Florida

Limestone Asset Management Acquires Two Retail Outparcels Near Orlando’s Mall at Millenia for $10.4M

by Julia Sanders May 20, 2021

ORLANDO, FLA. — Miami-based Limestone Asset Management has acquired two outparcel buildings totaling 14,075 square feet near Orlando’s Mall at Millenia for $10.4 million. The acquisitions include a 5,530-square-foot store located at 4006 Conroy Road that is leased to AT&T; and a two-tenant outparcel at 4060 Conroy Road housing a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Kevin Sanz of Orion Real Estate Group represented Limestone in the purchase. Patrick Luther of SRS Real Estate Partners represented the undisclosed seller of the AT&T-leased store. Ocean Bank provided an undisclosed amount of acquisition financing.

May 20, 2021

Development Florida Multifamily Southeast

13th Floor Investments, Adler Group to Open 22-Story Apartment Tower in Miami

by Julia Sanders May 19, 2021

MIAMI — Developers 13th Floor Investments and Adler Group have opened leasing for CORE Link at Douglas, a new 312-unit residential tower underway in Miami. Slated to open in August at 3060 SW 37th Ave., CORE will become the first tower to open at Link at Douglas, a seven-acre mixed-use development located adjacent to Miami’s Metrorail and The Underline linear park. Global investment manager Barings is a partner on the project. Located along US-1 and Douglas Road, CORE is situated between Coral Gables and Coconut Grove. The property is less than two miles away from the University of Miami. The 22-story residential building will feature studios, one- and two-bedroom apartments. Leasing rates will start at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. Community amenities will include a rooftop pool deck, poolside grilling and private cabanas, as well as a fitness center with a yoga studio, business center and media room. A social lounge will come complete with billiards, shuffleboard, ping pong and a furnished seating area centered around a fireplace. Other amenities will include secured package room, bike storage and Wi-Fi in all common areas. Apartments will feature private balconies, floor-to-ceiling windows, granite countertops, modern kitchen hardware …

May 19, 2021

Acquisitions Florida Office Southeast

Dowd Arranges $4.1M Sale of Offices at Sunset Walk Near Orlando

by Julia Sanders May 19, 2021

KISSIMMEE, FLA. — The Dowd Cos. has arranged the $4.1 million sale of Offices at Sunset Walk, a 19,603-square-foot office building located at 8011 Fins Up Circle in Kissimmee. The property is part of Sunset Walk, an $800 million mixed-use development near Orlando. The 100 percent leased building was built in 2018 and is located adjacent to the Margaritaville Resort Orlando. The building is located close to the shops and restaurants at the Promenade at Sunset Walk, a new entertainment retail center and water park. The buyer, Bet on the Mouse LLC, is an out-of-state investor. The seller was Rolling Oaks Splendid LLC. John Dowd and Theresa Johnson of The Dowd Cos. represented both the buyer and seller in the transaction. The Dowd Cos. is a boutique investment sales firm based in West Palm Beach. The company focuses mainly on triple-net-leased retail assets, office properties and vacant land.

May 19, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 45,000 SF Best Buy-Leased Store in West Palm Beach

by Julia Sanders May 18, 2021

WEST PALM BEACH, FLA. — CBRE has arranged the sale of a 45,000-square-foot store situated on approximately four acres at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments based in Miami. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.

May 18, 2021

Acquisitions Development Florida Industrial Southeast

CT Realty, Diamond Realty Purchase Land in Jacksonville for 3.2 MSF Logistics Park Development

by Julia Sanders May 14, 2021

JACKSONVILLE, FLA. — CT Realty, in a joint venture with Diamond Realty Investments, has purchased 250 acres of industrial-zoned land in Jacksonville for the development of an eight-building, 3.2 million-square-foot logistics park. The buyers have begun developing the first phase, which spans 1.7 million square feet across three buildings, and is projected to be completed in 2022. Southeast Toyota Distributors, an independent Toyota automotive distributor, sold the site for $300 million. Guy Preston and Seda Preston of Colliers International represented both Southeast Toyota Distributors and the buyers in the land sale. The site is situated off Pritchard Road, approximately three miles west of Interstate 295 and close to Jacksonville Port Authority (JAXPORT), which handles the highest container volume of Florida’s four major seaports. JAXPORT is in the midst of a major dredging project that, upon completion in 2022, will create the deepest port on the East Coast, capable of serving high-capacity post-Panamax container ships.

May 14, 2021

Acquisitions Florida Multifamily Seniors Housing Southeast

JLL Brokers $64M Sale of Seniors Housing Portfolio in South Florida

by Julia Sanders May 13, 2021

ORLANDO, FLA. — JLL Capital Markets has brokered the $64 million sale of a five-property seniors housing portfolio in South Florida. Mike Garbers and Cody Tremper of JLL represented the undisclosed seller in the portfolio sale. Allison Holland of JLL also arranged acquisition financing for the buyer, an affiliate of Fortress Investment Group LLC. Florida-based Sonata Senior Living, which has operated the communities for more than three years, is being retained to manage the properties going forward. The seniors housing portfolio includes five Sonata properties totaling 444 units. The locations of the properties include Delray Beach, Boynton Beach, Boca Raton, Coconut Creek and Vero Beach. The previous owner spent over $13 million in capital investments over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

May 13, 2021

Acquisitions Florida Office Southeast

Forefront Collier Venture Purchases Office, Flex Property in Naples, Florida for $13.1M

by Julia Sanders May 13, 2021

NAPLES, FLA. — Forefront Collier Venture LLC has purchased an approximately 75,875-square-foot office, warehouse and flex property located at 1030, 1035 and 1040 Collier Center Way in Naples. The sellers were Star Investments Inc., Collier Center Way Development Inc. and Business Lane Development Inc. David Stevens of Investment Properties Corp. and Clay Winfield of WBDC Inc. represented the sellers in the transaction. Brock Rasmussen of Lee & Associates represented the buyer.

May 13, 2021

Affordable Housing Development Florida Multifamily Southeast

Redwood, Winston Capital Nearing Completion of Workforce Housing Community in Miami-Dade County

by Julia Sanders May 12, 2021

OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

May 12, 2021

Acquisitions Florida Office Southeast

KBS Sells Office Campus in South Florida to Banyan Street Capital for $52.3M

by Julia Sanders May 11, 2021

WESTON, FLA. — KBS has sold a two-building, 149,103-square-foot office campus in Weston, a suburb of Fort Lauderdale in Broward County. The Class A property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.3 million. Christian Lee and José Lobón of CBRE represented KBS in the sale transaction. KBS acquired Weston Corporate Center in 2015 and implemented upgrades to the center, including updated atrium lobbies with new furniture and a coffee bar, as well as a full renovation of all the multi-tenant restrooms in both buildings. In addition, the KBS previously implemented significant structural enhancements, including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior sitting area. Weston Corporate Center is located at 2500 Weston Road and 2700 S. Commerce Parkway, and is located close to Interstates 75, 595 and 95 and the Florida Turnpike. Built in 1997 and 1998, Weston Corporate Center comprises two four-story buildings that were a combined 94 percent leased at the time of sale.

May 11, 2021

Development Florida Loans Multifamily Southeast

Berkadia Arranges $50.3M Construction Financing for Belmont Tampa Apartments Near Tampa

by Julia Sanders May 11, 2021

BELMONT, FLA. — Berkadia has arranged $50.3 million in debt and equity financing for the construction of Belmont Tampa Apartments, a planned 300-unit, garden-style community to be built in Belmont, a master-planned development located south of Tampa. Scott Wadler of Berkadia’s Miami office and Wyatt Krapf of the firm’s Tampa office structured the financing on behalf of the sponsor, a joint venture between New York City-based Cross Lake Partners and Jacksonville-based GreenPointe Holdings. Synovus Bank provided a $33.1 million senior loan, and Federal Capital Partners provided $17.2 million in preferred equity. Located at 14323 S US Highway 301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on 15.5 acres, along with one central leasing building and clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities will include a resort-style pool, dog park and 24-hour gym, as well as trails and active open spaces. It will also be located close to a new Publix grocery store and Belmont Elementary School. The apartment community is expected to deliver in the spring of 2023.

May 11, 2021

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