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AcquisitionsFloridaGeorgiaRetailSoutheastVirginia

Sterling Organization Acquires Three-Property Shopping Center Portfolio for $180.5M

by John Nelson

WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.

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DevelopmentFloridaSoutheastStudent Housing

Subtext, Nuveen to Develop 626-Bed Student Housing Community Near University of Central Florida

by John Nelson

ORLANDO, FLA. — Subtext and Nuveen Real Estate have recently acquired a 3.1-acre lot at 3133 N. Alafaya Trail in Orlando, less than a quarter-mile from the campus of University of Central Florida. The co-developers have begun site work for VERVE Orlando, a new 626-bed student housing development that will span nearly 450,000 square feet across 200 units. The project will feature 32,000 square feet of indoor and outdoor amenities, including open study spaces, private study rooms, a podcast/content creation studio, fitness center, wellness suite, gaming lounge, club room with indoor/outdoor bar and kitchen, beach resort-style pool courtyard and a dog run, as well as 573 parking spaces. Subtext and Nuveen expect to deliver VERVE Orlando in 2026.

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AcquisitionsFloridaOfficeSoutheast

CBRE Brokers Sale of 128,550 SF Lake Shore Plaza II Office Building in Sunrise, Florida

by John Nelson

SUNRISE, FLA. — CBRE has brokered the sale of Lake Shore Plaza II, a 128,550-square-foot office building located at 1300 Concord Terrace in Sunrise, roughly 19 miles west of Fort Lauderdale. Miami-based Galium Capital purchased the five-story property for an undisclosed price. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa and Matthew Lee of CBRE represented the undisclosed seller in the transaction. Built in 2008, Lake Shore Plaza II is situated in South Florida’s Sawgrass Park submarket and features a double-height lobby atrium and floor-to-ceiling windows with hurricane-impact glass.

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DevelopmentFloridaHospitalitySoutheast

Driftwood Capital Breaks Ground on $420M Westin Hotel and Conference Center on Florida’s Space Coast

by John Nelson

COCOA BEACH, FLA. — Driftwood Capital has broken ground on the Westin Cocoa Beach Resort, Spa, and Conference Center, a 502-room oceanfront hospitality development on Florida’s Space Coast. The $420 million project will be situated on a 15.7-acre site at 1300 N. Atlantic Ave. in Cocoa Beach and is expected to create approximately 1,800 direct and indirect jobs in the region. The property will offer the largest conference center space in the Space Coast and will plug a 160-mile gap of Marriott International hotels on the Atlantic coast. Upon completion, the Westin Cocoa Beach Resort will feature 11 food-and-beverage venues, including themed restaurants; a high-end spa; surfing wave pool; swimming pools; tennis and pickleball courts; a fitness center with cardio and weights; multiple retail options; and a multi-story parking garage to accommodate about 800 vehicles. The property will also feature 72,000 square feet of open-air venues for meetings and events, as well as 51,500 square feet of indoor space designed for gatherings and conferences. Project partners include Kast Construction and North Palm Beach, Fla.-based Driftwood Hospitality Management, which will manage the development once completed. Driftwood Capital expects to deliver the Westin Cocoa Beach Resort in summer 2027.

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AcquisitionsFloridaRetailSoutheast

Benderson Development Acquires 347,740 SF Shops at Midtown Miami

by John Nelson

MIAMI — Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp. is the seller. Built in 2006, Shops at Midtown Miami spans more than 18 acres and is leased to tenants including Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods. The property also features 2,860 structured garage parking spaces.

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AcquisitionsFloridaGeorgiaIndustrialSoutheast

Northwood Investors Acquires $160M Industrial Portfolio in Sun Belt

by Hayden Spiess

BAYTOWN, TEXAS, BRASELTON, GA., AND MIAMI — Northwood Investors has acquired a $160 million industrial portfolio located in Georgia, Florida and Texas. Totaling 1.8 million square feet, the “Sunbelt Logistics Distribution Portfolio” was fully leased at the time of sale. The portfolio comprises three industrial buildings: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Ga.; and 10000 N.W. 15th Terrace in Miami. Britton Burdette, Trent Agnew and Luis Castillo of JLL represented the undisclosed seller in the sale. Bobby Norwood of JLL secured acquisition financing through affiliates of Apollo on behalf of Northwood Investors. 

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Tires-Plus_Davenport-Fla
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Negotiates Sale of Retail Property in Davenport, Florida Leased to Tires Plus

by Hayden Spiess

DAVENPORT, FLA. — Taylor McMinn Retail Group of Marcus & Millichap has negotiated the sale of a new construction, single-tenant retail property located in Davenport, roughly 30 miles southwest of Orlando. Tires Plus occupies the building, which totals 6,262 square feet, on a 15-year lease corporately guaranteed by Bridgestone. Don McMinn of the Taylor McMinn Retail Group arranged the transaction between the seller, a developer, and the buyer, a local 1031-exchange investor.  “This our 16th Firestone closing, and we are marketing four more in Florida, North Carolina, South Carolina and Virginia,” says McMinn. “Due to the strong credit, quality of the locations and limited inventory, we continue to see high demand and low cap rates for Bridgestones.”

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FloridaLoansSeniors HousingSoutheast

Aztec Group Arranges $54.5M Bridge Loan for Seniors Housing Community in Sarasota, Florida

by Hayden Spiess

SARASOTA, FLA. — Aztec Group has arranged a $54.5 million bridge loan for Alloro at University Groves, a seniors housing community located in Sarasota. An affiliate of United Group of Cos. is the borrower, and Mortgage REIT provided the debt. Developed in 2023, Alloro at University Groves features 183 units for residents aged 55 and older. Amenities at the community include a 12,587-square-foot clubhouse, fitness center, yoga room, salon, movie theater, pickleball and bocce courts, a spa, community garden, dog park and onsite dining facilities. 

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AcquisitionsFloridaRetailSoutheast

Benderson Acquires 280,000 SF Shopping Center in Fort Myers, Florida

by Hayden Spiess

FORT MYERS, FLA. — Benderson Development has acquired Cypress Trace, a 280,000-square-foot shopping center located in Fort Myers. Grocer Winn-Dixie anchors the property, which spans 29 acres. Other tenants at the center include Five Below, Burlington and Ross Dress for Less. Benderson’s other recent acquisitions in the state include Carillon Place in Naples, North River Marketplace in Venice, Glengary Shoppes in Sarasota and Linton Commons in Delray Beach. 

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AcquisitionsFloridaIndustrialSoutheast

Equus Capital Partners Acquires Industrial Property in Lakeland, Florida for $38M

by John Nelson

LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.

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