Florida

JLL Secures $53M in Acquisition Financing for Apartment Community in Metro Tampa

by Julia Sanders October 12, 2021

LITHIA, FLA. — JLL Capital Markets has secured $53 million in acquisition financing for Circa at FishHawk Ranch, a 260-unit, garden-style multifamily community in Lithia, about 24.9 miles from Tampa. Elliott Throne, Brian Gaswirth, Jesse Wright and Kenny Cutler of JLL represented the New York-based borrower, GMF Capital, to secure the three-year, floating-rate loan through New York-based Sound Point Capital Management LP. Circa at FishHawk Ranch includes studio, one-, two- and three-bedroom units averaging 1,045 square feet. Built in 2015, the property spans four stories with the units featuring dishwashers, fireplaces and electronic thermostats. Community amenities include a fitness center, pool with cabanas, clubhouse, courtyard, pet play area, picnic area, business center, bike storage and conference rooms. The property also offers trash pickup services and onsite maintenance. Located at 13930 Spector Road, the property is close to several retailers such as Publix at Alafia Commons, Fishhawk Bagels, FishHawk Sporting Goods and Payaathai Cuisine. Circa at FishHawk Ranch offers connectivity near Fishhawk Boulevard, Lithia Pinecrest Road, Highway 301 and Interstate 75. Jared Frydman and Alejandro Ramirez led the GMF Capital team internally. Jordan Heller of South Point originated the loan.

October 12, 2021

Acquisitions Florida Industrial Southeast

Stan Johnson Co. Brokers $20.7M Sale of Industrial Property in Ocala, Florida

by Julia Sanders October 12, 2021

OCALA, FLA. — Stan Johnson Co. has brokered the $20.7 million sale of a single-tenant industrial property in Ocala. A Florida-based developer sold the 193,750-square-foot build-to-suit property to LBA Logistics, an Irvine, Calif.-based developer and institutional fund manager. Craig Tomlinson of Stan Johnson Co. represented the undisclosed seller. Signature Brands, a specialty and seasonal decorations maker, has a long-term lease at the property. The company’s brands include Betty Crocker, PAAS and Cake Mate. Built in August 2021, the high-bay distribution warehouse will service Signature Brands’ adjacent production facility. Located at 1921 Southwest 44th Ave., the property is about 1.5 miles from the College of Central Florida Ocala Campus and 36.9 miles from Gainesville.

October 12, 2021

Acquisitions Florida Retail Southeast

PMAT Sells Grocery-Anchored Center in Metro Orlando for $12.7M

by Julia Sanders October 12, 2021

KISSIMMEE, FLA. — PMAT Cos. has sold Columbia Promenade, a 65,853-square-foot, Publix-anchored shopping center in Kissimmee, for $12.7 million. Danny Finkle, Brad Peterson, Eric Williams, Whitaker Leonhardt and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed. Built in 2000, Columbia Promenade was 98.6 percent leased at the time of sale to tenants including H&R Block and MetroPCS. Situated on 9.7 acres at 1251 W. Columbia Ave., the property has frontage along John Young Parkway and is located about 24.1 miles from downtown Orlando and 11.9 miles from Walt Disney World Resort.

October 12, 2021

Florida Loans Multifamily Southeast

Concord Summit Arranges $60M in Construction Financing for Apartment Project in Kissimmee, Florida

by Julia Sanders October 11, 2021

KISSIMMEE, FLA. — Concord Summit Capital LLC has arranged more than $60 million in construction financing for Sunset Walk Apartments, a 352-unit development in Kissimmee. Construction is already underway and is slated for completion in early 2023. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit sourced the financing on behalf of the developer, Encore Capital Management. The financing includes a $45.6 million senior loan and $14.8 million in preferred equity. Pacific Western Bank is the senior lender for the non-recourse financing. Located at 8000 Fins Up Circle, Sunset Walk Apartments will include three- and four-story buildings, with 704 parking spaces for residents. The property will also feature 152 one-bedroom apartments ranging from 739 to 886 square feet; 164 two-bedroom units ranging from 1,026 to 1,180 square feet; and 36 three-bedroom apartments ranging from 1,253 to 1,324 square feet. Community amenities will include a fitness and yoga center, pool, club room and business center. The property is located within the master-planned community of Sunset Walk, a mixed-use retail and entertainment destination. Encore originally acquired the Sunset Walk site in 2013. Since then, the developer has completed the 184-room Margaritaville Resort Orlando, 631 Margaritaville-branded cottage homes, more than 192,000 square …

October 11, 2021

Development Florida Multifamily Southeast Student Housing

Landmark, W5 Group Break Ground on 464-Bed Student Housing Community Near University of Florida

by Julia Sanders October 11, 2021

GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.

October 11, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers Sale of 64,736 SF Shopping Center in Jacksonville

by Julia Sanders October 11, 2021

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Marietta Square, a 64,736-square-foot grocery store-anchored shopping center in Jacksonville. The sales price was $5.8 million. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Miami-based Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville and 29.1 miles from Jacksonville Beach.

October 11, 2021

Florida Market Reports Office Southeast Southeast Market Reports

Metro Orlando Office Market Caught in Limbo Due to COVID-19, Remote Workforce

by John Nelson October 11, 2021

Contrary to what is often portrayed in the national media, the Orlando office market is not a monolith. It instead comprises multiple submarkets, many of which are recovering quite differently. For example, according to data from CoStar Group, Winter Park had a 4.7 percent availability rate (that’s direct and sublease space combined). The Downtown Orlando market, on the other hand, had a rate of 16.9 percent. The total Orlando MSA office availability rate was 11.5 percent, which compares to the national rate of 16 percent. All of these numbers just prove that the recovery from the pandemic is uneven, even in areas in close proximity. It’s easy to get lost in analysis, but the basic answer is that the office market in Orlando, just like in the entire country, will recover in time. Not all areas will be on the same timeline, and the office market will never look entirely the same. Between working from home and companies deciding to relocate their offices or headquarters entirely, there will be some short-term winners and losers. Texas, for instance, is having a relative boom in new tenants. Los Angeles, and indeed California in general, on the other hand, is not. Many companies …

October 11, 2021

Acquisitions Florida Industrial Southeast

Marcus & Millichap Arranges $62.7M Sale of Industrial Portfolio in Florida

by Julia Sanders October 7, 2021

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $62.7 million sale of a seven-property industrial portfolio across five Florida cities. Tyler Kuhlman and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Redfearn Capital, a private real estate investment firm based in Delray Beach, Fla. The Federated Cos., led by Jonathan Cox, was the seller. The fully occupied, net-leased portfolio includes the following properties: 4000 Shader Road in Orlando; 5515 W 5th St. in Jacksonville; 2101 W 33rd St. in Jacksonville; 2906 Corporate Way in Palmetto; 940 Williston Park Point in Lake Mary; 12900 44th St. N. in Pinellas Park; and 5120 Great Oak Dr. in Lakeland.

October 7, 2021

Acquisitions Florida Office Southeast

IP Capital, Edge Principal Acquire 242,690 SF Fountain Square Office Property in Boca Raton, Florida

by Julia Sanders October 7, 2021

BOCA RATON, FLA. — IP Capital, in a joint venture with Edge Principal Advisors, has acquired Fountain Square, a Class A office campus totaling 242,690 square feet in Boca Raton. Bridge Investment Group’s office subsidiary Bridge Office Fund Manager and joint venture partner Ascentris sold the property for an undisclosed price. Christian Lee and José Lobón of CBRE represented the sellers in the transaction. Chris Drew, Maxx Carney, Reid Carleton and Jimmy Calvo of JLL arranged a $56.5 million, floating-rate acquisition loan through CIBC Bank USA on behalf of the borrower. Situated on roughly 15 acres at 2600–2700 N. Military Trail, Fountain Square is surrounded by 2 million square feet of retail amenities, including One Boca Place, which is home to 180,000 square feet of retail and 18 restaurants. Fountain Square is located close to Interstate 95 and the Florida Turnpike. Bridge and Ascentris purchased the property in 2017 and recently completed a $4.9 million capital improvement plan that included new lobbies, restrooms and common area corridors, conference center, outdoor pavilions and signage, along with 23,000 square feet of spec suites. Current tenants at the property include banking, legal, medical, dental, real estate and financial services firms.

October 7, 2021

Development Florida Mixed-Use Southeast

Klotz, KABR Plan $200M Redevelopment of Morocco Shrine Center in Jacksonville

by Julia Sanders October 6, 2021

JACKSONVILLE, FLA. — Klotz Group of Cos. and KABR Group plan to redevelop Morocco Shrine Center, a former convention center in Jacksonville. The project, which is expected to cost more than $200 million, will be named The Village at Town Center. The 100,000-square-foot main temple building will be redeveloped to include 1,025 units that will be a mix of market-rate apartments, student housing and hotel rooms. Additionally, the property will include the new development of shops, restaurants and offices totaling 115,000 square feet, as well as public green space. Located at 3800 St. Johns Bluff Road S, the property is situated adjacent to the University of North Florida and St. Johns Town Center. Klotz and KABR Group are set to close on the property in early November, with construction of Phase I slated to begin in 2022. The construction timeline is predicted to take about five to seven years for completion.

October 6, 2021

Newer Posts

Older Posts