JACKSONVILLE, FLA. — Colliers International has arranged the $5.3 million sale of Village Commons, a 12,001-square-foot retail center located at 4490 and 4492 Southside Blvd. in Jacksonville. The seller, Rimrock Southside LLC, developed the property last year. Colliers International arranged the 1031 exchange on behalf of the buyers, Bronx Wendy’s SCH LLC and Southside RMR LLC. Village Commons is home to tenants such as AT&T, Pet Supermarket, First Watch and Wells Fargo.
ORLANDO, FLA. — Exeter Property Group has broken ground on a 561,750-square-foot distribution center located at 9775 Air Commerce Parkway in Orlando. Situated adjacent to Orlando International Airport, the speculative building will feature 36-foot clear heights, 535-foot building depth, cross dock configuration, an ESFR sprinkler system, 185-foot truck court, 60-foot concrete truck apron, storage spaces for 112 trailers, 312 auto parking spaces and spec office space. GMA Architects designed the building, which is situated within the 230-acre Air CommercePark. Tampa-based ARCO Murray is the general contractor for the project, and Orlando-based Florida Engineering Group is the project’s civil engineer. Exeter expects to wrap up construction on the facility in February 2019.
PALM COAST, FLA. — Matthews Real Estate Investment Services has arranged the $10.6 million sale of Old Kings Commons, an 84,759-square-foot shopping center in Palm Coast. Jordan Powell and Scott Henard of Matthews arranged the transaction on behalf of the buyer, a private family office based in South Florida. Jacksonville-based Regency Centers sold the asset. Beall’s Outlet and Staples anchor Old Kings Commons, and other tenants include Planet Fitness, Pinch-A-Penney and Dunkin’ Donuts/Baskin-Robbins.
ORLANDO, FLA. — NAI Realvest has brokered the $7.9 million sale of a 36,426-square-foot office building located at 622 E. Washington St. in Orlando. Jeff Bloom of NAI Realvest arranged the transaction on behalf of the buyer, OM Star Properties LLC, d/b/a Orchid Medical Equipment Co. The company will occupy 50 percent of the building for its new headquarters. John Worrell of Cite Partners arranged the transaction on behalf of the seller, ThorntonPark Central LLC. The sale also included a 134,681-square-foot parking garage.
BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.
MIAMI — Aztec Group Inc. has arranged a $21.3 million construction loan for the development of the AC Marriott Hotel in Midtown Miami. Boaz Ashbel of Aztec Group arranged the loan through Florida Community Bank NA on behalf of the project developer, Midtown Lodging 2 LLC. The 153-room hotel will be located at the corner of N.E. 34th Street and Biscayne Boulevard and will feature a modern glass façade. Hotel amenities will include a restaurant and bar/lounge, business center, fitness center, meeting space, swimming pool, guess laundry and valet parking. 3H Hospitality will manage the AC Marriott Hotel upon opening in mid-2019.
ORLANDO, FLA. — Franklin Street has brokered the $16.9 million sale of CaSienna Apartments, a 160-unit multifamily community located at 5703 Stoneridge Court in Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, SR Apartments LLC, and the buyer, an undisclosed partnership. CaSienna Apartments was constructed in 1972 and 1973 and comprises 16 one- and two-story buildings. Community amenities include two swimming pools, a clubhouse, tennis courts, a playground and extra storage space for residents.
DAYTONA BEACH, FLA. — SVN Alliance has arranged the $11.5 million sale of a four-building office portfolio in Daytona Beach. Chris Butera, Carl Lentz IV, John Trost and Tim Davis of SVN Alliance arranged the transaction on behalf of the buyer, an undisclosed private investor, and the seller, Consolidated Tomoka Land Co. The portfolio included the two-story Concierge building located at the northeast corner of LPGA Boulevard and Williamson Boulevard, two buildings within Mason Commerce Center and a building within Williamson Business Park. Consolidated Tomoka developed the buildings between 2008 and 2014. The portfolio was fully leased at the time of sale.
MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with work-from-home options. Community amenities will include a pool with sundeck and private cabanas, gaming room, theater room, fitness center, jogging trail, dog park and a children’s playground. EIG expects to wrap up construction on the community in mid-2019. Soleste Twenty2 comes on the heels of other recent EIG developments, including the $59 million Soleste West Gables II and the 330-unit Soleste Blue Lagoon, which broke ground in November.
DAYTONA BEACH, FLA. — Sutton Properties has signed Publix to anchor Latitude Landings, the 200,000-square-foot retail portion of Latitude Margaritaville Daytona Beach, an active adult community. Margaritaville Holdings and Minto Properties are developing the community, and Sutton Properties is developing and leasing the project’s retail portion, dubbed Latitude Landings. Publix will occupy 48,000 square feet at the shopping center, which will be located on LPGA Boulevard, adjacent to the development’s residential community and accessible by golf cart. Slated to open in the second quarter of 2019, the new grocery store will include grab-and-go prepared meals, an in-store café and a Publix Liquors store. The first phase of Latitude Margaritaville includes 378 home sites. Current plans call for 3,000 homes, with the possibility to expand to a total of 6,000 homes at full build-out. The community is designed for adults ages 55 and older.
