Florida

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders March 26, 2021

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

March 26, 2021

Company News Florida Southeast

Darden Restaurants Earnings, Revenue Higher Than Wall Street’s Estimates

by Julia Sanders March 26, 2021

ORLANDO — Darden Restaurants reported quarterly earnings and revenue on Thursday that were higher than the Wall Street analysts’ predictions, though they remain down year-over-year. The company’s net income was $128.7 million for its fiscal third quarter that ended Feb. 28, 2021. According to the CNBC, analysts surveyed by Refinitiv had predicted earnings of 69 cents per share, versus the 98 cents that the company received. Net sales decreased by 26.1 percent to $1.73 billion year-over-year, but this number was larger than the expected value of $1.63 billion. Olive Garden accounts for half of Darden’s revenue, and the Italian restaurant saw a same-store sales decline of 25.8 percent. However, LongHorn Steakhouse had a same-store decline of only 12.6 percent. The Darden restaurant chain that was hit the hardest was The Capital Grille, which had same-store sales decline of 45.2 percent. Darden Restaurants is hopeful for the fiscal fourth quarter of the year, as the company is predicting total sales of $2.1 billion and earnings per share up to $1.70. In fiscal 2022, the company predicts to open about 35 restaurants. The company also wants hike wages for its hourly restaurant workers by spending around $17 million in a one-time bonus. …

March 26, 2021

Development Florida Industrial Loans Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Florida Mixed-Use Multifamily Southeast Top Stories

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

by Katie Sloan March 25, 2021

PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …

March 25, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast

Gridline Properties Arranges $5.4M Sale of Former Methodist Church and School in Miami

by Julia Sanders March 24, 2021

MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.

March 24, 2021

Acquisitions Florida Loans Multifamily Southeast

Trez Capital Funds $44.1M Construction Loan for Apartment Community Near Daytona Beach

by Julia Sanders March 22, 2021

PORT ORANGE, FLA. — Trez Capital, a private real estate lender, has provided a $44.1 million construction loan for a new Class A, garden-style apartment community in Port Orange, a city near Daytona Beach. The 288-unit development is known as EDEN Crystal Lake. Ben Jacobson of Trez Capital originated the loan on behalf of the developer, EDEN Multifamily. Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one-, two- and three-bedroom apartments with nine-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned community amenities include a clubhouse, resort-style pool, fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages. The EDEN Crystal Lake site is located within four miles from the beaches in Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. The property is also near Interstates 95 and 4. Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.

March 22, 2021

Florida Leasing Activity Office Retail Southeast

Sterling Bay Signs Retail Lease with Love Life Café at 545WYN in Miami

by Julia Sanders March 22, 2021

MIAMI — Sterling Bay, a Chicago-based real estate development firm, has signed a retail lease with eatery Love Life Café in Miami’s Wynwood district. Love Life Café will take 3,767 square feet of storefront space at 545wyn, Wynwood’s first Class A creative office building. Sterling Bay broke ground on 545wyn in January 2019 and completed the building in late 2020. The 298,000-square-foot creative office and retail property offers tenants flexible floorplates and access to amenities like a wellness center, touchless elevator systems, lounges with outdoor space, air filtration systems, a private parking garage and art installations by local artists. Gensler, the global design and architecture firm, is another confirmed tenant. Love Life Café, a plant-based dining concept, will be relocating its existing Wynwood location at 2616 NW 5 Ave. to its new location at 545 NW 26th St. later this year. Veronica Menin and her husband, Diego Tosoni, created Love Life Café in 2015. Tosoni, a self-taught chef with a passion for vegan cooking, aims to bring plant-based foods to 545wyn, serving breakfast, lunch and dinner items. Love Life Café currently operates venues at Time Out Market in Miami Beach and another at 18 N Dollins Ave. in Orlando.

March 22, 2021

Acquisitions Florida Office Southeast Top Stories

Shorenstein Properties Sells Miami Office Complex for $230M

by Taylor Williams March 22, 2021

MIAMI — Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million. Constructed in 2018, the two-building complex is located within MiamiCentral, a transit-oriented, mixed-use development that spans nine acres and roughly 3 million square feet of residential and commercial space. The site’s history as a transit hub dates back to 1896, when it served as the southern terminus for Henry Flagler’s Florida East Coast Railway that ran throughout the Florida Keys. According to the Miami Herald, Florida East Coast was the original developer of the MiamiCentral project in 2007. The first office building rises 17 stories and includes a 288-space valet parking garage. The second building comprises four floors of office, eight levels of parking and a 33,000-square-foot Publix grocery store on the ground floor. Amenities include a conference room, caterer’s kitchen, fitness center with locker rooms and an outdoor amenity deck. In addition, the adjacent MiamiCentral train station houses an 18,000-square-foot food hall with more than 20 different food and beverage vendors. Blackstone is also a …

March 22, 2021

Acquisitions Florida Retail Southeast

RK Centers Purchases Shopping Center in Plantation, Florida for $17M

by Julia Sanders March 19, 2021

PLANTATION, FLA. — RK Centers, a privately held family-owned real estate development company, has purchased Veranda Shoppes, a 45,000-square-foot shopping center in Plantation. The property is situated on 4.2 acres at 550 N. Pine Island Road. Adam Feinstein of Cushman & Wakefield represented the seller, Jacksonville-based Regency Centers, in the $17 million transaction. Built in 2007, Veranda Shoppes is home to several neighborhood shopping, dining and service options. The Publix-anchored center is leased to tenants such as Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa and the Banfield Pet Hospital.

March 19, 2021

Company News Florida NAI Southeast

NAI Miami Grows Ownership Group From Four Members to Eight

by Julia Sanders March 18, 2021

MIAMI — Commercial real estate services firm NAI Miami has doubled its ownership group from four primary shareholders to eight. Jeff Buell, Joseph Gallaher, Jackie Larkin and Timothy Merriman Jr. are the newest shareholders of the Miami-based firm. These four individuals will now be a part of setting policy and objectives for the company annually. Jeff Buell joined NAI Miami in 2001 as a member of the company’s maintenance department. Buell then became the director of property maintenance before moving to property management, where he currently directs the management of nearly 1.8 million square feet of commercial space throughout South Florida. Joseph Gallaher joined NAI Miami in 2007 as a sales associate. Gallaher has expertise in retail site identification, investment analysis and property acquisition. He has a tenured relationship with Auto Zone, where he recently closed $8.1 million lease value to open a 39,603-square-foot Auto Zone flagship store in South Dade. Jackie Larkin joined NAI Miami in 2012 as a marketing coordinator and has since been promoted to director of operations and marketing. Larkin works to coordinate marketing and administrative efforts for 90-plus properties with a commission value of $11 million for NAI Miami. Larkin is responsible for all the …

March 18, 2021

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