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AcquisitionsCompany NewsFloridaRestaurantRetailSoutheastTexasTop Stories

Darden Restaurants Agrees to Acquire Tex-Mex Chain Chuy’s for $605M

by Katie Sloan

AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction.  The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others.  Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders.  Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago.  …

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Delivers 324-Unit Prose Cypress Pointe Apartments in Winter Haven, Florida

by John Nelson

WINTER HAVEN, FLA. — Alliance Residential Co. has delivered Prose Cypress Pointe, a 324-unit apartment community located at 3110 Gowan Drive in Winter Haven. The property represents the fourth Prose-branded community in Central Florida for the Arizona-based developer. Situated 20 miles from Lakeland and 35 miles from Tampa, Prose Cypress Pointe features one- and two-bedroom apartments averaging 1,008 square feet in size. Monthly rental rates begin at $1,655, according to Prose Cypress Pointe’s property website. Amenities include a clubroom with an entertainment kitchen, business center with coworking spaces, 24/7 package access via a Parcel Pending package locker, 24-hour fitness center, fenced pet park, resort-style pool with a tanning ledge and in-pool lounge seating, gas grill stations and a poolside entertainment cabana with an outdoor TV and lounge seating.

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AcquisitionsFloridaMultifamilySoutheast

JBM Brokers $57M Sale of Brantley Pines Apartments in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.

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AcquisitionsFloridaRetailSoutheast

SRS Arranges $10.3M Sale of Tradition Retail Center in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — SRS Real Estate Partners has arranged the $10.3 million sale of Tradition Retail Center, a 28,820-square-foot shopping center located at 10190-10218 SW Village Parkway in Port St. Lucie. The multi-tenant property is situated within Tradition, an 800-acre master-planned community in southeast Florida. Built in 2020, Tradition Retail Center was fully leased at the time of sale to 10 tenants, including Faith Animal Hospital, Farmers Insurance, Scott’s Golf Carts and the Little Gym. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, an undisclosed development firm based in New York. A private investor based in Florida purchased the retail center in an all-cash 1031 exchange at a 6.75 percent cap rate, according to SRS.

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AcquisitionsFloridaRetailSoutheast

Matthews Brokers $6.8M Sale of Retail Center on Florida’s Space Coast

by John Nelson

INDIALANTIC, FLA. — Matthews Real Estate Investment Services has brokered the $6.8 million sale of The Shoppes at Paradise Beach, a retail center located in the Space Coast beachside town of Indialantic. Originally built in 1981 and renovated in 2005, the property totals 29,650 square feet at 2324 N. Highway A1A, roughly three miles from Melbourne, Fla. The Shoppes at Paradise Beach was fully leased to 12 tenants at the time of sale to users including a nail salon, local restaurants, a sporting goods store and a florist. A Miami-based private investor acquired the property from the original developer. Brandon Senia and Robert Goldberg of Matthews represented the seller in the transaction.

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FloridaLoansMixed-UseOfficeRetailSoutheast

CMC Group Obtains $69.9M Loan for Refinancing of Metro Miami Mixed-Use Development

by John Nelson

CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

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AcquisitionsFloridaOfficeSoutheast

CBRE Brokers Sale of 947,176 SF NetPark Tampa Bay Office Building

by John Nelson

TAMPA, FLA. — CBRE has brokered the sale of NetPark Tampa Bay, a 947,176-square-foot, two-story office complex located on a 98.7-acre site at 5701 E. Hillsborough Ave. in Tampa. The property is the largest office asset in the Tampa Bay market and the sale marks the largest office property sold in the Southeast since 2022, according to CBRE. The office building formerly operated as East Lake Square Mall, a regional mall that opened in 1976 and closed in 1998. Dale Peterson, Joe Chick and Courtney Snell of CBRE represented the seller, Bluett Capital Realty Inc. and its tenants-in-common (TIC) ownership group, in the transaction. New Jersey-based Saxum Real Estate Partners purchased NetPark Tampa Bay, marking its first acquisition in Tampa. The sales price was not disclosed, but the Tampa Bay Times reports the property traded for $45 million.

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DevelopmentFloridaMixed-UseSoutheastStudent Housing

Core Spaces, RD Management to Develop 1,300 Student Housing Beds Near University of South Florida in Tampa

by John Nelson

TAMPA, FLA. — Core Spaces and RD Management plan to break ground soon on Hub II, a 400-unit student housing project in Tampa’s Uptown district that will comprise 1,300 beds and a structured parking garage with 800 spaces. The project is Phase I of multiple communities that the co-developers are planning within Rithm, a nearly 100-acre campus adjacent to the University of South Florida that formerly housed University Mall, which opened in 1974. Core Spaces and RD Management ultimately plan to develop up to 3,000 student housing beds, 150 conventional apartments and 10,000 square feet of retail space at Rithm, which already features a Sprouts Farmers Market, restaurants, bars and incubator space for startup companies. Construction will begin on Hub II this fall, and the project is expected to be completed in fall 2027. The other phases (Hub III and Hub IV) will include over 700 beds and 800 beds, respectively, and will be fully delivered by 2030. In 2022, Core Spaces delivered Hub Tampa, a 359-unit, 890-bed student housing community located within Rithm.

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AcquisitionsFloridaSeniors HousingSoutheast

Continuum Advisors Negotiates Sale of 387-Unit Seniors Housing Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Continuum Advisors has arranged the sale of Amavida, a newly built, 387-unit seniors housing community in Fort Myers. Opened in December 2018 on a 30-acre site, the 570,000-square-foot campus comprises 28 cottages, 223 independent living apartments, 101 assisted living apartments and 35 memory care apartments, plus a 9,000-square-foot clubhouse. The sale includes 8 acres of fully entitled land ready for a Phase II expansion of approximately 130 additional independent living units. Continuum served as the exclusive sale-side representation for Quadrum Global. A national investor with a development background acquired the asset for an undisclosed price. The new owner has selected Life Care Services as the operator of Amavida. Ranked as the No. 1 retirement community by Fort Myers’ Community’s Choice Awards in 2023, the campus is uniquely situated on an infill site adjacent to the 275-acre Lakes Regional Park.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

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