Florida

BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald. Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.) Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center. “We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which …

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ORLANDO, FLA. — Franklin Street has brokered the $22 million sale of 195 units at Grand Reserve at Kirkman Parke, a 390-unit multifamily community located at 3301 S. Kirkman Road in Orlando. The gated property is a “fractured” condominium community, with half of the units for-sale. Built in 2000 on 22 acres, the property features one- to four-bedroom layouts with resort-style amenities including a pool, clubhouse, heated spa, movie room, fitness center and a business center. ESG Equities purchased the units from Miami-based Argenpart LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street’s Tampa office represented the buyer in the transaction.

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SINGER ISLAND, FLA. — SVN | South Commercial Real Estate Advisors has brokered the $7.6 million sale of Ocean Mall, an approximately 67,000-square-foot retail center located at 2401 N. Ocean Drive on Singer Island in South Florida’s Palm Beach County. Built in 2010, the center was 53 percent leased at the time of sale. The buyer is Boca Raton, Fla.-based Rosehill Group, a joint platform between Duncan Hillsley Capital and PEBB Capital. Mark King of SVN | South Commercial Real Estate Advisors represented the seller, New York-based Garrison Investment Group.

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WESTON, FLA. — Weston Hills Resort Group LLC, an affiliate of Hollywood, Fla.-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club in Weston. The organization has submitted an application to develop a $70 million apartment community at the resort called the Lodge at Weston Hills. The five-story, 274-unit property would comprise all one- and two-bedroom residences. The City of Weston will review the development team’s application and site plan in the coming months. Weston Hills Resort Group LLC also has a contract to purchase the club and invest more than $10 million in improvements, including upgrades to the resort’s two golf courses and clubhouse facility. The renovation will also include building a resort-style swimming pool, poolside bar and restaurant, five new tennis courts, two pickle ball courts, a fitness center and a kids play area. A team led by Fort Lauderdale-based Adache Group is working on the design for the new improvements and additions, and golf course architect Tom Fazio II is consulting on the golf course improvements.

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PALM COAST, FLA. — Berkadia has arranged the $25.5 million sale of Pine Lake Apartments, a 184-unit multifamily community located at 121 Pine Lakes Parkway North in Palm Coast, a city on Florida’s east coast about 25 miles south of St. Augustine. Built in 2005, the property features one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool, poolside fire pit, hammock lounge, grilling areas, a fitness center, detached garages and a dog park. Pine Lake Apartments is adjacent to the Indian Trails Sports Complex and roughly five miles from the Atlantic Ocean. Cole Whitaker, Mary Beale, Jason Stanton and Greg Rainey of Berkadia represented the seller, Massachusetts-based Palm Coast Waterchase LLC, in the transaction. The buyer was Missouri-based Pine Lake Acquisitions LLC.

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PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.

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MIAMI — Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000 square feet of lease renewals for tenants including Apex Brasil, Black Srebnick Korspan Stumpf, Six Continents and Solowsky & Allen. Jonathan Kingsley and Stephen Rutchik of Colliers International represented Harvard Maintenance, which is relocating from One Biscayne Tower, and Clarissa Willis and Ryan Ackerman of CBRE represented Kobre & Kim. Citigroup Center’s owner, Crocker Partners, is underway on a $20 million makeover and rebranding of the building. Formerly known as Miami Center, Citigroup Center is the second largest Class A office tower in Florida.

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MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.

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LAND O’LAKES, FLA. — Wood Partners has sold Alta at Terra Bella, a 311-unit multifamily community located at 23700 Viento Drive in Land O’Lakes, about 19 miles north of Tampa. Northland Investment Corp. purchased the Class A asset from Wood Partners for nearly $52.9 million. Matt Mitchell, Brett Moss and Zach Nolan of HFF represented Wood Partners in the transaction. Built in 2016, Alta at Terra Bella features a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge; game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and dog park; and breezeway-access garages. The community’s one-, two- and three-bedroom units average 1,091 square feet.

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CLEVELAND — KeyBank Real Estate Capital has arranged a $52 million CMBS loan for a five-property self-storage portfolio in Florida. Built between 1979 and 2001, the portfolio, known as SST II Self Storage Portfolio, spans 586,849 square feet and 3,916 units. Randy Martin of KeyBank arranged the non-recourse, 10-year refinancing with a five-year interest-only period and a 30-year amortization schedule.

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