DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $44.3 million sale of a three-property, 736-unit multifamily portfolio in Daytona Beach. The properties include The Barrington, a 288-unit community built in 1974; Sutton Place, a 240-unit complex built in 1975; and Emerald Park, a 208-unit property built in 1985. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller, a private investor based in Illinois, in the transaction. The pair also procured the buyer, an investment firm based in Tampa.
WINTER PARK, FLA. — Sterling Organization has signed four retailers to occupy space vacated by Kmart at Center of Winter Park, a 245,000-square-foot power retail center located at the southwest corner of Orlando Avenue and Lee Road in Winter Park, a suburb of Orlando. The retailers, including Marshalls/HomeGoods, Ross Dress for Less, DSW Designer Shoe Warehouse and Five Below, will occupy approximately 95,000 square feet at the redevelopment project. Kmart closed its 91,600-square-foot store in 2014, shortly after Sterling purchased the center through its Sterling Value Add Partners LP fund. Five Below will open a 9,000-square-foot location in a newly constructed store that previously housed the Kmart Garden Center. The other three retailers will be situated within the former Kmart store. In addition to re-tenanting the center, Sterling is underway on an overhaul of the center that includes new lighting, repaved parking lot, updated landscaping, new signage and a new façade. Existing businesses at the center, such as LA Fitness and Michaels, will remain open during construction, which is expected to wrap up in the fourth quarter of this year. Office Depot is also downsizing its store from 33,000 to 19,200 square feet.
ORLANDO, FLA. — Franklin Street has arranged the $21.3 million sale of Chowder Bay Apartments, a 304-unit multifamily community located at 4700 Rio Grande Ave. in Orlando. Fieldstone Properties LLC, a private equity investment firm, sold the asset to Dominium Management Services LLC, a Minneapolis-based apartment development and management company. Chowder Bay is a gated complex that features a swimming pool and sundeck, fitness center, lighted tennis courts and a children’s playground. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street’s Tampa office represented the buyer and seller in the transaction.
CHARLOTTE, N.C. AND SARASOTA, FLA. — The Dilweg Cos. has purchased a two-building office portfolio in the Southeast for $115.5 million. The assets include the 23-story First Citizens Bank Plaza in Uptown Charlotte and the two-tower Sarasota City Center in downtown Sarasota. Built in 1986 and renovated in 2002, the 476,393-square-foot First Citizens Bank Plaza was 29 percent leased at the time of sale to tenants such as First Citizens Bank, Advanced Disposal, The Carlyle Group and ManpowerGroup. Dilweg, which also announced the opening of its new Charlotte office, has tapped Tom Fitzgerald and Barry Fabyan of JLL to lease the property. Built in 1989, the 245,293-square-foot Sarasota City Center was 88 percent leased at the time of sale to tenants such as Boar’s Head, Wells Fargo, Merrill Lynch and UBS. Dilweg has retained Lori Hellstrom of Colliers International’s Tampa Bay office to lease Sarasota City Center. Dilweg plans to invest more than $10 million in capital improvements for First Citizens Bank Plaza and more than $4 million to improve Sarasota City Center. Ryan Clutter, Scot Humphrey, Herman Rodriguez, Tracey Goo and Chris Lingerfelt of HFF represented the sellers, Osprey East LLC and Osprey s.a. Ltd., in the transaction. Travis …
ORLANDO, FLA. — Foundry Commercial has formed a joint venture with PGIM Real Estate to develop Princeton Oaks, a 510,000-square-foot, Class A industrial project in Orlando. The property, which is expected to add 300 new jobs to the area, will be situated on 60 acres near the intersection of John Young Parkway and Princeton Street. Foundry Commercial and PGIM expect to deliver Princeton Oaks in December.
MIAMI — Regency Centers Corp. plans to develop Pinecrest Place, a $16.4 million retail center situated off U.S. Highway 1 (South Dixie Highway) in Miami. Whole Foods Market will anchor the 70,000-square-foot center with a 46,000-square-foot store. The shopping center will be located adjacent to a 173,000-square-foot Target. Regency Centers plans to deliver Pinecrest Place in the second quarter of 2018. Regency has developed 225 shopping centers since 2000, representing an investment at completion of more than $3.5 billion.
MIAMI — Grandbridge Real Estate Capital has closed a $17.3 million loan for a 375,000-square-foot industrial facility in Miami. The three-building complex was 98 percent leased at the time of financing. Philip Carroll of Grandbridge’s Miami office arranged the seven-year loan with a sub-4 percent fixed interest rate and a 30-year amortization schedule through an unnamed life insurance company.
FORT MYERS, FLA. — Marcus & Millichap has arranged the $11.4 million sale of Candlewood Suites Fort Myers-Sanibel Gateway, a 120-room hotel located at 9740 Commerce Center Court in Fort Myers. Built in 2009, the hotel is situated near several beaches including Fort Myers Beach, Sanibel and Captiva. AD1 Global purchased the asset from an undisclosed private investment group. Jonathan Ruprai and Krone Weidler of Marcus & Millichap’s Tampa office represented the seller in the transaction and procured the buyer. Noam Kaminetzky of Meridian Capital Group arranged a $9.5 million, three-year acquisition loan on behalf of AD1 Global.
MIAMI — ESJ Capital Partners has purchased Jungle Island, an 18-acre zoological park located on Watson Island along the MacArthur Causeway in Miami. The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ Capital, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD). ESJ Capital will renovate and expand the park in three phases and add a private beach club. The initial phase of the two-year, multimillion-dollar renovation will debut this summer and feature zip lines, children adventure areas, water slides and a crystal lagoon. Enhancements will also be made to the park’s banquet facilities. Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group, the San Diego-based company currently responsible for the park’s operations and day-to-day administrations.
MIAMI BEACH, FLA. — FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach. The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square-foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of FirstBank closed the financing.