SUNRISE, FLA. — Norwich Partners has broken ground on AC Hotel by Marriott, a 174-room hotel that is expected to be complete in late 2020. The eight-story hotel will be situated within Sawgrass Mills, an outdoor and value retail shopping center in Sunrise, 35 miles north of downtown Miami. The hotel’s delivery will coincide with the mall’s 30th anniversary celebration. AC Hotel will feature the AC Lounge, a communal creative space that features a full bar serving local beers and hand-crafted cocktails, including the brand’s signature Gintonic, along with tapas plates. The hotel will also provide a European-style breakfast for guests and a 24-hour fitness center. Simon is the owner and developer of Sawgrass Mills.
BOCA RATON, FLA. — Colliers International has negotiated a 10,610-square-foot office headquarters lease for Nightingale, a registered nurse staffing company. The lease is for 89 months and costs $1.4 million. Nightingale is relocating to 7800 Congress Centre from 6401 Congress Ave., where it occupied 16,455 square feet. Bob Schneiderman of Colliers represented the tenant in the transaction.
DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.
TAMPA, FLA. — A joint venture between TruAmerica Multifamily and RSE Capital Partners has purchased a two-property, 454-unit apartment portfolio in Tampa for $63.8 million. The portfolio includes Twin Lakes and Runaway Bay, which were both built in the 1980s. Each community offers one- and two-bedroom floor plans situated in two-story residential buildings. The new owners plan to upgrade the interiors with higher end finishes. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas. Patrick Dufour and Ryan Crowley of Newmark Knight Frank (NKF) represented the undisclosed seller in the transaction. Mitch Clarfield and Ryan Greer of NKF arranged a 10-year Freddie Mac acquisition loan on behalf of the buyers.
TAMPA, FLA. — RealOp Investments has acquired a 360,000-square-foot industrial building in Tampa for $16.5 million. The building is situated at 5210 S. 16th Ave., five miles from Port Tampa Bay and 14 miles from Tampa International Airport. The property is a front-loaded building that includes 27-foot clear heights, 237 parking spaces, 50 trailer drops and 34 loading dock doors. The building also has an active rail spur and nine rail doors. RealOp plans to renovate the property, including upgrading dock doors, installing LED lighting and new HVAC systems, enhancing the exterior and updating office suites. The seller was owner-occupant Southern Glazer’s Wine & Spirits.
JACKSONVILLE, FLA. — EJF Capital and Chance Partners will construct San Marco Crossing, a 486-unit multifamily community in Jacksonville’s San Marco neighborhood. The $86 million property is situated within an Opportunity Zone. Construction is expected to begin in the third quarter of this year with delivery slated for late 2020 or early 2021. Ameris Bank, with participation from Stifel Bank, is providing $51 million in construction financing. San Marco Crossing will be situated about three miles south of downtown Jacksonville. Jacksonville-based Oak Constructing will serve as the general contractor for the project.
ORLANDO, FLA. — Urban Commons has completed the renovation and rebranding of the former Nickelodeon Suites Resort in Orlando into the Holiday Inn Resort Orlando Suites and Waterpark. The $27.5 million renovation took three years to complete. Urban Commons updated the 777 guest rooms, the lobby, café, lounge, meeting rooms and restrooms, which included renovations with new finishes, fixtures, furniture and other interiors, along with enhancing the waterpark with new pool surfacing, cabanas, outdoor furniture and a designated yoga area. Club Candy, a colorful sweet escape featuring treats and drinks; The Hideaway Lounge, a full-service bar offering appetizers and snacks; Hershey’s Ice Cream, a parlor serving hand-dipped ice cream and fresh-brewed coffee; and a Subway were added, bringing the total of food and beverage outlets within the hotel to eight. The Lagoon Waterpark is in the center of the resort and offers a splash zone, kids’ play area, a four-story water tower, a 400-gallon water dump tank, interactive water toys, climbing nets and water jets, two whirlpools, a basketball court and a nine-hole miniature golf course.
TEMPLE TERRACE, FLA. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity group. The sales price was not disclosed.
ORLANDO, FLA. — A joint venture between Linkvest Capital and Futura will build Futura at Nona Cove, a 260-unit apartment complex within Orlando’s Lake Nona master-planned development. The multifamily community will be built in phases, with the first phase expected to begin in the first quarter of 2020 and deliver in the third quarter of 2021. The building will stand five stories high and will offer studio, one-, two- and three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a clubroom, resident lounge, swimming pool, fitness center, jogging trails, dog park, dog spa and a gazebo. The property will also feature 32,000 square feet of retail space and a four-story, 122,000-square-foot self-storage facility. Charlan Brock Associates designed Futura at Nona Cove. Plans for future phases were not disclosed. Tavistock is developing Lake Nona, a master-planned, 11-square-mile mixed-use project that comprises 7.1 million square feet of residential and commercial space.
GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.