Florida

Women’s Retailer The Limited Closes Remaining 250 Stores

by John Nelson January 10, 2017

BOCA RATON, FLA. — Following last week’s announcement of massive store closures by Macy’s and Sears, The Limited is following suit, announcing over the weekend the closure of all its remaining 250 brick-and-mortar stores. The women’s apparel retailer posted a brief message on its website on Saturday reading “We’re sad to say that all The Limited stores nationwide have officially closed their doors. But this isn’t goodbye. The styles you love are still available online — we’re just a quick click away 24 hours a day.” Sun Capital Partners Inc., a Boca Raton-based private equity firm and owner of The Limited, has not issued a press release on the closure, but released a statement to Reuters citing “an increasingly challenging environment for mall-based retail and women’s apparel” as the catalyst for its decision to shutter the remaining stores. The move is expected to eliminate about 4,000 jobs, including 800 full-time positions, according to Reuters. The Limited Inc. was founded in 1963 in Columbus, Ohio, by Leslie “Les” Wexner, who now serves as the chairman and CEO of L Brands Inc. (NYSE: LB). Known for being a stylish alternative to department stores, The Limited grew to 100 stores by 1976 and …

January 10, 2017

Florida Multifamily Southeast

Tutor Perini Awarded $72M Contract to Construct High-Rise at Metropica Project in Broward County

by John Nelson January 9, 2017

SUNRISE, FLA. — Tutor Perini Corp.’s subsidiary, Tutor Perini Building Corp., has signed a contract with Metropica Development LLC valued at approximately $72 million to construct the first of eight residential towers at Metropica in Broward County. Located at 1800 N.W. 136th Ave. in Sunrise, the 28-story residential tower will feature 263 units and 10 penthouses, a resort-style pool, indoor game room, a 24-hour fitness center, massage therapy rooms, tennis courts, movie theater and a parking garage. The entire development will comprise approximately 697,947 square feet. Construction is underway and expected to wrap up in August 2018.

January 9, 2017

Florida Multifamily Southeast

Alliance Residential to Open Two Apartment Communities in South Florida

by John Nelson January 9, 2017

FORT LAUDERDALE AND MIAMI, FLA. — Alliance Residential Co. plans to open two of its Broadstone properties in South Florida. The projects include the 394-unit Broadstone Harbor Beach located at 1721 S.E. 17th St. in Fort Lauderdale and the 372-unit Broadstone at Brickell located at 255 S.W. 11th St. in Miami’s Brickell district. Broadstone Harbor Beach’s studio, one- and two-bedroom units are currently pre-leasing, with leases starting from $1,650 to $3,875, and feature open nine-foot ceilings, private balconies and patios and chef-quality kitchens. Units at the 24-story Broadstone at Brickell range from studios to two-bed, two-and-a-half-bath townhomes, which are now pre-leasing at rates ranging from $1,759 to $3,760, and feature well-equipped kitchens, custom cabinets, tile flooring throughout common living spaces and upscale bathrooms. Both properties feature a private movie theater, fitness center with a yoga studio and boxing ring and a resort-style pool with an outdoor lounge and cabanas. Additional amenities at the Fort Lauderdale property include a courtyard with outdoor games, outdoor shower, dog park and a massage room, and the Miami property features bike repair and storage, a pet spa, 24-hour business center and a cyber café.

January 9, 2017

Florida Georgia Mixed-Use Multifamily Southeast

Related Development to Break Ground on Six Mixed-Use, Multifamily Projects in Florida, Georgia

by John Nelson January 6, 2017

MIAMI — Related Development LLC, a Miami-based mixed-use and multifamily developer and affiliate of The Related Group, has six projects set to begin construction in Tampa, Orlando, Palm Beach County and Atlanta. The Florida projects include the 399-unit Tampa Tribune, a waterfront apartment community located at 202 S. Parker St. in Tampa; Town at Westshore Marina District, a 396-unit mid-rise apartment community located in Tampa’s Westshore district; Town Maitland at Trelago, a 350-unit townhome and Big House multifamily development located in Orlando; and Town Southern, a 392-unit garden-style apartment community located on Southern Boulevard in Royal Palm Beach. In Atlanta, Related Development has two projects planned in Atlanta’s Midtown and Buckhead districts. The developments include a 77,000-square-foot Whole Foods Market, which is Phase II of Related’s 390-unit Apogee Midtown development; and Apogee Buckhead, a 35-story high-rise comprising 362 residential units above three levels of retail and office space.

January 6, 2017

Florida Retail Southeast

Regency Centers Purchases Shopping Center Along Orlando’s ‘Restaurant Row’ for $92.5M

by John Nelson January 6, 2017

ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.

January 6, 2017

Florida Mixed-Use Retail Southeast

Publix Super Markets Breaks Ground on New Store at Downtown Doral Mixed-Use Development

by John Nelson January 6, 2017

DORAL, FLA. — Publix Super Market has broken ground on a new location at Downtown Doral, a mixed-use development by master developer Codina Partners located roughly 15 miles outside Miami in Doral. The Downtown Doral location will feature an enhanced selection of freshly prepared foods, as well as a large selection of natural and organic food. The new store will be designed with LED lighting technology and energy-efficient refrigeration and air conditioning. An expected opening has yet to be announced. Upon completion, Downtown Doral will feature 70 retail stores and restaurants, 400,000 square feet of Class A office space, 2,840 residential units, a charter elementary school and public green space.

January 6, 2017

Florida Multifamily Southeast

Morgan, Invesco Open Pearl Dadeland Apartment Community in Miami

by John Nelson January 5, 2017

MIAMI — A joint venture between multifamily developer Morgan and Invesco has opened Pearl Dadeland, a 412-unit apartment community located at 7440 N. Kendall Drive in Miami. The community’s units average 841 square feet with a mix of studios and one-, two- and three-bedroom residences. The interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, oval soaking tubs, glass-enclosed showers, walk-in closets, full-size washers and dryers, Nest thermostats, USB charging ports, electronic key entry system and private balconies. Select apartments have 11-foot ceilings, island kitchens with a breakfast bar, double sinks in the master bath and a desk alcove. Community amenities include a fitness studio with a yoga room, TRX wall and Peloton Cycles; resort-style swimming pool with private cabanas, TVs and grilling stations; rooftop amenity deck; Wi-Fi-enabled clubhouse with a theater and gaming room; and a 4,000-square-foot park with a dog park. JPMorgan Chase provided construction financing for Pearl Dadeland. Morgan has another community, Midtown 29, under construction in Miami’s Wynwood/Midtown neighborhood and will break ground this month on a community in the Flagler Village neighborhood of Fort Lauderdale.

January 5, 2017

Florida Multifamily North Carolina Southeast

ARA Newmark Arranges $127M Sale of Multifamily Portfolio in Florida, North Carolina

by John Nelson January 4, 2017

TAMPA, FLA. — ARA Newmark has brokered the $127 million sale of a four-property, 1,153-unit multifamily portfolio in Florida and North Carolina. The properties include the 298-unit ARIUM Bala Sands in Orlando, the 247-unit ARIUM Citrus Park and the 368-unit ARIUM Bay Pointe, both in Tampa, and the 240-unit ARIUM Pineville in Charlotte. The seller, The Carroll Organization, has implemented interior renovations on select units in all four properties. Patrick Dufour, Kevin Judd, John Heimburger, Scott Ramey, Jason Kon, Dick Donnellan, Marc deBaptiste, Dean Smith and Blake Okland of ARA Newmark represented Carroll in the transaction, which was completed in three phases.

January 4, 2017

Florida Multifamily Southeast

Magellan Development Group Opens Midtown Five Apartment Tower in Miami

by John Nelson January 4, 2017

MIAMI — Chicago-based Magellan Development Group has opened Midtown Five, a 400-unit, 24-story apartment tower located at 3201 N.E. 1st Ave. in Miami. The property features studio, one-, two- and three-bedroom units ranging from 540 to 1,500 square feet. Each unit features 9-foot ceilings and floor-to-ceiling windows, as well as quartz countertops, contemporary cabinetry, stainless steel appliances, keyless unit entry, USB ports throughout and smart thermostats. Midtown Five also features more than 50,000 square feet of indoor and outdoor amenity space, including a fitness center, yoga lawn, meditation garden, children’s play area, dog run, resident-only spa, business center, conference rooms and a swimming pool with a sundeck, canopied cabanas and an outdoor Whirlpool spa.

January 4, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $18M Sale of Apartment Community in Tampa

by John Nelson January 4, 2017

TAMPA, FLA. — Marcus & Millichap has arranged the $18 million sale of Carrollwood Palms, a 204-unit apartment community located at 4302 Gunn Highway in Tampa’s Carrollwood neighborhood. The previous owner renovated more than half of the units and implemented upgrades to the property’s exterior. Carrollwood Palms comprises one- and two-bedroom units that feature sunrooms and patios. Community amenities include a resort-style swimming pool, fitness center and a tennis court. Nicholas Meoli and Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction.

January 4, 2017

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