NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.
BRADENTON, FLA. — Devonshire REIT Inc., a private real estate investment trust (REIT), has acquired 12 Oaks Shopping Center, a Publix-anchored shopping center in Bradenton, for $10.8 million. 12 Oaks is an 80,499-square-foot neighborhood center located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75. The center was fully leased at the time of sale. The property was updated in 2013 with a new parking lot, lights and landscaping. Allowance for a new roof was included in the purchase price by the seller. This acquisition increases Devonshire’s total assets under management to $475 million and pushes total GLA past 4.7 million square feet.
OCOEE, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail center at 11029 W. Colonial Drive in Ocoee, a city in Orange County. Old Time Pottery occupies 67 percent of the center, and the property was 100 percent occupied at the time of the sale, according to Marcus & Millichap. A Mobil gas station, McDonald’s, BMO Harris Bank and Arby’s are outparcels at Towne Square, and its major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar. Ray Turchi and Chris Travis of Marcus & Millichap’s Orlando office represented the undisclosed seller in the transaction. Turchi and Travis also procured the buyer.
PORT ST. LUCIE, FLA. — Atlantic | Pacific Development (A|P Development), the development platform under Atlantic | Pacific Cos. (A|P Cos.), has opened The Atlantic at Tradition, a 252-unit luxury apartment community in Port St. Lucie. The property is the Town of Tradition’s first luxury apartment community. The property features a swimming pool, fitness center, meeting rooms, children’s playroom, movie theater and an outdoor summer kitchen. Each unit features kitchens with stainless steel appliances, wood flooring in all living areas, washer and dryer units and personal balconies and patios.
MIAMI — Miami-based Mattoni Group has purchased more than 11,000 square feet of retail space at 1010 Brickell, a 50-floor, 387-unit condominium project in Miami’s Brickell district. Mattoni purchased all the ground-floor commercial units and is planning to lease those spaces to major retailers. 1010 Brickell’s developers, 13th Floor Investments and Key International Development, plan to complete the property in fall 2017. The development is positioned near the Tenth Street Metromover station on the Brickell Loop.
DORAL, FLA. — Miller Construction Co. has completed the 218,000-square-foot Transal Logistics Center in Doral for Gibson Development Partners. The two-building complex at 8301-8303 N.W. 27th St. provides warehouse/distribution space for international trade operations, with 30-foot clear heights, 54- by 50-foot column spacing, ESFR fire sprinklers and T-5 lighting with motion sensors. Boca Raton-based RLC Architects designed the property to feature reinforced concrete and tilt-wall buildings that wrap around a secure 180-foot truck court with dock-high loading for the center’s 69 bays. Bay sizes start at 8,910 square feet and units will range in size from 17,280 to 110,000 square feet, and Coral Gables-based Fairchild Partners is handling leasing. Additionally, Miller Construction is building Gateway Plaza at Doral, an 84,000-square-foot office, retail and restaurant center nearing completion near the Transal Logistics Center on N.W. 87th Avenue and N.W. 21st Terrace.
MIAMI LAKES, FLA. — Marcus & Millichap has brokered the $5.6 million sale of Security Self Storage, a 99,757-square-foot self storage center in Miami Lakes. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction. Security Self Storage was built in 1999 and is located off Red Road. The facilities are fully gated with an onsite apartment.
JACKSONVILLE, FLA. — Colliers International Northeast Florida has arranged a 236,250-square-foot office lease at EverBank Center, a 30-story, 956-201-square-foot office tower in downtown Jacksonville. Chuck Diebel, Preston Phillips and Lisa McLatchey of Colliers International Northeast Florida represented the landlord, Amkin West Bay LLC, in the lease transaction. Cushman & Wakefield represented the tenant, Citizens Property Insurance Corp. The new lease brings the office tower’s occupancy to more than 90 percent.
MIAMI — Avison Young has arranged a new 21,492-square-foot lease for the relocation of Eastern National Bank’s corporate headquarters relocation. The company is moving its footprint from Miami’s Brickell district to Dadeland @ 9700, an 11-story, 67,142-square-foot office building at 9700 S. Dixie Highway. The move brings the office building to 100 percent occupancy. Donna Abood, Joe Abood and Ericka Witkowski of Avison Young represented the landlord, Dadeland Executive Plaza LLC, in the transaction.
TAMPA, FLA. — PCCP LLC has provided a $30.6 million senior loan to The Arden Group for the acquisition and renovation of the InterContinental Tampa, a 323-key hotel in Tampa’s Westshore submarket. The Arden Group is investing $5.4 million in capital improvements, including upgraded guestrooms, bathrooms, meeting rooms, common areas, mechanical systems and elevators. Built in 1984 and located at 4860 W. Kennedy Blvd., the hotel underwent a major renovation that was completed in 2008 when it was converted to an InterContinental. It is part of the Urban Centre mixed-use complex, which includes more than 500,000 square feet of Class A office space.