ORLANDO, FLA. — Marcus & Millichap has brokered the $14.1 million sale of Shoreview at Baldwin Park, a 184-unit apartment community located at 1001 Shoreview Drive and 5533 Lehigh Ave. in Orlando. Situated near Rollins College, Florida Hospital Orlando, University of Central Florida and Walt Disney World, the 160-unit Shoreview Drive structure was built in 1976 and the 24-unit Lehigh Avenue portion was constructed in 1973. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, which plans to upgrade the property’s interiors.
SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.
GIBSONTON, FLA. — Duke Realty Corp. has begun construction on the first warehouse within Tampa Regional Industrial Park (TRIP), a 1.1 million-square-foot development located at the northeast corner of Big Ben Road and U.S. Highway 41 in Gibsonton, a suburb of Tampa. TRIP has direct access to Interstate 75 and is situated 12 miles south of Interstate 4. The first building will span 337,447 square feet and will be the largest spec industrial building in Hillsborough County in eight years, according to Duke Realty. The cross-dock property will feature 64 dock doors, four 12- by 14-foot doors, 101 trailer storage positions, a 175-foot truck court, T5HO fluorescent lighting, an ESFR sprinkler system and 264 automobile parking spaces. The Indianapolis-based developer and owner has selected Newmark Grubb Knight Frank to market the building, which is slated for delivery in July.
MEDLEY, FLA. — CenterPoint Properties, an industrial developer and investor based in metro Chicago, has purchased a Class A distribution center located at 10400 N.W. 122nd St. in Medley, a town in Miami-Dade County. Christian Lee, Chris Riley and Jose Lobon of CBRE represented the seller, Charlotte-based Levine Properties, which developed the asset. Situated on 32 acres, the 306,703-square-foot facility features 30-foot clear heights, 70 dock-high doors, trailer parking and available land for future development. The distribution center is fully leased on a long-term basis to one of the largest delivery companies in North America, according to CenterPoint. The purchase price was not disclosed.
TRINITY, FLA. — Walker & Dunlop has closed a $13.7 million acquisition loan for Trinity Village Center, a 76,814-square-foot shopping center located in Trinity. Built in 2007, the asset was fully leased at the time of financing to 28 tenants including AAA Auto Club South, Synovus Bank, Quest Diagnostics, Five Guys Hamburgers and Fries, Smoothie King and Cold Stone Creamery. Alison Williams and Matt Baldwin led Walker & Dunlop’s origination team in securing the 10-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a retail investment firm based in Canada.
KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.
HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.
MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.
TAMPA, FLA. — Crescent Communities has sold Crescent Westshore, a 374-unit apartment community that Crescent opened in September 2016 at 2202 N. Lois Ave. in Tampa’s Westshore district. Crescent sold the asset to Nashville-based Nicol Investment Co. for $80 million. Nicol Investment has retained Greystar to manage the property, which is still in lease-up and was 50 percent occupied at the time of sale. The new ownership will also rebrand the property later this year. CBRE’s Tampa office represented Crescent Communities in the sale. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.
JACKSONVILLE, FLA. — ARA Newmark has brokered the $20.1 million sale of Eden’s Edge, a 244-unit, garden-style apartment property located near Interstate 295 in Jacksonville. Situated west of the St. John’s River, Eden’s Edge features a mix of one-, two- and three-bedroom layouts with washer and dryer units, fully-equipped kitchens and breakfast bars in each unit. The property’s amenity package includes a pool with sundeck, 24-hour fitness center and cyber café with Wi-Fi. Steve Lear and Erik Bjornson of ARA Newmark represented Colorado-based Real Capital Solutions in the sale to Jacksonville-based Apartment Asset Advisors. Lear and Bjornson were formerly of Walchle Lear, a Jacksonville-based multifamily brokerage firm that was recently acquired by ARA Newmark’s parent company Newmark Grubb Knight Frank, a division of BGC Partners Inc.