Sunday, July 27, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Florida

AcquisitionsFloridaIndustrialSoutheast

Stan Johnson Negotiates Sale of 375,600 SF Distribution Center in Central Florida

by Alex Tostado

OCALA, FLA. — Stan Johnson Co. has negotiated the sale of a 375,600-square-foot distribution center in Ocala. Custom Window Systems fully occupies the building, using it for company headquarters, manufacturing and distribution. Custom Window Systems has 15 years left on a triple-net lease. The company has occupied the building since it was constructed in 2006. In 2017, the facility was expanded by 150,000 square feet. Sky Management Services acquired the building for an undisclosed price. The property was listed for more than $28 million. Mollie Alteri, Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Co. represented the seller, a New York City-based institutional investor.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaFloridaHospitalityIllinoisMidwestNew YorkNortheastSoutheastTop StoriesWestern

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

Continue Reading
FacebookTwitterLinkedinEmail
FloridaMarket ReportsRetailSoutheastSoutheast Market Reports

Orlando’s Retail Market is Thriving Both in the Core and Suburban Submarkets

by Alex Tostado

Orlando’s retail market happens to be a really good representation of the national market. By every metric, Orlando is doing well as both rental rates and occupancy rates have been increasing. Orlando is one of the fastest growing cities in America, adding roughly 1,000 new residents each week. Tourism numbers continue to climb with 75 million visitors in 2018, according to Visit Florida. Downtown is experiencing an economic resurgence with a new collegiate campus (more on this later). As a result of the city’s overall growth, Orlando is also experiencing suburban growth with noteworthy developments such as Lake Nona. However, it can be overwhelming in the sense that the industry and consumer demands continue to evolve. There are all kinds of new and different concepts so to be a player in today’s dynamic market, retailers have to be innovative. While there is news of retailers shrinking in size or filing bankruptcy, it is important to keep up with the evolving market and create retail concepts that are relevant to today’s consumer’s demands. One consumer demand is retail tourism, which is a hotspot for retail development, especially with Disney Springs, the I-Drive corridor and theme parks in the surrounding area. What …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaIndustrialSoutheast

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

by Alex Tostado

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaMultifamilySoutheast

Cushman & Wakefield Negotiates $55.6M Sale of Ventura Pointe Apartment Complex in Broward County

by Alex Tostado

PEMBROKE PINES, FLA. — Cushman & Wakefield has negotiated the $55.6 million sale of Ventura Pointe, a 206-unit multifamily property in Pembroke Pines. The seller, Eastwind Development, built the community in 2018. The apartment complex offers one-, two- and three-bedroom floor plans averaging 958 square feet. Ventura Point comprises two four-story buildings and two five-story buildings. Communal amenities include a swimming pool with lounge area; outdoor kitchen and grills; indoor lounge with community kitchen; billiards; 24-hour fitness center; and a conference room and business center. On the east side of the property, a two-acre park provides lakefront jogging path. Located at 7850 Pasadena Blvd., the property is situated 27 miles north of downtown Miami. Lloyd Jones LLC acquired the asset.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFloridaMultifamilySoutheast

Housing Trust Group Breaks Ground on 110-Unit Affordable Housing Community Near Tampa

by Alex Tostado

DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaOfficeRetailSoutheastTop Stories

Tricera Capital Breaks Ground on 265,000 SF Office, Retail Redevelopment Project in South Florida

by Taylor Williams

WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …

Continue Reading
FacebookTwitterLinkedinEmail
hard-rock-ts
DevelopmentFloridaHospitalityMixed-UseSoutheastTop Stories

Hard Rock International Completes $700M Casino Expansion in Tampa

by Alex Patton

TAMPA, FLA. — Hard Rock International has completed a $700 million expansion of Seminole Hard Rock Hotel & Casino Tampa. The development added a new 223,900-square-foot casino to the property, which includes an additional 1,000 slot machines and 41 table games throughout its new gaming spaces. The new casino brings the roster of gaming attractions up to nearly 5,000 slot machines, 179 tables and 46 poker tables.The casino now comprises 245,000 square feet of dedicated casino space, according to the Tampa Bay Times. The renovation also included construction of a 14-story hotel with 562 rooms and suites. Amenities of the new hotel include a 26,000-square-foot spa, three pools, two VIP suites, a hair and nail salon, barbershop and lounge. The top floor also features a private gaming parlor for VIP guests. Additionally, the construction included a 1,500-seat Hard Rock Event Center, where completion celebrations were held including performances from Atlanta-based rapper Big Boi and DJ Jazzy Jeff. New food and beverage options at the property include coffee café Constant Grind, the Pool Bar & Grill and Italian restaurant Cipresso. “Seminole Hard Rock Hotel & Casino Tampa is already one of the largest and most profitable casinos in the United States,” says Jim Allen, …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaLoansMultifamilySoutheast

Berkadia Secures Sale, Financing of New Multifamily Property in Panama City Beach

by Alex Tostado

PANAMA CITY BEACH, FLA. — Berkadia has arranged the sale of Vantage at Panama City Beach, a 288-unit, garden-style multifamily community. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, business center, internet café, swimming pool, covered pool lounge, outdoor grills, picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour fitness center and 24-hour concierge. The property was built in 2018 and is three miles from the beach. David Etchison and Cole Whitaker of Berkadia represented the seller, Vantage Communities, in the transaction. The sales price was not disclosed, but Mitch Sinberg and Matthew Robbins of Berkadia originated a $42.6 million acquisition loan on behalf of the buyer, Cardone Capital. The Freddie Mac loan features a 10-year term with a fixed interest rate and five years of interest-only payments.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts