Florida

Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project

by Kristin Harlow September 9, 2020

MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million. The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald. No further approvals are needed and construction is expected to begin within the year. Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal. Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that …

September 9, 2020

Development Florida Multifamily Southeast

Estate Cos., Merrimac to Construct 340-Unit Apartment Complex in South Florida

by Alex Tostado September 8, 2020

DANIA BEACH, FLA. — The Estate Cos. and Merrimac Ventures will develop Soleste Cityline, a planned 340-unit apartment complex that will also feature 12,800 square feet of retail space in Dania Beach. The Broward County asset will be situated at 4 N. Federal Highway, 26 miles north of downtown Miami. The property will offer studio to three-bedroom units ranging from 600 to 1,200 square feet. Communal amenities will include a pool, pool deck, fitness center, grilling area, clubroom and private event spaces. The eight-story building will also feature 545 parking spaces. Merrimac will retain the retail space while Estate Cos. will manage the multifamily portion of the property. Merrimac sold the 2.5-acre plot to 4 North Federal Holdings LLC, an affiliate of Estate Cos. and Merrimac, for $8 million. Synovus Financial Corp. provided the partners with $4.7 million in acquisition financing. The developers expect to break ground in the fourth quarter of this year. The design team and timeline for completion were not disclosed.

September 8, 2020

Development Florida Multifamily Southeast Student Housing

Palm Beach Atlantic University, Pembroke Student Housing Deliver Residence Hall in West Palm Beach

by Alex Tostado September 4, 2020

WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.

September 4, 2020

Acquisitions Florida Retail Southeast

SRS Negotiates $22.7M Sale of Seven Retail, Office Outparcels Near Mall at Millenia in Orlando

by Alex Tostado September 4, 2020

ORLANDO, FLA. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, along with Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property. Limestone Asset Management, an affiliate of Miami-based Orion Real Estate Group, acquired the portfolio.

September 4, 2020

Florida Retail Southeast

Lenders are Slow Out of the Gate as Central Florida Retail Market Begins Recovery, Says Webinar Panel

by Alex Tostado September 3, 2020

Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU). The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can operate at full capacity; fitness centers can operate at 50 percent capacity; and bars can operate at 50 percent of standing room capacity. Phase II for most of the state’s counties went into effect June 5. While residents and businesses have begun the process of returning to pre-pandemic shopping norms, Chuck Whittall, president of Unicorp National Developments, said banks are still cautious. “There is a lot of fear on the credit side of the world,” said Whittall. “We experienced it after 9/11, in 2009 and we are experiencing it again now.” Orlando-based Unicorp broke ground last month on O-Town West, a $1 billion mixed-use development along Interstate 4 and three …

September 3, 2020

Acquisitions Florida Office Southeast

IPA Arranges $28.5M Sale of North Lake Business Park in Altamonte Springs, Florida

by Alex Tostado September 2, 2020

ALTAMONTE SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $28 million sale of North Lake Business Park, a 15-building office campus in Altamonte Springs. The property comprises 270,000 square feet and was 90 percent leased at the time of sale to a mix of technology, real estate and healthcare tenants. North Lake Business Park is situated on 29 acres at 600 Northlake Blvd., 11 miles north of downtown Orlando. Douglas Mandel of IPA represented the seller, Real Capital Solutions, in the transaction. Mandel also procured the buyer, Taurus Investment Holdings LLC.

September 2, 2020

Acquisitions Florida Retail Southeast

PMAT Acquires Publix-Anchored Shopping Center Near Orlando for $7.7M

by Alex Tostado September 2, 2020

KISSIMMEE, FLA. — The PMAT Cos. has acquired Columbia Promenade, a 68,853-square-foot shopping center in Kissimmee. Publix anchors the center, which is located at 1251 W. Columbia Ave., 19 miles south of downtown Orlando. The asset was 93 percent leased at the time of sale to tenants including Publix, Get Nails & Spa, Keke’s Breakfast Café and Little China. JLL and Ten-X represented the undisclosed seller in the transaction.

September 2, 2020

Development Florida Retail Southeast

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado September 1, 2020

OCALA, FLA. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Fla.-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th St., 38 miles south of downtown Gainesville. Cuhaci & Peterson designed the shopping center. Elliott Throne and Jesse Wright of JLL originated a construction loan through First Florida Integrity Bank on behalf of the borrower. The seven-year loan features a fixed interest rate.

September 1, 2020

Acquisitions Florida Industrial Southeast

Americold Realty Trust Purchases New Cold Storage Facility in Tampa for $25M

by Alex Tostado September 1, 2020

TAMPA, FLA. — Americold Realty Trust has acquired a 3.2 million-cubic-foot cold storage facility in Tampa for $25 million in an all-cash deal. The Atlanta-based refrigerated real estate owner and operator expects to implement $500,000 in capital expenditures. The facility features 12,400 pallet positions, as well as blast-freezing capabilities. The property will offer support to two Americold facilities in nearby Plant City and Bartow, Fla. The seller was not disclosed.

September 1, 2020

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida

by Alex Tostado August 31, 2020

GAINESVILLE, FLA. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphrey’s & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

August 31, 2020

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