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DevelopmentFloridaMixed-UseOfficeSoutheast

Partnership Receives Civic Approval for Mixed-Use Redevelopment of Office Depot Headquarters in Boca Raton, Florida

by John Nelson

BOCA RATON, FLA. — A partnership between BH Group, PEBB Enterprises and Related Group has received site plan approval from the Boca Raton City Council for the mixed-use redevelopment of 6600 N. Military Trail, a 405,000-square foot property in Bacon Raton that serves as Office Depot’s headquarter campus. BH Group and PEBB will begin demolition on an existing office tower to start the construction of an eight-story building with 500 apartments, nearly 43,000 square feet of retail and restaurant space and a 37,000-square-foot fitness facility. Two existing office buildings will remain onsite, according to the development team. Office Depot recently consolidated its office footprint at the campus but will remain onsite for the foreseeable future, according to local media outlets.

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FloridaIndustrialLeasing ActivitySoutheast

Ian Black Real Estate Signs Video Game Developer to 23,349 SF Industrial Lease in Nokomis, Florida

by John Nelson

NOKOMIS, FLA. — Ian Black Real Estate has signed video game developer Combat Waffle Studios to a 23,349-square-foot industrial space in Nokomis, about 17 miles south of Sarasota. Located at 195 Triple Diamond Blvd., the original office building was converted into a warehouse to provide room for development meetings, VR testing areas and motion capture and security-focused development zones. The property was also pre-wired for fiber-optic internet services. Additionally, Combat Waffle Studios will make minor repairs to the space, including new flooring, lighting and paint, according to the Tampa Bay Business Journal. The space was formerly occupied by drinkware brand Tervis, which vacated the property in January as part of the company’s consolidation. Combat Waffle Studios, which is backed by Facebook and Instagram parent company Meta and produces the popular video game “Ghosts of Tabor,” is expected to have 100 employees working from the space. Nick DeVito II and Brie Tulp of Ian Black Real Estate represented the landlord, an entity doing business as 201 Triple Diamond Holdings LLC, in the lease transaction.

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AcquisitionsFloridaOfficeSoutheast

Partnership Acquires Bank of America Plaza Office Tower in Fort Lauderdale for $220M

by John Nelson

FORT LAUDERDALE, FLA. —  A partnership between affiliates of locally based firms Square2 Capital and Highline Real Estate Capital and Dallas-based Lone Star Funds has acquired Bank of America Plaza, a 410,561-square-foot office tower located at 401 East Las Olas Blvd. in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for more than $220 million. The 23-story tower — which was 94 percent leased at the time of sale — is situated on a full city block in the city’s Las Olas Financial District. Tenants at the property include Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS. CBRE represented the seller, a global investment manager, in the transaction, and arranged acquisition financing on behalf of the buyer. Mike Manno of Square2 Capital will lead the property management responsibilities at Bank of America Plaza on behalf of the new ownership.

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AcquisitionsFloridaOfficeSoutheast

Bradford Allen Buys Fort Lauderdale Office Complex for $208M, Plans to Invest $25M for Upgrades

by John Nelson

FORT LAUDERDALE, FLA. — Chicago-based Bradford Allen Investment Advisors has acquired Las Olas Centre I and II, a 470,810-square-foot luxury office complex located in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for $208 million. Originally built in 1997, Bradford Allen will invest $25 million in renovations for the property, including new office lobbies, technologically advanced conference rooms, a fitness center and outdoor space. Situated at 350 and 450 E. Las Olas Blvd., the complex offers easy access to I-95, as well as the Brightline train line and several bus routes. The properties — which stand 15 and 18 stories tall — were 69 percent occupied at the time of sale. Amenities at the complex include casual and fine-dining restaurants, Starbucks Coffee, onsite property management, concierge and 24/7 security services and a variety of bank branches. Jon Blunk and Laurel Oswald of Tower Commercial Real Estate (TCRE) will provide leasing efforts for the complex. Bradford Allen will provide asset and property management services. Las Olas Centre marks Bradford Allen’s first acquisition in the South Florida region.

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Build-to-RentDevelopmentFloridaMultifamilySingle-Family RentalSoutheast

Coastal Ridge Begins Construction on 277-Unit Build-to-Rent Community Near Tampa

by John Nelson

SAN ANTONIO, FLA. ­­— Coastal Ridge has broken ground on Stillwell Pasco Station, a 277-unit build-to-rent community located in San Antonio, about 30 miles north of Tampa. The development will feature a mix of one-, two and three-bedroom homes measuring up to 1,300 square feet. The single-bedroom units will be designed as attached duplex-style homes, while the two- and three-bedroom houses will be detached. The carriage-style units will feature private one-car garages. Amenities will include a 5,000-square-foot clubhouse and fitness center, lounge, game room, resort-style pool, fire pits, grilling areas, outdoor walking trails and dog parks. BBL is serving as the general contractor, the project architect is KTGY, the engineering and landscape architect is Kimley-Horn and the interior designer is HPA. The first homes are slated for completion in early 2026.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Opens 391-Unit Prose Lakeside Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Alliance Residential Co. has opened Prose Lakeside, a 391-unit apartment community located at 1320 Caprice Drive in Lakeland. Situated one mile from Lakeland Linder Airport and near I-4, the property features one- and two-bedroom apartments, as well as three-bedroom townhomes that come with private two-car garages. Monthly rental rates range from $1,664 to $2,914, according to Apartments.com. Amenities include a 24-hour fitness center, lounge space featuring an entertainment island and kitchen, mailroom, coworking space, pool with two in-pool sun shelves and a fenced dog park.

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Rainbow-Village
Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.  “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.  Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

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AcquisitionsFloridaRestaurantRetailSoutheast

Colliers Negotiates Sale of Narcoossee Cove Retail Complex in Orlando Totaling $31M

by John Nelson

ORLANDO, FLA. — Colliers has negotiated the sale of Narcoossee Cove, a newly built complex comprising six single- and multi-tenant retail outparcels in Orlando. Michael Brewster and Tommy Isola of Colliers’ Orlando office represented the seller and developer, WMG Development, in the transactions. Five separate buyers purchased the various components of the 7.7-acre property for a total of $31 million. The transactions include Miller’s Ale House, Fifth Third Bank, Discount Tire, Raising Cane’s and two multi-tenant retail strip centers. Additionally, a roughly one-acre parcel of land located between Miller’s Ale House and Discount Tire was sold. Alexie Fonseca, David Gabbai and Jeff Johnson of Colliers secured tenants for the property prior to the sale, including Crumbl Cookies, The Joint Chiropractic, Wild Fork Foods and Blaze Pizza.

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DevelopmentFloridaMultifamilySoutheast

Forman Capital Provides $53.7M Construction Loan for Multifamily Project in Hollywood, Florida

by John Nelson

HOLLYWOOD, FLA. — Forman Capital has provided a $53.7 million construction loan for Caltopia, a new multifamily development in the South Florida city of Hollywood. The developer and borrower, Coral Gables, Fla.-based Calta Group, is developing the 251-unit community in two phases. Phase I will feature 100 units averaging 751 square feet in size, and Phase II will span 151 units averaging 740 square feet in size. Units will come in studio, one- and two-bedroom configurations, and amenities will include a pool, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, coworking space and 24-hour package storage and pickup. Calta Group plans to break ground on Phase I in the fourth quarter and deliver about 18 months later. Scott Mehlman and Ty Regnier of Forman Capital originated the financing on behalf of Calta Group, which is also underway on another apartment development in Hollywood. George Gnad, Mathew Gnad and Helmut Fischer of Lenders Capital Realty Services arranged the financing.

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FloridaHospitalityLoansSoutheast

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

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