FORT LAUDERDALE, FLA. — GreenWise Market has opened a new location in Fort Lauderdale. The grocer occupies the ground floor of The Main Las Olas building on Southeast Third Avenue. The 27,758-square-foot store is the first GreenWise Market to be located in a multiuse high-rise. The owner of the tower is a joint venture between Fort Lauderdale-based Stiles Corp. and San Francisco-based Shorenstein Properties, according to South Florida Business Journal. GreenWise Market is a grocery concept owned and operated by Publix Super Markets. The new store is the eighth location in the United States and features health-conscious and gourmet foods, as well as vitamins, nutritional supplements, natural soaps and shampoos, meats, seafood, made-to-order meals and grab-and-go foods like sandwiches and pizza. The Fort Lauderdale GreenWise Market also features a mural by Steven Teller depicting a variety of tropical plants common to South Florida.
HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.
FORT LAUDERDALE, FLA. — JLL Capital Markets has arranged the $44.2 million sale of Cypress Financial Center, a 201,305-square-foot, Class A office tower in Fort Lauderdale. JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Square2 Capital and Steelbridge Capital. JLL also procured the buyer, Vision Properties. Cypress Financial Center is located at 5900 N. Andrews Ave. and is 13 miles from Fort Lauderdale-Hollywood International Airport. The building has 250 feet of frontage along Interstate 95 and is situated across from the Cypress Creek Tri-Rail station and adjacent to the Fort Lauderdale Executive Airport. The 11-story office tower features a six-level, 785-space parking garage. At the time of sale, Cypress Financial Center was approximately 90 percent leased to tenants including Hayes Medical Staffing, which anchors the office tower. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, which recently completed a multi-year renovation of the property. Square2 Capital is an investment management company based in Miami that invests and operates throughout Florida and the Southeast, Steelbridge Capital is a Miami-based private equity firm that invests in single- and multi-tenant real estate properties nationwide and Vision Properties is a commercial real estate firm …
SARASOTA, FLA. — Tricera Capital has acquired a nine-story, Class A office building in downtown Sarasota known as BB&T Financial Center. The Miami-based real estate investment firm purchased the office building for $35 million. Tricera Capital partnered with private investor Alex Karakhanian and Fort Lauderdale, Fla.-based investment firm Merrimac Ventures on the acquisition. The seller was private real estate investor George Spector. BB&T Financial Center is located at 1800 Second St. The 550,000-square-foot building spans across two towers and features 500 covered parking spaces. Originally developed in the 1980s, the building underwent more than $1 million in capital improvements over the past three years, including upgrades to the roof, lobby and elevator systems. The property spans an entire city block between Links and North Osprey avenues. The building was approximately 70 percent occupied at the time of sale. Douglas Mandel of Institutional Property Advisors, a division of Marcus & Millichap, marketed BB&T Financial Center for sale. Scott Wadler of Berkadia’s Miami office arranged acquisition financing through Prime Finance.
MIAMI BEACH, FLA. — An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction. The Eva Hotel is located at 1506 Collins Ave., between the shopping and entertainment enclaves of Lincoln Road and Española Way and just across the street from the northernmost point of Ocean Drive. The property is situated a half-block from the beach and five miles away from Miami International Airport. The Eva Hotel was originally built in 1962 and last renovated in 2016. The Casa Hotels Group plans to renovate the property before reopening in 2022.
DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.
SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.
TAMPA, FLA. — Berkadia has provided a $41.4 million loan for the acquisition of Bainbridge Ybor City, a 240-unit apartment community in Tampa’s Ybor City Historic District. Mitch Sinberg and Matthew Robbins of Berkadia’s South Florida mortgage banking team originated the Freddie Mac loan on behalf of the borrower, GMF Capital. Berkadia provided the 10-year, floating-rate loan, which features five years of interest-only payments. Wellington, Fla.-based Bainbridge Cos. developed Bainbridge Ybor City in 2017. The property is located at 1512 E. 12th Ave. in Ybor City, which is the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans. Community amenities include a pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage and greenways.
MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.
ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.