TAMPA, FLA. — Amgen, a California-based biopharmaceutical company, has leased 125,000 square feet of office space at Corporate Center, a 1.2 million-square-foot office building in the Tampa submarket of Westshore. Located at 2202 N. Westshore Blvd., the Class A property will house Amgen’s new, 450-employee business support center. Cousins Properties Inc., an Atlanta-based REIT that primarily invests in Class A office towers, represented Amgen in the transaction.
ORLANDO, FLA. — Darden Restaurants has agreed to purchase Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction. Cheddar’s was founded in 1979 in Arlington, Texas, and now has 165 locations, including 140 owned and 25 franchised, across 28 states with average annual restaurant volumes of $4.4 million. “We are excited about the opportunity to be a part of Darden,” says Ian Baines, CEO and president of Cheddar’s. “Our operating philosophy and values are similar. Additionally, Darden’s expertise will enable us to further capitalize on our growth potential.” Baines will remain as president of Cheddar’s. He will report to Gene Lee, Darden’s president and CEO. The transaction is expected to be complete in Darden’s fiscal 2017 fourth quarter. It is subject to customary closing conditions. “Cheddar’s is a great fit in the Darden portfolio because it complements our existing brands,” says Lee. “This addition will also enable Darden to further strengthen two of our most important competitive advantages: our significant scale and our extensive data and insights.” Orlando, Fla.-based Darden Restaurants Inc. owns and operates more than 1,500 restaurants. Darden’s portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
BOCA RATON, FLA. — Berger Commercial Realty/CORFAC International has arranged a 53,139-square-foot industrial lease for a pharmaceutical logistics company in Boca Raton. WDSrx-Woodfield Distribution LLC will occupy the space at 6500 Park of Commerce Blvd. The 83,000-square-foot building offers 24-foot clear heights, dock loading areas and access to I-95. Exeter 6500-6500 Park of Commerce LLC owns the property. Michael Feuerman of Berger arranged the lease on behalf of WDSrx, which operates facilities in Boca Raton, Pompano Beach and Sugar Land, Texas. This will be the company’s second location in Boca Raton.
SEMINOLE, FLA., AND MARIETTA, GA. — Studio Movie Grill, a dine-in theater chain, has planned two new locations in the Southeast: in the Tampa suburb of Seminole and the Atlanta suburb of Marietta. Both locations are scheduled to open before the end of 2017. Studio Movie Grill offers food, beer, wine and spirits while screening movies, concerts, sporting events and promotions. The company currently has 24 locations in nine states.
ORLANDO, FLA. — Summa Development Group will begin pre-leasing for CitiTower at Lake Eola, a 25-story, 233-unit high-rise apartment complex located at 101 Lake Ave. in downtown Orlando, in mid-April. The property consists of 74 studio apartments averaging 726 square feet per unit, 112 one-bedroom apartments averaging 778 square feet per unit, 31 two-bedroom apartments averaging 1,070 square feet per unit, and 16 three-bedroom apartments averaging 1,432 square feet per unit. Other amenities include a rooftop pool and a 24-hour fitness center. The property is slated to open in late July or early August.
BROOKSVILLE, FLA. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged nonrecourse financing for a 55,000-square-foot, single-tenant retail property in Brooksville, a city roughly 55 miles north of Tampa. Farhan Kabani and Chris Parker of Mark One Capital secured the $4.4 million loan, which features a five-year term, a 3.92 percent interest rate and a 30-year amortization schedule. Hobby Lobby currently occupies the property.
ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.
SANFORD, FLA. — Cushman & Wakefield has closed the sale of North Park Commerce Center, a two-building, 117,600-square-foot distribution campus located at 3800 and 3830 Enterprise Way in Sanford, a northern suburb of Orlando. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Atlanta-based McDonald Development Co., in the transaction. Boston-based Cabot Properties acquired the Class A property, which was 90 percent leased at the time of sale, for $10.4 million.
COCOA, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $5.1 million sale of Clearlake Square, an 85,522-square-foot shopping center in Cocoa, a city roughly 45 miles east of Orlando. Situated on 7.5 acres at 1066 Clearlake Road, the Winn Dixie-anchored property is also home to tenants such as Family Dollar, Metro PCS and Jackson Hewitt. Adam Tiktin and Cliff Weisner of TREIS represented the sellers, Cocoa Commercial Properties LLC and Top of the Ridge LLC, as well as the buyer, ATS Residential.
JACKSONVILLE, FLA. — Walker & Dunlop, a Maryland-based real estate finance firm, has structured a $13.5 million loan for the acquisition of Alexander Pointe, a Class B, garden-style apartment complex located at 2121 Burwick Ave. in the Jacksonville suburb of Orange Park. Andrew Tapley and Alexandra Huffman of Walker & Dunlop sourced the 10-year, fixed-rate, Fannie Mae loan on behalf of Capital Square Holdings LLC, a Virginia-based investment and management firm.