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.
PLANTATION, FLA. — The Green Cos. has purchased Sabadell Financial Center, a five-story, 102,007-square-foot office building located at 150 S. Pine Island Road in Plantation, a suburb in Broward County. Clarion Partners LLC sold the Class A office building to Green Cos. for $19.3 million. The property was 96 percent leased at the time of sale to tenants such as Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein PA. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented Clarion Partners in the transaction. James Bernstein, Elizabeth Green and George Brown led The Green Cos. internally. Paul Stasaitis and Maxx Carney of HFF arranged the 10-year, fixed-rate, $12.5 million acquisition loan through Aegon USA Realty Advisors LLC.
BRADENTON, FLA. — The Home Depot has purchased 22 acres in Bradenton, a city within the Tampa Bay area near Sarasota, for a new store. Ken Stephens of Retail Property Advisors represented the Atlanta-based retailer in its purchase of the site located at the corner of state Road 64 and Morgan Johnson Road. The site is an assemblage of three different tracts with three separate owners. David Gustafson of Wagner Realty represented one of the sellers in the transaction. Stephens worked with Rich Kingan of Kingan Commercial and Mike Chadwick of The Ferber Co. to bring the deal to fruition.
ORLANDO, FLA. — Berkadia has arranged the $19.4 million sale of The Park at Salerno, a 200-unit multifamily community located at 2100 S. Conway Road in Orlando. Tampa-based Palm Harbor Property Holdings LLC sold the asset to a partnership between Reno, Nev.-based Goldelm at Salerno LLC and Jacksonville, Fla.-based Michaelson Real Estate Group. Community amenities at The Park at Salerno include a clubhouse, coffee bar, resident lounge, business center, fitness center, two pools, tropical landscaping, planned social activities and gated access.
MEDLEY, FLA. — Newmark Grubb Knight Frank (NGKF) has arranged a long-term lease renewal for 342,750 square feet of industrial space in Medley, a town in Miami-Dade County. The tenant, Bel USA LLC, has used the space within Medley Logistics Park to manufacture and distribute promotional items like coffee mugs and T-shirts since the park opened in 2010. Steve Medwin and Nick Wigoda of NGKF represented the landlord in the $30 million lease renewal. David Albert of CBRE represented the tenant.
TAMPA, FLA. — Stan Johnson Co. has brokered the $17.9 million sale of a 119,884-square-foot retail property located at 7651 W. Waters Ave. in Tampa that is fully leased to BJ’s Wholesale Club, a membership-based warehouse retailer. BJ’s triple-net lease has more than 10 years remaining on its term. Joshua Pardue led Stan Johnson’s team in representing the individual seller in the transaction.