Florida

Wendover Housing Partners Opens $19M Residential Community in Central Florida Intended for Veterans, Homeless

by Alex Tostado July 16, 2020

SANFORD, FLA. — Wendover Housing Partners has opened Warley Park, a $19 million, 81-unit housing complex in Sanford that was built to house veterans and the chronically homeless. Communal amenities include a fitness center, splash park, meeting rooms, computer rooms and a commercial kitchen to train residents for restaurant jobs. California-based nonprofit Step Up on Second will manage support services, including mental healthcare, after-school kids’ programs, job training and placement, GED classes and educational programs for ongoing skills. Residents utilize rental vouchers as payment, just as they would at other rental properties or motels. The property is located at 1500 W. 25th St., 22 miles north of downtown Orlando.

July 16, 2020

Development Florida Industrial Southeast

Bridge Development, PGIM to Develop 312,103 SF Cold Storage Facility Near Miami

by Alex Tostado July 14, 2020

HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.

July 14, 2020

Development Florida Multifamily Seniors Housing Southeast

ZOM, Watermark Acquire Two Development Sites for Planned Seniors Housing Communities in South Florida

by Alex Tostado July 14, 2020

CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.

July 14, 2020

Development Florida Retail Southeast

Sleiman Enterprises to Renovate Three Historic Retail Buildings in Jacksonville

by Alex Tostado July 14, 2020

JACKSONVILLE, FLA. — Sleiman Enterprises will renovate three historic retail buildings in Jacksonville’s San Marco Square. The buildings were built in 1926 and 1927, and are located at 1974, 1980 and 1972 San Marco Blvd., two miles south of downtown Jacksonville. Marsh & Saxelbye originally developed the property, which locally based Sleiman Enterprises acquired in August 2019. The two-story, 8,200-square-foot building situated at 1974 San Marco Blvd. is currently vacant. A Starbucks Coffee occupies the space at 1980 San Marco, and a Beau Outfitters leases the building at 1972 San Marco. The facelift will focus mostly on exterior renovations, including adding a new roof, painting the property similar to its original color and adding a “winged” feature to Starbucks and Beau Outfitters. Sleiman is working with architect Jaycox Architects & Associates, as well as with the San Marco Preservation Society and residents of San Marco, to ensure the renovations evoke the building’s original integrity. A timeline for completion was not disclosed.

July 14, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa

by Alex Tostado July 14, 2020

PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.

July 14, 2020

Development Florida Multifamily Southeast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado July 13, 2020

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

July 13, 2020

Acquisitions Florida Office Southeast

Ten Capital, Somerset Properties Acquire Office Building in Fort Lauderdale for $82.5M

by Alex Tostado July 10, 2020

FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

July 10, 2020

Acquisitions Florida Loans Multifamily Southeast

Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado July 10, 2020

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.

July 10, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of Two Tampa Bay Apartment Complexes Totaling 598 Units

by Alex Tostado July 9, 2020

ST. PETERSBURG AND TAMPA, FLA. — CBRE has arranged the sale of a two-property apartment portfolio located in St. Petersburg and Tampa. The first property is Viera Bayside, a 208-unit property located at 500 110th Ave. N. in St. Petersburg. Communal amenities include a 24-hour business center, clubhouse, fitness center and a pool. Unit interiors feature granite countertops, as well as modernized lighting and plumbing fixtures. The second property is Veranda at Westchase, a 308-unit community located at 12401 W. Hillsborough Ave. in Tampa. Community amenities include a fitness center, spa, pool, tennis court, car wash area, business center and a clubhouse. Francesco Carriera and Michael Regan of CBRE represented the undisclosed seller and the buyer, Bridge Investment Group, in the transaction. The sales price was not disclosed.

July 9, 2020

Florida Leasing Activity Retail Southeast

Royal Pets Market & Resort Leases 8,000 SF From Bromley at Midtown Tampa

by Alex Tostado July 9, 2020

TAMPA, FLA. — Royal Pets Market & Resort has signed a lease with Bromley Cos. at Midtown Tampa. The 8,000-square-foot space will be the flagship location for the company, which offers veterinary care, an indoor dog daycare and a pet spa. The space will be situated on the ground floor of Novel Midtown Tampa, which is expected to open later this year. Royal Pets Market joins other announced retail tenants such as Joffrey’s Coffee, True Food Kitchen and Whole Foods Market. Bromley Cos., Casto, Jeffrey R. Anderson Real Estate and Crescent Communities are developing Midtown Tampa, which will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; Novel Midtown Tampa; and two boutique hotels.

July 9, 2020

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