Florida

This year marks the centennial of several Miami municipalities, including Coral Gables and Hialeah, placing Miami-Dade County in a unique position: looking back on a rich history as a sunseeker’s playground, while charging full speed into a future where it is also a tech hub and financial powerhouse, with some dubbing the city as “Wall Street South.” From the first land rush in the 1920s to the post-pandemic migration surge a century later, Miami’s real estate story includes fascinating characters, iconic architecture, multiple booms and busts and not one but two great railroad eras — all contributing to the city’s allure as a place to live, and where institutional-quality capital is increasingly eager to invest.  Population, job momentum Miami has enjoyed one of the strongest multifamily markets in the country for roughly the past decade. A blend of population growth and job creation forms the backbone of Miami’s resilient rental market. Miami-Dade County added over 64,000 net new residents as of July 2024, driven almost entirely by international newcomers. According to the U.S. Census Bureau, the county saw 123,835 international arrivals, offsetting the 67,000 locals who left.  Behind that growth is an unprecedented business boom. Lured by Florida’s business-friendly environment …

FacebookTwitterLinkedinEmail

GROVELAND, FLA. — JLL has arranged the $97.3 million sale of Turnpike Logistics Center, a Class A distribution center located at 19800 S. Obrien Road in Groveland, about 31 miles west of Orlando. Built in 2023, the 977,441-square-foot property was fully leased to Duke Energy, a utility company that uses the facility as its Florida headquarters and distribution hub. John Huguenard, Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller, Scannell Properties, in the transaction. Goldman Sachs Alternatives was the buyer. The facility features 40-foot clear heights, 212 dock-high doors, four drive-in doors, 130-foot truck court depths, 381 automobile parking spaces, 235 truck/trailer spaces and a 2.6-acre IOS laydown yard.

FacebookTwitterLinkedinEmail
Addison Landing

JACKSONVILLE, FLA. — Berkadia has arranged the $44.6 million sale of Addison Landing, a 289-unit, garden-style multifamily community located in Jacksonville. Greg Rainey of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. The buyer was Tampa, Florida-based Argyle Real Estate Capital. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia also secured $31.3 million in financing through a Freddie Mac loan for the acquisition. The 10-year floating loan features interest-only payments for seven years. Built in 2007 on a 19-acre site, Addison Landing comprises 34 two- and three-story buildings. Floorplans at the property include one-, two-, three- and four-bedroom units totaling up to 1,425 square feet, according to Apartments.com. Select units also offer private, fenced yards, vaulted ceilings and lake views. Amenities at the community include a swimming pool, sun deck, outdoor kitchen and poolside lounge, clubhouse with a fitness center, billiards room, business center, playground, dog park, pet stations, package locker system and detached garages. The revious ownership invested $4.6 million in community enhancements.

FacebookTwitterLinkedinEmail
Shopper's Haven

POMPANO BEACH, FLA. — Fort Lauderdale-based Stiles and Charlotte, North Carolina-based FCA Partners have completed the redevelopment of Shopper’s Haven, a 200,144-square-foot retail center in Pompano Beach, roughly 36 miles north of Miami. A new Publix Supermarket — which opened June 26 — anchors the center. Dunphy Development provided additional development and construction management services, and Hawkins Construction served as the project’s general contractor. Stiles and FCA acquired the property in 2024. First Horizon Bank provided financing for both the property acquisition and redevelopment Redevelopment of the site included ground-up construction of the new Publix, along with upgrades to the property’s exterior, walkways, landscaping and parking areas. Several additional retailers and restaurants are scheduled to join the property’s tenant roster, which currently includes Walgreens, Outback Steakhouse, Dunkin’ Donuts, Xfinity, Leslie’s Pool Supplies, Michael’s, Bealls, YouFit and Domino’s.

FacebookTwitterLinkedinEmail

POMPANO BEACH, FLA. — Stream Realty Partners has negotiated the sale of a 10-acre industrial development site located at the corner of NW 33rd St. and NW 27th Ave. in Pompano Beach. Steve Medwin and Nick Wigoda of Stream represented the buyers, Foundry Commercial and Crow Holdings Capital, in the transaction. Situated near the Florida Turnpike, Interstate 95 and Port Everglades, the site will be developed into a two-building industrial campus that totals approximately 182,000 square feet.

FacebookTwitterLinkedinEmail

PANAMA CITY, FLA. — Topgolf will open its newest outdoor venue at 15475 Topgolf Way in Panama City Beach tomorrow. The new Topgolf will be the Dallas-based operator’s 10th outdoor location in Florida and its first on the state’s Emerald Coast. The property is situated along Powell Adams Drive near Panama City Beach Parkway and adjacent to Pier Park. The venue will employ between 275 and 300 staffers and feature 74 outdoor climate-controlled hitting bays spanning two levels, each furnished with lounge-type couches or high-top tables. The Topgolf will also feature a full-service bar and restaurant, outdoor patio with lawn games and a 22-foot video wall with more than 140 HDTVs.

FacebookTwitterLinkedinEmail

MIAMI — Walker & Dunlop has arranged an $87.3 million loan for the refinancing of 2000 Biscayne, a new 36-story apartment tower in Miami. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop’s New York City capital markets team arranged the financing on behalf of the borrower, a joint venture that includes Kushner Cos. and PTM Partners. Corebridge Financial provided the loan. The 420-unit property comprises 75 studios, 204 one-bedroom, 129 two-bedroom and 12 three-bedroom apartments. Amenities include coworking spaces, community dining areas, a fitness center with locker rooms, spa, game room, children’s play area, pet spa and a dog park. 2000 Biscayne was 75 percent leased at the time of financing, a little more than a year after Kushner and PTM Partners began preleasing.

FacebookTwitterLinkedinEmail

MIAMI ­— Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise apartment tower in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin and John Lowe of JLL arranged both loans for Oak Row Equities. Units at 2900 Terrace, designed by Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity program will span two levels and include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, card room, resident lounge, sauna, golf simulator, theater and a children’s playroom. A landscaped deck will offer outdoor amenities including a pool, cold plunge, poolside cabanas and lounge seating, grills and picnic seating, hot tub, summer kitchen, children’s playground and a coworking terrace. Oak Row has begun construction and plans to deliver 2900 Terrace in fourth-quarter 2027.

FacebookTwitterLinkedinEmail

WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential. The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026. The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.

FacebookTwitterLinkedinEmail

By Brett Reese of CP Group After several years of disruption, the office market is beginning to show meaningful signs of recovery. Market fundamentals are strengthening, sentiment is shifting and the data backs it up. Office sales totaled $64.3 billion last year, up nearly 21 percent from 2023, according to MSCI Real Assets. Net absorption also turned positive, with 6.5 million more square feet of U.S. office space leased than vacated, marking the most substantial annual gains since 2019.  Rent growth has been substantial across key markets, lenders are re-engaging and marquee transactions are driving capital back to the sector. These are the first broad signs that the innovative strategies employed by experienced owners and operators over the past five years are beginning to pay off.  Sun Belt momentum In Southeastern markets like South Florida and Atlanta, recovery outpaces national trends, driven by location, flexibility and amenitized space. Hard-learned lessons by tenants, lenders and landlords have reshaped the market. As the industry recalibrates, operators with conviction and capital can double down on what’s working. Debt is returning Perhaps the most significant harbinger of market recovery is the thawing of the debt markets. Just a year ago, lenders willing to underwrite …

FacebookTwitterLinkedinEmail