Florida

Canyon Partners Provides $24.3M Construction Loan for Mixed-Use Project in Miami

by John Nelson August 11, 2016

MIAMI — Canyon Partners Real Estate LLC has provided a $24.3 million construction loan for Design 41, a seven-story, 46,000-square-foot mixed-use building in Miami’s Design District. Designed by Enrique Norten of Ten Arquitectos, the project will feature ground-floor retail, parking on the second and third floors, showroom space, offices with 14-foot ceilings and a rooftop restaurant. Canyon provided the loan to the developer, Design District Development Partners (DDDP). Construction of Design 41 is 70 percent completed, and DDDP plans to deliver the project in December.

August 11, 2016

Florida Industrial Southeast

PREMIER Design + Build to Construct Two Warehouses in Fort Lauderdale

by John Nelson August 10, 2016

FORT LAUDERDALE, FLA. — Bridge Development Partners LLC has selected PREMIER Design + Build LLC to construct two warehouses in Fort Lauderdale totaling 306,855 square feet. The assets will be located at Sunrise Boulevard and I-95 and offer nearly 400 parking spaces. Both warehouses will feature 32-foot clear heights, 58 truck dock positions, three drive-in doors, ESFR sprinkler systems and TPO roofing systems. Ytiel Lopez is the project manager and Chuck Rugila is the field superintendent from PREMIER Design + Build Group, and RLC Architects is providing architectural services. Samantha Cristiano, Tony Hoover and Larry Genet of CBRE are the leasing agents for the project. Flynn Engineering is the civil engineer, and DDA is providing structural engineering services. PREMIER Design + Build plans to deliver the projects in the spring of 2017.

August 10, 2016

Florida Retail Southeast

IRC Retail Centers Acquires Phase II of Goldenrod Marketplace in Orlando for $6M

by John Nelson August 10, 2016

ORLANDO, FLA. — IRC Retail Centers has purchased Phase II of Goldenrod Marketplace, a community shopping center located at the intersection of Narcoossee and Goldenrod roads in Orlando, for $6 million in cash. Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty. IRC Retail Centers previously acquired the 97,500-square-foot Phase I of Goldenrod Marketplace in December 2013.

August 10, 2016

Florida Hospitality Southeast

Hilton Worldwide, Baptist Health South Florida Partner for New Hotel in Miami

by John Nelson August 9, 2016

MIAMI — Hilton Worldwide and Baptist Health South Florida have signed a franchise license agreement to open Hilton Miami/Dadeland, a 184-room hotel located on the Baptist Hospital campus in Miami. Interstate Hotels and Resorts will operate the hotel, which is slated to open at 9100 N. Kendall Drive in late 2018. CallisonRTKL Inc. designed the hotel, which will feature Cuban tile and pineapple-themed wall art and textiles, which complements the motifs of the Baptist Hospital campus. The hotel will feature a 6,200-square-foot ballroom, 2,000 square feet of meeting space, 24/7 business center and a health and wellness center with a fitness room and heated outdoor pool.

August 9, 2016

Florida Retail Southeast

Walmart Supercenter Opens at Butler North Shopping Center in Gainesville

by John Nelson August 8, 2016

GAINESVILLE, FLA. — Wal-Mart Stores Inc. has relocated its Walmart Supercenter store from Butler Plaza to Butler North, a power shopping center that Butler Enterprises is developing along Clark Butler Boulevard in Gainesville. The new Walmart Supercenter is one of several retailers opening at Butler North this month. Butler North is currently 92 percent leased to tenants such as Sam’s Club, Dick’s Sporting Goods, Five Below, Lowes Home Improvement, Marshalls, Orangetheory Fitness and Longhorn Steakhouse. Butler Enterprises is also underway on Butler Town Center, an adjacent 350,000-square-foot pedestrian-oriented mixed-use project along Archer Road and I-75. Upon completion in 2018, the entire Butler development will span nearly 2 million square feet on 267 acres.

August 8, 2016

Florida Multifamily Southeast

Melo Real Estate Arranges $22M Sale of Apartment Complex in Broward County

by John Nelson August 8, 2016

TAMARAC, FLA. — Miami-based Melo Real Estate has brokered the $22 million sale of Jasmine at Tamarac, a residential community comprising 222 apartment residences and 69 privately owned condominiums in Tamarac, a city in South Florida’s Broward County. Only the rental apartments were included in the transaction. JAT Owner LLC purchased the rental residences from Elandis for $99,099 per unit. Elandis previously purchased the rental units in December 2012 for $15 million. Built in 1987, Jasmine at Tamarac underwent a condominium conversion program in 2006. Ronald Meyerson of Melo Real Estate and Tyler Minix of Avison Young brokered the transaction.

August 8, 2016

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami’s Industrial Market Poised to Benefit from Panama Canal Expansion, Cuba

by John Nelson August 8, 2016

Given a handful of macro-factors in the Miami industrial market including the Panama Canal expansion nearing completion, PortMiami expansion, strong American dollar, and improving relations with Cuba coupled with the country’s new mega-port project, it is a unique time to be an industrial real estate service provider. To succeed in this environment, it takes deep local knowledge and a global understanding of how Miami, the Caribbean and Latin American economies and infrastructure are intertwined into global commerce. The first macro-factor is the Panama Canal expansion, its first major renovation since the 1914 opening. The expansion is set to have a major impact on global trade; specifically, the way cargo will be handled and transported throughout the Western Hemisphere. The larger canal will accommodate the new line of Post-Panamax vessels — supertankers, container and passenger ships too large to previously pass through the canal. Miami is a prime location for these vessels and offers a tremendous expansion opportunity for the local industrial market provided the vessels have a port to dock. In response to the Panama Canal expansion, PortMiami completed a deep dredge project to allow the Post-Panamax vessels full access, which is the second macro-factor affecting Miami’s industrial market. The …

August 8, 2016

Florida Retail Southeast

Bass Pro Shops Begins Vertical Construction at ONE DAYTONA Development in Daytona Beach

by John Nelson August 5, 2016

DAYTONA BEACH, FLA. — International Speedway Corp., the developer of the 300,000-square-foot ONE DAYTONA mixed-use project in Daytona Beach, has announced the beginning of vertical construction for Bass Pro Shops’ 67,000-square-foot Outpost store at the development. Chattanooga, Tenn.-based EMJ Construction recently raised 30 panels that represent the walls of the store using a 200-ton track crane. International Speedway plans to deliver the Bass Pro Shops Outpost in early 2017. The property will front International Speedway Boulevard near Daytona International Speedway, home of the Daytona 500 NASCAR race. In addition to the usual outdoor recreation merchandise, the Bass Pro Shops Outpost will feature a 12,000-gallon freshwater aquarium situated in a “Florida sinkhole” setting, as well as hand-painted murals and a boat preview center. ONE DAYTONA’s development costs are estimated to total between $120 million and $150 million. Other components of the mixed-use development include a 12-screen Cobb Theatres, two hotels, a luxury apartment community and several retail and dining tenants.

August 5, 2016

Florida Multifamily Southeast

Brasfield & Gorrie Completes Construction of The Sevens in Orlando

by John Nelson August 4, 2016

ORLANDO, FLA. — Brasfield & Gorrie’s Orlando office has completed construction on The Sevens, a 360,000-square-foot apartment building situated on a 2.5-acre lot between Park Lake Street and Colonial Drive in Orlando’s North Quarter district. The property features 333 luxury units, a seven-level parking garage and 8,000 square feet of ground-floor retail space. The Sevens’ amenities include a rooftop pool deck with a lounge and bar, fitness center and a ninth-floor clubhouse. Units feature granite and quartz countertops, stainless steel appliances and balconies in select units. The project team includes developer and owner The Pizzuti Cos. and architect Charlan Brock & Associates.

August 4, 2016

Florida Retail Southeast Top Stories

Office Depot to Close 300 Stores Over Three Years

by Katie Sloan August 4, 2016

BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …

August 4, 2016

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