Florida

VanTrust, Tampa International Airport Start Construction on 270,000 SF Office Building

by Alex Tostado November 8, 2019

TAMPA, FLA. — VanTrust Real Estate and Tampa International Airport (TPA) broke ground on SkyCenter One, a planned nine-story, 270,000-square-foot office building connected to the airport. The building will feature a conference center, fitness center, café and access to multipurpose trails that will eventually join with Tampa Bay’s regional trail network. The building will be connected to the airport’s car rental center via an elevated pedestrian walkway that is also under construction. SkyCenter One will be located within the SkyCenter development, a mixed-use campus that will feature office and commercial space, as well as a hotel, on land the airport owns. J.E. Dunn is the general contractor for SkyCenter One, and HOK designed the building. VanTrust and TPA plan to complete SkyCenter One in 2021.

November 8, 2019

Development Florida Industrial Southeast

Joint Venture Breaks Ground on 510,272 SF Distribution Center Near Tampa

by Alex Tostado November 8, 2019

PLANT CITY, FLA. — A joint venture between Red Rock Developments, Wharton Industrial, Aspyre Properties and an institutional joint venture partner has broken ground on County Line Distribution Center, a 510,272-square-foot industrial facility in Plant City. The building will feature 36-foot clear heights, cross-dock loading, 200-foot truck courts and 60-foot speed bays. The property is situated on 36 acres, 30 miles east of downtown Tampa and two miles from Amazon’s announced Prime Air hub at Lakeland Linder International Airport. The joint venture expects to deliver the facility by the third quarter of 2020. Jan Boltres and Michelle Senner of Colliers International will handle leasing efforts.

November 8, 2019

Acquisitions Florida Retail Southeast

Phillips Edison Sells 124,268 SF Shopping Center Near Daytona Beach

by Alex Tostado November 5, 2019

PORT ORANGE, FLA. — Phillips Edison & Co. Inc. has sold Countryside Shopping Center, a 124,268-square-foot retail center in Port Orange. An affiliate of Atlanta-based Vanguard Associates Inc. acquired the property for an undisclosed price. Sav-a-Lot and Big Lots anchor the 96 percent-leased center. Other tenants at the time of sale included Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime and H&R Block. The center is located at 3840 S. Nova Road, seven miles south of downtown Daytona Beach. Eric Williams, Daniel Finkle, Luis Castillo and Whitaker Leonhardt of JLL represented the seller in the transaction.

November 5, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Central Florida for $25.3M

by Alex Tostado November 5, 2019

KISSIMMEE, FLA. — FCP has acquired Park at Sorrento, a 208-unit multifamily community in Kissimmee, for $25.3 million. The property offers one- through three-bedroom floor plans that span between 750 and 1,310 square feet. Communal amenities include a swimming pool, business center and a clubhouse. Park at Sorrento is located at 900 Woodside Circle, 23 miles south of downtown Orlando. FCP plans to rebrand the property as Mirador at Woodside. Shelton Granade, Luke Wickham, Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop originated a Fannie Mae acquisition loan on behalf of the buyer.

November 5, 2019

Acquisitions Florida Office Southeast

ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

by Alex Tostado November 4, 2019

SOUTH MIAMI AND CORAL GABLES, FLA. — ShareMD has acquired a medical office building in South Miami and one in Coral Gables for $33.2 million. Located at 5966 S. Dixie Highway in South Miami, the first medical office building sold for $19.6 million. The facility spans 50,600 square feet and was 71 percent leased at the time of sale. The other property, The Biltmore Professional Building, is located at 475 Biltmore Way in Coral Gables and sold for $14.6 million. The Biltmore Professional Building comprises 56,000 square feet and was 83 percent leased at the time of sale. Elliot LaBreche of Easton & Associates represented ShareMD, a Southern California-based REIT, in the transaction and has been retained to handle leasing efforts. Miami investor and founder of Slon Capital, Leonard Boord, sold both buildings.

November 4, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Portfolio in South Florida for $85.5M

by Alex Tostado October 31, 2019

LAKE WORTH AND PALM SPRINGS, FLA. — FCP has acquired three multifamily properties in South Florida for $85.5 million. The portfolio includes Costa del Lago, a 218-unit community in Lake Worth. The asset offers one- through three-bedroom floor plans. Communal amenities include a dog park, swimming pool, picnic area and a private lake. The second asset in the portfolio is Coronado Springs, a 314-unit complex in Palm Springs, offering one- and two-bedroom floor plans. Community amenities include a swimming pool, spa, fitness center, picnic area and a pet play area. The final property, Sedona Village, is a 151-unit community also located in Palm Springs. The community features one- and two-bedroom floor plans along with amenities such as a swimming pool, clubhouse, pet play area, fitness center, business center and a playground. Pinnacle will manage all three properties. Hampton Beebe, Avery Klann, Tal Frydman, Jonathan Senn and Tyler Minix of Newmark Knight Frank (NKF) represented FCP in the transaction. The seller was not disclosed. Fernando Riboli of NKF originated Fannie Mae acquisition financing for two of three properties on behalf of the buyer.

October 31, 2019

Acquisitions Florida Mixed-Use Southeast

Avison Young Negotiates $16M Sale of Mixed-Use Property in Metro Miami

by Alex Tostado October 31, 2019

CUTLER BAY, FLA. — Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate brokers. MMG Centre at Cutler Bay LLC, an affiliate of Miami-based MMG Equity Partners, acquired the property and has the option to develop a standalone building on the east side of the site ideal for up to seven tenants. Rosendo Caveiro, John Crotty, Michael Fay, David Duckworth, Brian de la Fe, Berkley Bloodworth and Emily Brais of Avison Young represented the seller, Cutler Center Holdings LLC, in the transaction.

October 31, 2019

Development Florida Multifamily Southeast

Dania Beach City Commission Approves 381-Unit Multifamily Project in South Florida

by Alex Tostado October 30, 2019

DANIA BEACH CITY, FLA. — Dania Beach City Commission has approved plans for Sea View at Dania, a planned 13-story, 381-unit multifamily project in South Florida’s Broward County. J Milton & Associates is the developer of the property, which will be located at 601 E. Dania Beach Blvd. where a current 35,348-square-foot retail center currently sits. The property is situated two miles from Dania Beach and six miles south of downtown Fort Lauderdale. Javier Vazquez of Berger Singerman served as legal counsel to the developer.

October 30, 2019

Development Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center Break Ground on 48-Unit Community in Metro Miami Targeting LGBTQ Seniors

by Alex Tostado October 30, 2019

WILTON MANORS, FLA. — Carrfour Supportive Housing and The Pride Center at Equality Park have broken ground on a 48-unit affordable community in Wilton Manors that will offer supportive services specifically targeting LGBTQ seniors. Located approximately 30 miles north of Miami, The Residences at Equality Park is scheduled for completion in 2020. Of the 48 units, 34 will be set aside as permanent supportive housing for low-income seniors ages 55 and older with a disabling condition who need onsite supportive services in order to maintain their housing. Forty-three units will be available to residents earning 60 percent or less of Broward County’s area median income (AMI) — about $35,400 per year for a one-person household, and about $40,400 per year for a two-person household. The remaining five units will be available to those earning 33 percent or less of the AMI, or about $17,700 per year for a one-person household and $20,200 per year for a two-person household. Monthly rents will be based on income, ranging from approximately $350 to $1,029. Carrfour will serve as the project’s developer, operator and service coordinator, while The Pride Center will provide residents with onsite supportive services, including service linkage, senior support groups, wellness …

October 30, 2019

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Arranges $7.9M Sale of Self-Storage Facility in Central Florida

by Alex Tostado October 30, 2019

WILDWOOD, FLA. — Marcus & Millichap has arranged the $7.9 million sale of My Garage | Self-Storage & Flex Warehouses, a 98,350-square-foot self-storage facility in Wildwood. The property is located at 5626 C Thomas Road, 50 miles northwest of downtown Orlando. David Vaughan and Ray Turchi of Marcus & Millichap represented the undisclosed private seller in the transaction. The buyer was also not disclosed.

October 30, 2019

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