Florida

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $5.5M Sale of Travelodge Hotel in Orlando

by Alex Tostado March 20, 2020

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.5 million sale of Travelodge by Wyndham Orlando Near Florida Mall, a 132-room hotel in Orlando. The property is situated at 1850 W. Landstreet Road, eight miles south of downtown Orlando and two miles from The Florida Mall. The hotel offers free parking, a pool, business center and laundry facilities. Ahmed Kabani of Marcus & Millichap represented the seller, an undisclosed limited liability company, and the buyer, a private investor, in the transaction.

March 20, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community Near Jacksonville for $54.9M

by Alex Tostado March 19, 2020

PONTE VEDRA, FLA. — Passco Cos. has acquired The Reserve at Nocatee, a 244-unit multifamily community in Ponte Vedra, for $54.9 million. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with cabanas and a dog park. The community is situated on 20 acres at 215 Hunters Lake Way, 25 miles south of downtown Jacksonville. Brian Moulder and Dhaval Patel of Walker & Dunlop brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated the acquisition loan on behalf of the buyer. The seller was not disclosed.

March 19, 2020

Acquisitions Florida Hospitality Southeast

Waramaug Hospitality Purchases 214-Room Castle Hotel in Orlando

by Alex Tostado March 16, 2020

ORLANDO, FLA. — Boca Raton, Fla.-based Waramaug Hospitality has purchased Castle Hotel, part of Marriott’s Autograph Collection, in Orlando. The 214-room hotel offers seven meeting rooms totaling 8,400 square feet, gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center and two rooftop terraces. The hotel is situated at 8629 International Drive, 11 miles south of downtown Orlando and four miles south of Universal Orlando Resort. Furthermore, Universal’s newest theme park, Epic Universe, currently scheduled to open in 2023, is located across the street from the hotel. Waramaug has retained Schulte Hospitality Group to manage the property. Further details of the transaction were not disclosed.

March 16, 2020

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $22.2M Sale of Multifamily Complex in Jacksonville

by Alex Tostado March 16, 2020

JACKSONVILLE, FLA. — CBRE has negotiated the $22.2 million sale of Ansley at Harts Road, a 225-unit multifamily complex in Jacksonville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a wellness center and pool. The asset, which was built in 1988, is situated at 11011 Harts Road, eight miles north of downtown Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the undisclosed seller in the transaction. Washington, D.C.-based Madison Marquette acquired the community.

March 16, 2020

Development Florida Multifamily Seniors Housing Southeast

Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida

by Alex Tostado March 13, 2020

VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.

March 13, 2020

Acquisitions Florida Retail Southeast

Colliers Brokers Sale of 63,346 SF Shopping Center in Jacksonville

by Alex Tostado March 13, 2020

JACKSONVILLE, FLA. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the transaction.

March 13, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of CVS-Leased Distribution Center in Orlando

by Alex Tostado March 12, 2020

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of a 713,585-square-foot distribution center fully leased to CVS/pharmacy in Orlando. CVS services 500 stores in Florida and Puerto Rico from the facility. The property is situated at 8201 Chancellor Drive, eight miles south of downtown Orlando and nine miles west of Orlando International Airport. The building was originally developed in 1975 and offers 24- to 35-foot clear heights, 97 dock positions, approximately 500 car parking spaces and 429 trailer parking spaces. The seller was a closed-ended fund owned by a Spanish family office and managed by Exan Capital, an independent real estate fund manager. The buyer was PBV Logistics Center LLC, an affiliate of Phoenix-based logistics investor and developer Tratt Properties. Mike Davis, Wayne Ramoski, Rick Brugge, Rick Colon, Jared Bonshire and David Perez of Cushman & Wakefield represented the seller in the transaction.

March 12, 2020

Development Florida Multifamily Seniors Housing Southeast

Wendover Housing Partners Plans to Develop $15.9M Affordable Seniors Housing Community Near Orlando

by Alex Tostado March 12, 2020

SANFORD, FLA. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rental rates for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in LIHTC (Low-Income Housing Tax Credits) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy is the general contractor. Wendover expects construction to take 10 months.

March 12, 2020

Acquisitions Florida Office Southeast

Slate Office REIT Agrees to Acquire Cypress Financial Center in Fort Lauderdale for $45.5M

by Alex Tostado March 11, 2020

FORT LAUDERDALE, FLA. — Toronto-based Slate Office REIT has agreed to acquire Cypress Financial Center in Fort Lauderdale for $45.5 million. The 201,305-square-foot building is situated at 5900 N. Andrews Ave., adjacent to Cypress Creek Transit Station and Interstate 95 on the city’s north side. The property was 93 percent leased at the time of sale. The publicly traded REIT expects the deal to close in May. The seller was not disclosed.

March 11, 2020

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