KISSIMMEE, FLA. — Crossman & Co. has added Toys “R” Us at The LOOP, an open-air shopping destination located at 3208 N. John Young Parkway in Kissimmee. Toys “R” Us will join The LOOP’s existing tenants including Kohl’s, Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Old Navy, CVS/pharmacy, Famous Footwear, LensCrafters, T-Mobile, Kay Jewelers, Chili’s Bar & Grill, Chick-fil-A, Noodles & Co., Ben & Jerry’s, Chipotle Mexican Grill and Regal Stadium 16. Katherine Rush of Crossman & Co. represented the landlord in the lease transaction, and Steve Friedman of Strategic Retail Advisors represented Toys “R” Us. The new lease brings The LOOP’s occupancy rate to 96 percent. Toy “R” Us operates 879 Toys “R” Us and Babies “R” Us stores in the United States, Puerto Rico and Guam, as well as 810 international stores and 255 licensed stores in 37 countries and jurisdictions.
WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.
MIAMI — Cushman & Wakefield has arranged the $7.5 million sale of the Econocaribe Building, a 164,432-square-foot warehouse distribution facility located at 2401 N.W. 69th St. in Miami. ECU Worldwide, an international transportation company formerly known as Econocaribe Consolidators, fully leases the cross-dock facility. RLF Acquisitions LLC purchased the property from the sellers, Econo1 LLC, Joseph P. Luchese Jr. and Michelle Gersten. The fenced facility comprises a one-story warehouse and two-story office and features 27 dock-high loading positions that can accommodate up to 40 trucks, a receiving ramp that can accommodate an additional 13 trucks and 22-foot clear heights. The site also includes 180 total parking spaces.
CORAL GABLES, FLA. — NAI Miami has brokered the $4.4 million sale of the SAAM Building, a 24,039-square-foot office building located at 3195 Ponce De Leon Blvd. in Coral Gables. 3195 Ponce LLC purchased the asset from SAAM Building Inc. Tom Smith of NAI Miami represented the seller in the transaction.
PENSACOLA, FLA. — FourPoint Student Housing Investments has arranged the sale of College Vue, a 408-bed student housing community located near the University of West Florida in Pensacola. The property offers fully furnished two- and four-bedroom units. Community amenities include a modern clubhouse, fitness center and lap-style pool. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint led the sales effort on behalf of the seller, Next Chapter Development. A private buyer purchased College Vue for an undisclosed amount.
MIAMI — Boston-based Rockpoint Group has purchased 1221 Brickell, a 408,423-square-foot office building located at Brickell Avenue and Coral Way in Miami’s Brickell Financial District. The sales price was undisclosed, but the South Florida Business Journal reports that the property traded for $155 million. The 26-story tower’s tenant roster includes Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. Tenant amenities include various restaurants, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, parking and a car wash facility. Hermen Rodriguez, Manny de Zarraga, Ike Ojala, Tracey Good and Christina Kong of HFF represented the seller, The Blackstone Group. HFF also brokered the sale of the office tower in 2006 on behalf of the previous owner, Equity Office Properties Trust, prior to Blackstone’s acquisition of the REIT later that year.
CORAL SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $68.2 million sale of Forest Apartments, a 400-unit luxury multifamily community in Coral Springs. Built in 1989, the recently renovated property is surrounded by the 29-acre Sherwood Forest Park and features a lake with fountains, two resort-style swimming pools and a 24-hour fitness center. Steve Witten and Victor Nolletti of IPA, along with Evan Kristol of Marcus & Millichap, represented the seller, a Canadian limited partnership. The team also procured the buyer, a value-add institutional investor based in Manhattan.
FORT LAUDERDALE, FLA. — Berger Commercial Realty/CORFAC International has brokered the $14.8 million sale of East Port Center, a 108,500-square-foot industrial park located at 1881-1887 State Road 84 in Fort Lauderdale near Interstate 95. The property features 20-foot clear heights, parking, frontage on State Road 84, a glass façade on the storefront and rear dock-high loading. St. George Guardabassi and Judy Dolan of Berger Commercial represented the seller, EJP East Port LLC, in the transaction. The buyer, East Port Center LLC, has retained Berger Commercial to market East Port Center, which was fully leased at the time of sale.
WEST PALM BEACH, FLA. — A partnership between SROA Capital, MacArthur Holdings and Live Oak Capital Partners plans to develop a 100,000-square-foot self-storage facility at 1620 Congress Ave. in West Palm Beach. Situated at the entrance of the Land of Presidents and the Palm Beach Outlet Mall, the three-story property will feature 830 climate-controlled units, 1,200 square feet of ground-floor retail space and 24-hour camera surveillance. The partnership plans to deliver the facility in the first quarter of 2018.
PEMBROKE PINES, FLA. — Related Development has sold the recently completed Town at Pembroke Pines, a 356-unit apartment community located at 10700 City Center Blvd. in Pembroke Pines, a city in South Florida’s Broward County. Rockpoint Group, a Boston-based real estate private equity firm, purchased the property from the Miami-based developer for $87 million. Built in 2016, Town at Pembroke Pines features 33 units per acre and community amenities such as a resort-style pool deck with personal cabanas and daybeds, outdoor dining area, demonstration kitchen, game room, private movie theater, eight courtyards, dog park, children’s playground and volleyball, tennis and racquetball courts. Over the past 18 months, Related Development has sold three completed multifamily projects totaling over $290 million, not including Town at Pembroke Pines.