Florida

Dilweg Cos. Sells Lakewood Ranch Office Property for $20.3M

by Julia Sanders June 18, 2021

LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida. Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing. NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by …

June 18, 2021

Acquisitions Florida Industrial Southeast

Woodmont Industrial Partners, Butters Construction Acquire 6.1-Acre Industrial Development Site in Pompano Beach, Florida

by Julia Sanders June 18, 2021

POMPANO BEACH, FLA. — Woodmont Industrial Partners and joint venture partner Butters Construction and Development have acquired a 6.1-acre industrial site in Pompano Beach. Located at 1698 Andrews Ave. in Broward County, the company plans to build an 84,000-square-foot Class A distribution building, known as Andrews Logistics, on the site. The seller and price for the land acquisition were not disclosed. The planned distribution park will feature 32-foot clear heights, loading docks, two ramps and frontage on Andrews Avenue. The property is situated near Interstate 95, Florida Turnpike and the Dixie Highway. In addition, the distribution park is proximal to nearby landmarks and transit hubs including Boca Raton Airport, Fort Lauderdale Airport, Port Everglades and the Sawgrass Expressway. Construction of the distribution site is slated for completion in fourth-quarter 2022 and will be available for lease in the summer of 2022. Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties, a real estate development and management firm. Coconut Creek, Fla.-based Butters Construction and Development is a real estate service firm engaged in construction, development, leasing and property management.

June 18, 2021

Development Florida Office Retail Southeast

Dubner Properties Completes $4M Redevelopment of Monarch Gardens Office, Retail Property in South Florida

by Julia Sanders June 18, 2021

MIRAMAR, FLA. — Dubner Properties has completed $4 million in renovations to Monarch Gardens, an office and retail property in Miramar. Construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting led the renovation project. Gibraltar Realty & Management oversaw the property’s renovation and will provide property management and owner’s representative services. The Monarch Gardens upgrades include a complete renovation of the main lobby, common areas and bathrooms, which include the installation of modern, touchless fixtures. The project included construction of three speculative office suites, as well as buildouts for incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to slow or stop the spread of airborne pathogens such as the coronavirus. The property now features Class A office space as a result of the renovation. Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property has a tenant roster of Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet. The property also offers office parking with a ratio of five spaces per …

June 18, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $58.7M Refinancing for Advenir at San Tropez Apartments in South Florida

by Julia Sanders June 17, 2021

PEMBROKE PINES, FLA. — Berkadia has secured the $58.7 million refinancing for Advenir at San Tropez, a 480-unit apartment community in Pembroke Pines. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan on behalf of the borrower, an entity doing business as Advenir at San Tropez LLC. The fixed-rate, seven-year loan was structured with a partial interest-only payment period and a 70 percent loan-to-value ratio. Advenir at San Tropez is located at 7840 NW 3rd St. and was built in 1975. The property has one- and two-bedroom units that range from 625 to 850 square feet. Community amenities include laundry facilities, barbecue and picnic areas and three swimming pools. The apartment community is situated near the Boulevard Heights neighborhood of Pembroke Pines, and adjacent to the property is both the North Perry Airport and Broward College-South Campus. The apartment complex is also 4.8 miles from the Seminole Hard Rock Hotel & Casino and 15 miles from Fort Lauderdale–Hollywood International Airport.

June 17, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $14.4M Sale of New Sprouts-Leased Property in Estero, Florida

by Julia Sanders June 17, 2021

ESTERO, FLA. — JLL Capital Markets has brokered the $14.4 million sale of a freestanding, single-tenant grocery store in Estero leased to Sprouts Farmers Market. Michael Brewster, Brad Peterson and Tommy Isola of JLL represented the seller, Brentwood, Tenn.-based developer GBT Realty, in the transaction. An undisclosed private investor purchased the property. The Sprouts store is located at 19990 S. Tamiami Trail in metro Fort Myers. The property is adjacent to a Walmart and is located close to a Texas Roadhouse, 9 Thai-Sushi and an Aldi. The 29,896-square-foot store is 14 miles from Fort Myers. Sprouts opened the Estero location in 2020.

June 17, 2021

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Florida Hospitality Loans Southeast

Avison Young Secures $30M Construction Loan for Vacation Rental Development in Daytona Beach

by Julia Sanders June 15, 2021

DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.

June 15, 2021

Development Florida Office Southeast

Nuveen Nears Completion of $55M Renovation at Three Office Properties in Miami

by Julia Sanders June 14, 2021

MIAMI — Nuveen Real Estate is nearing completion of renovations at three of its office properties in Miami. The assets are located at 801 Brickell and 701 Brickell in the city’s Brickell financial district and at Waterford Business District, a 250-acre office hub that Nuveen co-owns with Allianz Real Estate. The capital improvements total $55 million in value and include digital, touchless features, new tenant amenities, building systems upgrades and other upscale renovations. The three office properties are slated to be complete by the first quarter of 2022. At 701 Brickell, an office tower in Miami’s Brickell financial district, JLL and Origin Construction are currently leading the remodel in progress. The renovations of the 685,835-square-foot tower comprises a complete remodeling of the main lobby with modern design features and furniture, the addition of a full-service fitness center, installation of touchless entry points and upgrades to the elevator port system to provide touchless access. As part of these capital improvements, an amenity floor was completed last year with a tenants-only lounge and conference center facility. Currently, 701 Brickell has tenants such as Holland & Knight, Kaseya, Expedia and the Greater Miami Convention & Visitors Bureau. The capital improvements on the other …

June 14, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $9.9M Sale of Hollywood Design Center in South Florida

by Julia Sanders June 14, 2021

HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $9.9 million sale of Hollywood Design Center, a fully leased, 57,383-square-foot industrial building in Hollywood. Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the seller, an entity doing business as Avid Asset Properties Hollywood LLC, in the transaction. Larry Genet and Tom O’Loughlin of CBRE also assisted the seller in the transaction. The buyer was an entity doing business as KD Properties Group LLC. Hollywood Design Center features two tenants on long-term leases. The center is the international headquarters for Silver Airways and houses the company’s training center, command center and executive offices. The other tenant is UHS Hardware, a national commercial and residential hardware supplier. UHS Hardware occupies the other half of the property and moved to Hollywood Design Center after outgrowing its old space nearby. Located at 2850 Greene St., the center features seven functional warehouse bays with 24-foot clear heights, LED lighting, air conditioning throughout and ESFR sprinkler systems. Built in 1968, the property features a new roof under warranty, multiple HVAC unit replacements, a resealed and restriped parking lot and cosmetic upgrades to the exterior façade.

June 14, 2021

Development Florida Multifamily Southeast

Bristol Development, Hallmark Partners Open 308-Unit Vista Brooklyn Apartments in Jacksonville

by Julia Sanders June 14, 2021

JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners have opened Vista Brooklyn, an apartment community situated between Five Points and downtown Jacksonville. Located at 200 Riverside Ave. on the corner of Riverside Avenue and Jackson Street, Vista Brooklyn includes 308 units ranging from studios to three-bedroom apartments. The community offers common and coworking spaces and views of downtown Jacksonville and the St. Johns River. Community amenities include a rooftop pool, beer garden and gathering space, a yoga and meditation suite, onsite dog park and grooming, a bike shop and storage area and a high-tech fitness center. The community also features over 13,000 square feet of new retail space on the ground floor lining Riverside Avenue. The property has opportunities for a restaurant concept, coffee shop or other retail uses. Due to the COVID-19 pandemic, there were many health enhancements to the property, such as touchless faucets in the kitchen, antimicrobial quartz countertops throughout each unit and Bluetooth-enabled locks. Brasfield Gorrie served as the general contractor for Vista Brooklyn, ETM was the civil engineer and JDavis Architects as the architect. The property is currently open for leasing, and NAI Hallmark is the leasing agent of record for the development’s commercial …

June 14, 2021

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