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DevelopmentFloridaIndustrialSoutheast

Excel Construction Delivers 266,000 SF Industrial Facility in Metro Miami for World Electric Supply

by John Nelson

HIALEAH GARDENS, FLA. — Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center I, which is owned by The Easton Group. Ware Malcomb was the architect on the project, and Luis Caicedo and Juancarlo Lopez of Excel served as the project manager and superintendent, respectively.

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DevelopmentFloridaMixed-UseSoutheast

City of Jacksonville Approves Incentive Package, Rezoning for 8.3-Acre PHXJAX Mixed-Use Development

by John Nelson

JACKSONVILLE, FLA. — The Jacksonville City Council has approved a $5.5 million incentive package from the Office of Economic Development for Phoenix Arts & Innovation District (PHXJAX), an 8.3-acre mixed-use project currently underway by Future of Cities (FoC) in Jacksonville. Additionally, FoC received approval for rezoning to allow for commercial and multifamily residential uses. The developer has invested $38 million into the project. Upon completion, the development will comprise 10 separate properties, with creative office space, artist studios, galleries, event and gathering spaces and retail and restaurant space. The first phase of development began in December 2023 with the groundbreaking for Emerald Station. Construction is also underway on Liberty Building, which will total 17,850 square feet. The buildings are scheduled for completion in the third quarter of 2024 and second quarter of 2025, respectively. A nearby property at 2335 Market St. will serve as an outdoor market, offering green and community activity space, and PHXJAX will also include dedicated office space for the Jacksonville Small and Emerging Business (JSEB) organization. The City of Jacksonville has also authorized a 50 percent, 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million for the project.

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AcquisitionsFloridaIndustrialSoutheast

Basis Industrial, NexPoint Acquire Lakefront Campus in Orlando for $25M

by John Nelson

ORLANDO, FLA. — Basis Industrial and NexPoint Real Estate Advisors have acquired Lakefront I and II, a multi-tenant industrial property in Orlando, for $25 million. Located at 6101, 6149, 6203 and 6251 Chancellor Drive and 6330 Emperor Drive, the property totals 192,767 square feet. Tenants at the development include CVS’ Advanced Care Scripts, Regions Bank, Rotech, U.S. Marshals and the Florida Agency for Workforce Innovation. Anthony Scavo of Basis represented the new ownership in the transaction, and Ron Rogg of CBRE represented the seller, B Group. Argentic provided 10-year acquisition financing to the buyers, which plan to invest in renovations to the property, including roof maintenance, new cameras, exterior and interior improvements, converting an office to warehouse space, rebranding and immediate repairs.

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AcquisitionsFloridaRetailSoutheast

Benderson Acquires 250,000 SF Shopping Center in Naples, Florida

by John Nelson

NAPLES, FLA. — Benderson Development has acquired Carillon Place, a 250,000-square-foot, open-air shopping center located at the intersection of Airport-Pulling and Pine Ridge roads in Naples. Tenants at the property, which was 92 percent leased at the time of sale, include T.J. Maxx, DSW and Walmart. The previous owner was an entity doing business as BRE DDR Carillon Place LLC, according to the Sarasota Herald-Tribune. The sales price was not disclosed.

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AcquisitionsFloridaMultifamilySoutheast

Milestone Group Purchases 488-Unit Axis Delray Beach Apartments in South Florida

by John Nelson

DELRAY BEACH, FLA. — The Milestone Group has purchased Axis Delray Beach, a 488-unit, garden-style apartment community located at 1495 Spring Harbor Drive in Delray Beach, a city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Milestone plans to implement a multimillion-dollar renovation to the property’s common area amenities, landscaping and exteriors. The previous owner recently made capital improvements to Axis Delray Beach’s unit interiors.

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AcquisitionsFloridaOfficeSoutheast

JLL Arranges Sale of 42-Story Office Tower in Downtown Tampa

by John Nelson

TAMPA, FLA. — JLL has arranged the sale of 100 North Tampa, a 572,111-square-foot office tower in downtown Tampa’s central business district (CBD). At 42 stories, the high-rise is the tallest building in Tampa and was 83 percent leased at the time of sale. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Robbie McEwan, Blake Koletic, Max Lescano and Hunter Smith of JLL represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was not disclosed. Amenities at 100 North Tampa include concierge service, a retail bank branch with ATMs, sundry shop, fitness center, conference rooms and a parking garage with electric vehicle charging stations and car detailing. The previous owner recently executed a $21 million renovation prior to the sale. Built in 1992, the tower has achieved LEED Gold, WiredScore Platinum and ENERGY STAR certifications, according to the property website.

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AcquisitionsFloridaMultifamilySoutheast

Wingspan Development, ABC Capital Sell 192-Unit Jade at North Hyde Park Apartments in Tampa

by John Nelson

TAMPA, FLA. — Wingspan Development and ABC Capital Corp. have sold Jade at North Hyde Park, a 192-unit apartment community located at 608 N. Willow Road in Tampa’s North Hyde Park neighborhood. San Francisco-based Hamilton Zanze acquired the property, which is located approximately a half-mile from downtown near the University of Tampa, for an undisclosed price. The acquisition represents Hamilton Zanze’s entry into the Florida market. Matt Mitchell of Berkadia brokered the transaction. Built in 2022, Jade at North Hyde Park was 97 percent occupied at the time of sale. The property features studios, one-, two-, three- and four-bedroom units ranging in size from 463 to 1,421 square feet. Select units have built-in wine storage, dual-sink vanities in the primary bathroom and/or covered balconies. In addition to amenities like a pool, coworking spaces and a pet spa, Jade also features 3,200 square feet of ground-level retail space. Tango Brew, a pet-friendly coffee and wine bar, will soon open a 1,600-square-foot eatery at Jade, with plans to offer both indoor and outdoor seating for up to 66 people, including an outdoor bar and patio as well as a water and treat station for patron’s dogs.

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DevelopmentFloridaRetailSoutheast

Jacksonville City Council Approves $1.4B Renovation of EverBank Stadium, Home of NFL’s Jaguars

by John Nelson

JACKSONVILLE, FLA. — The Jacksonville City Council voted 14-1 Tuesday night to approve an agreement between the city and the NFL’s Jacksonville Jaguars for the $1.4 billion renovation of EverBank Stadium. ESPN reports that the agreement needs to be ratified by 24 of the 32 NFL owners, who will review the agreement when they convene in Atlanta in October for their annual meeting. If passed, the anticipated construction timeline of the renovation would begin at the conclusion of the Jaguars’ 2025 season and deliver before kickoff of the team’s 2028 season. The Jaguars, along with Jacksonville Mayor Donna Deegan and lead negotiator Mike Weinstein, presented the renovation agreement in mid-May. “This day has been a long time coming,” says Deegan. “I am truly grateful for the partnership with the Jaguars throughout the negotiation process, and to the City Council for passing this historic deal. Together, we are turning renderings into reality for the betterment of Jacksonville.” The Jaguars released conceptual designs for the renovated EverBank Stadium last summer. The team estimates that the economic impact of the project throughout the Jaguars’ 30-year lease will total $26 billion, with an estimated $2.4 billion in one-time economic impact during construction. The deal …

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DevelopmentFloridaLoansSelf-StorageSoutheast

Eastern Union Arranges $10.1M Construction Financing for Self-Storage Development in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.

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AcquisitionsFloridaIndustrialSoutheast

McGarvey Development Sells CenterLinks Business Park in Fort Myers to EQT Exeter for $92.5M

by John Nelson

FORT MYERS, FLA. — McGarvey Development has sold CenterLinks Business Park, a 41-acre property in Fort Myers, to EQT Exeter for $92.5 million. Situated along Oriole Road west of I-75, the property features nine warehouses spanning 450,000 square feet that were leased to 40 tenants at the time of sale. CenterLinks features 100 percent dock-high flex units as well as space that can be used as office or medical office. Four years after breaking ground, McGarvey Development began receiving acquisition offers from private equity firms when the park was about 90 percent built out. A chance encounter between longtime acquaintances McGarvey president John McGarvey and Ward Fitzgerald, global CEO of EQT Exeter, led to the acquisition, which is the largest industrial sales price in the history of Southwest Florida’s Lee County, according to McGarvey.

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