MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.
MIAMI — Four new dining concepts and retailers are opening at CocoWalk, a 150,000-square-foot, mixed-use project in Miami’s Coconut Grove district. The project is led by an ownership group including Federal Realty Investment Trust, The Comras Co. and Grass River Property. David Grutman’s Groot Hospitality will open The Key Club, a restaurant, at CocoWalk. Additionally, Ariete Hospitality Group will also open a new restaurant at CocoWalk this year. Narbona Natural Food & Farm Market is set to open this spring in an 8,253-square-foot space. This market location will become Narbona’s second location to open in South Florida. Lastly, Cinépolis, a movie theater concept, is scheduled to open this year. The new retailers and restaurants join a tenant line-up including Planta Queen, Mister 01 Extraordinary Pizza, Sweetgreen and Salt & Straw, as well as Bluemercury, Edward Beiner, The Spot Barbershop and School of Rock. In August of last year, the owners of CocoWalk announced other planned tenants including GlossLab, a membership-based nail studio; Infinity, a fitness studio; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, a beauty bar specializing in curating eyebrows.
PALM BEACH GARDENS, FLA. — CBRE has arranged the $81.2 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens. The buyer was a joint venture between Parmenter Realty Partners and an affiliate of Prime Finance. Christian Lee, Jóse Lobón, Tom Rappa and Marcus Minaya of CBRE represented the sellers, NAI Merin Hunter Codman and a joint venture institutional investment manager, in the transaction. Jason Sundook of NAI Merin Hunter Codman assisted in marketing the asset for sale. Fairway Office Center features three Class A office buildings totaling 222,682 square feet. Currently 78 percent leased, the property is located on a 16-acre campus. 7108 Fairway was built in 1989, 7111 Fairway was built in 2003 and 7121 Fairway was built in 2000. Located at 7108, 7111 and 7121 Fairway Drive, the office center is about four miles from downtown Palm Beach Gardens, 14.4 miles from West Palm Beach and 15.7 miles from Palm Beach International Airport. The property is also near retailers and restaurants such as Rocco’s Tacos & Tequila Bar, Brooklyn Water Bagel and Walgreens. The previous owners recently made $1.3 million in improvements to the property. The buyers plan to make even more …
OCOEE, FLA. — A joint venture between PCCP LLC and Fore Property Co. will develop The Alibi at Lake Lilly, a 410-unit apartment community in Ocoee. The construction timeline for the project was not disclosed. Situated on 16.7 acres, The Alibi at Lake Lilly will feature five four-story buildings and seven carriage and townhome buildings with 722 parking spaces. The LEED Silver-designed, garden-style community will offer 24 studios, 156 one-bedroom units, 186 two-bedroom units and 44 three-bedroom units. Interiors will include granite and quartz countertops, stainless steel appliances, hardwood style flooring, spa-inspired bathrooms with semi-frameless showers, in-unit washer and dryers and a smart home package. Community amenities will feature a 13,500-square-foot clubhouse with a sports bar area and game area, pool, outdoor lounge area with grills and firepits, 24-hour fitness center, a dog park and walking trails. Located at 2802 Old Winter Garden Road, the property is situated adjacent to the Florida Turnpike. The property is also 3.6 miles from downtown Orlando, eight miles from Orlando Health Central Hospital and 13.3 miles from Winter Garden Village, a shopping mall with tenants such as Best Buy, Chick-fil-A and LongHorn Steakhouse.
PORT ST. LUCIE, FLA. — Amazon will be opening a 220,000-square-foot delivery station in Legacy Park at Tradition, a distribution park in Port St. Lucie. Construction is expected to be complete by September. The Seattle-based e-commerce giant plans to hire 200 full-time workers to prepare customer orders for last-mile delivery at the project. The facility will be a single-story building standing 44 feet. Sansone Group is the project developer, while Threecore is the general contractor. Robert Smith of CBRE worked with Sansone Group to sign Amazon on as a tenant at Legacy Park. Once completed, Legacy Park at Tradition will total approximately 5.4 million square feet of single and multitenant light industrial and distribution facilities. Other tenants at the Class A distribution park includes FedEx Ground and Cheney Brothers.
JACKSONVILLE, FLA. — Atlanta-based RangeWater Real Estate has plans to break ground on Olea Beach Haven, a 175-unit, age-restricted housing community in Jacksonville. Construction will start in the first half of this year. Olea Beach Haven will offer one-, two- and three-bedroom floorplans. Community amenities will include a dog park, social green space, pool, a library and media rooms. Located on 6.4 acres at 4101 San Pablo Parkway, the property is situated 17.8 miles from downtown Jacksonville, 7.7 miles from the University of North Florida and 5.6 miles from Jacksonville Beach. RangeWater opened its first two Olea-branded properties in Florida in August 2020 and experienced high leasing velocity, leading to stabilization within a year.
POMPANO BEACH, FLA. — Grover Corlew has received $78.2 million in financing for the first property under the Mayla Residences’ brand called Mayla Pompano, a 355-unit multifamily property in Pompano Beach. PNC Bank provided the construction financing. The project is slated to break ground in February with completion expected by July 2023. Mayla Pompano will be a two-building project and offer studio, one-, two- and three-bedroom layouts, ranging from 548 to 1,383 square feet. Unit features will include bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors, quartz countertops, stainless steel appliances, built-in microwaves, glass cooktops, walk-in closets, private balconies, hurricane impact windows and in-unit washers and dryers. Community amenities will include a two-story clubroom, coworking spaces, TV lounge, fitness center, pools with cabanas, outdoor kitchens with seating at both buildings, pedestrian bridge between buildings, dog spa, bicycle storage and repair station, garage parking and interior mailrooms and package rooms. The property will also feature 60,000 square feet of retail space on the ground floor. Mayla Pompano will be situated on nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Located at 2335 and 2401 E. Atlantic Blvd., the property is …
COCONUT CREEK, FLA. — Marcus & Millichap has arranged the $10.4 million sale of a three-tenant retail property in Coconut Creek. Michael Salafia, Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a publicly traded REIT, and procured the buyer, Boca Gas Co. The tenants at the two-building property include a Shell Station, Daily’s Convenience store and a Firestone Complete Auto Care Center. The property spans 94,090 square feet on 2.2 acres at 6350 N State Road 7 and 6330 US-331 South. Both properties are surrounded by retailers including BJs, Publix, Walmart Supercenter, Kohl’s, Starbucks and Chick-fil-A.
BOSTON — West Shore has acquired Sweetwater Apartments in Charleston, Vantage at Wildewood in Columbia, S.C., and Uptown Village in Gainesville, Fla. The acquisition brings the Boston-based investor’s total units to over 12,000. The sales price and sellers were not disclosed. Sweetwater Apartments is a 320-unit waterfront luxury community that offers studio, one-, two- and three-bedroom floorplans. Community amenities include community gardens, a fitness center, outdoor kitchen, yoga studio, six deep water docks, private boat ramp and a kayak ramp. Located at 12000 Sweet Place, the property is 17.7 miles from the College of Charleston and 10.7 miles from Charleston International Airport. Vantage at Wildewood, a 264-unit apartment complex with newly renovated units, offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers, fireplaces and open layouts. Community amenities include a pool and an outside fireside sitting area. The property also has access to local trails and nearby parks. Located at 811 Mallet Hill Road, the property is 12.3 miles from the University of South Carolina. Uptown Village, formerly known as Evergreen at Uptown Village, is a 322-unit luxury apartment community that offers one-, two- and three-bedroom floorplans. Community amenities include a resort-style pool, shaded cabana, nature …
HOMESTEAD, FLA. — Torrance, Calif.-based InSite Property Group has purchased Storage Maxx, a 42,210-square-foot self-storage property in Homestead. The sales price and seller were not disclosed. The facility will be operated by InSite’s management firm and will be rebranded as SecureSpace Homestead. The property includes a three-story, climate-controlled building, several single-story buildings with drive-up and interior units and a 2.2-acre rentable parking area. The property was 96 percent occupied at the time of sale. Renovations are planned for the property, including a complete remodel of the leasing office, upgrades to the highway-facing signage, refreshed landscaping and a fresh paint scheme will be added throughout. A contactless infrastructure will also be implemented, as well as upgraded security systems replaced with the latest technology and free Wi-Fi offered across the entire site. Located at 1496 Old Dixie Highway, the property is situated 38.8 miles from Miami Beach, 25.1 miles from University of Miami and 32.1 miles from downtown Miami.