Florida

FCP Acquires Multifamily Portfolio in South Florida for $85.5M

by Alex Tostado October 31, 2019

LAKE WORTH AND PALM SPRINGS, FLA. — FCP has acquired three multifamily properties in South Florida for $85.5 million. The portfolio includes Costa del Lago, a 218-unit community in Lake Worth. The asset offers one- through three-bedroom floor plans. Communal amenities include a dog park, swimming pool, picnic area and a private lake. The second asset in the portfolio is Coronado Springs, a 314-unit complex in Palm Springs, offering one- and two-bedroom floor plans. Community amenities include a swimming pool, spa, fitness center, picnic area and a pet play area. The final property, Sedona Village, is a 151-unit community also located in Palm Springs. The community features one- and two-bedroom floor plans along with amenities such as a swimming pool, clubhouse, pet play area, fitness center, business center and a playground. Pinnacle will manage all three properties. Hampton Beebe, Avery Klann, Tal Frydman, Jonathan Senn and Tyler Minix of Newmark Knight Frank (NKF) represented FCP in the transaction. The seller was not disclosed. Fernando Riboli of NKF originated Fannie Mae acquisition financing for two of three properties on behalf of the buyer.

October 31, 2019

Acquisitions Florida Mixed-Use Southeast

Avison Young Negotiates $16M Sale of Mixed-Use Property in Metro Miami

by Alex Tostado October 31, 2019

CUTLER BAY, FLA. — Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate brokers. MMG Centre at Cutler Bay LLC, an affiliate of Miami-based MMG Equity Partners, acquired the property and has the option to develop a standalone building on the east side of the site ideal for up to seven tenants. Rosendo Caveiro, John Crotty, Michael Fay, David Duckworth, Brian de la Fe, Berkley Bloodworth and Emily Brais of Avison Young represented the seller, Cutler Center Holdings LLC, in the transaction.

October 31, 2019

Development Florida Multifamily Southeast

Dania Beach City Commission Approves 381-Unit Multifamily Project in South Florida

by Alex Tostado October 30, 2019

DANIA BEACH CITY, FLA. — Dania Beach City Commission has approved plans for Sea View at Dania, a planned 13-story, 381-unit multifamily project in South Florida’s Broward County. J Milton & Associates is the developer of the property, which will be located at 601 E. Dania Beach Blvd. where a current 35,348-square-foot retail center currently sits. The property is situated two miles from Dania Beach and six miles south of downtown Fort Lauderdale. Javier Vazquez of Berger Singerman served as legal counsel to the developer.

October 30, 2019

Development Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center Break Ground on 48-Unit Community in Metro Miami Targeting LGBTQ Seniors

by Alex Tostado October 30, 2019

WILTON MANORS, FLA. — Carrfour Supportive Housing and The Pride Center at Equality Park have broken ground on a 48-unit affordable community in Wilton Manors that will offer supportive services specifically targeting LGBTQ seniors. Located approximately 30 miles north of Miami, The Residences at Equality Park is scheduled for completion in 2020. Of the 48 units, 34 will be set aside as permanent supportive housing for low-income seniors ages 55 and older with a disabling condition who need onsite supportive services in order to maintain their housing. Forty-three units will be available to residents earning 60 percent or less of Broward County’s area median income (AMI) — about $35,400 per year for a one-person household, and about $40,400 per year for a two-person household. The remaining five units will be available to those earning 33 percent or less of the AMI, or about $17,700 per year for a one-person household and $20,200 per year for a two-person household. Monthly rents will be based on income, ranging from approximately $350 to $1,029. Carrfour will serve as the project’s developer, operator and service coordinator, while The Pride Center will provide residents with onsite supportive services, including service linkage, senior support groups, wellness …

October 30, 2019

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Arranges $7.9M Sale of Self-Storage Facility in Central Florida

by Alex Tostado October 30, 2019

WILDWOOD, FLA. — Marcus & Millichap has arranged the $7.9 million sale of My Garage | Self-Storage & Flex Warehouses, a 98,350-square-foot self-storage facility in Wildwood. The property is located at 5626 C Thomas Road, 50 miles northwest of downtown Orlando. David Vaughan and Ray Turchi of Marcus & Millichap represented the undisclosed private seller in the transaction. The buyer was also not disclosed.

October 30, 2019

Development Florida Retail Southeast

Publix Opens 49,000 SF Store Within Central Florida Shopping Center

by Alex Tostado October 29, 2019

LOUGHMAN, FLA. — Publix Super Markets Inc. has opened a 49,000-square-foot store within Loughman Crossing in Loughman. The prototype location includes a drive-thru pharmacy. Halvorsen Holdings is developing Loughman Crossing, which is also home to Publix Liquors, AT&T, Great Clips, Erlyn’s Taxes and Encore Nails. Loughman Crossing spans 78,200 square feet and includes six outparcels. Located at the intersection of U.S. Highway 17-92 and Ronald Reagan Parkway, the property sits 15 miles southwest of Walt Disney World and 30 miles southwest of downtown Orlando.

October 29, 2019

Development Florida Multifamily Southeast

Roger B. Kennedy Construction Begins 318-Unit Multifamily Property in Fort Myers

by Alex Tostado October 28, 2019

FORT MYERS, FLA. — Roger B. Kennedy Construction has begun construction on Murano at Three Oaks Apartments in Fort Myers on behalf of developer Courtelis Co. Although costs were not expressly disclosed, the contractor said its contract is worth $38 million. The property is a planned 318-unit apartment community located at 17167 Three Oaks Parkway. The community will feature two four-story apartment buildings, a clubhouse, pool pavilion and detached garages. Forum Architecture & Interior Design designed the property, which is expected to deliver in January 2021.

October 28, 2019

Development Florida Multifamily Southeast

Catalyst Breaks Ground on 318-Unit Apartment Complex in Downtown Fort Myers

by Alex Tostado October 25, 2019

FORT MYERS, FLA. — Catalyst Asset Management has broken ground on West End at City Walk, a 318-unit apartment complex in downtown Fort Myers. The community will be part of Catalyst’s City Walk mixed-use development that will include 108,000 square feet of retail and office space and a hotel. West End at City Walk will offer studio to two-bedroom floor plans, as well as 15,000 square feet of office space. Communal amenities will include a heated saltwater swimming pool, multiple outdoor kitchens with barbecue grills, fitness center, yoga room, e-lounge, conference room, coworking spaces, pet spa, an entertainment kitchen with indoor and outdoor dining areas and a covered terrace on the fifth floor. Catalyst expects to deliver West End at City Walk in late 2020. Hancock Bank and Iberia Bank provided construction financing. PDS Architecture is West End’s designer, and Brooks and Freund is the general contractor. ZRS Management LLC will provide leasing and property management services with preleasing expected to begin in December 2020.

October 25, 2019

Development Florida Multifamily Seniors Housing Southeast

Roger B. Kennedy Construction Completes $20M Seniors Housing Development in Tallahassee

by Alex Tostado October 24, 2019

TALLAHASSEE, FLA. — Roger B. Kennedy Construction has completed construction of The Grove at Canopy in Tallahassee on behalf of developer Vestcor Senior Living. Although costs were not expressly disclosed, the contractor said its contract exceeded $20 million. The three-story, 140,000-square-foot community features 118 units of independent living, assisted living and memory care. The designer on the project was Group 4 Design.

October 24, 2019

Acquisitions Florida Retail Southeast

IPA Negotiates $17.5M Sale of Grocery-Anchored Center in Florida’s Space Coast

by Alex Tostado October 24, 2019

PALM BAY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $17.5 million sale of Palm Bay West, a 262,62-square-foot retail center in Palm Bay. Winn-Dixie anchors the property, which was 90 percent leased at the time of sale to tenants including Roses Discount Stores, NCG Cinema, Ollie’s Bargain Outlet, Planet Fitness and Dollar Tree. The property is located at 160 Malabar Road, 10 miles southwest of downtown Palm Bay. Kirk Olson and Drew Kristol of IPA represented the seller, an undisclosed New York City-based investment group, in the transaction. The team also procured the buyer, Palm Bay West LLC.

October 24, 2019

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