Florida

NKF Arranges $56.2M Sale of Multifamily Community in West Palm Beach

by Alex Tostado August 13, 2020

WEST PALM BEACH, FLA. — Newmark Knight Frank (NKF) has arranged the $56.2 million sale of Visions at Willow Pond, a 300-unit multifamily community in West Palm Beach. The property comprises 17 two- and three-story buildings offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool and a fitness center. Built in 1987, the property is situated at 4860 Sand Stone Lane, seven miles west of downtown West Palm Beach. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF brokered the transaction. New York City-based Axonic Properties LLC sold the asset to Miami-based Bar Invest Group.

August 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

by Alex Tostado August 13, 2020

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …

August 13, 2020

Acquisitions Florida Retail Southeast

CTO Realty Sells Retail Property Leased to Convenience Store Chain Wawa in Jacksonville for $7.1M

by Alex Tostado August 12, 2020

JACKSONVILLE, FLA. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor purchased the asset.

August 12, 2020

Florida Retail Southeast Top Stories

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

by Kristin Harlow August 12, 2020

JACKSONVILLE, FLA. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing and liquidation process but will continue to operate in the near term. Stein Mart says it is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. In its fiscal first quarter that ended May 2, Stein Mart reported a net loss of $65.7 million. In addition, a merger agreement with an affiliate of Kingswood Capital Management LP terminated in April due to “uncertainty caused by the COVID-19 pandemic,” according to Stein Mart’s quarterly report. “The combined effects of a challenging retail environment coupled with the impact of the COVID-19 pandemic have caused significant financial distress on our business,” says Hunt Hawkins, Stein Mart CEO and …

August 12, 2020

Development Florida Mixed-Use Southeast

Red Apple to Develop 1.3 MSF Mixed-Use Building in Downtown St. Petersburg

by Alex Tostado August 11, 2020

ST. PETERSBURG, FLA. — Red Apple Real Estate is moving forward with its development of a 1.3 million-square-foot mixed-use development in downtown St. Petersburg. The New York City-based developer filed foundation plans with the City of St. Petersburg and the Federal Aviation Administration (FAA) issued a “No Hazard Letter” for the project, meaning the project did not exceed obstruction standards and marking/lighting is not required. The 46-story development will include 300 condominiums; a 233-room hotel; 25,000 square feet of retail and restaurant space; and 20,000 square feet of office space. The condos, known as The Residences at 400, will offer one- to four-bedroom floor plans and a select number of penthouses. Amenities will include a fitness and wellness center, resident lounge, coworking space, library, theater room, seventh-floor rooftop terrace with a pool and spa, putting green, bocce court, outdoor kitchen, dog walking area and a fire pit. Residents will also have access to a glass-enclosed observatory on the 46th floor. Red Apple recently established a sales gallery across the street from the site at 465 Central Ave. Design work is underway, and Red Apple is planning for permitting of preliminary site work. The developer expects to break ground in 2021.

August 11, 2020

Acquisitions Florida Hospitality Southeast

The Estate Cos. Acquires Former Ramada Inn Near Miami for $15.3M

by Alex Tostado August 11, 2020

HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.

August 11, 2020

Florida Loans Office Southeast

New York Life Provides $38.3M Refinancing Loan for Office Building in Fort Lauderdale

by Alex Tostado August 10, 2020

FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale. The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts. The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022. Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

August 10, 2020

Company News Florida Retail Southeast

Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado August 10, 2020

JACKSONVILLE, FLA. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that 96 percent of deferred rents will be collected by the end of 2021.

August 10, 2020

Acquisitions Florida Retail Southeast

TSCG Negotiates $11.7M Sale of Retail Property in Metro Miami

by Alex Tostado August 7, 2020

NARANJA, FLA. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, N.C.-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners acquired the property.

August 7, 2020

Development Florida Industrial Southeast

Amazon to Develop 600,000 SF Fulfillment Center, Last Mile Facility Near Tampa

by Alex Tostado August 6, 2020

TEMPLE TERRACE AND LUTZ, FLA. — Amazon will develop a 600,000-square-foot fulfillment center in Temple Terrace. The Seattle-based e-commerce giant expects the facility to open in 2021 and house 750 full-time employees. Employees at the site will pick, pack and ship smaller customer items such as books, electronics, small household goods and toys. In addition, Amazon will hire for roles in human resources, operations management, safety, security, finance and information technology. Temple Terrace is located 17 miles northeast of Tampa International Airport and 10 miles northeast of downtown Tampa. Additionally, Amazon plans to open a last-mile delivery center in Lutz, which is about 10 miles north of Temple Terrace, Fla. The Lutz delivery station is also anticipated to open in 2021.

August 6, 2020

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