Thursday, June 19, 2025
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DevelopmentFloridaRetailSoutheast

WMG Underway on 60,000 SF Shoppes at Orange Blossom Shopping Center in Southwest Florida

by John Nelson

NAPLES, FLA. — WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center in Naples. Publix will anchor the shopping center, which will total more than 60,000 square feet at the corner of Oil Well Road and Big Corkscrew Drive. Other committed tenants at the center include Great Clips and Le Nail Salon. Scheduled for completion in late-summer 2025, the project will be situated at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment destination, and adjacent to apartment community Emblem at Orange Blossom.

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AcquisitionsDevelopmentFloridaMultifamilySoutheast

Excelsa Acquires 477-Unit Drake at St. Pete Multifamily Community in St. Petersburg, Plans $8M Renovation

by John Nelson

ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.

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DevelopmentFloridaHealthcareSoutheast

St. Joe Co., Tallahassee Memorial Open First Building at 87-Acre Healthcare Campus in Panama City Beach, Florida

by John Nelson

PANAMA CITY BEACH, FLA. — The St. Joe Co. and Tallahassee Memorial HealthCare (TMH) have opened the first building at the FSU/TMH Medical Campus, an 87-acre campus currently in Panama City Beach underway by the companies and Florida State University (FSU). Situated at 1002 N. Arnold Road, the medical office building is one of several planned at the development. TMH Urgent Care and TMH Physician Partners – Primary Care are now open at the property. The campus, which will include a 100-bed hospital with an emergency center and other inpatient services, is scheduled for completion in 2027.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Opens 300-Unit Prose Horizons Village Apartment Community in Central Florida

by John Nelson

WINTER GARDEN, FLA. — Multifamily developer Alliance Residential Co. has opened Prose Horizons Village, a 300-unit apartment community located at 16810 Easthampstead Road in Winter Garden, approximately 16 miles northwest of Orlando. The property features one- and two-bedroom residences averaging 1,008 square feet in size. Amenities at the community include a clubroom, business center, package locker system, pool, fitness center and a pet park. The developer also recently opened Prose Cypress Pointe in nearby Winter Haven, Fla.

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DevelopmentFloridaMultifamilySoutheast

H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami

by John Nelson

MIAMI — Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents an expansion of the River Landing Special Area Plan (SAP) as it will be located directly north of the existing River Landing Shops & Residences, also owned by the REIT and co-developed with Urban-X.  Sustainable features of MidRiverVu will include rain gardens, intensive and passive green roofs and decks and blue-green systems to control and slow runoff. The construction timeline and planned amenities for the tower were not disclosed.

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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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