Florida

Maddox Cos. Sells 53,456 SF Retail Center Near Tampa

by Alex Tostado September 5, 2019

SEMINOLE, FLA. — Maddox Cos. has sold Twin Oaks Shopping Center, a 53,456-square-foot retail center in Seminole. The property is located at the corner of U.S. Highway 19-A and Fla. Highway 694, 24 miles southwest of downtown Tampa. Twin Oaks was fully leased at the time of sale to tenants including Crunch Fitness, Davita Dialysis, Optimart, Carepoint Pharmacy and First American Title Co. Maddox Cos. redeveloped the property between 2016 and 2018. John Hotchkiss of Vantix Realty represented the buyer, Japanese Gardens Mobile Estates LLC, in the transaction. The sales price was not disclosed.

September 5, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Jacksonville for $29.1M

by Alex Tostado September 4, 2019

JACKSONVILLE, FLA. — FCP has acquired Townsend Apartments, a 396-unit multifamily community in Jacksonville, for $29.1 million. This marks FCP’s first acquisition in Jacksonville. Townsend Apartments is located at 3450 Townsend Blvd., seven miles east of downtown Jacksonville. The property is situated on both sides of Townsend Boulevard and comprises 13 buildings, which offer one-, two- and three-bedroom floor plans. Communal amenities include a playground, two clubhouses, two swimming pools, tennis courts, fitness center, business center and barbecue and picnic areas. The seller was not disclosed.

September 4, 2019

Development Florida Multifamily Southeast Student Housing

RISE, Nova Southeastern University Open On-Campus Student Housing Community in Fort Lauderdale

by Alex Tostado September 3, 2019

FORT LAUDERDALE, FLA. — A public-private partnership between RISE: A Real Estate Co. and Nova Southeastern University has opened Mako Hall, a 608-bed living/learning community on the university’s campus in Fort Lauderdale. The development offers a mix of one-, two- and four-bedroom, apartment-style units. Shared amenities include lounge areas, open and semi-private study rooms and an outdoor courtyard with hammocks, table tennis and grilling areas. Nova Southeastern is a private university that has 20,793 enrolled students.

September 3, 2019

Development Florida Industrial Southeast

Mayorga Organics to Open 33,000 SF Coffee Distribution Facility in Miami

by Alex Tostado September 3, 2019

MIAMI — Mayorga Organics, a producer of organic coffee, will open a 33,000-square-foot distribution facility in Miami. The new facility will work in conjunction with the company’s existing center in Rockville, Md., to distribute coffee along the East Coast. The facility, located across from Miami International Airport at 4101 NW 25th St., is expected to be operational by Nov. 1 and open to the public by Dec. 1 of this year.

September 3, 2019

Development Florida Industrial Southeast

Codina Partners, USAA Break Ground on 147,768 SF Industrial Building in Metro Miami

by Alex Tostado August 30, 2019

HIALEAH, FLA. — Codina Partners and USAA Real Estate have broken ground on Building F, a 147,768-square-foot industrial building within Beacon Industrial Park in Hialeah. Codina and USAA are the owners and developers of Beacon Logistics Park, which will comprise more than 1.3 million square feet of industrial space when complete. The campus is located at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. Upon completion, Building F will be available to tenants seeking 17,280 square feet and more. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building F.

August 30, 2019

Acquisitions Florida Retail Southeast

Avison Young Brokers $16M Sale of Publix-Anchored Shopping Center in Boca Raton

by Alex Tostado August 30, 2019

BOCA RATON, FLA. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Other tenants at West Boca Plaza include Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.

August 30, 2019

Development Florida Hospitality Southeast

St. Joe, Key International Break Ground on 255-Room Hotel in Panama City Beach

by Alex Tostado August 29, 2019

PANAMA CITY BEACH, FLA. — The St. Joe Co. and Key International have broken ground on a 255-room Embassy Suites hotel in Panama City Beach. Hotel amenities will include a swimming pool, meeting space, fitness center, onsite restaurant and an event space on the upper level with views of the Gulf of Mexico. St. Joe Co. owns the land and will operate the hotel day-to-day upon completion, which is slated for 2021.

August 29, 2019

Acquisitions Florida Multifamily Southeast

Northland Investment Sells Multifamily Community in Fort Myers for $53M

by Alex Tostado August 29, 2019

FORT MYERS, FLA. — Northland Investment Corp. has sold Iona Lakes, a 350-unit multifamily community in Fort Myers, for $53 million. The complex was built in 1986 and comprises 50 two-story buildings, a clubhouse and a 24-hour laundry facility. The property offers one-, two- and three-bedroom floor plans averaging 811 square feet. Communal amenities include a billiards room, fitness center, grill area, mini golf, pet park, swimming pool and a spa. Cardone Capital acquired the asset for $151,429 per unit.

August 29, 2019

Development Florida Mixed-Use Southeast

CIM Group Breaks Ground on Mixed-Use Development in Miami

by Alex Tostado August 28, 2019

MIAMI — CIM Group has broken ground on a mixed-use development in Miami’s Wynwood neighborhood. The project will feature 27,000 square feet of street-level retail and studio space, about 60,000 square feet of office space, 257 apartment units and approximately 480 parking stalls. The yet-to-be-named project will span a city block from NE 22nd and NE 23rd streets, four miles north of downtown Miami. Three office floors will be situated above the street-level retail and studio space and extend across the full city block. Set above are two eight-story apartment buildings, one each at the northern and southern ends of the block. The residential units will offer studio to three-bedroom floor plans. The retail, office and apartments feature floor-to-ceiling windows. The project is anticipated to be complete in mid-2021. CIM acquired the fully entitled site in October 2018.

August 28, 2019

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