Sunday, June 15, 2025
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Horizon Park
AcquisitionsFloridaRetailSoutheast

Plaza Advisors Arranges Sale of 215,713 SF Horizon Park Shopping Center in Tampa

by Julia Sanders

TAMPA, FLA. — Plaza Advisors has arranged the sale of Horizon Park, a 215,713-square-foot shopping center located at 3904 W Hillsborough Ave. in Tampa. An entity doing business as CRP II – Horizon Park LLC sold the property for $21.9 million. The buyer was not disclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction. Built in 1971, Horizon Park was renovated in 1980 and 1988 and was 86 percent leased at the time of sale. In 2011, Plaza Advisors arranged the sale of the center to the seller for $18.9 million. The shopping center’s anchor tenants include dd’s Discount, Conn’s Home Plus, Northern Tool + Equipment and Guitar Center. Additional tenants include Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty, as well as two outparcels occupied by Wells Fargo, Optical Outlets and Applebee’s.

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One Town Center
AcquisitionsFloridaOfficeSoutheast

CBRE Arranges $99.5M Sale of One Town Center Office Tower in Boca Raton

by Julia Sanders

BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property. The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based asset manager for Prime’s portfolio, which included identifying and sourcing One Town Center on Prime’s behalf. Additionally, CP Group will continue to manage the tower. One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces. Located on Lennox Drive, the property is situated in Boca Raton’s Midtown district near Interstate 95 and Boca Raton Airport. Originally developed in 1991 as the worldwide headquarters for WR Grace, One Town Center was developed by Tom Crocker. WR Grace vacated the property in 2001 and the space was reabsorbed by Tyco, a national security systems company. MetLife purchased the building in 2007 and Tyco vacated it in 2012. The property was sold to Crocker Partners (now …

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FloridaHospitalityLoansSoutheast

Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami

by Julia Sanders

MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.

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Crunch Fitness
AcquisitionsFloridaRetailSoutheast

SRS Arranges Sales of Two Crunch Fitness-Occupied Properties in Florida Totaling $12.1M

by Julia Sanders

LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

South Florida’s Reliable, Robust Apartment Market is a Safe Haven for Investors

by John Nelson

South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth. Demand for multifamily rentals will increase post COVID-19 as South Florida becomes a hotbed of population growth from people migrating from other states due to the business-friendly environment and tele-workers who are choosing South Florida as their new home. In fact, household formations in South Florida are expected to increase more than 44,000 each year over the next five years. Assuming this projection materializes, at 60 percent homeownership rate (consistent with historic homeownership rates) represents over 17,000 new renters per year in South Florida. Investment sales skyrocket In the span of less than 12 months, the South Florida multifamily market went from near-record sales activity to virtually none before rebounding again to close the year. Last year ended with 254 multifamily sales totaling $3.1 billion. Despite almost six months of virtually no investment activity from April through September, total sales volume was …

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Venice property
AcquisitionsDevelopmentFloridaGeorgiaMultifamilySoutheast

Kaplan Buys Three Land Sites for a Total of $17.3M, Plans to Develop Build-to-Rent Townhomes

by Julia Sanders

MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …

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Soleste Bay Village
AcquisitionsFloridaMultifamilySoutheast

Estate Cos. Sells Soleste Bay Village Apartments in Palmetto Bay, Florida for $58.3M

by Julia Sanders

PALMETTO BAY, FLA. — The Estate Cos. has sold Soleste Bay Village, a five-story residential community located at 18301 S. Dixie Highway in Palmetto Bay. Dallas-based Westdale Real Estate Investment and Management acquired the 213-unit property for approximately $58.3 million. Built in 2020, Soleste Bay Village was approximately 98 percent occupied at the time of sale. The community includes a mix of studios, one-, two- and three-bedroom units ranging in size from 600 to 1,100 square feet. Units feature modern kitchens, custom cabinetry, quartz countertops, designer lighting and walk-in closets. Community amenities include a resort-style pool with a sundeck and private cabanas, a fitness center with spinning and yoga rooms, spa, children’s playground and dog park. Hampton Bebee and Avery Klann of Newmark represented the seller. Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty represented the buyer. The Estate Cos. is a Miami-based developer, owner and operator of residential communities in South Florida. Soleste Bay Village is the third development the firm has sold to Westdale this year. Recent transactions also include Soleste Alameda for $83 million and Soleste Twenty2 for $97 million, both in West Miami. Led by Robert Suris and Jeffrey Ardizon, Estate Cos. is also …

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Winn Dixie
AcquisitionsFloridaRetailSoutheast

SRS Brokers $4.8M Sale of Winn-Dixie-Anchored Property in High Springs, Florida

by Julia Sanders

HIGH SPRINGS, FLA. — SRS Real Estate Partners has brokered the $4.8 million sale of a single-tenant grocery property located at 20303 N US Highway 441 in High Springs, a suburb of Gainesville. The tenant, Winn-Dixie, has more than 27 years of lease remaining at the location. The Winn-Dixie is part of a 57,850-square-foot shopping center. Built in 1985 on 5.2 acres, the tenant roster includes Bealls Outlet, Advance Auto Parts and Cricket Wireless. The seller, an entity doing business as H&R High Springs LLC, sold the property to Kamin Realty LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

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Doral Concourse
AcquisitionsFloridaOfficeSoutheast

CBRE Arranges $96M Sale of Doral Concourse Office Building in South Florida

by Julia Sanders

DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.

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Tulsa hotel
AcquisitionsFloridaHospitalityMichiganMixed-UseSoutheast

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

by Julia Sanders

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

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