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.
TAMPA, FLA. — TerraCap Management LLC has sold Lakeview Center, a 186,300-square-foot office property located at 6700 Lakeview Center Drive in Tampa, for $21.8 million. Joe Rossi, Thevenin Campton and Claire Calzon of Colliers International arranged the transaction on behalf of TerraCap. Miami-based TriOut Advisory Group LLC acquired the asset. Lakeview Center serves as the headquarters for HealthPlan Services Inc., a medical insurance provider. Existing entitlements give TriOut the ability to expand by more than 190,000 square feet, which would allow the company to build other office buildings and parking structures. Originally constructed in 1984, Lakeview Center has undergone more than $3 million in renovations over the past five years, including a new roof, elevator refurbishments, an upgraded HVAC system and a new energy management system.
ORLANDO, FLA. — ARA Newmark has arranged the sale of Axis West, a 268-unit apartment community in Orlando. Scott Ramey, Patrick Dufour and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, Flournoy Partners. The Georgia-based developer completed construction on Axis West in 2017. Bluerock Real Estate acquired the asset for an undisclosed price. The community features a coffee bar, central lake with a walking trail, clubhouse, fitness center with a spin room, car care center, saltwater swimming pool and a dog park. Axis West was 93 percent leased at the time of sale.
MIAMI GARDENS, FLA. — Macken Cos. has sold Palmetto Design Center, a 62,500-square-foot shopping center in Miami Gardens, located roughly 15 miles north of Miami. Rise Star LLC acquired the asset for $11.9 million. A joint venture between Macken Cos. and Zvi Shiff of DZD Holdings completed construction on the center in 2016. A 41,800-square-foot Walmart Neighborhood Market anchors Palmetto Design Center. Additional tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromat. In addition, the sale included a 0.75-acre outparcel that will be the site of a full-service Spin Car Wash. Walmart has 17 years remaining on its lease with 16 five-year extension options. The other tenants all have four years remaining on their respective leases, with extension options ranging from five to 25 years.
TAMPA, FLA. — Marcus & Millichap has brokered the $88.4 million sale of the Tripointe Value-Add Portfolio, a six-property multifamily portfolio located throughout Central and North Florida. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office arranged the transaction on behalf of the seller, an Ohio-based limited liability company, and procured the buyer, a Tampa-based limited liability company. The properties in the transaction included The Palms at Brandon, a 184-unit community in Brandon, roughly 12 miles east of Tampa; the 154-unit Bradford Place in Orange Park, about 20 miles south of Jacksonville; the 168-unit Mallards of Brandywine in Deland, approximately 40 miles north of Orlando; Marsh Oaks, a 120-unit community in Atlantic Beach, roughly 16 miles east of Jacksonville; the 200-unit San Pablo in Jacksonville; and Shadow Lakes, a 184-unit community in Ormond Beach, located six miles north of Daytona Beach. The communities feature amenities such as swimming pools, car was areas, tennis courts, fitness centers and playgrounds.
PALM BEACH GARDENS, FLA. — InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot shopping center in Palm Beach Gardens, for $88 million. Menin Development Inc. sold the center. The Delray Beach-based company invested $14 million to renovate the property in 2015. PGA Plaza was 95 percent leased at the time of sale to tenants such as Trader Joe’s, Marshalls, Ulta Beauty, Verizon Wireless, Orangetheory Fitness and Chase Bank.
MIAMI — Miami-Dade County has approved the development of the American Dream Miami retail theme park. From Canadian developer Triple Five Group, the project is expected to cost $4 billion and span 6.2 million square feet. Located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive, American Dream Miami will include a selection of retailers, restaurants, a performing arts center, multi-screen theater, hotel, theme park, indoor ski park, indoor waterpark, indoor skating rink, aquarium and submarine ride. The project is slated to become the largest mall in the United States and draw a large number of visitors each year. The site is located near both Miami International Airport and Ft. Lauderdale-Hollywood International Airport. “American Dream Miami will not only create jobs and attract investment to our community, but it will also contribute to the county nearly $60 million in impact fees, a transit center, new buses for Miami-Dade and Broward and $210 million for roads and interchange improvements to accommodate traffic,” says Miguel Diaz de la Portilla, attorney with Saul Ewing Arnstein & Lehr representing Triple Five on the project. Triple Five is the developer behind Minnesota’s Mall of America, Canada’s West Edmonton Mall and American …