Florida

CBRE Brokers $95M Sale of Cascades Mixed-Use Property in Downtown Tallahassee

by John Nelson May 2, 2022

TALLAHASSEE, FLA. — CBRE has brokered the $95 million sale of The Cascades, a newly built mixed-use development in downtown Tallahassee. Built in 2021, the property features 161 apartments, 44,247 square feet of office space, nearly 30,000 square feet of retail space, two plazas and a 4,914-square-foot historical building. The property also includes a 770-space parking garage and three development pads that can support 173 more apartments. Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor and Mike Harrell of CBRE represented both the buyer, Becovic Management Co., and the seller, Cincinnati-based North American Properties, which built the property in partnership with the City of Tallahassee.

May 2, 2022

Company News Florida Multifamily Southeast

JBM Institutional Announces $1.6B of Multifamily Listings in Florida

by Julia Sanders April 28, 2022

ST. PETERSBURG, FLA. — JBM Institutional Multifamily Advisors, a multifamily brokerage firm based in St. Petersburg, has announced 19 listings either under contract, available or coming soon for a total price tag of $1.6 billion. The listings, which comprise 4,143 units, include the following: Southwest Florida • Pearl Founders Square, a 400-unit apartment community in Naples • BOLD Lofts, a 98-unit multifamily property built in 2019 in Sarasota • Vive, a 288-unit apartment community built in 2021 in Fort Myers • Charlotte Commons, a 264-unit apartment community built in 2022 in Port Charlotte • ShoreView, a 216-unit multifamily property built in 2021 in Bradenton • The Palms at Cape Coral, a 280-unit apartment community slated for completion by 2023 in Cape Coral • Alvista Golden Gate, a 200-unit apartment community built in 1988 in Naples • Bear Creek, a 120-unit affordable housing community built in 1995 in Naples • The Point at Bella Grove, a 180-unit apartment community built in 2017 in Sarasota • The Bergamot Apartments on 780, a 98-unit apartment community built in 2020 in Sarasota • Opus, a 63-unit apartment community built in 2000 in Naples • Ridgelake, a 329-unit apartment community built in 2020 in Sarasota …

April 28, 2022

Florida Loans Office Southeast

CBRE Secures $21.9M Refinancing of Medical Office Complex in Pembroke Pines, Florida

by Julia Sanders April 28, 2022

PEMBROKE PINES, FLA. — CBRE has secured a $21.9 million loan for the refinancing of Pines Medical Professional Centre, a 91,956-square-foot medical office complex in Pembroke Pines. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets arranged the seven-year, fixed-rate loan through Bank United on behalf of the borrower, an unnamed private investor. Pines Medical Professional Centre features four, two-story office buildings built between 2000 and 2002. The South Florida property was 97 percent leased at the time of financing to a variety of medical providers, including physicians, dentists, radiologists and urologists. Located at 400-700 N. Hiatus Road, the property is situated less than one mile from Memorial Hospital West and 9.8 miles from Hollywood.

April 28, 2022

Acquisitions Florida Multifamily Southeast

Institutional Property Advisors Arranges Sale of 246-Unit Apartment Community in Orlando

by Julia Sanders April 27, 2022

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of NORA, a 246-unit multifamily property in downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, GDC Properties, and procured the buyer, G.W. Williams Co. The sales price was not disclosed. Built in 2014, NORA has controlled access throughout, an integrated parking garage with over 400 spaces and 9,263 square feet of ground-floor retail space. Community amenities include a resort-style pool, electric car charging stations and a clubhouse. Unit features include nine-foot ceilings, floor-to-ceiling windows and full-size, stackable washers and dryers. Select units have moveable islands with drawers and wine racks, private patios or balconies and views of the downtown skyline. Located at 899 N. Orange Ave., the six-story property is situated 17.5 miles from the Walt Disney World Resort.

April 27, 2022

Acquisitions Florida Industrial Southeast

Stan Johnson Co. Arranges $7.1M Sale of Infill Industrial Facility in West Palm Beach

by Julia Sanders April 25, 2022

WEST PALM BEACH, FLA. — Stan Johnson Co. has arranged the $7.1 million sale of an infill industrial outdoor storage facility located at 3945 Fiscal Court in West Palm Beach. Brandon Duff and Mack Wolfgram of Stan Johnson Co. brokered the transaction between the seller, an individual investor based in Fort Lauderdale, and the buyer, a private investment and development company based in Philadelphia. Built in 1990, the property features a 14,000-square-foot concrete building situated on a 3.6-acre site. The asset includes an improved industrial yard that is fully paved with lighting and perimeter fencing. The property is fully leased to United Site Services on a triple-net basis. Additionally, with direct frontage on Interstate 95, the property is positioned in an industrial corridor that includes other national tenants such as ABC Supply Co., Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers and Enterprise Truck Rental.

April 25, 2022

Florida Loans Multifamily Southeast

CBRE Secures $100.2M Acquisition Financing for Multifamily Property in Tampa

by Julia Sanders April 22, 2022

TAMPA, FLA. — CBRE has arranged a total of about $100.2 million in equity and debt acquisition financing for Bainbridge Ybor City, a 240-unit multifamily property in Tampa. An unnamed private investor purchased the Class A apartment community for $90.7 million with plans to use the proceeds to fund capital improvements. Eric Fixler, Chandler Kaye and Chris Smiles of CBRE arranged the financing on behalf of the borrower. Square Mile Capital provided a $67.6 million senior loan, and CBRE secured $32.6 million in equity provided by an international private equity group. Built in 2018, Bainbridge Ybor City is a four-story property that offers studio, one- and two-bedroom units averaging 870 square feet. Unit features include hardwood flooring, chef-inspired kitchens with large center islands, quartz countertops and stainless steel appliances. Community amenities include a pool and sundeck, outdoor lounge, 24-hour fitness center, yoga studio and personal training room featuring on-demand fitness options, clubroom with arcade and secure garage parking. Located at 1512 E. 12th Ave., the property is situated 1.6 miles from downtown Tampa and 10.7 miles from Tampa International Airport.

April 22, 2022

Development Florida Mixed-Use Southeast

Greystar Tops Off 36-Story Ascent St. Pete Mixed-Use Tower in Tampa Bay Area

by Julia Sanders April 22, 2022

ST. PETERSBURG, FLA. — Charleston-based Greystar has topped off Ascent St. Pete, a 36-story mixed-use tower in St. Petersburg, about 23.8 miles from Tampa. Ascent St. Pete is scheduled to open in January 2023, with final construction completion slated for May 2023. Ascent St. Pete will offer studios, one-, two- and three-bedroom floorplans, as well as penthouse units, for a total of 357 apartments. The tower will also include a 172-room AC by Marriott hotel and a separately branded restaurant on the eighth floor with an outdoor terrace and bar. Hotel guests will have access to outdoor pool amenities at both the sixth and 36th floors. Additionally, the project will include more than 6,800 square feet of ground-level retail space along First Avenue and 2nd Street North.

April 22, 2022

Florida Loans Multifamily Southeast

Madison Realty Capital Originates $55M Loan for Multifamily Project in Miami’s Edgewater District

by Julia Sanders April 22, 2022

MIAMI — Madison Realty Capital has originated a $55 million construction loan for Metro at Edgewater, a 32-story, 279-unit residential apartment development in Miami. Melissa Rose and Jesse Wright of JLL Capital Markets arranged the financing. The unnamed borrower(s) will also use the funds to construct the adjacent 18-unit Sonder building. The overall project is slated for completion by July 2023. Metro at Edgewater will contain 266,306 square feet of residential space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-, two- and three-bedroom floorplans. Community amenities will include a coffee bar, hotel-style pool deck, fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant and 312 onsite parking spaces. Located at 430 NE 31st St. in Miami’s Edgewater neighborhood, the property is situated 12 miles from the University of Miami and 7.2 miles from Miami International Airport.

April 22, 2022

Development Florida Industrial Southeast

VanTrust Breaks Ground on Three Industrial Buildings in Jacksonville Totaling 1.7 MSF

by Julia Sanders April 21, 2022

JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.

April 21, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Grandbridge Negotiates $45M Sale of Seniors Housing Community in Metro Orlando

by Julia Sanders April 21, 2022

CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.

April 21, 2022

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