Florida

Aventon, CrossHarbor Capital Break Ground on 348-Unit Apartment Community in Orlando

by Julia Sanders September 13, 2021

ORLANDO, FLA. — Aventon Cos. and co-developer CrossHarbor Capital Partners has broken ground on Aventon Belle Isle, a 348-unit apartment community in Orlando, about 8.8 miles south of downtown Orlando. The property will include 12 garden-style buildings on 24 acres with one-, two- and three-bedroom floorplans. Community amenities will include a fitness center, yoga studio, remote work offices, automated package delivery, coffee bar, pet spa and a poolside social lounge. Outdoor spaces will include a private pool, cabanas with day beds, hammock garden, outdoor kitchen with grills and dining spaces, walking trails and a dog park. Located at 5051 Hoffner Ave., the property is located two miles from Orlando International Airport and about 18.7 miles from Walt Disney World Resort. Maitland, Fla.-based Scott + Cormia Architects is designing Aventon Belle Isle, and Marietta, Ga.-based Design Environments Inc. will designing the interiors. Construction is slated to be complete in the spring of 2023. With the addition of Aventon Belle Isle, Aventon Cos. now has 891 apartment units under construction in the metro Orlando area. Aventon Alaira, just east of Disney, will deliver 296 units and recently opened its clubhouse, while Aventon Gem Lake will deliver 247 units to the Winter Park …

September 13, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $16M Sale of Retail Property in Miami Net-Leased to CVS

by Julia Sanders September 13, 2021

MIAMI — Marcus & Millichap has brokered the $16 million sale of a freestanding CVS/pharmacy-occupied retail property located in Miami. The 14,989-square-foot building is situated on a 2.4-acre parcel, a portion of which is subleased to Wendy’s. Ronnie Issenberg, Gabriel Britti, Ricardo Esteves and Kevin O’Hanlon of Marcus & Millichap represented the sellers, an entity doing business as TRR Everglades Holdings LLC and a group of local Miami investors and developers. The buyer was International Capital Acquisitions LLC, a foreign investor based in Germany. Located at 10660 SW 40th St., the CVS/pharmacy is situated 1.2 miles from Kendall Regional Medical Center, 4.3 miles from Westchester General Hospital, about 5.2 miles from Nicklaus Children’s Hospital and approximately 13.7 miles from Miami International Airport.

September 13, 2021

Development Florida Industrial Southeast Top Stories

Seefried Breaks Ground on 2.8 MSF Amazon Fulfillment Center in Tallahassee

by Kristin Harlow September 13, 2021

TALLAHASSEE, FLA. — Seefried Industrial Properties has broken ground on a 2.8 million-square-foot fulfillment center in Tallahassee. The developer did not disclose the tenant, but the Tallahassee Democrat reported that the occupant will be Amazon. Dubbed “Project Mango,” the development will be situated on 118 acres near the Mahan Drive and I-10 interchange. Seefried says that the four-story project is record-breaking in terms of its size and functionality, and that it will feature cutting-edge material handling and product retrieval systems. Equipped with advanced robotics technology, the property will assist in efficient package delivery. The facility will feature 49 dock doors, 1,250 car parking spaces, 265 trailer spaces and 100,000 square feet of office and break room space. The fulfillment center is expected to generate 1,346 full-time jobs and an economic impact of $451 million, according to Seefried. The Conlan Co. is serving as general contractor. Completion is slated for the fourth quarter of 2022. Amazon also recently unveiled plans for a new fulfillment center in Port St. Lucie, Fla., along with five new delivery stations in the Sunshine State. The e-commerce giant currently operates more than 50 sites in Florida that support customer fulfillment and delivery operations. Atlanta-based Seefried is …

September 13, 2021

Florida Loans Michigan Multifamily South Carolina Southeast

KeyBank Secures $40.2M Refinancing for Three Apartment Properties in Southeast, Michigan

by Julia Sanders September 10, 2021

CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla. Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township. Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from …

September 10, 2021

Acquisitions Florida Office Southeast

JLL Brokers Sale of 223,588 SF Office Portfolio in Jacksonville

by Julia Sanders September 10, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has brokered the sale of a two-property, Class A office portfolio totaling 223,588 square feet located at 4190 Belford Road and 4345 Southpoint Blvd. in Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Max Lescano, Blake Koletic, Michael Roukis and Matthew McCormack of JLL represented the buyer, Bradford Allen Investment Advisors LLC, in the sales transaction. A joint venture between TriGate Capital and LRC Properties sold the portfolio for an undisclosed amount. The 4190 Belfort Road property spans 119,230 square feet of office space and was 85 percent leased at the time of sale. The 4345 Southpoint Blvd. property has 103,358 square feet and is fully vacant. Overall, the property is leased to 14 tenants across 11 different industries. The office portfolio is located within Enterprise Corporate Park, about eight miles southeast of downtown Jacksonville. The property is situated just east of Interstate 95 and John Turner Butler Boulevard and is adjacent to St. Vincent’s Medical Center.

September 10, 2021

Florida Leasing Activity Office Southeast

Microsoft Signs 50,000 SF Office Lease at 830 Brickell in Downtown Miami

by Julia Sanders September 10, 2021

MIAMI — Microsoft, a Redmond, Wash.-based computer software and electronics retailer, will open a 50,000-square-foot office inside 830 Brickell in downtown Miami. Microsoft is the second major firm to join the tenant roster at 830 Brickell this year, along with private equity firm, Thoma Bravo, which will lease 36,500 square feet on the top two floors in the tower. 830 Brickell, a 55-story office building in the city’s Brickell district, is currently under construction. Slated for delivery in 2022, the 640,000-square-foot tower was designed by architecture firm Adrian Smith + Gordon Gill, with interiors done by Italian architecture and design company Iosa Ghini Associati. Community amenities will include a health and wellness center, restaurant, open-air rooftop lounge, private conference facility for tenants and 24-hour concierge service. Alexander Brown of Colliers International represented Microsoft in the lease negotiations. Andrew Trench, Brian Gale and Ryan Holtzman of Cushman & Wakefield represented the landlord in the transaction on behalf of developers, OKO Group and Cain International. Cushman & Wakefield is serving as the tower’s exclusive leasing agent.

September 10, 2021

Florida Healthcare Seniors Housing Southeast Top Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Acquisitions Florida Multifamily Southeast Student Housing

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

by Julia Sanders September 8, 2021

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction. Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated 2.9 miles from the University of South Florida and 4.8 miles from James A. Haley Veterans’ Hospital. The property offers two- and four-bedroom units with an average square footage of 1,548 square feet. All units are fully furnished and include living rooms with two sofas, coffee/end tables and a TV mounted to the wall. Community amenities include a swimming pool, fitness center, movie theater, study room, video game room and a hot tub. The property was 89 percent occupied at the end of July, and rents range from $1,360 to $2,400.

September 8, 2021

Acquisitions Florida Retail Southeast

SRS Brokers Sale of Two Wawa-Occupied Convenience Stores in South Florida for $22.4M

by Julia Sanders September 8, 2021

FORT LAUDERDALE AND HIALEAH GARDENS, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of two convenience store and gas stations in South Florida that are leased to Wawa. The properties include a 6,119-square-foot Wawa currently under construction at 7878 N.W. 103rd St. in Hialeah Gardens and a newly built, 5,991-square-foot Wawa located at 6191 N. Powerline Road in Fort Lauderdale. Ferber Co. sold the Hialeah Gardens property for $11.6 million to an entity doing business as Hialeah WW LLC. Brightwork Real Estate sold the Fort Lauderdale Wawa for $10.8 million to an entity doing business as Powerline Wawa LLC. Patrick Nutt of SRS represented the sellers in both transactions.

September 8, 2021

Development Florida Multifamily Seniors Housing Southeast

Origin Construction to Build $75M Seniors Housing Community in Port St. Lucie, Florida

by Julia Sanders September 7, 2021

PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.

September 7, 2021

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