KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.
FORT LAUDERDALE, FLA. — Bridge Development Partners has sold two Class A industrial buildings in South Florida totaling nearly 400,000 square feet for $53 million. The assets include Bridge Point Davie in south Broward County and Bridge Point Crossroads West in northwest Miami-Dade County. Chris Riley, Christian Lee and Jose Antonio Lobon of CBRE represented Bridge Development Group in the sale to an unnamed institutional investment management firm. Built in the second quarter of 2015, the 145,800-square-foot Bridge Point Davie was fully leased at the time of sale to tenants such as Pet Supermarkets and Challenge Warehouse. Steve Wasserman and David Wigoda of JLL managed the leasing assignment for the asset on behalf of Bridge Development. Built in the third quarter of 2016, the 243,300-square-foot Bridge Point Crossroads West was nearly 90 percent leased at the time of sale to tenants such as Ace Transport and Pas Cargo. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield marketed the asset on behalf of Bridge Development.
TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the majority interest in The Wanamaker Building and the $95 million sale of Three Parkway, both situated in Philadelphia’s Center City district. The sale of Eisenhower I includes an incentive to earn up to an additional $3 million for the buyer if certain criteria are met, according to TIER REIT.
WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.
COCONUT GROVE, FLA. — Federal Realty Investment Trust, Grass River Property and Comras Co., owners of the CocoWalk development in the Miami urban district of Coconut Grove, plan to develop a 73,000-square-foot office building within the project. The ownership group plans to break ground on the five-story asset, known as One CocoWalk, in early 2018 for a mid-2019 target delivery. Situated at Main Highway, McFarlane Road and Grand Avenue, One CocoWalk will be Coconut Grove’s first new office building since 1989. Beame Architectural Partnership designed the property to include four levels of Class A offices atop street-level retail space, as well as a rooftop terrace. The ownership group has selected Blanca Commercial Real Estate to lease One CocoWalk.
CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.
ORLANDO, FLA. — Liberty Property Trust plans to develop a build-to-suit industrial facility in Orlando on behalf of STIHL Southeast, an exclusive distributor of STIHL outdoor power equipment for Florida, Georgia, Alabama and portions of the Caribbean. The new 154,400-square-foot facility will be situated on 13 acres within Liberty Park at AIPO on Tradeport Drive. The long-term lease includes 20,000 square feet of office space, 25,000 square feet of climate controlled assembly space and the balance will be for warehouse and distribution. The property will feature 32-foot clear heights, a 60-foot speed bay and more than 25 dock-high and drive-in doors. The STIHL Southeast facility is the seventh property that Liberty Property Trust has developed in the park, which totals 1.7 million square feet. The design team includes architect C4 Architecture and general contractor Kelsey Construction. Stephen Whitley of Whitley Capital LLC represented STIHL Southeast in the lease deal, and John Johnston represented Liberty Property Trust internally.