ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer 2020.
MIAMI — Tower Commercial Real Estate has launched a full-service cannabis real estate brokerage division in Florida. Tower has closed $50 million worth of cannabis-related retail and industrial transactions in the past 18 moths and has another $15 million of cannabis-related sales expected to close by the end of the year in the state. Senior managing director Scott Allen and senior director Rob Foster of Tower will lead the division. As of May 2, Florida had 213,000 people enrolled in its medical marijuana program with more than 10,000 people signing up each month, making it one of the fastest medical marijuana programs in the country, according to Tower.
ORLANDO, FLA. — Orlando has topped CBRE’s list of tech talent momentum markets in the firm’s annual Scoring Tech Talent Report, which measures growth and acceleration in 50 cities across the United States and Canada. Over the two-year period from 2017-2018, the tech talent labor force in Orlando grew 14.1 percent compared with the previous two-year period. According to the study, San Diego and Chicago were the second and third fastest growing cities with 10.2 percent and 8 percent increases from 2017-2018, respectively. Cleveland (7.9 percent) and Long Island, N.Y. (7.1 percent) round out the top five growing markets. CBRE also found that the number of students completing tech degrees in Orlando increased 59.1 percent from 2013 to 2017, a year in which 2,744 students completed such degrees in Orlando. The report found that the 10 fastest-growing markets increased their tech labor pools between 33 and 54 percent over the past five years.
BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.
FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. The Cushman & Wakefield team of Mike Ryan, Brian Linnihan and Richard Henry arranged acquisition financing on behalf of the buyer, AEW Capital Management.
ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not disclosed.
MIAMI — A-Rod Corp., led by former Major League Baseball player Alex Rodriguez, has acquired 12,700 square feet of office space within a two-tower condo called Grove at Grand Bay in Miami’s Coconut Grove neighborhood. The corporation will consolidate its offices to create a new headquarters at 2675 S. Bayshore Drive. In addition to the full floor of office space, the acquisition includes ground-floor space that will be used for events, conferences and related activities. A-Rod Corp.’s Miami-based operations include Monument Capital Management and Newport Property Construction, along with an array of sports and wellness, media and entertainment organizations, real estate interests and venture capital. Terra delivered Grove at Grand Bay in 2016 with Danish architect Bjarke Ingels. The sales price was not disclosed.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $36.9 million sale of a 34-acre parcel in Fort Lauderdale for the development of a 650,000-square-foot industrial building. Bridge Acquisition LLC, a subsidiary of Bridge Development Partners, acquired the land from Forman Industrial Land LLC. Bridge Development will construct a high-volume warehouse and distribution space in a new multi-building industrial park to be known as Bridge Point 595. Construction is slated to begin in September with completion expected in the third quarter of 2020. Joseph Byrnes and Keith Graves of Berger Commercial, along with John Forman of the selling entity, will serve as Bridge 595’s leasing agents.
FORT WALTON BEACH, FLA. — JLL has arranged a $58.5 million refinancing loan for two neighboring hotels totaling 330 rooms in Fort Walton Beach. Ladder Capital Finance LLC provided the 10-year, fixed-rate loan to partners Innisfree Hotels and Band of Poarch Creek Indians. Loan proceeds will be used to pay off the original construction loan and provided the borrowers with $8.4 million. The hotels are on a ground lease with the U.S. Air Force that expires in 45 years. The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are beachfront hotels on the Gulf Coast. The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space, an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar, fire pits, indoor pool, fitness center, 24-hour business center and The Garden Grille & Bar restaurant. Situated at 1299 Miracle Strip Parkway SE, Holiday Inn Resort opened in 2014 and features 2,498 square feet of event space, an outdoor pool, lazy river, Whirlpool spa, pool bar, indoor pool, fitness center, game room, sundry shop, business center and …
TAMPA, FLA. — Cushman & Wakefield has arranged the $69.3 million sale of Tampa Distribution Center, a six-building, 955,000-square-foot industrial facility in Tampa. Tampa Distribution Center consists of six dock-high, front-load and flow-through industrial buildings on 51 acres. Suite sizes range from 2,500 to 90,000 square feet and average 15,000 square feet. The property was 94.6 percent leased at the time of sale to tenants including Lansing Building Products, Consolidated Container Co., Feeding America Tampa Bay, Courier Express, General Insulation Co. Inc. and Storopack Inc. The center is situated at 1212 N. 50th St., adjacent to UPS’ Tampa hub, five miles from Port of Tampa and 12 miles from Tampa International Airport. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. Blackstone’s U.S. industrial real estate operating platform, Link Industrial Properties, was the buyer. Julia Silva and Jessica Mizrahi of Cushman & Wakefield have been retained to lease the property.