Marcus & Millichap Brokers $49M Sale of Affordable Housing Community in Fort Myers, Florida

FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, …

July 18, 2022Acquisitions, Affordable Housing, Florida, Multifamily, Southeast

Aztec Group Arranges $23M Refinancing for Self-Storage Facility in South Florida

AVENTURA, FLA. — Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self-storage facility in the Miami suburb of Aventura. Glendale, Calif.-based self-storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units. Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South …

July 18, 2022Florida, Loans, Self-Storage, Southeast

JLL Provides $76.7M Freddie Mac Loan for Apartment Property in West Tampa

TAMPA, FLA. — JLL has provided a $76.7 million Freddie Mac loan for the refinancing of Hamilton Point on Egypt Lake, a 638-unit apartment community located at 6900 Concord Drive in west Tampa. Elliott Throne and Kenny Cutler of JLL originated the 10-year, floating-rate loan on behalf of the undisclosed borrower. Situated near several public beaches and Hyde Park Village, Hamilton Point on Egypt Lake features one-, two- and three-bedroom units that average 858 square feet in size. Amenities …

July 12, 2022Florida, Loans, Multifamily, Southeast

Sansone Group, Mandich to Develop 110,476 SF Spec Cold Storage Facility in Downtown Tampa

TAMPA, FLA. — A partnership between St. Louis-based Sansone Group and Miami-based Mandich Group has purchased a 7.3-acre site in downtown Tampa’s Ybor City district. The developers plan to build a speculative cold storage facility at the site that will include 45-foot clear heights and span 110,476 square feet upon completion, which is set for 2024. The property, dubbed Tampa Cold Logistics, will be situated near I-4, Port Tampa and Tampa International Airport. Tippmann Group is the general …

July 11, 2022Development, Florida, Industrial, Southeast

RK Centers Acquires Pineapple Commons Shopping Center in Stuart, Florida for $48.5M

STUART, FLA. — RK Centers has purchased Pineapple Commons, a 256,000-square-foot open-air shopping center located at 2502 N.W. Federal Highway in Stuart, a coastal city about 40 miles north of West Palm Beach. Kimco Realty sold the property to RK Centers for $48.5 million. Dennis Carson of CBRE represented Kimco in the transaction. Built in 2005, Pineapple Commons’ tenant roster includes City Furniture, Ashley Furniture, Best Buy, Ross Dress for Less, Ulta Beauty, PetSmart, Marshalls, Shoe …

July 11, 2022Acquisitions, Florida, Retail, Southeast

Bank OZK, JVP Provide $97.2M Construction Financing for Fort Lauderdale Apartment Tower

FORT LAUDERDALE, FLA. — Bank OZK and JVP Management have provided $97.2 million in construction financing for the development of One River, a 34-story apartment tower located at 629 SE 5th Ave. in Fort Lauderdale. Keith Kurland of Walker & Dunlop arranged the financing, which comprises a senior loan from Bank OZK and a mezzanine loan from JVP Management, on behalf of the developers, OKO Group and Cain International. The co-developers have also recently topped off 830 Brickell, a 55-story …

July 7, 2022Development, Florida, Loans, Multifamily, Southeast

Tortoise Properties Obtains $88.5M Loan for Apartment Development in West Palm Beach

WEST PALM BEACH, FLA. — Tortoise Properties LLC has obtained an $88.5 million construction loan for a new multifamily development in downtown West Palm Beach. Acore Capital provided the loan to Tortoise, a privately held developer based in Palm Beach County. The unnamed property will comprise two eight-story towers located at 740 and 840 N. Dixie Highway that will be connected via a skybridge over Eucalyptus Street. The luxury apartment community will feature 264 studio, one- and two-bedroom …

July 7, 2022Development, Florida, Loans, Multifamily, Southeast

Katz & Associates Arranges $10.6M Sale of Former HHGregg Store in Boca Raton, Florida

BOCA RATON, FLA. — Katz & Associates has arranged the $10.6 million sale of a former hhgregg store located at 20841 S. State Road 7 in Boca Raton. CIRE Equity, a commercial real estate investor with offices in Southern California and Phoenix, purchased the 41,250-square-foot store from an entity doing business as Pan York Glades LLC. Jon Cashion and Daniel Solomon of Katz & Associates represented the seller in the transaction. EoS Fitness, a retail fitness concept based in Phoenix, will …

July 7, 2022Acquisitions, Florida, Retail, Southeast

SHVO to Develop 250,000 SF Office Building in Miami Beach

MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large …

July 6, 2022Development, Florida, Office, Southeast

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, …

July 6, 2022Acquisitions, Florida, Multifamily, Southeast, Top Stories

Marcus & Millichap Brokers $49M Sale of Affordable Housing Community in Fort Myers, Florida

Aztec Group Arranges $23M Refinancing for Self-Storage Facility in South Florida

JLL Provides $76.7M Freddie Mac Loan for Apartment Property in West Tampa

Sansone Group, Mandich to Develop 110,476 SF Spec Cold Storage Facility in Downtown Tampa

RK Centers Acquires Pineapple Commons Shopping Center in Stuart, Florida for $48.5M

Bank OZK, JVP Provide $97.2M Construction Financing for Fort Lauderdale Apartment Tower

Tortoise Properties Obtains $88.5M Loan for Apartment Development in West Palm Beach

Katz & Associates Arranges $10.6M Sale of Former HHGregg Store in Boca Raton, Florida

SHVO to Develop 250,000 SF Office Building in Miami Beach

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

Recent Features

General Contractors Overcome Triple Threat of Rising Costs, Supply Chain Issues and Labor Shortages

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

Yardi Matrix Report: Institutions Will Own 40 Percent of All Single-Family Rentals by 2030

How to Design, Develop Mixed-Use Projects for the ‘Live-Work-Play’ Consumer

The Cost of Creature Comforts: What Multifamily Amenities Are Renters Most Willing to Pay For?

Recent Market Reports

Low Vacancy, Increasing Rents Boost Cleveland Industrial Market

The Great CRE Resignation: What Texas Companies Need to Know

Memphis Economic Outlook Provides Cause for Optimism for Multifamily Market

New Jersey Tax Court Supports Taxpayers’ Rights

Portland’s Office Market Continues its Evolution

Read the Digital Editions