Florida

Bridge, PGIM Secure $67M Construction Loan for Speculative Cold Storage Project in South Florida

by John Nelson November 4, 2020

HIALEAH, FLA. — A joint venture between Bridge Development Partners and PGIM Real Estate has secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The property will be situated on 20.8 acres at NW 162nd St. and NW 102nd Ave., about 20 miles northwest of PortMiami. Steve Roth of CBRE arranged the loan through MetLife. The Bridge-PGIM joint venture plans to break ground on the project this month for delivery in late 2021. Bridge Point Cold Logistics Center will be the first cold storage facility built on a speculative basis in South Florida, according to Bridge Development. The project is also the first cold storage project between Bridge and PGIM, which launched a $150 million program last year for the development and redevelopment of cold storage facilities nationwide.

November 4, 2020

Acquisitions Florida Georgia Industrial North Carolina Southeast

Nuveen Global Investments Acquires Six-Property Industrial Portfolio in Southeast for $272M

by Alex Tostado October 30, 2020

KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.

October 30, 2020

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $82M Refinancing Loan for New Multifamily Community in Fort Lauderdale

by Alex Tostado October 28, 2020

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.

October 28, 2020

Development Florida Multifamily Seniors Housing Southeast

Allied Group Plans to Convert Two Retail Properties in Metro Tampa to 154-Unit Seniors Housing Community

by Alex Tostado October 26, 2020

ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.

October 26, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $11.6M Sale of Former Newspaper Printing Facility in Metro Miami

by Alex Tostado October 26, 2020

DORAL, FLA. — Cushman & Wakefield has arranged the $11.6 million sale of the former Miami Herald Printing Facility in Doral. The three-story warehouse spans 118,993 square feet and features 15 dock-high positions, one grade-level ramp and clear heights from 10 feet to 46 feet. The property was built in 2013 and is situated at 3500 NW 89th Court, 14 miles west of downtown Miami. Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield, represented the undisclosed seller in the transaction. MG3 Group, a private real estate company, acquired the property. According to the Miami Herald, in 2019 the newspaper has a print circulation of 75,000 customers.

October 26, 2020

Company News Florida NAI Southeast

Two SIOR Veterans Launch NAI THOR Commercial Group in Tampa

by Alex Tostado October 23, 2020

TAMPA, FLA. — Two SIOR veterans have launched NAI THOR Commercial Group in Tampa. Brad Berzins and Andy Georgelakos, former executives with NAI KLNB in the Baltimore-Washington, D.C. corridor, are leading the office. NAI THOR will service the Tampa and Southwest Florida region, namely Tampa, Sarasota, Fort Myers and Naples. Also joining the Tampa office is Kevin Fitzgerald, the former head of NAI Southwest Florida. Fitzgerald has more than 35 years of commercial real estate experience. NAI THOR is the 12th NAI Global office in Florida. “Our research and instincts have pointed us to this section of the country and we firmly believe economic, infrastructure and societal forces have aligned to bring unprecedented growth to this region,” says Georgelakos. “We intend to be extremely aggressive in attracting the top brokerage talent to our team and quickly mobilizing to capitalize upon emerging real estate opportunities.” Berzins has worked in the Mid-Atlantic region for 20 years and has completed transactions valued at more than $1 billion throughout his career. Georgelakos served as president of NAI KLNB from 2000 to 2017. He helped grow the company from two to four offices throughout the Baltimore-Washington, D.C.-Northern Virginia region. The firm also grew to more …

October 23, 2020

Company News Florida Southeast

Lebolo Construction Management to Open New Office in Orlando

by Alex Tostado October 23, 2020

ORLANDO, FLA. — Lebolo Construction Management Inc. will open a new branch office in Orlando. The company will focus on the retail, office, educational, industrial, medical and hospitability sectors. Lebolo Construction has worked with private clients such as Wells Fargo and Divine Savior Academy, as well as public clients such as Palm Beach International Airport and Palm Beach State College. Boynton Beach, Fla.-based Lebolo is celebrating its 20th anniversary this year. This is Lebolo’s third office overall, having opened its first branch location in Tampa in 2011.

October 23, 2020

Acquisitions Florida Multifamily Southeast Student Housing

Preiss, Crow Holdings Acquire 752-Bed Student Housing Community Near Florida State University

by Alex Tostado October 22, 2020

TALLAHASSEE, FLA. — A joint venture between The Preiss Co. and a private equity fund advised by Crow Holdings Capital has acquired Quantum on West Call, a 752-bed student housing community located near Florida State University in Tallahassee. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Communal amenities include a 24-hour fitness center, pool, yoga center, clubhouse, theater, cyber lounge, individual study nooks, group study spaces and a sundeck with hammocks and grilling stations. The new ownership plans to begin renovations on half of the 225 units to upgrade vinyl plank flooring in the common areas and improve internet connectivity. Terms of the transaction and the seller were not disclosed.

October 22, 2020

Development Florida Retail Southeast

Konover South Breaks Ground on 56,600 SF Retail Center in South Florida

by Alex Tostado October 21, 2020

MIRAMAR, FLA. — Deerfield Beach, Fla.-based Konover South LLC has broken ground on Miramar Park Place, a 56,600-square-foot retail center in Miramar. Tenants, which include Flannigan’s, World of Beer, Jersey Mike’s and Starbucks, are expected to open in summer 2021. Konover South, in partnership with Master Development Partners of Dania Beach, Fla., purchased the property in October 2019. R.A. Rodgers Construction Co., based in Altamonte Springs, Fla., is the general contractor. City National Bank provided a $20 million construction loan for the project.

October 21, 2020

Acquisitions Florida Office Southeast

TerraCap Acquires Office Park Near Orlando Airport for $24M

by Alex Tostado October 21, 2020

ORLANDO, FLA. — TerraCap Management LLC has acquired Airport Business Center, a six-building, 196,000-square-foot office/flex park in Orlando. The property is situated at 5730 S. Semoran Blvd., four miles north of Orlando International Airport. The asset was 88 percent leased at the time of sale to tenants including law firm Hogan PA, Reliance Plumbing & Drain Cleaning, Southeast Airport Services Inc. and US Marine Corps Recruiting. TerraCap hired Foundry Commercial LLC to lease the property and Harvard Pacific to manage the property. CBRE | Orlando arranged acquisition financing through Prime Finance on behalf of the Estero, Fla.-based buyer. Ron Rogg of CBRE | Orlando represented the undisclosed seller in the sale.

October 21, 2020

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