Florida

Unicorp to Develop 300,000 SF Office Headquarters for Marriott Vacations Worldwide in Orlando

by Alex Tostado January 27, 2020

ORLANDO, FLA. — Unicorp National Development Inc. will construct a nine-story, 300,000-square-foot building that will house Marriott Vacations Worldwide Corp.’s headquarters in Orlando. The building will be situated within Unicorp’s O-Town West development, a $1 billion mixed-use project that will include restaurants, offices, entertainment, retail stores, hotels, apartments and residential homes. HuntonBrady Architects is the designer and Finfrock Construction will serve as the general contractor of the office project. Construction of the new campus is scheduled to begin in early 2020 with a 2021 anticipated completion date. Additional details and features of the global headquarters are yet to be determined. Marriott Vacations Worldwide operates under Marriott International while offering vacation ownership, exchange, rental and resort and property management.

January 27, 2020

Development Florida Industrial Southeast

Seefried, MDH Partners Purchase 20 Acres in East Orlando to Construct Two-Building Industrial Property

by Alex Tostado January 24, 2020

ORLANDO, FLA. — Seefried Industrial Properties and MDH Partners LLC have purchased 20 acres in east Orlando to construct Narcoossee Logistics Center, a two-building industrial campus. The first building will span 160,000 square feet and the second will total 120,000 square feet. Both buildings will feature 32-foot clear heights, 130-foot concrete truck courts, an ESFR sprinkler system and a combined 71 dock high doors. The site is situated near State Road 528 and Narcoossee Road, about five miles east of Orlando International Airport. MacGregor Associates is the project architect, and Kimley Horn is the civil engineer. Lee Morris of Colliers International will lead leasing efforts for the project, which is slated for completion by the end of the year.

January 24, 2020

Acquisitions Florida Retail Southeast

JLL Arranges $39.5M Sale of Shopping Center in South Florida

by Alex Tostado January 24, 2020

ROYAL PALM BEACH, FLA. — JLL has arranged the $39.5 million sale of Coral Sky Plaza, a 232,727-square-foot retail center in Royal Palm Beach. BJ’s Wholesale Club anchors the property, which was 96 percent leased at the time of sale to tenants including Ross Dress for Less, buybuy Baby, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear. The property is located at 510-590 State Road 7, 11 miles west of downtown West Palm Beach. The seller was not disclosed, although multiple media outlets report Claion Partners sold the property. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller in the transaction. Additionally, Chris Drew, Maxx Carney, Jesse Wright and Reid Carleton of JLL arranged a $26.1 million acquisition loan through Morgan Stanley Bank on behalf of the buyer, which was also not disclosed, but media outlets report it was Coral Sky Plaza LLC, managed by Kenneth R. Silverman in Key West.

January 24, 2020

Acquisitions Florida Retail Southeast

MMG Equity Partners Acquires Two Shopping Centers in Metro Miami for $12.7M

by Alex Tostado January 23, 2020

MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.

January 23, 2020

Development Florida Multifamily Southeast

St. Joe, Flournoy to Develop 300-Unit Apartment Complex in Panama City Beach

by Alex Tostado January 22, 2020

PANAMA CITY BEACH, FLA. — A joint venture between the St. Joe Co. and Flournoy Development Co. will develop a 300-unit apartment complex in Panama City Beach’s Breakfast Point neighborhood. The community will feature four four-story buildings; one-, two- and three-bedroom floor plans; elevators; and air-conditioned corridors. Community amenities will include a pool, wellness and health studio, playground, covered boat and RV parking, dog parks and pickleball courts. Construction is expected to begin immediately, and the developers expect to begin leasing in summer 2021.

January 22, 2020

Acquisitions Florida Office Southeast

Madison Marquette Acquires Two Office Buildings in Miami’s Coconut Grove for $47.7M

by Alex Tostado January 22, 2020

MIAMI — Madison Marquette, a real estate investor, developer and operator, has acquired two office buildings in Miami’s Coconut Grove neighborhood for $47.7 million. The properties include the 80,380-square-foot Continental Plaza, located at 3250 Mary St., and the 57,155-square-foot Bayview Executive Plaza, situated at 3225 Aviation Ave. less than a mile from Continental Plaza. MetLife provided a $17.6 million acquisition loan for Bayview Executive Plaza and a $25 million acquisition loan for Continental Plaza. Allegra Holding, which bought the assets in 2015 for $42 million, sold the buildings to Madison Marquette. Roberto Susi and Jose Sasson of Axiom Capital Advisors represented the buyer in the transaction.

January 22, 2020

Development Florida Mixed-Use Southeast Top Stories

Forest Development to Build 1.1 MSF Nautilus 211 Mixed-Use Project in Lake Park, Florida

by Kristin Harlow January 22, 2020

LAKE PARK, FLA. — Forest Development has received unanimous approval from the City of Lake Park to build Nautilus 211, a mixed-use project featuring condominiums, office space, retail and restaurants. The 1.1 million-square-foot development will rise along the Intracoastal Waterway and overlook the Lake Park Harbor Marina. The project’s two 23-story towers will house 332 condo units. Amenities for residents will include two pools, pickleball courts, a putting green, game room, children’s play center, private theater, clubroom, resident bowling alley, library and fitness center. A fifth-floor entertainment area will offer a music studio, arts and crafts room, billiards room and Pilates studio. Four guest suites will be available for rent. In addition to the 332 condos, the project will include 13,000 square feet of office space, 8,058 square feet of retail space and 14,550 square feet of waterfront restaurant space. Five floors of parking will offer 863 spots for both residents and the public. Construction is scheduled to begin this fall, with completion slated for summer 2023. The project is the result of five years of planning, according to Peter Baytarian, managing partner of Lake Park-based Forest Development. Pricing has not yet been released, but Baytarian says the initial unit …

January 22, 2020

Development Florida Industrial Southeast

Sysco Completes Expansion of 150,000 SF Food Processing Facility in Orlando

by Alex Tostado January 21, 2020

ORLANDO, FLA. — Sysco Corp., a global food distribution and marketing organization, has completed the expansion of FreshPoint Central Florida, a food processing facility located at 8801 Exchange Drive in Orlando. FreshPoint, Sysco’s specialty produce company, operates the facility. The expansion doubles the facility’s size to 150,000 square feet and includes a new culinary center for demonstrations and staging, new equipment for produce processing, LED lighting, energy-efficient coolers and a new system for collecting produce waste. FreshPoint Central Florida stocks a wide variety of locally grown products throughout the year, including tomatoes, citrus, row crop vegetables, Zellwood Triple Sweet Corn, microgreens, peaches, specialty potatoes, tropical fruits, grapes and figs.

January 21, 2020

Development Florida Mixed-Use Southeast

Partnership Breaks Ground on 55-Acre Mixed-Use Development in Naples, Florida

by Alex Tostado January 20, 2020

NAPLES, FLA. — Barron Collier Co. and Metro Commercial Development Group have broken ground on Founders Square, a 55-acre mixed-use development in Naples. The Pointe, a collection of restaurants and other service and retail tenants, will anchor the project. At full buildout, the project will include The Haldeman, a 400-unit multifamily complex; a 35,000-square-foot medical office building adjacent to The Pointe; and a 110,000-square-foot self-storage facility. Atlanta-based Davis Group will develop the self-storage facility, which will stand three stories high. Founders Square is located at the corner of Immokalee Road and Collier Boulevard, 15 miles northeast of downtown Naples. Developers expect the property to be delivered in summer 2021.

January 20, 2020

Company News Florida Multifamily Southeast

Three Multifamily Broker Veterans Join IPA, Expanding Firm’s Central Florida Office

by Alex Tostado January 20, 2020

ORLANDO, FLA. — Shelton Granade, Luke Wickham and Justin Basquill have joined the Orlando office of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Granade joins the firm as an executive managing director. Wickham and Basquill join the firm as senior managing director and first vice president, respectively. As a team, the three brokers have closed more than $10 billion in sales. All three brokers were formally with CBRE. “The addition of this outstanding team is another step forward in our growth plan for IPA throughout North America,” said Jeffery Daniels, senior vice president and national director of IPA Multifamily. “Our ability to attract one of the most successful multifamily sales teams in the country is a testament to IPA’s success in creating an entrepreneurial, collaborative culture focused on client service and goal attainment.”

January 20, 2020

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