Florida

Mahaffey Underway on 382-Unit Multifamily Complex in Central Florida

by Alex Tostado May 1, 2019

WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.

May 1, 2019

Acquisitions Development Florida Multifamily Southeast

Cushman & Wakefield Brokers $10.6M Sale of Multifamily Development Site in Orlando

by Alex Tostado May 1, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.

May 1, 2019

Development Florida Industrial Self-Storage Southeast

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

by Alex Tostado May 1, 2019

AVENTURA, FLA. — Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 W. Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA Design and engineering firms Hajjar & Associates Inc., Zamora & Associates Inc. and Alkemeyer & Associates.

May 1, 2019

Development Florida Mixed-Use Southeast

Coral Rock, Arena Capital Break Ground on Nine-Acre Mixed-Use Project in South Florida

by John Nelson April 29, 2019

HIALEAH, FLA. — Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project in the Miami suburb of Hialeah. The Miami-based co-developers plan to deliver the project in 2020. Situated at the corner of West 16th Avenue and West 29th Street, Pura Vida will comprise three eight-story residential towers and three outparcel retailers spanning roughly 40,000 square feet. The outparcel retailers will include a Wawa gas station and convenience store, a two-story YouFit Health Club and a Taco Bell restaurant. Residences at Pura Vida Hialeah will feature studio, one-, two- and three-bedroom apartments ranging from 538 square feet to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area, dog park, and 24-hour security staff. The residential towers will also feature approximately 11,000 square feet of retail space, including a Dollar Tree store.

April 29, 2019

Acquisitions Florida Georgia Retail Southeast

Sembler, Forge Acquire Two Publix-Anchored Shopping Centers in Florida, Georgia

by John Nelson April 29, 2019

NAPLES, FLA. AND KENNESAW, GA. — The Sembler Co. and Forge Capital Partners have purchased a pair of Publix-anchored shopping centers in Naples, Fla., and Kennesaw, Ga. The companies purchased the centers for an undisclosed price via their Forge Real Estate Partners IV (FREP) investment fund. The properties include the 59,893-square-foot Naples Lake Village Center and the 68,744-square-foot Kennesaw Walk. Sembler will serve as the property manager and leasing agent for both properties. Including these properties, Sembler and Forge have acquired 14 shopping centers in the Southeast and Texas using their FREP investment vehicles.

April 29, 2019

Acquisitions Florida Retail Southeast

SRS Brokers $6.3M Sale of Shopping Center in Metro Orlando

by John Nelson April 29, 2019

LONGWOOD, FLA. — SRS Real Estate Partners has arranged the $6.3 million sale of Shoppes at Village Square, a 61,200-square-foot shopping center located at 851 E. State Road 434 in Longwood, about 14 miles north of downtown Orlando. The center was 88 percent leased at the time of sale to tenants such as O’Reilly Auto Parts, Sherwin-Williams and CrossFit Evolution. Kevin Yaryan of SRS’ Investment Properties Group in Orlando represented the seller, Harvest Holdings LLC, in the transaction. Trey Gravenstein of First Capital Property Group represented the buyer, Shoppes at Village Square LLC.

April 29, 2019

Florida Loans Mixed-Use Southeast

Dockerty Romer Arranges $53.1M Loan for Refinancing of Mixed-Use Asset in Miami’s Coconut Grove

by John Nelson April 26, 2019

MIAMI — Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing to tenants including Sony Music, Sapient Technologies, Regus and General Electric. Craig Romer and Chris Romer of Dockerty Romer, a RECA (Real Estate Capital Alliance) member, arranged the 10-year, fixed-rate loan through Guggenheim Partners on behalf of the borrower, Whalou Properties Management.

April 26, 2019

Acquisitions Florida Office Southeast

CBRE Negotiates $32.5M Sale of Two-Building Office Portfolio in Orlando

by John Nelson April 26, 2019

ORLANDO, FLA. — CBRE has negotiated the $32.5 million sale of a two-building office portfolio totaling 182,753 square feet in Orlando. The assets include Windsor at Metrocenter located at 2101 Park Center Drive and Berkshire at Metrocenter located at 2145 Metrocenter Blvd., with both locations offering convenient access to the downtown area and the Florida Turnpike. The Class A portfolio was 89 percent leased at the time of sale to 11 tenants. Ron Rogg and Chip Wooten of CBRE represented the undisclosed seller in the transaction. The buyer was a locally based limited liability company, Metrocenter Office LLC.

April 26, 2019

Development Florida Mixed-Use Multifamily Southeast

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson April 25, 2019

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

April 25, 2019

Acquisitions Florida Hospitality Southeast

MSD Partners Acquires 337-Acre Beachfront Hotel, Resort in Boca Raton

by Alex Tostado April 24, 2019

BOCA RATON, FLA. — MSD Partners LP, an investment firm with offices in New York, Santa Monica and West Palm Beach, has acquired Boca Raton Resort & Club, a 337-acre hospitality property. The seller was an affiliate of real estate giant Blackstone, which invested more than $300 million in the property during its ownership period. Originally built in 1926, Boca Raton Resort & Club comprises 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 32 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends for a half-mile. Jeffrey Davis and Gregory Rumpel of JLL led the marketing efforts on behalf of the seller.

April 24, 2019

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