JACKSONVILLE, FLA. — EJF Capital and Chance Partners will construct San Marco Crossing, a 486-unit multifamily community in Jacksonville’s San Marco neighborhood. The $86 million property is situated within an Opportunity Zone. Construction is expected to begin in the third quarter of this year with delivery slated for late 2020 or early 2021. Ameris Bank, with participation from Stifel Bank, is providing $51 million in construction financing. San Marco Crossing will be situated about three miles south of downtown Jacksonville. Jacksonville-based Oak Constructing will serve as the general contractor for the project.
ORLANDO, FLA. — Urban Commons has completed the renovation and rebranding of the former Nickelodeon Suites Resort in Orlando into the Holiday Inn Resort Orlando Suites and Waterpark. The $27.5 million renovation took three years to complete. Urban Commons updated the 777 guest rooms, the lobby, café, lounge, meeting rooms and restrooms, which included renovations with new finishes, fixtures, furniture and other interiors, along with enhancing the waterpark with new pool surfacing, cabanas, outdoor furniture and a designated yoga area. Club Candy, a colorful sweet escape featuring treats and drinks; The Hideaway Lounge, a full-service bar offering appetizers and snacks; Hershey’s Ice Cream, a parlor serving hand-dipped ice cream and fresh-brewed coffee; and a Subway were added, bringing the total of food and beverage outlets within the hotel to eight. The Lagoon Waterpark is in the center of the resort and offers a splash zone, kids’ play area, a four-story water tower, a 400-gallon water dump tank, interactive water toys, climbing nets and water jets, two whirlpools, a basketball court and a nine-hole miniature golf course.
TEMPLE TERRACE, FLA. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity group. The sales price was not disclosed.
ORLANDO, FLA. — A joint venture between Linkvest Capital and Futura will build Futura at Nona Cove, a 260-unit apartment complex within Orlando’s Lake Nona master-planned development. The multifamily community will be built in phases, with the first phase expected to begin in the first quarter of 2020 and deliver in the third quarter of 2021. The building will stand five stories high and will offer studio, one-, two- and three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a clubroom, resident lounge, swimming pool, fitness center, jogging trails, dog park, dog spa and a gazebo. The property will also feature 32,000 square feet of retail space and a four-story, 122,000-square-foot self-storage facility. Charlan Brock Associates designed Futura at Nona Cove. Plans for future phases were not disclosed. Tavistock is developing Lake Nona, a master-planned, 11-square-mile mixed-use project that comprises 7.1 million square feet of residential and commercial space.
GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.
MAITLAND, FLA. — Equinox Development Properties Inc. has hired Genny Hall as senior vice president and a partner to oversee the leasing for all developments and retailer relationships. Hall has more than 15 years of retail brokerage experience. Prior to joining Equinox, Hall served as the managing director of retail services at Colliers International in Central Florida. Maitland, Fla.-based Equinox Development specializes in developing retail, mixed-use and boutique commercial projects.
CORAL GABLES, FLA. — Cushman & Wakefield has arranged the $54.4 million sale of 550 Biltmore, a 162,293-square-foot office building in Coral Gables. Miami-based CGI Merchant Group acquired the 16-story building for $336 per square foot. The asset was built in 1986 and renovated in 2013. The property is located at 550 Biltmore Way, six miles west of downtown Miami. 550 Biltmore was 89 percent leased at the time of sale to tenants including UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas Inc. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Brian Gale, Ryan Holtzman and Rick Brugge of Cushman & Wakefield represented the undisclosed seller in the transaction. Gale and Holtzman, along with Andrew Trench and Jeannette Mendoza of Cushman & Wakefield, is handling leasing efforts for the building. Cushman & Wakefield also manages the property.
TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per unit.
WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole Whitaker, Jason Stanton, Mary Beale and Greg Rainey of Berkadia represented the seller, Covenant Capital Group, in the transaction. Berkadia also provided a $26.1 million Freddie Mac loan to the buyer, a joint venture between the Michaelson Group and GMF Capital. The fixed-rate acquisition loan comes with a 10-year term and five years of interest-only payments.
HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a New York investor, in the transaction.