JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.
JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.
WEST PALM BEACH, FLA. — CBRE has arranged a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower located at 515 N. Flagler Drive in West Palm Beach. The 21-story property was 92 percent leased to 48 tenants at the time of financing. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. The investment group has maintained and renovated the office building with over $18 million of recent capital investments, including multi-tenant floor renovations, speculative suite build-outs, elevator and lobby renovations and exterior upgrades. Since the start of 2022, the owners have executed 88,000 square feet of leases at Northbridge Centre.
FORT MYERS, FLA. — SRS Real Estate Partners has brokered the $6.6 million sale of a ground lease for a new restaurant building located at 13671 Olympic Court in Fort Myers. Cooper’s Hawk Winery & Restaurant occupies the 10,653-square-foot property on a 15-year triple-net lease. Britt Raymond and Kyle Fant of SRS represented the seller, Stock Development, in the transaction. Josh Kanter and Anthony D’Ambrosia of NNN Pro represented the undisclosed buyer, a private investment firm that purchased the restaurant in a 1031 exchange. The restaurant sits on a 2.2-acre site along 6 Mile Cypress Highway and adjacent to Daniels Crossing, a 500,000-square-foot, Publix-anchored shopping center.
NAPLES, FLA. — JLL Capital Markets has secured $234 million in construction financing for the development of Rosewood Residences Naples, a condominium project in Naples. Affiliates managed by Apollo provided the loan to the borrowers, The Ronto Group and Wheelock Street Capital. Steven Klein, Brian Gaswirth, Paul Adams and Shane Ciacci of JLL secured the financing on behalf of the borrowers. Scheduled for completion in the third quarter of 2026, the 42-unit property will feature three- and four-bedroom residences averaging 5,175 square feet in size and penthouses ranging from 5,170 to 9,601 square feet. Amenities at Rosewood Residence Naples will include a sundeck with a swimming pool, zero-edge lap pools, spas, game rooms, lounges and gated beach access.
DAVENPORT, FLA. — Alliance Residential Co. has acquired 15.3 acres of land at 3403 Sandoval Loop in Davenport, with plans to develop a multifamily community at the site. Dubbed Prose Holly Grove, the property will comprise 360 apartments located across from Advent Health’s Heart of Florida Hospital. Residences at the community will feature one- and two-bedroom layouts, and amenities will include a pool, cabana entertainment area, dog park, clubroom, fitness center, business center and package locker system. The opening is scheduled for 2025. Alliance Residential’s Florida portfolio includes Prose Stevens Pointe, Prose Avalon Pointe, Prose Cypress Pointe and Prose Horizons Village. The company plans to open two additional Prose-branded communities and a Broadstone community later this summer.
HALLANDALE BEACH, FLA. — New office and retail tenants have signed leases totaling 43,000 square feet at the third phase of Atlantic Village, a 308,253-square-foot mixed-use development located in Hallandale Beach, roughly 13 miles south of Fort Lauderdale. Retailers Mitch’s Bagels (1,985 square feet), Holy Shakes (1,067 square feet), Club Pilates (2,562 square feet), Zen Zone (2,086 square feet), The Spot Barbershop (1,215 square feet), La Maison H (2,260 square feet), Genia’s Keratin Spa (1,370 square feet) and 54D (8,146 square feet) have opened at the development, which is situated at 601 to 801 N. Federal Highway. Casa Crudos (1,629 square feet), The Wagyu House (2,681 square feet), Murano by Ferraro’s Kitchen (2,600 square feet) and Drunken Dragon (7,746 square feet) have also signed leases at Atlantic Village. Office tenants now open at Phase III of the development, which is currently 83 percent leased, include The Worx (10,911 square feet), Skin and Cancer Dermatology (3,731 square feet), Glowing Smiles Pediatric Dentistry (2,450 square feet) and Ciocca Dermatology of Hallandale (5,608 square feet). Phase I of Atlantic Village, which is fully leased, features 34,710 square feet of retail space. Phase II comprises 27,486 square feet and 10,380 square feet of retail …
DAVIE, FLA. — JLL Capital Markets has arranged the $22.3 million sale of Ridge Plaza, a shopping center in the South Florida city of Davie. JBL Asset Management acquired the property from Baltimore-based Continental Realty Corp. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. Located at 9000-9200 W. State Road 84, the property totals 138,554 square feet. Tenants at Ridge Plaza, which was 98.6 percent occupied at the time of sale, include Paragon Theaters, Goodwill and Off The Wall.
MIAMI — NAI Miami | Fort Lauderdale has brokered the $5.2 million sale of an office building located at 2150 Coral Way in Miami. Jeremy Larkin and Craig Merlin of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as Ocean Coral Way Inc., in the transaction. Alphatur LLC acquired the property, which totals 17,450 square feet and is situated along Coral Way, a corridor connecting the Coral Gables district to Miami’s Brickell and Downtown districts.
JACKSONVILLE, FLA. — Presidium has completed Presidium Regal, a 334-unit luxury apartment community located at 14501 Beach Blvd. in Jacksonville. The property represents the fourth community in the city for the Texas-based multifamily developer and operator. Designed by Atlanta-based Dwell Design Studio, Presidium Regal’s one-, two- and three-bedroom apartments range in size from 550 to 1,600 square feet. Monthly rental rates range from $1,470 to $2,945, according to Apartments.com. The property’s 11,000-square-foot leasing office and clubhouse features a club room, game lounge, golf simulator, theater room, showroom kitchen, coworking lounge with micro-offices, podcast rooms, a rooftop lounging deck and a 2,000-square-foot fitness center. Other amenities include a zero-edge swimming pool with grilling stations, poolside cabanas, indoor and outdoor fireplaces with lounging areas, an onsite car wash, juice and java bar, dog park and dog spa and EV charging stations.