Monday, October 27, 2025
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FloridaLeasing ActivityOfficeSoutheast

Blanca CRE Arranges 78,315 SF Office Lease in Miami for ADP

by John Nelson

MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 78,315-square-foot office lease at Waterford Business District in Miami. ADP, a global HR and payroll solutions provider, will relocate its current Miami office at 10200 Sunset Drive to the Waterford campus at 65th Avenue and 7th Street, adjacent to Miami International Airport. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the undisclosed landlord in the lease negotiations. Other recent leases executed at the 250-acre Waterford campus include Carnival Corp., Assurant and Verizon, among other major firms.

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DevelopmentFloridaSoutheastStudent Housing

Harrison Street, Core Spaces to Break Ground on 1,195-Bed Student Housing Development in Tampa

by John Nelson

TAMPA, FLA. — A joint venture between Harrison Street Asset Management and Core Spaces is set to break ground on Hub Tampa Fowler, a 1,195-bed student housing development located near the University of South Florida campus in Tampa. The community will be located within Rithm, a larger mixed-use development led by RD Management that will include hotels, entertainment and retail space. The project is scheduled for completion in 2027 and will offer units in a wide range of configurations across multiple price points, as well as expansive shared amenity spaces. Further details on the development were not released. QuadReal Property Group provided financing for the project. TSB Capital Advisors consulted on the joint venture and financing for the development. The project will mark the second for Harrison Street and Core Spaces in the Tampa market, following Hub Tampa, which was delivered in 2022.

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DevelopmentFloridaIndustrialSoutheast

Foundry, Wheelock Street Capital to Develop 474,000 SF Festival Logistics Park in South Florida

by John Nelson

POMPANO BEACH, FLA. — A partnership between Foundry Commercial and Wheelock Street Capital has purchased the former Festival Flea Market site at 2900 W. Sample Road in Pompano Beach. The duo plans to transform the 25-acre property into Festival Logistics Park, a 474,000-square-foot development with three buildings ranging in size from 60,000 to 300,000 square feet. Two of the buildings will front Sample Road, and all buildings will feature 32- to 36-foot clear heights, ESFR sprinkler systems, dock-high loading and ample parking. Foundry and Wheelock Street Capital plan to begin demolition of existing structures on the Festival site in the fourth quarter and deliver the park by the end of 2026. The co-developers have tapped Nick Wigoda and Steve Medwin of Stream Realty Partners to manage leasing at Festival Logistics Park.

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DevelopmentFloridaIndustrialSoutheast

Miller Construction Underway on $31M Expansion of Sherwin-Williams Distribution Center in Central Florida

by John Nelson

WINTER HAVEN, FLA. — Miller Construction is underway on the $31 million expansion of the Sherwin-Williams Distribution Service Center in Winter Haven. Using tilt-wall construction, the general contractor is adding 296,705 square feet spread across two large warehouses, a truck maintenance building, trailer maintenance building and offices. The new construction adds 298,151 square feet (including a pergola area), which is an expansion of approximately 79 percent of the existing 384,000 square-foot facility. Additionally, Miller Construction is upgrading 3,386 square feet of existing office space and expanding the existing South Building with a 49-foot clear-height ceiling and 15,120 square feet of new exterior wall, while the North Building is receiving a 28-foot clear-height ceiling and 2,904 square feet of new exterior wall. The project team includes C4 (architects and MEP), Richard Adams Engineers (structural), Structural Services Inc. (slab consultant) and Kimley-Horn (civil engineer).

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DevelopmentFloridaLoansSelf-StorageSoutheast

MMCC Secures $14.5M Construction Financing for Self-Storage Project in Homestead, Florida

by John Nelson

HOMESTEAD, FLA. — Marcus & Millichap Capital Corp. (MMCC) has secured $14.5 million in construction financing for the development of a 1,038-unit self-storage facility at 1995 N.E. 8th St. in Homestead, about 32 miles south of Miami. The 135,800-square-foot property will operate as an Extra Space Storage facility. Robert Bhat of MMCC’s Miami office arranged the five-year loan through a local bank on behalf of the borrower, an undisclosed self-storage developer. The loan features a floating interest rate underwritten as 250 basis points above 1-month SOFR for the first three years with 36 months of interest-only payments.

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FloridaLoansMultifamilySoutheast

Berkadia Arranges $57M Refinancing for Astor Sound at Lake Worth Apartments in South Florida

by John Nelson

LAKE WORTH, FLA. — Berkadia has arranged a $57 million bridge loan for the refinancing of Astor Sound at Lake Worth, a 230-unit apartment community in South Florida’s Palm Beach County that is nearing completion. Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Patrick Johnson of Berkadia secured the two-year loan through Infinity Collective on behalf of the borrower, Midtown Capital Partners. Located at 2201 Tenth Ave. in Lake Worth, Astor Sound is situated on a 6.5-acre site next to a canal. The property will offer one-, two- and three-bedroom floorplans that range in size from 715 to 1,160 square feet. Amenities will include a resort-style pool and pavilion with a summer kitchen, fitness center, outdoor entertainment area, dog park/spa, resident coworking lounge, coffee bar, game room, conference room and an outdoor trail.

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The Club at Broadstone Marina Bay
DevelopmentFloridaSoutheast

Alliance Residential Opens 325-Unit Broadstone Marina Bay Apartments in Tampa

by Abby Cox

TAMPA, FLA. — Alliance Residential Co. has opened Broadstone Marina Bay, a 325-unit luxury apartment complex located near Tampa International Airport. The project team includes MSA Architects (project architect), Rhett Roy (landscape architect), KDS Interiors (interior designer) and Halff Associates (engineer). Broadstone Marina Bay offers studio, one- and two-bedroom apartments, as well as three-bedroom townhomes with private garage parking, ranging in size from 593 square feet to 1,564 square feet, according to Apartments.com.  Additionally, the property will include The Watercolor Collection — a limited number of high-floor apartments offering bay views and waterfront townhomes set within a private neighborhood-style enclave, along with a private pet spa and gated pet park.   Amenities at the complex include The Club at Broadstone Marina Bay, a clubhouse with a bayfront saltwater swimming pool with cabanas, rooftop lounge with views of Tampa Bay, waterfront putting green, yoga lawn, bocce ball courts, business lounge with private office studios, media lounge and a fitness center with yoga and boxing studios. The Club will also offer a fully equipped multimedia production space designed for resident music, video and podcast creation.

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Mark Tallahassee
DevelopmentFloridaSoutheastStudent Housing

Landmark, Manulife Investment Complete 860-Bed Student Housing Development Near Florida State University

by Abby Cox

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Manulife Investment Management has completed The Mark Tallahassee, an 860-bed student housing development near the Florida State University (FSU) campus in Tallahassee. The development team for the project included Dwell Design and Landmark Construction. Located at 675 W. Lafayette St., the development comprises three mid-rise buildings offering 202 fully furnished units ranging in configurations from studio to six-bedrooms. The property also offers VIP penthouse-style units with upgraded technology and appliance packages, as well as oversized common rooms with pool tables. Amenities include an 8,900-square-foot rooftop clubhouse with a pool and sun shelf overlooking the Doak S. Campbell football stadium; a fitness center with a cold plunge and sauna; 24-hour study lounge; gathering space with a grilling station; fire pits and a Jumbotron; and an additional outdoor fitness center. The Mark Tallahassee was fully leased ahead of FSU’s 2025-2026 academic year. 

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Park at Bay Plaza
AcquisitionsFloridaOfficeSoutheast

IPA Brokers $17.6M Sale of Park at Bay Plaza Office Complex in East Tampa

by Abby Cox

TAMPA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.6 million sale of Park at Bay Plaza, a 186,239-square-foot office campus located in east Tampa. Constructed between 1974 and 1985, Park at Bay Plaza sits on 13 acres. The office complex, which includes 65 office suites across the seven-building campus, was 85 percent leased at the time of sale to medical, corporate and logistics tenants. Offices at the property range in size from 379 square feet to 9,348 square feet. Douglas Mandel of IPA, along with Zach Levine and James Defusto of Marcus & Millichap, represented the seller, Tavaco Properties, and procured the buyer, Albany Road Real Estate Partners, in the transaction.

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AcquisitionsDevelopmentFloridaRetailSoutheast

Partnership Acquires 800,000 SF Galleria at Fort Lauderdale Mall, Plans Redevelopment

by Abby Cox

FORT LAUDERDALE, FLA. — GFO Investments and InSite Group, in partnership with Atlas Real Estate and Prime Finance, have acquired The Galleria at Fort Lauderdale, with plans to redevelop the 800,000-square-foot mall. Robert Given, Brad Capas and Casey Rosen of CBRE represented the seller, Keystone-Florida Holding Corp., in the transaction. The sales price was not disclosed. GFO and InSite Group will oversee redevelopment efforts, while Sandeep Mathrani of Atlas Hill Real Estate will lead leasing at the property. Galleria Mall, an underperforming, super-regional shopping center, will be reimagined into a community-focused destination. Detailed plans for the redevelopment will be released in the coming months. Keystone-Florida Holding Corp. originally listed the mall for sale in 2023, which was only 67 percent occupied after losing tenants such as Lord & Taylor, SAKS Fifth Avenue and Neiman Marcus, according to South Florida Business Journal. Current tenants include Aldo Shoes, Apple, Blue Martini, H&M, Macy’s, Michael Kors, P.F. Chang’s, the Capital Grille and Zales.

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