Florida

MultiVerse Global to Build 600-Unit Apartment Complex in Florida’s Space Coast

by Alex Tostado December 14, 2018

WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.

December 14, 2018

Acquisitions Florida Retail Southeast

The Shopping Center Group Brokers $21.2M Partial Sale of Retail Center in Fort Lauderdale

by Alex Tostado December 12, 2018

FORT LAUDERDALE, FLA. — The Shopping Center Group (TSCG) has brokered the partial sale of Crossroads Square in Fort Lauderdale for $21.2 million. The transaction included 81,500 square feet of the 222,540-square-foot center. An affiliate of Boston-based Longpoint Realty Partners bought a portion that spans three outparcels and three buildings with tenants including Party City, Goodwill and several dining and service options. Lowe’s Home Improvement, CubeSmart, Chevron, Red Lobster and Taco Bell were not included in the transaction. Crossroads Square was 99 percent leased at the time of the sale. Anthony Blanco of TSCG led the team that represented the seller, an affiliate of Regency Centers, in the transaction.

December 12, 2018

Acquisitions Florida Industrial Southeast

Tower Investments Sells 588,000 SF Industrial Warehouse in West Jacksonville

by Alex Tostado December 12, 2018

JACKSONVILLE, FLA. — Tower Investments has sold a 588,000-square-foot industrial warehouse in west Jacksonville for $15 million to IP Capital Partners. The warehouse is leased to Fanatics Inc. and Conlan Tire Co. The property is situated at 5245 Commonwealth Ave. on 28 acres. IP Capital Partners plans to reposition the property. Bryan Bartlett and John Richardson of Newmark Phoenix Realty Group represented the seller in the transaction.

December 12, 2018

Florida Hospitality Loans Southeast

Lightstone Secures $73M in Construction Financing for South Beach Hotel

by Alex Tostado December 11, 2018

MIAMI BEACH, FLA. — National real estate investor and developer Lightstone has secured $73 million in financing to build Moxy South Beach, a seven-story, 202-room hotel in Miami Beach. CapitalSource provided a $55 million senior loan and Canyon Partners Real Estate LLC made an $18 million preferred equity investment. Moxy’s lobby will have an outdoor courtyard threading together a restaurant, all-day bar, co-working lounge and a Cuban-themed bodega. The second floor will feature a 72-foot swimming pool, fitness center and an outdoor bar. The rooftop will include a shallow pool and screening area. A timetable for development of the hotel was not provided.

December 11, 2018

Development Florida Multifamily Southeast

Wood Partners Opens 310-Unit Apartment Community in Fort Lauderdale

by Alex Tostado December 11, 2018

FORT LAUDERDALE, FLA. — Wood Partners has opened Bask, an apartment community located near Port Everglades at 1919 S.E. 10th Ave. in Fort Lauderdale. Bask is an eight-story, 310-unit complex featuring one- and two-bedroom floor plans. Amenities include a community demonstration kitchen, office space, fitness room, yoga room, pet spa and outdoor TV lounge.

December 11, 2018

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Brokers $45.7M Sale of Apartment Complex in Central Florida

by Alex Tostado December 10, 2018

SANFORD, FLA. — Newmark Knight Frank Multifamily (NKF) has brokered the $45.7 million sale of Solara, a multifamily community in Sanford, about 20 miles north of Orlando. Scott Ramey, Kevin Judd and Patrick Dufour of NKF represented the seller, a multifamily investment company based in Montgomery, Ala. The buyer was Tampa- and Boston- based Robbins Property Associates. The 272-unit Solara was built in 2014 and features amenities such as a saltwater pool, lounge areas and a club lounge, featuring a billiards table and full bar with catering kitchen.

December 10, 2018

Development Florida Restaurant Retail Southeast

Crocker Partners Unveils Restaurant Row Project in Boca Raton

by Alex Tostado December 10, 2018

BOCA RATON, FLA. — Crocker Partners has unveiled plans to develop Restaurant Row, a 22,500-square-foot property that would feature four 5,000-square-foot restaurants with patios and the potential for an additional 2,500-square-foot outpost. Aaron Gentry of tvsdesign is the architect of the only exclusive restaurant complex ever built in Boca Raton. Crocker Partners presented its vision to the City of Boca Raton’s Community Appearance Board on Nov. 27. The property would be located at the site of The Plaza office building, which Crocker Partners reacquired in 2014.

December 10, 2018

Acquisitions Florida Hospitality Southeast Top Stories

Trinity Investments, Elliott Management Acquire Grande Lakes Orlando Resort for $900M

by Kristin Harlow December 7, 2018

ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa. Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings. The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando. Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 …

December 7, 2018

Development Florida Industrial Southeast

Three Developers to Build 617,046 SF Spec Distribution Center in Central Florida

by Alex Tostado December 6, 2018

OCALA, FLA. — Red Rock Developments, Westport Capital Partners LLC and Wharton Industrial will build Florida Crossroads Logistics Center, a 617,046-square-foot speculative distribution center in Ocala. The 46-acre site is located about 35 miles south of Gainesville, and is situated approximately one hour from Tampa and Orlando, two hours from Jacksonville and four hours from Miami, allowing the facility to potentially service 14 million people with same-day deliveries. Deborah Mickler and David Wilson of Colliers International are listing the property, which is slated to open in the fourth quarter of 2019.

December 6, 2018

Acquisitions Florida Multifamily Southeast

Praedium Group Acquires Apartment Community in Jacksonville for $46.7M

by Alex Tostado December 6, 2018

JACKSONVILLE, FLA. — The Praedium Group has purchased The Point at Town Center, an apartment community in Jacksonville comprising eight three-story buildings offering one- and two-bedroom floor plans. The Praedium Group bought the property from Block One Ventures for $46.7 million, according to Jacksonville Business Journal. Block One delivered the property earlier this year. Amenities at The Point include a dog park with wash station, yoga lawn, pool and package concierge.

December 6, 2018

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