REBusinessOnline

Marcus & Millichap Arranges $12.6M Sale of Two Retail Properties in Metro Orlando

ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million.Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset …

Stonemont Breaks Ground on 1.3 MSF Spec Industrial Development in Fort Pierce, Florida

FORT PIERCE, FLA. — Atlanta-based Stonemont Financial Group has broken ground on South Florida Logistics Center 95, a two-building, 1.3-million-square-foot speculative industrial development in Fort Pierce. Construction is slated to be complete by the fourth quarter.South Florida Logistics Center 95 is a Class A development that will include one cross-dock facility totaling 1.1 million square feet with a 40-foot clear heights, along with a rear-load facility totaling 202,400 square feet …

CBRE Arranges $3.1M Sale of Tampa Bay Retail Strip Center

ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties.Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H …

PSRS Arranges $28.5M in Financing for Medical Office Portfolio in Southern California, Florida

LOS ANGELES — PSRS has closed $28.5 million in portfolio financing for three medical office buildings in Southern California and Southern Florida. David Hamilton arranged the financing on behalf of a large medical office landlord. One of PSRS’ debt fund lenders provided the capital.Los Angeles-based PSRS achieved a cash-out refinance on the borrower’s existing portfolio, reducing the equity need for the new acquisitions. The firm also provided the sponsor maximum leverage, three years …

Cushman & Wakefield Arranges $33.4M Sale of Two Apartment Communities in Gainesville, Florida

GAINESVILLE, FLA. — Cushman & Wakefield has arranged the $33.4 million sale of two apartment communities in Gainesville known as Mount Vernon and Williamsburg Village. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a New York-based private equity fund, in the transaction. An undisclosed private investor based in Orlando was the buyer.Mount Vernon is located at 2370 SW Archer Road, and Williamsburg Village is located at 2000 SW 16th St. Both …

Aspen Heights Breaks Ground on 67-Unit Student Housing Development in Tampa

TAMPA, FLA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen Heights Tampa, a 67-unit, cottage-style student housing development located in Tampa near the University of South Florida. The community is scheduled for completion by this fall.Located by Cove Bend and Bruce B Downs Boulevard, Aspen Heights Tampa will include cottage- and townhome-style units across two- and three-story buildings. Unit features will include high-end finishes, stainless steel appliances …

Bristol Development, Hallmark Sell Vista Brooklyn Apartments in Jacksonville for $126.3M

JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million.Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail …

NREA, Catalyst Acquire Two National Healthcare Portfolios Totaling 1.2 MSF

WASHINGTON, D.C. AND PENSACOLA, FLA. — A joint venture between Washington, D.C.-based National Real Estate Advisors (NREA) and Florida-based Catalyst Healthcare Real Estate has acquired two national healthcare portfolios totaling approximately 1.2 million square feetTogether, the portfolios comprise 40 properties across 13 states, the majority of which are located in Sun Belt markets. At the time of sale, the portfolios had a combined occupancy rate of 92 percent. Of that 1.1 million …

Berkadia Arranges $97.5M Sale of Apartment Community in Orlando

ORLANDO, FLA. — Berkadia has arranged the sale of West Vue, a 442-unit, garden-style apartment community in Orlando. A joint venture between New York-based Phoenix Realty Group and Prospect Capital acquired the property for $97.5 million. Matt Wilcox, Brett Moss, Tyler Swidler and Cole Whitaker of Berkadia represented the Jacksonville-based seller, RISE: A Real Estate Co.Built in 2021, West Vue offers one-, two- and three-bedroom floorplans with units ranging from 759 square feet to 1,369 …

JLL Secures $73.4M Loan for Five-Property Portfolio in South Florida

MIAMI — JLL Capital Markets has secured a $73.4 million refinancing loan for a five-property industrial portfolio totaling 713,481 square feet in Doral, Medley, Miami and Cooper City.Greg Nalbandian, Jim Cadranell, Maxx Carney and Michael Lachs of JLL arranged the loan on behalf of the borrower, metro Philadelphia-based Seagis Property Group LP. An undisclosed correspondent life insurance company provided the 10-year, fixed-rate, interest-only loan.The 12-building portfolio includes …

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