LEHIGH ACRES, FLA. — CBRE has brokered the $4.5 million sale of a self-storage development site located in Lehigh Acres, a city in Southwest Florida’s Lee County. A private investor acquired the 87,813-square-foot property, which is situated at 511 Lee Blvd. Upon completion, the development will feature 971 climate-controlled self-storage units. CBRE’s Self Storage Advisory Group represented the seller, a private investor, in the transaction.
MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.
MIAMI — Mast Capital and Avalon Bay Communities have completed the development of Avalon Merrick Park, a 254-unit apartment community located at 3811 Shipping Ave. in the Coral Gables neighborhood of Miami. The property, which was constructed by general contractor First Florida, features studio, one-, two- and three-bedroom apartments, ranging from 456 to 1,530 square feet. Amenities at the community include a swimming pool, fitness center, resident lounge with coworking spaces and a pet spa. Arquitectonica designed the property. Rental rates at Avalon Merrick Park begin at $2,340, according to Apartments.com.
VERO BEACH, FLA. — Thompson Thrift plans to develop a new 276-unit multifamily community in Vero Beach. Dubbed Verity, the project is scheduled for completion in summer 2026. The property will comprise apartments across three-story buildings, with units in one-, two- and three-bedroom layouts averaging 1,400 square feet in size. Amenities at the community, which will span 18 acres, will include a clubhouse, fitness center, 24-hour social hub, work-from-home suites, resident conference room, swimming pool, electric firepits, grilling areas, a pickleball court, dog run and pet spa. The property will also feature an Amazon package hub and valet trash service.
KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.
SARASOTA, FLA. — Publix Super Markets has opened a 48,000-square-foot grocery store at Fruitville Farms, a mixed-use development underway in Sarasota. Benderson Development is the master developer of the public-private partnership, which will feature 600 apartments, 150,000 square feet of retail and restaurants and a new 120,000-square-foot Sarasota County Administration Center. Located at the intersection of Fruitville Road and Lakewood Ranch Boulevard, the new Publix is the first tenant to open at the shopping center within Fruitville Farms.
KISSIMMEE, FLA. — JLL Capital Markets has arranged a $47.1 million loan for the refinancing of The Crosslands, a 529,212-square-foot power retail center located at 1100 W. Osceola Parkway in Kissimmee, roughly 20 miles outside Orlando. The borrower is a joint venture between Hampshire Cos., Federated Hermes and O’Connor Capital Partners. Jon Mikula, Michael Klein, Brian Gaswirth, Michael Kavaler and Val McWilliams of JLL secured the three-year loan through TD Bank on behalf of the borrower. The Fresh Market, Burlington, Academy Sports + Outdoors, Hobby Lobby, Marshalls/HomeGoods and Ross Dress for Less anchor the property, which was developed between 2014 and 2016 and fully leased at the time of financing.
JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $19.2 million sale of Greystone at Town Center, an office park located at 10550 Deerwood Park Blvd. in Jacksonville. Developed in 1999, the property totals 212,240 square feet across five buildings. Woodside Capital Partners acquired the development. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the undisclosed seller in the transaction.
SARASOTA, FLA. — The Allen Morris Co. has obtained an $83 million construction loan for Bayside Sarasota, a 349-unit apartment development in the city’s Rosemary District. Kennedy Wilson provided the loan. Alaska Permanent Fund Corp. (APFC) is Allen Morris’ partner on the development, which will sit adjacent to Sarasota’s $200 million Bay Park redevelopment project. Bayside Sarasota will comprise a 253-unit apartment community with 2,000 square feet of retail space and a separate 96-unit tower. The project will feature a mix of one-, two- and three-bedroom apartments and 50,000 square feet of amenities, including a rooftop pool deck, lobby restaurant, fitness center with a covered yoga terrace and a 24-hour concierge. The design-build team includes general contractor Brasfield & Gorrie, architect Dwell Design Studio and interior designer FlickMars. Longboat Group will operate Bayside Sarasota upon completion, which Allen Morris and APFC expect will be in fall 2026.
MIAMI BEACH, FLA. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course at 280 S. Shore Drive. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 percent of the area median income (AMI). The community is funded by $9 million of subordinate debt provided by the Florida Housing Finance Corp.; a $1 million HOME loan from City of Miami Beach; $6 million Surtax loan from Miami-Dade County; $11.9 million permanent loan issued by Citi Community Capital; debt and equity from Bank of America; and bonds issued by the Miami-Dade County Housing Finance Authority. Construction is expected to be complete at Vista Breeze by late-spring 2025.
