Florida

Cushman & Wakefield Brokers $77M Sale of Lakeshore Club Apartment Community in Tampa

by Julia Sanders May 10, 2021

TAMPA, FLA. — Cushman & Wakefield has brokered the $77 million sale of Lakeshore Club, a 638-unit apartment community located at 6900 Concord Drive in Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant of Harbour Realty Advisors Inc., in the transaction. The buyer, an entity doing business as Lakeshore Multifamily Partners LLC, purchased the asset for $120,689 per unit. Lakeshore Club historically averages 99 percent occupancy. The property sits on nearly 66 acres on Egypt Lake. Community amenities include two swimming pools, two tennis courts, a lakefront sand volleyball court, recreation deck, playground and fitness center. After capital improvements, the buyer expects rental rates at Lakeshore Club to increase by over $325 per unit on average.

May 10, 2021

Development Florida Multifamily Southeast

Latigo Group to Open Pomelo Apartments in Miami Gardens

by Julia Sanders May 10, 2021

MIAMI GARDENS, FLA. — The Latigo Group, a residential developer based in Los Angeles, is nearing completion of The Pomelo, a new, seven-story mid-rise multifamily community in Miami Gardens. The property will feature 259 one-, two- and three-bedroom apartments, all with modern finishes. Designed by local interior designer Moniomo, The Pomelo will feature keyless entry, smart thermostats, custom kitchen cabinetry and quartz counters. Community amenities will include a pool, pool deck, clubhouse, fitness center, yoga and spin studio and a business center. Units are priced between $1,595 and $2,590 per month, based on room-count and layout particulars, with square footages spanning from 714 to 1,127 square feet. Latigo chose Greystar to manage the property, which is set to open this summer.

May 10, 2021

Acquisitions Florida Healthcare Mixed-Use Office Southeast

ABS National Business Parks Purchases Gardens Plaza Mixed-Use Property in West Palm Beach for $30.6M

by Julia Sanders May 6, 2021

WEST PALM BEACH, FLA. — ABS National Business Parks has purchased Gardens Plaza, a mixed-use campus in West Palm Beach that comprises of a nine-story office tower, two-story medical office building and a development pad. The locally based developer, Stiles, sold the property for $30.5 million. Gardens Plaza is located on the south side of PGA Boulevard, adjacent to Gardens Mall and less than one mile east of Interstate 95. The property was 85 percent leased at the time of sale to a variety of corporate tenants. The tower spans 86,542 rentable square feet, and the medical office building spans 5,627 square feet and has been occupied by Jupiter Medical since 2016. Christian Lee, José Lobón, Kevin Probel and Kevin McCarthy of CBRE represented the seller in the transaction. Brian Warwick with ABS Altman Warwick LLC worked alongside Amy Julian with CBRE’s Debt & Structured Finance division to secure a 10-year, fixed-rate acquisition loan through JPMorgan. ABS National Business Parks is a New York-based, privately held owner and operator. The company plans to modernize Gardens Plaza, including upgrading to a high-level HEPA air filtration system and updating the building’s four elevators.

May 6, 2021

Acquisitions Florida Office Retail Southeast

Limestone, Orion Sell Tampa Bay Retail, Office Center for $5.3M

by Julia Sanders May 6, 2021

ST. PETERSBURG, FLA. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both real estate investment firms based in Miami, in the transaction. Limestone Asset Management originally purchased the property in June 2016 for $2.9 million.

May 6, 2021

Development Florida Retail Southeast

InvenTrust to Redevelop 231,058 SF Gateway Market Center in Tampa Bay Area

by Julia Sanders May 5, 2021

ST. PETERSBURG, FLA. — InvenTrust Properties Corp. will redevelop Gateway Market Center, a 231,058-square-foot shopping center in the Tampa Bay area anchored by Target and Publix. The property is located at 7751-8229 9th St. N in St. Petersburg. Construction is scheduled to begin in the first quarter of 2022 with the renovation taking approximately 18 months to complete. InvenTrust’s improvements to Gateway Market Center will include the demolition of approximately 60,000 square feet of existing building area and the construction of several new buildings. Two new anchor-sized buildings will be developed at the center while three new buildings for small shop tenants and restaurants will also be added. Two outparcel buildings will have large sidewalks and an outdoor seating area. Smaller shop spaces will be able to accommodate tenants of varying sizes, up to 10,000 square feet. Gateway Market Center is located in north St. Petersburg with access to U.S. Highway 92. Matt Hagan and Kara Morabito of InvenTrust will oversee leasing at Gateway Market Center.

May 5, 2021

Development Florida Leasing Activity Retail Southeast

Two Retail Tenants Open at Westshore Marina District in Tampa

by Julia Sanders May 5, 2021

TAMPA, FLA. — Two new retail tenants have opened at Westshore Marina District in Tampa. The construction of the retail portion of the 52-acre mixed-use development is currently being completed. The two new tenants are Cru Cellars and Sand Surf Co. Cru Cellars, which signed a lease in August 2019, and Sand Surf Co., which signed a lease in September 2019, are the first of several retailers that will open their doors at Marina Landings, Westshore Marina District’s 70,000-square-foot town center. Fort Lauderdale-based BTI Partners is the developer of Westshore Marina District. The 2,400-square-foot Cru Cellars wine bar and restaurant is set to open on May 10. The restaurant will serve wines-by-the-glass and cooking by executive chef Zack Sylvester. Marina Landings at Westshore Marina District is Cru Cellars’ third Tampa location. Sand Surf Co., which opened at the beginning of May, occupies 1,270 square feet of space and offers women’s and men’s apparel, as well as accessories tied to surf culture. Sand Surf Co. at Marina Landings is the store’s new flagship location and is home to many different brands, including Quicksilver/Roxy, Billabong, Duvin, Frankie’s Bikini’s, Kulani Kini’s, Maaji, Olukai, Rainbow Sandals and Lulifama. Located on Old Tampa Bay across …

May 5, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $7M Sale of Shops at Surfside Center in Cape Coral, Florida

by Julia Sanders May 5, 2021

CAPE CORAL, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $7 million sale of Shops at Surfside Center, a 117,566-square-foot shopping center located in Cape Coral. The property is situated on 8.3 acres at 2342/2354 Surfside Blvd. at the intersection of Veterans Memorial Parkway. Built in 2007, architecture firm Cuhaci & Peterson designed the Shops at Surfside Center and Hawkins Construction built the property. The center was 100 percent leased at the time of sale to Belk, Anytime Fitness, SalonPlex and Humana. The seller, a private service entity, sold the property to Patagonian Holdings LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

May 5, 2021

Acquisitions Florida Industrial Office Southeast

Westmount Realty Capital Buys 121,918 SF Business Park in Tampa

by Julia Sanders May 4, 2021

TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed. Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants at the property include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering & Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 to 2026, according to Westmount. The property has five two-story buildings and two one-story buildings. The seller, an institutional owner and operator, invested over $1.6 million dollars on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel. Westmount Realty Capital is a Dallas-based commercial real estate company that specializes in value add and big opportunity investments within the U.S.

May 4, 2021

Acquisitions Alabama Florida Georgia Multifamily North Carolina Single-Family Rental Southeast Tennessee

Transcendent Electra Acquires 1,889 New Single-Family Rental Homes in Sun Belt Markets

by Julia Sanders May 3, 2021

MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.

May 3, 2021

Development Florida Loans Mixed-Use Multifamily Southeast

Centennial Bank Provides $68M Construction Loan for Bentley Apartments in Orlando

by Julia Sanders April 30, 2021

ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …

April 30, 2021

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