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DevelopmentFloridaMixed-UseMultifamilySoutheast

Ryan Cos. Completes 502-Unit Renata at Lakewood Ranch Multifamily Community in Bradenton, Florida

by John Nelson

BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.

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AcquisitionsFloridaMultifamilySoutheast

CBRE Brokers $15M Sale of Office Building in Orlando

by John Nelson

ORLANDO, FLA. — CBRE has brokered the $15 million sale of an office building located at 65 S. Keller Road in Orlando. The building, which was fully leased at the time of sale, totals 82,260 square feet. David Harari, CEO of Bloom Ventures, was the buyer. Ronald Rogg of CBRE represented the undisclosed seller in the transaction. Zack Brumbaugh of CBRE secured acquisition financing on behalf of the borrower.

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AcquisitionsFloridaIndustrialSoutheast

Avison Young Brokers $9.1M Sale of Industrial Building in Miami

by John Nelson

MIAMI — Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 N.W. 37th Ave. in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously arranged Plage Associates’ $7.5 million purchase of the property in 2020. RAM Steel Framing will continue to occupy the building, which is situated roughly three miles from Miami International Airport.

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FloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Four New Tenants Sign Leases at Promenade at Coconut Creek Near Fort Lauderdale

by John Nelson

COCONUT CREEK, FLA. — Four new tenants have signed leases at Promenade at Coconut Creek, a shopping center located in Coconut Creek, approximately 15 miles north of downtown Fort Lauderdale. Fragrance store Orientica is now open at the property, within a 1,045-square-foot space. Karma Bath & Body Co. is scheduled to open a 1,868-square-foot store later this month, and My Phone Lab and Happy Monkey will occupy 1,801 and 1,000 square feet, respectively, beginning in October. Avison Young manages and leases Promenade at Coconut Creek on behalf of the owner, Charlotte-based Hill Partners Inc.

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DevelopmentFloridaRetailSoutheast

Topgolf to Open Two-Level Venue in Panama City Beach, Florida

by John Nelson

PANAMA CITY BEACH, FLA. — Topgolf plans to open a new two-level venue in Panama City Beach. The new Topgolf will be situated along Powell Adams Drive adjacent to Pier Park. The location will feature 74 outdoor, climate-controlled hitting bays across two levels, as well as a restaurant, bar, 22-foot video wall, more than 140 TVs and an outdoor patio. Set to open in summer 2025, the new property will be Topgolf’s 10th venue in the state and first in Florida’s Panhandle. Topgolf expects to employ roughly 275 to 300 staffers once fully operational.

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BurgerFi-Kissimmeee
FloridaRestaurantRetailSoutheastTop Stories

Restaurant Chain BurgerFi Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

FORT LAUDERDALE, FLA. — BurgerFi International (NASDAQ: BFI) has filed for voluntary Chapter 11 bankruptcy protection. The Fort Lauderdale-based company operates under two brands: BurgerFi and Anthony’s Coal Fired Pizza & Wings. The two entities have a total of 144 locations open across the United States, Puerto Rico and Saudi Arabia.  The filing pertains to 67 corporately owned locations operating under both the BurgerFi and Anthony’s banners. The remaining 77 franchisee-owned locations are excluded from the filing, with the company’s total portfolio expected to remain open and continue normal operations.  BurgerFi cited a drastic decline in post-pandemic consumer spending, sustained inflation and increasing food and labor costs as the key drivers in the decision to file for bankruptcy. The company joins a number of restaurants that have recently filed for bankruptcy protection, including Mediterranean fast-casual chain Roti, Italian dining chain Buca de Beppo and seafood chain Red Lobster. “We need to stabilize the business in a structured process,” says Jeremy Rosenthal, who has been named chief restructuring officer for the company. “We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital.” The company’s board …

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DevelopmentFloridaLoansMultifamilySoutheast

Patterson Arranges Construction Financing for Multifamily Development in Metro Orlando

by John Nelson

DAVENPORT, FLA. — Patterson Real Estate Advisory Group has arranged an undisclosed amount of construction financing for the development of LUMEN | Legacy Park, a 219-unit apartment development in the Orlando suburb of Davenport. Trustmark National Bank and BankUnited provided the funding to the borrowers, Red Clay Development Partners and Atlantic Residential. LUMEN | Legacy Park will feature one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and community spaces. The construction timeline was not disclosed.

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Whale&Star-Wynwood-Mixed-Use-Rendering_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

by Hayden Spiess

MIAMI — A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently approved the joint venture’s development plans. The Cloud One Hotels, the lifestyle brand of Munich-based hotelier Motel One Operating Group, will operate the hotel component, which will occupy levels two through five of the property.  Residences will occupy levels six through eight and will feature studio, one-, two- and three-bedroom layouts. Residential units at the development will also be serviced by The Cloud One Hotels.  The rooftop will feature a bar and restaurant, and the property will also include ground-floor retail space.  The Whale & Star Wynwood Owner LLC joint venture comprises Motel One; Ralf Büschl, founder and chairman of the BÜSCHL Group of Cos.; and Sebastian Lüdke, founder of ALP.X Group. New York-based HWKN and Miami-based ODP Architects are co-designing the development to National Green Building Standards (NGBS). Fortis Design + Build of Miami is the local development …

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FloridaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Stakeholders Are Navigating the Evolving Landscape of Retail Leasing in Orlando

by John Nelson

The commercial real estate market, particularly in the retail leasing sector, has been navigating a complex and dynamic landscape over the past few years. With a blend of high demand, limited supply and fluctuating economic variables, the Orlando market presents both challenges and opportunities for developers, landlords and tenants alike. High demand, limited supply One of the most prominent trends in the Orlando retail leasing market is the high demand for quality retail spaces. Retailers are eager to establish and expand their presence in this thriving market, driven by a growing population and increasing consumer spending. However, the inventory of quality existing retail bays is incredibly scarce. This scarcity has created a competitive environment where desirable locations are quickly snapped up, often at premium prices. The supply-demand imbalance has pushed developers to sharpen their pencils and critically analyze the feasibility of new projects. Despite the strong demand, many deals struggle to pencil out due to the high costs of construction materials and labor. These costs have remained elevated, making it challenging for developers to achieve a satisfactory return on investment. As a result, some projects are delayed or shelved, further constraining the supply of retail space. Housing spurs development The …

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AcquisitionsFloridaRetailSoutheast

CBRE Brokers $14.6M Sale of College Plaza Retail Center in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — CBRE has brokered the $14.6 million sale of College Plaza, a retail center located at 7070 College Parkway in Fort Myers. An entity doing business as College Plaza Center LLC acquired the property from an entity doing business as College Venture 1 LLC. Jim Shiebler of CBRE represented both the buyer and seller in the transaction. Tenants at College Plaza, which totals 56,386 square feet, include Ada’s Natural Market, West Marine and Pet Supermarket. The center also features an outparcel occupied by Five Guys, Tijuana Flats and The Good Feet Store. College Plaza is situated within one mile of Florida Southern State College.

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