Florida

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson April 25, 2019

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

April 25, 2019

Acquisitions Florida Hospitality Southeast

MSD Partners Acquires 337-Acre Beachfront Hotel, Resort in Boca Raton

by Alex Tostado April 24, 2019

BOCA RATON, FLA. — MSD Partners LP, an investment firm with offices in New York, Santa Monica and West Palm Beach, has acquired Boca Raton Resort & Club, a 337-acre hospitality property. The seller was an affiliate of real estate giant Blackstone, which invested more than $300 million in the property during its ownership period. Originally built in 1926, Boca Raton Resort & Club comprises 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 32 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends for a half-mile. Jeffrey Davis and Gregory Rumpel of JLL led the marketing efforts on behalf of the seller.

April 24, 2019

Florida Georgia Loans Multifamily Southeast

HFF Closes Two Freddie Mac Loans Totaling $37.9M for Apartment Properties in Orlando, Savannah

by Alex Tostado April 24, 2019

ORLANDO, FLA. AND SAVANNAH, GA. — HFF has originated two separate Freddie Mac loans totaling $37.9 million on behalf of the borrower, Beachwold Residential. The New York-based multifamily investment firm will use the proceeds of the two loans to refinance The Place at Alafaya, a 400-unit multifamily community in Orlando, and to acquire Litchfield Place, a 76-unit apartment community in Savannah. Mona Carlton, Elliott Throne and Jesse Wright of HFF led the debt placement effort for both loans, which featured 10-year terms and fixed interest rates. The Place at Alafaya in east Orlando offers one- and two-bedroom units and amenities such as a pool, tennis courts, basketball court, fitness center and a resident clubhouse. Completed in two phases between 2008 and 2014, Litchfield Place in southwest Savannah features units averaging 1,119 square feet. The seller and sales price of Litchfield Place were not disclosed.

April 24, 2019

Development Florida Industrial Southeast

Rooker Breaks Ground on 155,820 SF Spec Industrial Facility in Jacksonville

by Alex Tostado April 23, 2019

JACKSONVILLE, FLA. — Atlanta-based developer Rooker has broken ground on a 155,820-square-foot speculative industrial facility located just off Interstate 295 in Jacksonville. In October 2018, Rooker acquired 39 acres in Perimeter West Industrial Park, including three industrial-zoned parcels, one of which will be the site of this project. Pieper O’Brien Herr Architects is designing the project, and FCL Builders is serving as the general contractor. Construction is expected to be complete by early December.

April 23, 2019

Acquisitions Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $6.7M Sale of South Florida Development Site to Flagler Global Logistics

by Alex Tostado April 23, 2019

HIALEAH, FLA. — Cushman & Wakefield has arranged the $6.7 million sale of Transfer Turnpike, a vacant site spanning 8.6 acres in Hialeah. The buyer, Flagler Global Logistics (FGL), already owns 500 acres nearby where it is developing Countyline Corporate Park, an 8 million-square-foot business park that will offer office, warehouse and industrial space. Turnpike Transfer is situated at the intersection of 170th and 97th streets, southwest of the intersection of Interstate 75 and the Florida Turnpike and about 22 miles northwest of downtown Miami. Wayne Ramoski, Miguel Alcivar and Gian Rodriguez of Cushman & Wakefield represented the seller, Turnpike Transfer LLC, in the transaction.

April 23, 2019

Florida Loans Office Southeast

SunTrust Originates $40M in Acquisition Financing for Jacksonville Office Property

by Alex Tostado April 22, 2019

JACKSONVILLE, FLA. — SunTrust Bank’s commercial real estate division has originated $40 million in acquisition financing for Gramercy Woods Southside, an office complex in Jacksonville. Anchored by Aetna Life Insurance Co., the property comprises 420,000 square feet of rentable space and two structured parking garages. The borrower was Atlanta-based Glenfield Capital. Specific loan terms were not disclosed.

April 22, 2019

Acquisitions Development Florida Mixed-Use Southeast

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

by Alex Tostado April 19, 2019

MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.

April 19, 2019

Acquisitions Florida Retail Southeast

Highline, M Street Holdings Purchase Shopping Center in Orlando for $12.3M

by Alex Tostado April 19, 2019

ORLANDO, FLA. — A partnership between Highline Real Estate Capital and M Street Holdings has acquired Century Plaza, a 132,725-square-foot retail center in Orlando, for $12.3 million. The center was fully leased at the time of the sale to tenants including ALDI, Ross Dress for Less, dd’s DISCOUNTS, Big Lots, Shoe Land, Spectrum, Sprint, GameStop and Amscot. The asset was built in 1973, renovated in 2008 and sits on 13.5 acres. Anthony Blanco of TSCG (formerly The Shopping Center Group) represented the seller, a private global institutional investment firm, in the transaction.

April 19, 2019

Development Florida Hospitality Southeast

Bromley, Concord Hospitality Partner to Build Dual-Branded Hotel Within Midtown Tampa Development

by Alex Tostado April 18, 2019

TAMPA, FLA. — Bromley Cos. has partnered with Concord Hospitality to build the dual-branded Aloft and Element hotel within the $500 million Midtown Tampa development. The seven-story Marriott hotel will share 226 rooms, a rooftop terrace and swimming pool. Additionally, the hotel will feature meeting space on the seventh floor, a 1,000-square-foot fitness center and 24,000 square feet of street-level retail space. The joint venture plans to break ground this summer with anticipated completion slated for 2021. The Bromley Cos. and Concord Hospitality are teaming with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co. and Crescent Communities to develop Midtown Tampa, a 1.8 million-square-foot mixed-use project that will feature office, hotel, residential and retail space, including a new Whole Foods Market, True Food Kitchen and REI.

April 18, 2019

Development Florida Multifamily Southeast Student Housing

Campus Advantage, Stark Enterprises Break Ground on 618-Bed Student Housing Complex Near University of Florida

by Alex Tostado April 18, 2019

GAINESVILLE, FLA. — A joint venture between Campus Advantage and Stark Enterprises has broken ground on Liv+ Gainesville, a 618-bed student housing community located near the University of Florida. The 279,075-square-foot property will offer a range of floor plans, from studios to six-bedroom units with bed-to-bath parity. Shared amenities will include a fitness wing with a cardio room, free weight room and boxing equipment; a mini market with fresh snack and drink offerings; a coffee bar; study rooms on each floor; a pool and courtyard; and a dog park. The community is scheduled for completion in fall 2020 and will be managed by Campus Advantage.

April 18, 2019

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