Florida

BlueScope Properties Sells New Industrial Facility in Metro Orlando for $14.1M

by Alex Tostado January 7, 2021

SANFORD, FLA. — BlueScope Properties has sold Sanford Logistics Center, a 113,149-square-foot industrial facility in Sanford, for $14.1 million. The property was delivered in April 2020 and is situated at 2152 Martin Luther King Jr. Blvd., 22 miles north of downtown Orlando and four miles east of Interstate 4. The facility features 32-foor clear heights, ESFR sprinklers and a 130-foot truck court with a 60-foot concrete apron. Sanford Logistics Center was 50 percent leased at the time of sale to Marine Fasteners. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the Kanas City, Mo.-based seller in the transaction. Dallas-based Dalfen Industrial acquired the asset.

January 7, 2021

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $62M Sale of Multifamily Community in Metro Orlando

by Alex Tostado January 6, 2021

WINTER SPRINGS, FLA. — Berkadia has brokered the $62 million sale of The Blake, a 281-unit multifamily community in Winter Springs. The property offers one-, two and three-bedroom floor plans ranging in size from 698 to 1,374 square feet. Communal amenities include a pool, fire pit, 24-hour fitness center, game room, business center, conference room and a dog spa. The Blake is situated at 151 Michael Blake Blvd., 18 miles north of downtown Orlando. Matt Wilcox, Brett Moss, Cole Whitaker and Tyler Swidler of Berkadia represented the sellers, Catalyst Development Partners and HQ Capital, in the transaction. Atlanta-based Preferred Apartment Communities acquired the property, which was built in 2017.

January 6, 2021

Development Florida Hospitality Southeast

HG Management Opens 110-Room TownePlace Suites Hotel in Orlando

by Alex Tostado January 6, 2021

ORLANDO, FLA. — HG Management affiliate 51 Columbia Hotel Property LLC has opened TownPlace Suites by Marriott, a 110-room hotel in Orlando’s South Orange district. The hotel offers studio and one-bedroom suites with fully equipped kitchens, flat-screen TVs and work areas. Hotel amenities include a pool, 24-hour fitness center, meeting room, laundry facilities, Wi-Fi and a business center. The asset is situated at 51 Columbia St., one mile south of downtown Orlando. Naples, Fla.-based Naples Hotel Group will manage the property.

January 6, 2021

Acquisitions Florida Retail Southeast

Crossman Negotiates $15.4M Sale of Retail Center in Central Florida

by Alex Tostado January 6, 2021

ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.

January 6, 2021

Acquisitions Florida Multifamily Southeast

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 588,249 SF Distribution Center in Jacksonville

by Alex Tostado January 5, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of Fanatics E-Commerce Center, a two-building distribution center in Jacksonville. The property comprises a 560,688-square-foot building leased to Fanatics, a sports apparel and memorabilia company, and a 27,579-square-foot outparcel leased to Conlan Tire. Mike Davis, Rick Colon, Rick Brugge, Karl Johnston, Dominic Montazemi, Tyler Newman, Jacob Horsley, Zachary Eicholtz, Mark Hardee and Jordan Stenholm of Cushman & Wakefield represented the seller, IP Capital Partners, in the transaction. DRA Advisors acquired the asset for an undisclosed price. The two buildings combine to offer clear heights ranging from 20 to 30 feet, 52 dock-high entrances, 447 parking spaces and 46 trailer parking spaces. The property spans 28 acres and is situated at 5245 Commonwealth Ave., three miles north of the Interstate 10-295 interchange and 16 miles south of Jacksonville International Airport.

January 5, 2021

Development Florida Office Southeast

Ringling and Orange to Develop 10-Story Office Building in Downtown Sarasota

by John Nelson December 21, 2020

SARASOTA, FLA. — Ringling and Orange LLC, a private developer and investor based in Sarasota, will develop The Offices at Ringling Plaza, an 84,600-square-foot office building in downtown Sarasota. The 10-story asset will include five floors of parking and five floors of office space, each offering approximately 17,000 square feet. In addition, two retail spaces totaling 2,250 square feet will be located on the ground level of the building. Further amenities will include 10-foot ceilings, a rooftop amenity deck with a sky lounge and views of Sarasota Bay. The Office of Ringling Plaza will offer post-COVID-19 design elements, such as touchless entry and HVAC upgrades. The developer expects to break ground on the project in the second quarter of 2021 and deliver the building in the fourth quarter of 2022. Hoyt Architects designed the building and Brasfield & Gorrie is the general contractor. According to the office’s leasing agency, Ian Black Real Estate, this will be the first office building delivered in downtown Sarasota spanning more than 30,000 square feet in 20 years.

December 21, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $4.2M Sale of Orlando Gas Station Leased to Wawa

by John Nelson December 21, 2020

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

December 21, 2020

Company News Florida Restaurant Retail Southeast

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

by Alex Tostado December 18, 2020

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 percent in that same time period to $407.4 million. As of Nov. 29, Darden operated 1,818 restaurants.

December 18, 2020

Development Florida Mixed-Use Southeast

Balfour Beatty Completes Construction on $298M River Landing Project in Miami

by Alex Tostado December 15, 2020

MIAMI — Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner representative services. River Landing Shops and Residences spans 8.1 acres of riverfront land. The development features a seven-story, 488,000-square-foot retail and commercial space housing national retailers and shops; 142,000 square feet of Class A office space; and two multifamily residential towers above a 12-story, 2,344-space parking garage. River Landing also provides boater access along the Miami River, a waterfront linear park and a 25,500-square-foot restaurant row that will accommodate up to seven fine dining to fast casual restaurants. The design team includes architects BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP engineers. At its peak, the job employed more than 750 Balfour Beatty workers. River Landing Shops and Residences began opening its retailers to the public in early September. The tenant roster includes national retailers T.J. Maxx, Chase Bank, AT&T, Ross Dress for Less, Burlington, Hobby Lobby, Publix, Old Navy and Chick-fil-A.

December 15, 2020

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