CLEARWATER, FLA. — Marcus & Millichap has arranged the $3.6 million sale of New Towne at Glen Oaks, a multifamily property located at 311 S. Betty Lane in Clearwater, a city in the Tampa-St. Petersburg area. The community consists of 38 one-bedroom units averaging 570 square feet per unit, and eight two-bedroom units averaging 800 square feet per unit. Shawn Rupp and Casey Babb of Marcus & Millichap represented the undisclosed seller and procured the unspecified, California-based buyer.
HIALEAH, FLA. — Miller Construction Co. has completed the second phase of Centergate at Gratigny, a $25 million industrial development located at the intersection in Hialeah. Situated on 30 acres at the intersection of Gratigny Parkway and LeJeune Road, the new construction spans two buildings and 602,657 square feet. Fairchild Partners, a Miami-based brokerage firm, will oversee leasing of the property, which will feature Class A office, an air-conditioned mezzanine and security-controlled access for all bays. RLC Architects of Boca Raton designed the two 301,000-foot buildings that comprise the second phase of development.
KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.
FORT LAUDERDALE, FLA. — Bridge Development Partners has sold two Class A industrial buildings in South Florida totaling nearly 400,000 square feet for $53 million. The assets include Bridge Point Davie in south Broward County and Bridge Point Crossroads West in northwest Miami-Dade County. Chris Riley, Christian Lee and Jose Antonio Lobon of CBRE represented Bridge Development Group in the sale to an unnamed institutional investment management firm. Built in the second quarter of 2015, the 145,800-square-foot Bridge Point Davie was fully leased at the time of sale to tenants such as Pet Supermarkets and Challenge Warehouse. Steve Wasserman and David Wigoda of JLL managed the leasing assignment for the asset on behalf of Bridge Development. Built in the third quarter of 2016, the 243,300-square-foot Bridge Point Crossroads West was nearly 90 percent leased at the time of sale to tenants such as Ace Transport and Pas Cargo. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield marketed the asset on behalf of Bridge Development.
TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the majority interest in The Wanamaker Building and the $95 million sale of Three Parkway, both situated in Philadelphia’s Center City district. The sale of Eisenhower I includes an incentive to earn up to an additional $3 million for the buyer if certain criteria are met, according to TIER REIT.
WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.
COCONUT GROVE, FLA. — Federal Realty Investment Trust, Grass River Property and Comras Co., owners of the CocoWalk development in the Miami urban district of Coconut Grove, plan to develop a 73,000-square-foot office building within the project. The ownership group plans to break ground on the five-story asset, known as One CocoWalk, in early 2018 for a mid-2019 target delivery. Situated at Main Highway, McFarlane Road and Grand Avenue, One CocoWalk will be Coconut Grove’s first new office building since 1989. Beame Architectural Partnership designed the property to include four levels of Class A offices atop street-level retail space, as well as a rooftop terrace. The ownership group has selected Blanca Commercial Real Estate to lease One CocoWalk.
