Florida

Six Retailers Sign Leases on Miami Beach’s Lincoln Road

by Alex Tostado September 9, 2019

MIAMI BEACH, FLA. — The Lincoln Road Business Improvement District (BID) has executed six leases with retailers and restaurants to occupy space on Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. Brandy Melville, a women’s clothing shop catering toward Gen Z shoppers, opened its 2,500-square-foot shop at 730 Lincoln Road in late August. Located at 810 Lincoln Road, Pele Soccer is a 7,000-square-foot store that features a turf surface for consumers to test out cleats and will install bleachers to host watch parties in the coming months. MC2 Saint Barth will occupy 748 square feet at 608 Lincoln Road later this year. The swimsuit company has been in business for 25 years. MILA is a “MediterrAsian” fusion restaurant that will open at 800 Lincoln Road later this fall. Paletas Morelia, a gourmet popsicle shop, will make its Miami Beach debut later this year. Lastly, Casper, a store dedicated to all things sleep related, is located at 1114 Lincoln Road. The six retailers join Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium as tenants to sign leases this this summer.

September 9, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Phase II of Affordable Housing Complex in Central Florida

by Alex Tostado September 6, 2019

BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.

September 6, 2019

Florida Leasing Activity Office Southeast

Kroger Signs 35,000 SF Office Lease at Boca Raton Innovation Campus

by Alex Tostado September 6, 2019

BOCA RATON, FLA. — The Kroger Co. has signed a 35,000-square-foot lease to relocate to Boca Raton Innovation Campus (BRiC). The space within 4700 Exchange Court is roughly the same size as Kroger’s previous space across the street, but was designed to be more efficient, such as having it in one contiguous space rather than broken up. The space serves as Kroger’s national headquarters supporting its digital businesses, including vitacost.com, which Kroger acquired in 2017. Mitchell Millowitz of Newmark Grubb Knight Frank represented Kroger in the lease transaction. Danielle Vennett of Crocker Partners and Jeff Kelley of CBRE represented the landlord.

September 6, 2019

Acquisitions Florida Office Southeast

JLL Arranges $45.2M Sale of Office Complex in Sarasota, Florida

by Alex Tostado September 5, 2019

SARASOTA, FLA. — JLL has arranged the $45.2 million sale of Gateway Professional Center, a four-building, 246,941-square-foot office complex in Sarasota. The property is located at 301, 401, 501 and 551 N. Cattlemen Road, five miles east of downtown Sarasota. The complex was 95 percent leased at the time of sale to a mix of tenants including accounting, insurance, engineering and technology companies. Amenities at Gateway Professional Center include a fitness center, conference center and parking for more than 1,150 vehicles. Ike Ojala, Hermen Rodriguez and Matthew McCormack of JLL represented the seller, TerraCap Management LLC, in the transaction. The buyer was Taurus Investment Holdings, a global private equity firm based in Boston.

September 5, 2019

Acquisitions Florida Retail Southeast

Maddox Cos. Sells 53,456 SF Retail Center Near Tampa

by Alex Tostado September 5, 2019

SEMINOLE, FLA. — Maddox Cos. has sold Twin Oaks Shopping Center, a 53,456-square-foot retail center in Seminole. The property is located at the corner of U.S. Highway 19-A and Fla. Highway 694, 24 miles southwest of downtown Tampa. Twin Oaks was fully leased at the time of sale to tenants including Crunch Fitness, Davita Dialysis, Optimart, Carepoint Pharmacy and First American Title Co. Maddox Cos. redeveloped the property between 2016 and 2018. John Hotchkiss of Vantix Realty represented the buyer, Japanese Gardens Mobile Estates LLC, in the transaction. The sales price was not disclosed.

September 5, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Jacksonville for $29.1M

by Alex Tostado September 4, 2019

JACKSONVILLE, FLA. — FCP has acquired Townsend Apartments, a 396-unit multifamily community in Jacksonville, for $29.1 million. This marks FCP’s first acquisition in Jacksonville. Townsend Apartments is located at 3450 Townsend Blvd., seven miles east of downtown Jacksonville. The property is situated on both sides of Townsend Boulevard and comprises 13 buildings, which offer one-, two- and three-bedroom floor plans. Communal amenities include a playground, two clubhouses, two swimming pools, tennis courts, fitness center, business center and barbecue and picnic areas. The seller was not disclosed.

September 4, 2019

Development Florida Multifamily Southeast Student Housing

RISE, Nova Southeastern University Open On-Campus Student Housing Community in Fort Lauderdale

by Alex Tostado September 3, 2019

FORT LAUDERDALE, FLA. — A public-private partnership between RISE: A Real Estate Co. and Nova Southeastern University has opened Mako Hall, a 608-bed living/learning community on the university’s campus in Fort Lauderdale. The development offers a mix of one-, two- and four-bedroom, apartment-style units. Shared amenities include lounge areas, open and semi-private study rooms and an outdoor courtyard with hammocks, table tennis and grilling areas. Nova Southeastern is a private university that has 20,793 enrolled students.

September 3, 2019

Development Florida Industrial Southeast

Mayorga Organics to Open 33,000 SF Coffee Distribution Facility in Miami

by Alex Tostado September 3, 2019

MIAMI — Mayorga Organics, a producer of organic coffee, will open a 33,000-square-foot distribution facility in Miami. The new facility will work in conjunction with the company’s existing center in Rockville, Md., to distribute coffee along the East Coast. The facility, located across from Miami International Airport at 4101 NW 25th St., is expected to be operational by Nov. 1 and open to the public by Dec. 1 of this year.

September 3, 2019

Development Florida Industrial Southeast

Codina Partners, USAA Break Ground on 147,768 SF Industrial Building in Metro Miami

by Alex Tostado August 30, 2019

HIALEAH, FLA. — Codina Partners and USAA Real Estate have broken ground on Building F, a 147,768-square-foot industrial building within Beacon Industrial Park in Hialeah. Codina and USAA are the owners and developers of Beacon Logistics Park, which will comprise more than 1.3 million square feet of industrial space when complete. The campus is located at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. Upon completion, Building F will be available to tenants seeking 17,280 square feet and more. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building F.

August 30, 2019

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