MIAMI — Doral, Fla.-based Biscayne Bay Brewing Co. has unveiled plans to open a second location at the Old United States Post Office and Courthouse building in downtown Miami. Originally constructed in the early 1900s, the building was designated a historical site in 1989. The new brewery will occupy 6,500 square feet on the third floor of the building, where The Miami Weather Bureau Office was once located. Post Office Development LLC, managed by Daniel Peña, is overseeing the redevelopment of the building. Peña, a principal of Stambul Construction Co., led the restoration of the Eurostars Langford Hotel — previously Miami National Bank. Biscayne Bay will open its new location at the building this winter. The brewery’s flagship facility is located at 8000 N.W. 25th St. in Doral.
Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental growth and there is a strong likelihood of new speculative office construction in the coming year. Major corporations continue to reaffirm their confidence in Tampa with significant announcements of planned corporate expansions by MetLife, Pricewaterhouse Coopers (PwC), AAA and USAA during the second half of 2017. In fact, the Tampa Bay metropolitan area ranked as one of the top 20 “U.S. Markets to Watch” for overall real estate prospects in the Emerging Trends in Real Estate 2018 report published by PricewaterhouseCoopers and the Urban Land Institute. Investment Activity Many investors who in years past were seeking opportunities in gateway markets are now turning their attention to secondary markets like the Tampa Bay area in search of higher yields. There were several …
DELRAY BEACH, FLA. — The City of Delray Beach has unanimously approved Hudson Holdings LLC’s plan for the development of Midtown Delray Beach, a 400,000-square-foot mixed-use development. The $135 million project will span parts of four city blocks in Delray Beach and will feature retail, restaurant, office and residential space, as well as a hotel. Approved by city commissioners at 5-0, the development will include eight restored historic structures that will be revived under the guidance of the Delray Beach Historic Preservation Board. In addition, Midtown Delray Beach will feature a public courtyard that will serve as a central meeting place in downtown Delray. Historic preservation architect Rick Gonzales is designing the project. A construction timeline was not disclosed.
SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to rebrand the community as Longitude 82°. This acquisition brings the privately held company’s Florida portfolio to nine properties totaling more than 2,700 units, including an asset in Estero named Longitude 81° that the company also purchased from Continental Properties. Amenities at Longitude 82° include a saltwater swimming pool with a sun deck, poolside kitchen, grills and a firepit; 24-hour fitness center; resident clubhouse and lounge; conference room; coffee bar and catering kitchen; two leash-free dog parks; pet grooming station; car wash area and gated entry.
TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the seven-year Freddie Mac loans through Capital One Multifamily Finance on behalf of Blue Roc. Each of the properties were financed separately, and all of the loans featured floating interest rates and two years of interest-only payments. The new ownership plans to invest $10 million to renovate and upgrade the portfolio.
JENSEN BEACH, FLA. — Cushman & Wakefield has brokered the sale of Marketplace Square, a 169,223-square-foot shopping center located at 3181 N.W. Federal Highway in Jensen Beach. Patrick Berman, Jason Donald and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Leon Capital Group. Exchange Solutions Inc. acquired the asset. Hobby Lobby anchors Marketplace Square, which was 89 percent leased at the time of sale. Additional tenants include Dollar Tree, Buffalo Wild Wings, Buddy’s Home Furnishings, Once Upon a Child and Rush Trampoline Park. The center also houses two outparcels, occupied by KFC and Sonic.
DANIA BEACH, FLA. — Colliers International has arranged the $13.9 million sale of a 28-acre industrial site located at 4030 State Road 7 in Dania Beach. Liberty Property LP, a subsidiary of Liberty Property Trust, acquired the land with plans to build the 300,000-square-foot Liberty 595 Distribution Center on the site. Steven Wasserman and Brooke Berkowtiz of Colliers International arranged the transaction on behalf of the seller, the City of Fort Lauderdale. The land once served as a composting site for the City of Fort Lauderdale, and was later used by the city’s Public Works Department.
CASSELBERRY, FLA. — ARA Newmark has arranged the $72.3 million sale of Bainbridge Crossing, a 336-unit apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. Scott Ramey and Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller and developer, The Bainbridge Cos. TH Real Estate, an affiliate of Nuveen, acquired the asset. Matthew Williams of NKF Capital Markets secured acquisition financing on behalf of TH Real Estate. Constructed in 2017, Bainbridge Crossing features a clubhouse, resort-style pool, fitness center with a separate yoga room and a dog park. The community was approximately 96 percent occupied at the time of sale.
ORLANDO, FLA. — CBRE has arranged the $64.5 million sale of Alexan Crossroads, a 314-unit apartment community located at 7261 Crossroads Garden Drive in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and property developer, Trammell Crow Residential. Harbor Group International acquired the asset, which was completed in 2016 and stabilized in 2017. Alexan Crossroads features a clubhouse, saltwater pool with cabanas and grilling stations.
POMPANO BEACH, FLA. — Bridge Development Partners has signed its first tenant at Bridge Point Powerline Road, a 467,832-square-foot industrial park under development in Pompano Beach. TSF Sportswear LLC, a Florida-based wholesale apparel distributor, will relocate its existing Pompano Beach headquarters to the new facility, fully occupying the 172,927-square-foot Building 1. Tony Hoover of CBRE arranged the lease on behalf of Bridge, the project developer. Bridge Point Powerline Road will feature three buildings and include Class A warehouse, distribution and flex/showroom space. All buildings will feature 32-foot clear heights, 54-foot column spacing, 60-foot speed bays, T-5 energy efficient lighting and ESFR sprinkler systems. Bridge expects to wrap up construction on the park in the third quarter of 2019.