River Bridge Centre, a community shopping center situated on 28.4 acres at 6714-6868 Forest Hill Road in West Palm Beach. An affiliate of Apollo Global Management sold the asset to the Lakeland, Fla.-based grocer for $56.5 million. Danny Finkle, Eric Williams and Kim Flores of JLL represented the seller in the transaction. Opened in 1986 and renovated in 2005, River Bridge Centre features 229,781 square feet of retail space. Publix, Ross Dress for Less, Crunch Fitness, Five Below, Ace Hardware, Chipotle Mexican Grill, MD Now Urgent Care, Humana and Pizza Hut are tenants at the retail center. The value-add center was 86.3 percent occupied at the time of sale.

June 6, 2022

Acquisitions Florida Restaurant Retail Southeast

FrostPoint Capital Acquires Bridgewater Commons Shopping Center in Orlando for $9.9M

by Amy Works June 6, 2022

ORLANDO, FLA. — FrostPoint Capital has purchased Bridgewater Commons, a shopping center in Orlando, from Fort Lauderdale, Fla.-based HS Capital for $9.9 million. Winn-Dixie anchors the 62,460-square-foot retail center, which is shadow-anchored by a CVS/pharmacy outparcel that was not part of the transaction. Other tenants include Subway, Avalon Dance Studio, Two Guys Pizzeria, Amigos Barbershop, New Shang Hai Restaurant, Winn-Dixie Liquors and Greenberg Dental. Kirk Olson and Drew Kristol of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the West Palm Beach, Fla.-based buyer in the deal.

June 6, 2022

Florida Market Reports Retail Southeast Southeast Market Reports

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

by John Nelson June 6, 2022

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet significant debt obligations, while those in stronger positions took the opportunity to evict struggling tenants and refresh inventory, hoping that more creditworthy tenants would come calling. Fast forward two years and any lingering uncertainty about the survival of retail has waned, and, today, we seem to be in one of the stronger landlord markets in recent memory. What drove this radical shift from fear and hesitation to boundless market optimism? Increased competition among tenants with strong financial backing. Two factors have changed the landscape: private equity-sponsored healthcare companies and capital-rich restaurant groups. Medtail in Miami Healthcare businesses appeared to thrive during the pandemic as most were able to remain operational through state and local “shut down” orders. Many of these businesses used the pandemic as an opportunity to pounce on large spaces vacated by big box retailers and service-oriented businesses, like nail salons, barbershops and dry …

June 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Snell Properties Acquires Citi Tower Apartment Building in Downtown Orlando for $106M

by Taylor Williams June 6, 2022

ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit. Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space. Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell. “Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.” “Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties. Brian Moulder and Chris Chadbourne of …

June 6, 2022

Development Florida Multifamily Seniors Housing Southeast

John Knox Village Breaks Ground on $120M Seniors Housing Expansion in Pompano Beach, Florida

by Amy Works June 3, 2022

POMPANO BEACH, FLA. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in 2024, Westlake are the next steps to accomplishing our ambitious goals,” says Gerry Stryker, CEO and president. Westlake will add 146 apartments ranging in size from 1,277 to 2,346 square feet in two towers, The Vue and The Terrace. A large component of the project is to enlarge and enhance JKV’s water views. The first-floor common area lobby of the towers will boast new amenities, including a projection theater, technology hub, business center, art studio, spiritual space, club room, library and two dining venues. The project team includes John Knox Village residents and staff, its board of directors, Gallo Herbert Architects, Moss Construction, Keith & Associates Engineers, EDSA Landscape Architects, …

June 3, 2022

Acquisitions Florida Hospitality Southeast

North Carolina Real Estate Investor Buys Tropical Winds Oceanfront Hotel in Daytona Beach for $14M

by Amy Works June 3, 2022

DAYTONA BEACH, FLA. — A North Carolina-based real estate investor has purchased Tropical Winds Oceanfront Hotel at 1398 N. Atlantic Ave. in Daytona Beach. A New York-based family sold the asset for $14 million. Constructed in 1988, Tropical Winds Oceanfront Hotel features 94 guest rooms, direct beach access, oceanfront balconies, outdoor and indoor heated swimming pools, outdoor sundeck and poolside café. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale-based team represented the seller in the transaction.

June 3, 2022

Florida Loans Multifamily Southeast

Bernard Financial Arranges $6.7M Loan for Multifamily Community in Jacksonville

by Amy Works June 3, 2022

JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.

June 3, 2022

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 139,478 SF Murdock Carrousel Shopping Center in Port Charlotte, Florida

by Amy Works June 2, 2022

PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.

June 2, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Greysteel Arranges Sale of 144-Unit Parkside Gardens Affordable Housing Property in Ocala, Florida

by Amy Works June 2, 2022

OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.

June 2, 2022

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