Florida

OKO Group, Cain International Deliver 57-Story Office Tower in Miami

by John Nelson October 21, 2024

MIAMI — OKO Group and Cain International have completed the development of 830 Brickell, a 57-story office tower located in Miami. Totaling 640,000 square feet, the fully leased building has now received its temporary certificate of occupancy (TCO) from the City of Miami. Tenants — which include Microsoft, Citadel, Kirkland & Ellis LLP, Marsh Insurance, Sidley Austin LLP, CI Financial (Corient), Thoma Bravo, Santander Bank and A-CAP — will now begin build-outs and take occupancy of their respective spaces. Roughly 20 percent of the building is already occupied and operational. The project team includes architect Adriam Smith + Gordon Gill and interior designer Iosa Ghini Associati. Amenities at the building will include a Mediterranean restaurant with a private terrace, bar and private club, health and wellness center, conference facilities, an outdoor terrace and cafés and street-level retail space. Construction of 830 Brickell began in 2020.

October 21, 2024

Development Florida Hospitality Loans Mixed-Use Southeast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson October 21, 2024

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

October 21, 2024

Florida Georgia Loans Louisiana North Carolina Retail South Carolina Southeast

BWE Arranges Financing for 104-Property Circle K Retail Portfolio in the Sun Belt

by John Nelson October 18, 2024

IRVINE, CALIF. — BWE has arranged a $45.5 million loan for the financing of a Circle K portfolio across six states in the Sun Belt. Located in Arizona, Florida, Georgia, Louisiana, North Carolina and South Carolina, the portfolio comprises 104 single-tenant convenience store and gas station properties. Tom Kenny and Josh Boehling of BWE’s Irvine, Calif., office arranged the loan through a life insurance company on behalf of the undisclosed borrower. The five-year, fixed-rate financing features interest-only payments and a five-year extension option.

October 18, 2024

Development Florida Mixed-Use Retail Southeast

Live Nation to Open 3,500-Seat Venue at Westcourt Mixed-Use Project in Downtown Orlando

by John Nelson October 17, 2024

ORLANDO, FLA. — Live Nation plans to open a 3,500-seat entertainment venue at Westcourt Sports and Entertainment District, a 900,000-square-foot mixed-use project currently underway in downtown Orlando. Construction on the facility is scheduled to begin early next year, with an anticipated opening in 2027. SED Development, JMA Ventures and Machete Group are developing Westcourt, which will feature a 261-room Kimpton hotel, 265 residential units, 300,000 square feet of office space and 125,000 square feet of entertainment and dining-focused retail space. Westcourt will also feature 1.5 acres of flexible green space that will host programming including yoga classes, farmer’s markets, live music, food festivals and movie nights.

October 17, 2024

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of New 505,518 SF Industrial Property in Metro Miami

by John Nelson October 17, 2024

HIALEAH, FLA. — CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin White, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. Affiliate firm Ares Industrial Management will manage Miami Midway Park on behalf of the new ownership. Delivered in second-quarter 2024, Miami Midway Park features 32-foot clear heights, 120 dock high doors, LED lighting and electric vehicle charging stations. The property was 76 percent leased at the time of sale, with 123,799 square feet of space available at the time of sale.

October 17, 2024

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers $4.7M Sale of Retail Strip Center in St. Petersburg, Florida

by John Nelson October 17, 2024

ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $4.7 million sale of Bay Pines, a 9,110-square-foot retail strip center located along Bay Pines Boulevard in St. Petersburg. The property serves as an outparcel to a Walmart Supercenter and was 85 percent leased at the time of sale to tenants including Starbucks Coffee, Supercuts and Jimmy Johns. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the seller, Palm Beach Gardens, Fla.-based Kitson & Partners, in the transaction. The buyer was an undisclosed REIT. The transaction completes a three-property disposition that Plaza Advisors brokered on behalf of Kitson & Partners that includes adjacent Texas Roadhouse and Village Inn properties, which were sold to separate 1031 investors.

October 17, 2024

Development Florida Loans Multifamily Southeast

Berkadia Originates $110.7M in Financing for Two Multifamily Developments in Florida

by John Nelson October 16, 2024

BRADENTON AND MELBOURNE, FLA. — Berkadia has originated two loans totaling $110.7 million for two multifamily developments in Bradenton and Melbourne. Alec Fox of Berkadia’s Tampa office secured the financing on behalf of the sponsor, Charlotte-based Madison Capital Group. Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. The second transaction was $50.7 million in aggregate financing for Madison Midtown in Melbourne, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors. Both properties will consist of 240 units and are slated for completion in 2026.

October 16, 2024

Development Florida Healthcare Southeast

Robins & Morton Completes 80,000 SF Medical Office Building in Panama City Beach

by John Nelson October 16, 2024

PANAMA CITY BEACH, FLA. — Birmingham, Ala.-based construction firm Robins & Morton has completed the Tallahassee Memorial HealthCare Medical Office Building in Panama City Beach. Robins & Morton served as the general contractor for the 80,000-square-foot project on behalf of The St. Joe Co. and Tallahassee Memorial HealthCare (TMH). Designed by HuntonBrady, the four-story facility will house TMH Physician Partners – Primary Care, TMH Urgent Care Center, Coastal Tides Surgical Center, TMH Physician Partners – Cardiology and additional space for pulmonary and orthopedic services. Robins & Morton will also break ground on a 100-bed hospital on the same campus, which is scheduled to be complete before the end of 2027.

October 16, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $10.8M Sale of Retail Center in Orlando

by John Nelson October 14, 2024

ORLANDO, FLA. — Marcus & Millichap has arranged the $10.8 million sale of Turkey Lake Plaza, a retail center located at 7858 Turkey Lake Road in Orlando. Built in 2010, the property totals 19,719 square feet. Turkey Lake Plaza was leased to 12 tenants at the time of sale, including Gyu-Kaku Japanese BBQ. Tarek Chbeir of Marcus & Millichap procured the buyer, a local investor, in the transaction. The seller was also not disclosed.

October 14, 2024

Affordable Housing Development Florida Multifamily Southeast

HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood

by John Nelson October 11, 2024

MIAMI — Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening of Courtside Apartments in 2016. Apartments at Courtside II will be reserved for residents earning at or below 50, 60 and 70 percent of the area median income (AMI), and monthly rents will range from $985 to $3,092. The property will feature a North and South Building, situated at 1698 N.W. 3 Ave. and 1501 N.W. 4 Ave., respectively, with both buildings spanning seven stories. Amenities at the community will include a clubhouse with a media center, fitness center, dog park and bike storage. Completion of construction is scheduled for the first quarter of 2026, with leasing scheduled to begin in fall 2025. The project team includes Corwil Architects, general contractor BDI Construction, civil engineer Kimley-Horn, interior designer Builders Design and landscape architect Witkin Hults + Partners.

October 11, 2024

Newer Posts

Older Posts