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AcquisitionsFloridaMultifamilySoutheast

Cortland Acquires 240-Unit Harbour Cove Apartments in South Florida, Plans Renovation

by John Nelson

PEMBROKE PINES, FLA. — Atlanta-based Cortland has acquired Harbour Cove, a 240-unit, Class B apartment community located in Pembroke Pines, a city in South Florida’s Broward County. Cortland has renamed the property as Cortland Harbour Cove. The community features two-bedroom apartments and three-bedroom units with dens, as well as a fitness center, clubhouse, playground, tennis courts and volleyball courts. Cortland plans to make capital improvements to the property, including full kitchen renovations, new lighting and plumbing fixtures, cosmetic upgrades to the clubhouse and fitness center and the addition of a new dog park and pickleball court. Nearby attractions to Cortland Harbour Cove include Pembroke Pines City Center and Miramar. The seller and sales price were not disclosed. With this acquisition, Cortland now owns and operates four assets in Broward County alone and 46 assets spanning more than 16,000 units across Florida.

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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Arranges Sale of 118,583 SF Shopping Center in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Cushman & Wakefield has arranged the sale of Market Square, a 118,583-square-foot shopping center located in Fort Myers. An affiliate of Centro Corp., a Florida-based shopping center owner and operator, purchased the asset for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction. Built in 1993, Market Square was fully leased at the time of sale to tenants including DSW, Total Wine and More and American Signature Furniture. The center is shadow-anchored by Super Target. 

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.1M Sale of McDonald’s Ground Lease in Clearwater, Florida

by John Nelson

CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest cap rate for a McDonald’s property sold on a national basis this year according to CoStar Group.

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DevelopmentFloridaIndustrialLoansSoutheast

BGFP International Obtains $72M Construction Financing for Cold Storage Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — BGFP International, a partnership between BG Capital, Saoud Development and FreezPak Logistics, has secured $72 million in construction financing to develop a 275,000-square-foot cold storage facility in Jacksonville. The capital providers include senior lenders Valley National Bank and the Israel Discount Bank of New York (IDB), as well as Nuveen Green Capital, which provided Commercial Property-Assessed Clean Energy (C-PACE) financing. Tyler Huffman and Joseph Byrne of BG Capital originated the debt execution on behalf of BGFP International. Construction is underway and expected to be completed in November. FreezPak Logistics will lease the entirety of the complex, which will feature 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. Situated on 20 acres, the property will offer 53,000 new pallet positions, 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and clear heights of 67 feet. The new Jacksonville facility will represent the third build-to-suit facility for BGFP International, joining developments in Philadelphia and Houston.

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Target to Open 150,000 SF Store at Lake Nona West in Orlando

by John Nelson

ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.

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DevelopmentFloridaMultifamilySoutheast

Berkadia Arranges $97M Construction Loan for 610-Unit Multifamily Development in Palmetto, Florida

by John Nelson

PALMETTO, FLA. — Berkadia has arranged a $97 million construction loan to finance the development of The Carlton at Robinson Gateway, a 610-unit multifamily project in Palmetto. The borrower, The Mahaffey Apartment Co., plans to break ground this summer alongside newly contracted general contractor Esterline Construction. Mitch Sinberg, Bryan Brown, Matt Robbins, Scott Wadler and Brad Williamson of Berkadia arranged the financing through Goldman Sachs Private Bank, a division within its Wealth Management platform. Situated in the Sarasota-Bradenton MSA near I-75, The Carlton at Robinson Gateway will comprise one-, two- and three-bedroom apartments ranging in size from 625 to 1,587 square feet. Amenities will include a clubhouse, business center, onsite storage units, community dog park and a resort-style swimming pool.

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FloridaHospitalityLoansSoutheast

Driftwood Capital Provides $34.8M Mezzanine Loan for Marriott-Branded Hotel Complex in Miami

by John Nelson

MIAMI — Driftwood Capital has provided a $34.8 million mezzanine loan for the refinancing of Miami Airport Marriott Connection, a complex comprising three Marriott-branded hotels near Miami International Airport. Driftwood Capital provided a two-year loan with three one-year extension options on behalf of the borrowers, an affiliate of Cerberus Capital Management and Highgate, via its lending fund Driftwood Lending Partners LP. Located at 1201 N.W. LeJeune Road, Miami Airport Marriott Connection features a 371-room Marriott hotel, 301-room Courtyard by Marriott and a 164-room Residence Inn by Marriott.

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FloridaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Moderating Industrial Growth Can’t Stop Miami’s Enduring Appeal

by John Nelson

By Ben Eisenberg of Transwestern In 2023 and continuing into 2024, Miami’s industrial sector experienced moderate growth due to reduced lease turnover and despite accelerating interest rates and economic uncertainty. However, the market’s strong industrial fundamentals and international connectivity via Miami International Airport and PortMiami continue to demonstrate its enduring strength and resilience.  Miami’s industrial market is powered by freight, logistics and e-commerce demand, along with traditional distribution, service and light assembly. The region continues to experience steady population growth that drives sustainable consumption of goods and services and, ultimately, the need for warehouse space. Accounting for nearly 27 percent of Florida’s overall population, Miami was home to more than 6.2 million people at the end of 2023 and is projected to grow to 6.3 million this year. The region’s population has expanded by nearly 7.6 percent over the past 10 years. Increased migration to the Sun Belt has boosted wealth, disposable income and consumption, making Miami one of the nation’s wealthiest metro areas, with some of the highest average home values.  In the first quarter of 2024, Miami’s unemployment rate reached a record low of 1.5 percent and has remained below 2 percent since the fourth-quarter 2022. The region’s …

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

Centennial Bank Provides $84.4M Construction Loan for Affordable Housing Project in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan for the construction of The Arcadian, a mixed-use affordable housing project underway in Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila, is the developer and borrower. Located at 640 N.W. 7th Ave., the property will comprise an eight-story tower with 478 residential units, as well as 15,000 square feet of retail space and a 212,000-square-foot parking garage. Amenities will include swimming pools, a central atrium, fitness center, indoor pickleball court, outdoor movie theater, playground, business center, kid’s room, lounge area, pet park, pedestrian paseo and club rooms. Completion is scheduled for early 2026.

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DevelopmentFloridaSelf-StorageSoutheast

DXD Capital Completes 738-Unit Self-Storage Facility in South Florida

by John Nelson

LAKE PARK, FLA. — DXD Capital has completed the development of a self-storage facility located in Lake Park, a suburb of Palm Beach. Located at 1450 Watertower Road, the South Florida property totals 77,150 square feet of rentable square feet across 738 individual units. DXD acquired the property in July 2022 through the DXD Self Storage Fund I, which was launched in November 2020. Public Storage operates the facility.

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