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Klara-at-Clermont
DevelopmentFloridaMultifamilySoutheast

Woodfield Development Delivers 289-Unit Apartment Complex in Clermont, Florida

by Abby Cox

CLERMONT, FLA. — Woodfield Development has delivered Klara at Clermont, a 289-unit apartment complex located in Clermont, approximately 22 miles west of Orlando. Klara spans six residential buildings and features one-, two- and three-bedroom floorplans ranging in size from 841 square feet to 1,657 square feet, according to Apartments.com. Monthly rental rates begin at $1,798. Carter & Carter Construction served as general contractor, Charlan Brock provided architectural design services and Beasley & Henley handled the interior design. Amenities at the community include a resort-style swimming pool with a sun shelf and poolside cabanas, outdoor grilling terraces and dining areas, a dog park with additional park space, a hammock lawn, fire pit and expansive great lawn, as well as a network of walking trails.

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FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Orlando’s Suburbs Show Strength With Big Office Deals, Activity

by John Nelson

In the fourth quarter of 2024, the Orlando office market had the first quarter of positive absorption in four years, according to a recent Colliers market report. The market, like many across the nation, has navigated a period of recalibration in the wake of the pandemic and evolving work trends. Yet, a shift in tenant activity has signaled renewed leasing demand across the office landscape. In the fourth quarter, net absorption in the Orlando office market reached a positive 95,843 square feet. This is a significant improvement compared to the same period in 2023, which had a negative absorption of 297,714 square feet. Interestingly, it is the submarkets outside of Orlando’s central business district (CBD) that are shining. This is evident in two recent deals that are having a profound impact on the market. In December, we represented the seller when Charles Schwab purchased the Maitland Summit Office Park for $122 million. This was the largest office deal in Central Florida since 2021 and removed 500,000 square feet of Class A office space from the Maitland submarket, which is about 10 miles north of downtown Orlando.  Around the same time, Mitsubishi signed a lease for 109,000 square feet in Lake …

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North Port Village
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $10.8M Sale of North Port Village Retail Center in Florida

by Abby Cox

NORTH PORT, FLA. — Marcus & Millichap has brokered the $10.8 million sale of North Port Village, a 66,083-square-foot neighborhood retail center located at 14255 S. Tamiami Trail in North Port, roughly 35 miles south of Sarasota, Fla. Planet Fitness anchors the property, which was fully leased at the time of sale. Additional tenants include Humana, NAPA Auto Parts and Do The Beach adventure park. North Port Village was originally built in 1989 on nearly 11 acres. Clayton Brown, Luke Holsinger and Ruthanne Loar of Marcus & Millichap’s Seattle office procured the buyer, a Seattle-based private investor, in the transaction. Drew Kristol and Kirk Olson, also with Marcus & Millichap, represented the seller, a South Florida-based real estate investment firm.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Related Urban Breaks Ground on 174-Unit Affordable Housing Community in East Tampa

by John Nelson

TAMPA, FLA. — Related Urban, the affordable housing division of Related Group, has broken ground on Residences at East End, a 174-unit affordable housing community located at 5709 N. 47th St. in Tampa. Public partners City of Tampa and Tampa Housing Authority (THA) joined Related Urban at the groundbreaking ceremony held Wednesday, Oct. 22. Situated on Tampa’s east side, Residences at East End will be funded through Section 8 project-based vouchers and low-income housing tax credits (LIHTC), with funding sources including Fifth Third Bank and Raymond James. The project represents a total capital investment of $68.6 million. The community will offer two-bedroom apartments reserved for households earning 22 percent to 80 percent of the area median income (AMI). Amenities will include a standalone clubhouse, dog park, picnic areas, a pocket park and a fitness center. Construction is expected to be completed by the end of 2026.

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FloridaLoansSelf-StorageSoutheast

MMCC Arranges $14M Refinancing for Self-Storage Facility in Cape Coral, Florida

by John Nelson

CAPE CORAL, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14 million loan for the refinancing of a 1,016-unit self-storage facility located at 1111 S.W. Pine Island Road in Cape Coral, a southwest Florida city near Naples. Operated by CubeSmart, the 137,900-square-foot property features a wide range of climate-controlled units and moving supplies for tenants. Doug Brooks of MMCC arranged the loan through an unnamed local bank on behalf of the borrower, Island Estate Group, a real estate investment company that operates in Florida, New York, Georgia and South Carolina. The five-year loan was underwritten with a 25-year amortization schedule, 60 percent loan-to-value ratio and 18 months of interest-only payments.

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DevelopmentFloridaLoansSeniors HousingSoutheast

CFG Provides $179.8M Construction Loan for Seniors Housing Development in Southwest Florida

by John Nelson

SARASOTA COUNTY, FLA. — Capital Funding Group (CFG) has provided a $179.8 million construction loan to Erickson Senior Living. The seniors housing owner and operator will use the financing for the first phase of development of Emerson Lakes, a continuing care retirement community (CCRC) currently underway in Sarasota County. Situated within the Lakewood Ranch community, the first phase of Emerson Lakes will comprise four buildings — three residential buildings and one community building. Together, the three residential buildings will total 319 independent living units. Upon completion, Emerson Lakes will span 87 acres with 1,015 independent living residences and 130 continuing care units. Erickson will operate the community.

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CaliforniaFloridaGeorgiaIndustrialLoansNorth CarolinaSoutheastTexasTop StoriesWestern

JLL Arranges $820M Refinancing for 6.1 MSF Industrial Portfolio Across Six Markets

by Kristin Harlow

IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets. JLL arranged the CMBS financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan. The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants. The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses. CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth. JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led …

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DevelopmentFloridaIndustrialSoutheast

Stonemont Financial Group Delivers 100,620 SF Industrial Facility in Tampa

by John Nelson

TAMPA, FLA. — Atlanta-based Stonemont Financial Group has delivered TIA Executive Center, a 100,620-square-foot industrial facility located at 6101 Johns Road in Tampa. The property, which is situated two miles from Tampa International Airport, features 32-foot clear heights, spec office suites and space that is divisible down to around 33,000 square feet. Project partners include joint venture partner PCCP, general contractor Frampton Construction, architect Harley Commercial Architecture, engineer Kimley-Horn and leasing agents Peter Cecor and Harrison Pithers of JLL.

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AcquisitionsFloridaSeniors HousingSoutheast

Fortress Investment Group Sells Two Florida Seniors Housing Communities Totaling 178 Units

by John Nelson

BOCA RATON AND VERO BEACH, FLA. — Funds managed by affiliates of Fortress Investment Group have sold two seniors housing communities located in Florida. Totaling 178 units, the communities include Sonata Boca Raton and Sonata Vero Beach. JLL Capital Markets brokered the sale on behalf of the seller. Agewell Solvere Living will remain in place as the operator at both communities. The buyer and sales price were not disclosed.

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AcquisitionsFloridaIndustrialSoutheast

Simi Capital Group Buys 75,000 SF Industrial Property in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Miami-based Simi Capital Group has purchased a 75,000-square-foot industrial property located at 4549 St. Augustine Road in Jacksonville. The seller was a family entity that owned the property for more than 50 years. The sales price was not disclosed. Simi Capital Group is repositioning the asset into a small bay industrial park with modern suites ranging in size from 1,500 to 4,500 square feet. Upgrades will include upgraded offices, LED lighting, exterior finishes and a fully secured site with an automated gate and 24/7 camera surveillance. The park was originally developed in 1973, according to LoopNet Inc.

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