Florida

Wendover Breaks Ground on $27.6M Affordable Seniors Housing Community in Orlando

by John Nelson January 25, 2021

ORLANDO, FLA. — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a former shopping center and become the new anchor for the neighborhood’s town center. Designed for senior residents 55 and older, rents for Hawthorne Park apartments are expected to start at approximately $740 per month for one-bedroom units and $880 per month for two-bedroom units. Hawthorne Park will cost an estimated $27.6 million to develop. Financing includes a $250,000 grant from Orange County, a $317,500 loan from Orange County and $2.3 million in Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy Inc. is the general contractor. Construction is expected to take 11 months to complete, with rental applications starting in June 2021. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District — an initiative to revitalize the area and its working-class community of more than 60,000 residents.

January 25, 2021

Acquisitions Florida Retail Southeast

SRS Real Estate Partners Arranges $5.8M Sale of Naples Retail Property Leased to 7-Eleven

by John Nelson January 25, 2021

NAPLES, FLA. — SRS Real Estate Partners has arranged the $5.8 million sale of a freestanding retail property occupied by 7-Eleven at 4704 Golden Gate Parkway in Naples. The newly renovated property includes a 3,500-square-foot building and 16 gas pumps. Michael Carter and Frank Rogers of SRS represented the seller, a Florida-based merchant-developer, in the transaction. Brad Thessing, Roger Massell and Chris Twist of Thessing Commercial Properties represented the buyer, a private investor that purchased the property in a 1031 exchange.

January 25, 2021

Company News Florida Retail Southeast

Winn-Dixie Parent Company Moves Forward With Initial Public Offering

by John Nelson January 22, 2021

JACKSONVILLE, FLA. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange (NYSE). Southeastern Grocers is launching its IPO for 8.9 million shares of its common stock to be sold at an anticipated price between $14 and $16 per share. BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the IPO. Deutsche Bank Securities Inc., BMO Capital Markets and Wells Fargo Securities are acting as book-running managers for the IPO. Truist Securities is acting as co-manager for the offering.

January 22, 2021

Development Florida Multifamily Single-Family Rental Southeast

North American Development Group to Construct 252 Single-Family Rental Homes in Boca Raton

by Alex Tostado January 21, 2021

BOCA RATON, FLA. — North American Development Group will construct 252 for-rent single-family homes at the former site of Mizner Trail Golf Course in Boca Raton. The West Palm Beach, Fla.-based developer acquired the 127 acres from residential and resort developer Concord Wilshire Capital for $33.2 million. Concord Wilshire will have a participation interest in the development, which will be located on the west and east sides of Camino Del Mar between Camino Real and SW 18th Street. The single-family homes and townhomes will be divided into seven gated communities supported by one common amenity center. Kevin O’Grady of Concord Summit Capital advised Concord Wilshire in the land sale. A timeline for construction was not disclosed.

January 21, 2021

Acquisitions Florida Loans Multifamily Southeast

Ready Capital Closes $12M Acquisition Loan for Fractured Condominium Property in Metro Tampa

by Alex Tostado January 21, 2021

TOWN N’ COUNTRY, FLA. — Ready Capital has closed a $12 million acquisition loan for a 176-unit fractured condominium community in Town N’ Country. The undisclosed borrower will use the funds to acquire 110 units and buy out the remaining units, as well as renovate and de-convert the property into a market-rate multifamily property. Capital improvements include upgrading countertops, appliances and lighting, in addition to upgrading the roof, landscaping, amenities and exterior paint. Ready Capital closed the non-recourse, interest-only, floating-rate loan which features a 36-month term, two extension options and flexible prepayment options.

January 21, 2021

Development Florida Industrial Southeast

Sansone Group, Argos Capital Partners to Develop 245,000 SF Distribution Center in Port St. Lucie, Florida

by Alex Tostado January 20, 2021

PORT ST. LUCIE, FLA. — Sansone Group and Argos Capital Partners will develop Legacy Park at Tradition in Port St. Lucie. The distribution park will comprise 375 acres that will house eight industrial buildings and span 3.2 million square feet upon full buildout, which is slated for 2023. In December, the developers acquired the first piece of land for the project. The first building in the park will be a 245,000-square-foot, build-to-suit distribution center for an undisclosed tenant. St. Louis-based Sansone Group expects to deliver the asset by the end of the year. Arco/Murray is the general contractor and architect for the park. Culpepper & Terpening Inc. is the civil engineer.

January 20, 2021

Company News Florida Retail Southeast

Office Depot Parent Company Rejects Staples’ $2.1B Acquisition Offer

by Alex Tostado January 20, 2021

BOCA RATON, FLA. — ODP Corp. (Nasdaq: ODP), the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo said the company is not opposed to selling, but “what we do not plan to do, however, is engage in a transaction that, as history has shown, would likely result in a prolonged and expensive regulatory review process with no guarantee of success.” In the letter, Vassalluzzo did not rule out the merger altogether, stating: “In addition, we are open to combining our retail and consumer-facing ecommerce operations with Staples under the right set of circumstances and on mutually acceptable terms.” ODP owns Office Depot, OfficeMax and IT-services business CompuCom. ODP has been in the process of selling CompuCom since November 2020. According to The Wall Street Journal, USR …

January 20, 2021

Acquisitions Florida Retail Southeast

JLL Negotiates $9.1M Sale of Grocery-Anchored Shopping Center in Orlando

by Alex Tostado January 20, 2021

ORLANDO, FLA. — JLL has negotiated the $9.1 million sale of Southgate Shopping Center, a 144,052-square-foot retail property in Orlando. Aldi anchors the center, which was 92 percent leased at the time of sale to tenants including AutoZone, dd’s Discount’s, Aaron’s and Value Pawn. Additionally, the property can be expanded with the addition of a 6,000-square-foot pad site and drive-thru ATM development opportunity. The asset spans 17 acres and is located at 4649 S. Orange Blossom Trail, four miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Marx Realty, in the transaction. An undisclosed Texas-based real estate company purchased the property.

January 20, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Negotiates $32M Sale of Macy’s Distribution Center in Tampa

by Alex Tostado January 19, 2021

TAMPA, FLA. — Cushman & Wakefield has negotiated the $32 million sale of Macy’s Distribution Center in Tampa. The 645,241-square-foot property serves as a warehouse and Macy’s Furniture Gallery. Macy’s sold the asset to Irvine, Calif.-based LBA Realty. The building is situated at 4130 W. Gandy Blvd., seven miles southwest of downtown Tampa. The property features 108 48-foot dock doors, one drive-in door, 225 parking spaces and interior and exterior LED lighting. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies and Anthony Pasqual of Cushman & Wakefield represented Macy’s in the transaction. Macy’s will continue to lease the space.

January 19, 2021

Company News Florida Office Southeast

Polo Realty Group, Kay Commercial Realty to Oversee Leasing of 31,400 SF Office Building in Boca Raton

by Alex Tostado January 19, 2021

BOCA RATON, FLA. — Polo Realty Group and Kay Commercial Realty have been selected to lead the leasing effort for The Milan at Boca Center, a seven-story office building in Boca Raton. Roger Steinhardt of locally based Polo Realty and Bill Klein of New Jersey-based Kay Commercial will handle leasing on behalf of the undisclosed owner. The Milan at Boca Center is located at 1675 N. Military Trail, three miles west of downtown Boca Raton. Comerica Bank anchors the asset, which is also partially leased to Salon Sora.

January 19, 2021

Newer Posts

Older Posts