KISSIMMEE, FLA. — Capstone Apartment Partners has brokered the $55.2 million sale of Monterosso Apartments, a new 216-unit multifamily community located in the Orlando suburb of Kissimmee. The four-story property is situated at the intersection of North John Young Parkway and West Osceola Parkway. Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Fore Property Co., and procured the buyer, PassiveInvesting.com, in the transaction. At $255,699 per unit, this transaction marks the highest price per multifamily unit ever sold in Osceola County, according to Capstone. Built in 2019, Monterosso Apartments was approximately 94 percent occupied at the time of sale. The community includes studio, one-, two- and three-bedroom apartment homes with wood-style flooring, quartz countertops, stainless steel appliances, washers and dryers and a patio or balcony. The average size for each unit is 983 square feet. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators and rentable garages. Monterosso Apartments is located at 3050 La Spezia Circle and is approximately 9.6 miles from Walt Disney World, 22.2 miles from downtown Orlando and 31.7 miles from Altamonte Springs. PassiveInvesting.com is a South Carolina-based private equity real estate investment firm focused …
PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.
MIAMI — Los Angeles-based Black Lion Investment Group has acquired a restaurant building in Miami known as Amara at Paraiso. The seller, Related Group, sold the property to Black Lion for $12.1 million. Fabio Faerman and Sebastian Faerman of Miami-based FA Commercial represented both parties in the transaction. Amara at Paraiso is a 12,300-square-foot, Class A retail and dining facility that is part of a larger project that includes the residential complex Paraiso Bay, which contains 1,300 residential units. James Beard Award-winning chef Michael Schwartz is at the helm of the popular indoor-outdoor dining space. Miami-based FA Commercial is the commercial division of Fortune International Realty specializing in investment sales, landlord and tenant representation, market analysis, site selection and portfolio overview.
MIAMI — Anatomy has opened a new location at Regatta Harbour, a 9.5-acre mixed-use development underway in Miami. Anatomy is a progressive fitness community that integrates exercise programing with wellness and beauty. The Regatta Harbour location will be Anatomy’s fourth location in South Florida, and Anatomy is Regatta Harbour’s first tenant. Situated at 3385 Pan American Drive, Anatomy encompasses 15,000 square feet of space. Anatomy’s Regatta Harbour site houses “The Sanctuary,” which is the gym’s signature recovery and regeneration component. It also features cardio and strength equipment, group fitness classes, a variety of open-air outdoor workout programing and a Kids Club as an added amenity for families. Accessible by land and sea along Coconut Grove’s historic Dinner Key, Regatta Harbour is slated for a 2022 completion date. Designed by Arquitectonica, the development will feature more than 100,000 square feet of entertainment, retail and restaurants. The first phase of the multi-stage project was completed in 2019 with its marina following a $5.5 million overhaul of the former Grove Key Marina site. Regatta Harbour will preserve and renovate historic airplane hangars utilized in the early 1900’s as the first continental Naval air station and later by Pan Am Airways. Regatta Harbour is …
CELEBRATION, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration. Aliso Viejo, Calif.-based Versity Investments LLC acquired the property for $74.5 million. Originally completed in 2016, Astoria at Celebration, which was then known as Sola at Celebration, had to be vacated in 2017 due to construction issues. Then, CGI+ acquired the vacant community in 2019 for $43 million. Mario Lopez of CGI+ and Ryan Bitzer of Turning Leaf Construction made renovations in order to bring the property up to code. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration. At the time of the sale, the property was 99 percent leased. Astoria at Celebration features a mix of luxury one-, two- and three-bedroom units located in six four-story, Art Deco-inspired residential buildings around a centralized clubhouse and pool area. The property unit size ranges from 741 square feet to 1,371 square feet. The apartments feature nine-foot ceilings, kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers and walk-in closets. Community amenities include a saltwater pool, private pool cabanas, 24-hour fitness studio, a clubhouse with …
ORLANDO, FLA. — InvenTrust Properties Corp. has unveiled plans to redevelop Suncrest Village, including replacement of the Publix grocery store that anchors the property. The 93,358-square-foot shopping center is located at the corner of University Boulevard and Dean Road at 10021-10115 University Blvd. in Orlando. Construction is slated to take approximately 12 months to complete. InvenTrust’s planned improvements to the center include the replacement of the existing Publix building with a new, larger prototype Publix store to be constructed in the same location. The small-shop tenant facades at Suncrest Village will receive new paint, lighting, replacement of the mission tile roof, a new sign band on portions of the canopy, improved landscaping and green trellis areas with accent lighting. InvenTrust plans to employ sustainable processes throughout this renovation. For example, LED lighting has been added to the center’s parking lot and, during demolition, reusable materials will be sorted and reclaimed to reduce landfill waste. Suncrest Village is located along the University Boulevard and is 2.8 miles from the University of Central Florida. The center features local, regional and national restaurants, services and retailers, such as Leslie’s Swimming Pool Supplies, Mei’s Kitchen, Fuji Yama Sushi, Subway and University Wine & Spirits. Matt Hagan …
SUNRISE, FLA. — Madison Realty Capital has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a 10-acre development site, on which the borrower plans to develop a second 250-unit multifamily tower. The development portfolio is part of Metropica, a four million-square-foot master planned community including residences, office towers and retail offerings located in Sunrise, Florida. Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. The loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the new development. In addition to the condominium towers, the Metropica master-planned development will include 500 multifamily units, 550,000 square feet of commercial space for retail, dining and entertainment retailers, and 246 hotel rooms. Located at 2000 Metropica Way, the 28-story Metropica Tower is adjacent to the Sawgrass Mills shopping mall and BB&T Center. The tower offers luxury residences with an average of 1,034 square feet. Oppenheim Architecture and YOO Studio were the designers. The tower’s amenities include a saltwater swimming pool, lounges, movie theater, fitness center, massage …
RIVERVIEW, FLA. — Luis Elorza and Justin Hofford of NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments. Atlanta-based Asia Capital Real Estate acquired the property for an undisclosed price. Lola Apartments is a 264-unit, mid-rise community located at 9960 Jonas Salk Drive in Riverview. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty. Built in 2019, Lola Apartments is a mid-rise community with air-conditioned interior corridors. The property includes 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average size of 968 square feet. Community amenities include an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, nine-foot to 17-foot ceilings and oversized balconies, patios and windows. The property is adjacent to St. Joseph’s Hospital – South, which recently completed a $130 million expansion. Lola Apartments is also less than 1,000 feet away from Interstate 75, as well as 13 miles from Westfield Brandon Mall, 14 miles from Hillsborough Community College and 17 miles from Alafia River State Park.
MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …
JACKSONVILLE, FLA. — LRC Properties has purchased 600 Whittaker Road in Jacksonville for $29.6 million. The 469,830-square-foot warehouse is the New York-based firm’s first industrial acquisition in Jacksonville. LRC Properties partnered on the deal with Machine Investment Group, and Rialto Capital provided $24.7 million debt financing. The seller was not disclosed. The warehouse property is located in the northside submarket of Jacksonville near Interstates 95, 295 and 10. The property features warehouse space, 32-foot clear heights, loading areas and trailer parking. LRC plans to make cosmetic upgrades to the property and improve signage. With this purchase, LRC owns approximately 6 million square feet of commercial properties in the Southeast. The company recently purchased two properties known as the 640,000-square-foot Technicolor Building in Memphis and a 288,000-square-foot industrial property at 2 Dell Parkway in Nashville.