Florida

Avison Young Brokers $16M Sale of Publix-Anchored Shopping Center in Boca Raton

by Alex Tostado August 30, 2019

BOCA RATON, FLA. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Other tenants at West Boca Plaza include Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.

August 30, 2019

Development Florida Hospitality Southeast

St. Joe, Key International Break Ground on 255-Room Hotel in Panama City Beach

by Alex Tostado August 29, 2019

PANAMA CITY BEACH, FLA. — The St. Joe Co. and Key International have broken ground on a 255-room Embassy Suites hotel in Panama City Beach. Hotel amenities will include a swimming pool, meeting space, fitness center, onsite restaurant and an event space on the upper level with views of the Gulf of Mexico. St. Joe Co. owns the land and will operate the hotel day-to-day upon completion, which is slated for 2021.

August 29, 2019

Acquisitions Florida Multifamily Southeast

Northland Investment Sells Multifamily Community in Fort Myers for $53M

by Alex Tostado August 29, 2019

FORT MYERS, FLA. — Northland Investment Corp. has sold Iona Lakes, a 350-unit multifamily community in Fort Myers, for $53 million. The complex was built in 1986 and comprises 50 two-story buildings, a clubhouse and a 24-hour laundry facility. The property offers one-, two- and three-bedroom floor plans averaging 811 square feet. Communal amenities include a billiards room, fitness center, grill area, mini golf, pet park, swimming pool and a spa. Cardone Capital acquired the asset for $151,429 per unit.

August 29, 2019

Development Florida Mixed-Use Southeast

CIM Group Breaks Ground on Mixed-Use Development in Miami

by Alex Tostado August 28, 2019

MIAMI — CIM Group has broken ground on a mixed-use development in Miami’s Wynwood neighborhood. The project will feature 27,000 square feet of street-level retail and studio space, about 60,000 square feet of office space, 257 apartment units and approximately 480 parking stalls. The yet-to-be-named project will span a city block from NE 22nd and NE 23rd streets, four miles north of downtown Miami. Three office floors will be situated above the street-level retail and studio space and extend across the full city block. Set above are two eight-story apartment buildings, one each at the northern and southern ends of the block. The residential units will offer studio to three-bedroom floor plans. The retail, office and apartments feature floor-to-ceiling windows. The project is anticipated to be complete in mid-2021. CIM acquired the fully entitled site in October 2018.

August 28, 2019

Acquisitions Florida Office Southeast

RealOp Purchases Office Buildings in Tampa for $15.1M

by Alex Tostado August 28, 2019

TAMPA, FLA. — RealOp Investments has purchased Grand Plaza Office Center, a twin, two-story office center totaling 134,843 square feet in Tampa. The purchase price was $15.1 million. The property was 83 percent leased at the time of sale and is located at 14497-14499 N. Dale Mabry Highway, 13 miles north of downtown Tampa. RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create modern spaces. The seller was not disclosed.

August 28, 2019

Acquisitions Florida Hospitality Southeast

Waramaug Acquires Two Hotels in Florida Totaling 231 Rooms

by Kristin Harlow August 28, 2019

PORT ST. LUCIE AND TALLAHASSEE, FLA. — Waramaug Hospitality has acquired two hotels totaling 213 rooms in Port St. Lucie and Tallahassee. The sales prices were not disclosed. The company bought the four-story, 88-room SpringHill Suites by Marriott Tallahassee Center. The hotel offers a 24-hour business center, 24-hour fitness center, outdoor pool with grilling area and 635 square feet of meeting space. Waramaug also acquired Residence Inn by Marriott Port St. Lucie, a six-story, 125-room hotel which features studio and one-bedroom suites. The hotel is located near PGA Golf Club, The Landings, First Data Field (home to the St. Lucie Mets, training field for Major League Baseball’s New York Mets) and Super Play. Waramaug is planning a comprehensive renovation of the Residence Inn and a refresh of the SpringHill Suites. Interstate Hotels & Resorts will manage both properties. The seller(s) was not disclosed.

August 28, 2019

Acquisitions Florida Office Southeast

Integra Investments, Constellation Group Purchase Office Building in Miami Beach for $10.1M

by Alex Tostado August 27, 2019

MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.

August 27, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $2.8M Sale of New Tallahassee Retail Building Leased to Mavis Discount Tire

by Alex Tostado August 26, 2019

TALLAHASSEE, FLA. — Marcus & Millichap has arranged the $2.8 million sale of a 7,403-square-foot retail building in Tallahassee leased to Mavis Discount Tire. The building is located at 205 Magnolia Drive, two miles from downtown Tallahassee. The building was constructed in May 2018. Don McMinn of Marcus & Millichap represented the seller, Palmetto Tallahassee-Magnolia DR LLC, in the transaction. Steve Savlov of Salov Properties LLC represented the buyer, Roebling Investment Co. Inc.

August 26, 2019

Acquisitions Florida Multifamily Southeast

Avison Young Arranges $46M Sale of Contiguous Sites in Miami’s Wynwood District, Buyer Plans to Build Multifamily Units

by Alex Tostado August 23, 2019

MIAMI — Avison Young has arranged the $46 million sale of seven contiguous parcels in Miami’s Wynwood neighborhood. An affiliate of PMG Acquisitions LLC purchased the land and plans to build multifamily units up to six stories high above the existing single-story retail buildings. Six of the seven parcels have retail buildings already in place. The land is located at the corner of Second Avenue and 24th Street, three miles north of downtown Miami. Details for construction were not disclosed. John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner of Avison Young represented the seller, a private family trust, in the sales transaction. Peter Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., and Laura Bourne Burkhalter of Laura Bourne Burkhalter P.A., provided legal representation on behalf of the seller.

August 23, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $39M Acquisition Loan for Apartment Complex in Central Florida

by Alex Tostado August 23, 2019

DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $39 million Fannie Mae acquisition loan on behalf of Bluerock Real Estate for The Meadows at ChampionsGate. The Meadows at ChampionsGate is a 304-unit apartment community located in Davenport, adjacent to ChampionsGate Country Club and about 30 miles southwest of downtown Orlando. The property comprises nine three-story buildings on 17 acres. Communal amenities include a resident lounge with game room, 24-hour fitness center, swimming pool, bark park, clubhouse and a car care station. The seller was not disclosed.

August 23, 2019

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