Florida

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Acquisitions Florida Healthcare Office Southeast

SVN Arranges $12M Sale of Orlando Medical Office Building

by Alex Tostado December 4, 2019

ORLANDO, FLA. — SVN Commercial Advisory Group has arranged the $12 million sale of the MetroWest Medical Office Building, located on a one-acre site at 1743 Park Center Drive in Orlando. Rumasa Corp. purchased the fully leased property from 1743 Park Center Holdings LLC. The recently refurbished building is located near Valencia College and MetroWest Golf Club. Tenants at the time of sale included Integrative Physical Medicine, Ameri Help LLC, West Orange Nephrology and Omega Research. Gail Bowden of SVN Commercial Advisory Group represented both the buyer and seller in the transaction.

December 4, 2019

Development Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Opens 212-Unit Community in Dadeland

by Alex Tostado December 3, 2019

KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland Mall.

December 3, 2019

Development Florida Hospitality Mixed-Use Southeast

CitizenM, Miami Worldcenter Associates Break Ground on 351-Room Downtown Hotel

by John Nelson December 2, 2019

MIAMI — Netherlands-based hotel chain citizenM and developer Miami Worldcenter Associates have broken ground on a new citizenM hotel in downtown Miami. The hotel will be part of a $4 billion mixed-use development called Miami Worldcenter. Owner, operator and developer citizenM and master developer of the mixed-use campus Miami Worldcenter Associates will make the 700 NE 2nd Ave. property into a 12-story, 351-room hotel spanning 128,000 square feet. According to plans from general contractor Suffolk Construction and architectural firm Gensler, the hotel will feature a sundeck and rooftop bar, as well as 1,850 square feet for societyM, citizenM’s branded creative spaces and meeting rooms. The site is located across the street from the MiamiCentral terminal and adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. Miami Worldcenter is a 27-acre “city within a city” delivering in phases. It will feature residential, commercial and hospitality uses, as well as of 300,000 square feet of retail, restaurant and entertainment space. The project’s first phase includes the recently completed Paramount Miami Worldcenter that features 513 upscale condominiums; the 444-unit Caoba apartment tower, which opened earlier this year; and the 434-unit Luma rental tower, now underway. In addition, Hines is preparing to build a new …

December 2, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

Development Florida Industrial Southeast

Miller Breaks Ground on 427,856 SF BMW Collision Center, Garage Complex in Broward County

by John Nelson November 27, 2019

PEMBROKE PINES, FLA. — Miller Construction has broken ground on a six-story, 427,856-square-foot collision center and inventory garage in Broward County for Holman Automotive that will be occupied by franchisee BMW of Pembroke Pines. Immediately west of the Pembroke Pines dealership, the complex will serve as an automotive repair shop and an extension of the BMW showroom. Fort Lauderdale-based FSMY Architects and Planners designed the precast concrete structure, which will feature compressed air systems, car lifts, paint booths, alignment pits, a car wash and a show floor. Floors two through six will provide parking for the dealership’s inventory. Project team members include engineering firms Oakland Park, Fla.-based Winningham & Fradley (civil), Fort Lauderdale-based Bryntesen Structural Engineers (structural) and Deerfield Beach-based FAE Consulting (MEP). Completion is scheduled for fourth quarter 2020.

November 27, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

by John Nelson November 26, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in …

November 26, 2019

Acquisitions Florida Retail Southeast

IPA Brokers $12.5M Sale of Mango Plaza Shopping Center in Suburban Tampa

by John Nelson November 26, 2019

SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.

November 26, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

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