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AcquisitionsFloridaMixed-UseRetailSoutheast

Linkvest Capital, MMG Equity Acquire Mixed-Use Destination in Downtown Homestead, Florida

by John Nelson

HOMESTEAD, FLA. — Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity. Completed in 2019, Homestead Station is anchored by Evo Entertainment + IMAX, an entertainment venue that features cinemas and bowling, as well as numerous retail and dining establishments. The center also features an 1,100-space parking garage. There is currently 18,000 square feet of vacant space available to lease, according to the new owners.

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DevelopmentFloridaRetailSoutheast

PEBB, Banyan to Develop 23-Acre Retail Project at Tradition Development in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have acquired a 23-acre parcel in Port St. Lucie with plans to develop a retail project at the site. Dubbed the Shoppes at Southern Grove, the retail center will be situated within the Tradition master-planned community. This marks the second retail development within Tradition for the joint venture, which acquired the site from an entity doing business as Mattamy Palm Beach LLC for $7.5 million. Upon completion, the project will feature a shopping center on 14.2 acres with additional outparcels available for ground lease ranging in size from 1 to 2.4 acres.

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AcquisitionsFloridaHospitalitySoutheastTop Stories

Newmark Brokers $400M Sale of W Hotel South Beach in Miami

by Kristin Harlow

MIAMI — Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009, features more than 300 hotel and condo units. There are multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa. The 3.8-acre site at 2201 Collins Ave. formerly housed a Holiday Inn hotel, which was demolished in 2006. The tower sits immediately adjacent to Miami Beach with views of Biscayne Bay and the Miami River. The hotel features convenient access to I-195 and I-395 and is proximate to luxury retail options along the waterfront. Newmark represented Manhattan-based Tricap in the sale. Eastdil Secured also advised the seller. Tricap has developed a portfolio of real estate holdings, including hotel, office, retail and mixed-use properties in major metropolitan markets such as New York City, Miami, Silicon Valley, Seattle and Las Vegas. London-based Reuben Brothers is a private equity, real …

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AcquisitionsFloridaMultifamilySoutheast

MLG Capital Acquires 180-Unit Venetian at Capri Isles Multifamily Community in Venice, Florida

by John Nelson

VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Cushman & Wakefield Brokers $21M Sale of Flex Office Portfolio in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $21 million sale of a flex office portfolio located in Kissimmee. Comprising two buildings — 3600 and 3700 Commerce Boulevard — the portfolio totals 193,571 square feet. Realife Real Estate Group acquired the properties from the Speer Foundation. Rick Colon, Rick Brugge, Mike Davis and Mark Stratman of Cushman & Wakefield represented the seller in the transaction. Built in 2001, the buildings were 93 percent leased at the time of sale. The properties, which include both office and warehouse space, feature 24- and 28-foot clear heights and a mix of dock-high and grade-level loading.

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AlabamaFloridaLoansMultifamilySoutheast

Greystone Provides Two Agency Loans for Multifamily Communities in South Florida, Birmingham Totaling $103.7M

by John Nelson

TAMARAC, FLA. AND BIRMINGHAM, ALA. — Greystone has provided a pair of Freddie Mac loans totaling $103.7 million for the refinancing of two multifamily communities in South Florida and Birmingham. The deals include a $37.3 million loan for Midora at Woodmont, a 199-unit community in Tamarac, and a $66.4 million loan for Avenues of Inverness, a 586-unit property in Birmingham. The agency loans for both properties carry seven-year terms, fixed interest rates, five years of interest-only payments and 35-year amortization schedules. The borrower for both loans is Monsey, N.Y.-based White Eagle Property Group.

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AcquisitionsFloridaRetailSoutheast

Cohen & Steers, Acadia Realty Trust Purchase Open-Air Shopping Center in Tampa

by John Nelson

TAMPA, FLA. — Funds managed by Cohen & Steers and the investment management business of Acadia Realty Trust have entered into a joint venture to purchase The Walk at Highwoods, an open-air shopping center in Tampa. The seller and sales price were not disclosed. The 141,000-square-foot property was fully leased at the time of sale to national and local tenants including HomeGoods, Michael’s, F45 Training, Dunkin’ and European Wax Center.

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AcquisitionsFloridaIndustrialLoansSoutheast

Redfearn Capital Secures $18.7M Acquisition Loan for Industrial Facility in South Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.

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Bahia-Mar-Pool
DevelopmentFloridaMixed-UseSoutheastTop Stories

Joint Venture Unveils Plans for $2B Waterfront Mixed-Use Development in Fort Lauderdale, Florida

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between Related Group, Tate Capital and Rok Acquisitions has unveiled plans for Bahia Mar, a $2 billion waterfront mixed-use development located in Fort Lauderdale. The joint venture is developing the 40-acre project in collaboration with Marriott International. Bahia Mar will be anchored by two 23-story condominium towers and a 197-room luxury hotel, all operating under the St. Regis brand.   Condominiums will be offered in three- and four-bedroom configurations ranging from 2,600 to 3,550 square feet, in addition to penthouse residences across both the condominium towers and a portion of the hotel. Units will feature a private elevator foyer and sweeping views of the Atlantic Ocean.  Shared amenities in the condo towers will include a spa with steam rooms, saunas, hot and cold plunges, treatment rooms and a wellness terrace; a salon offering beauty services; an indoor/outdoor fitness center; a children’s entertainment room; library/media room; private dining and billiards rooms; and outdoor terraces with summer kitchens, a private outdoor pool, pickleball court and a multisport simulator.  The resort will also feature amenities including two pools, a fitness center, spa, outdoor amenity spaces and a signature restaurant, all of which will be available to condo …

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AcquisitionsFloridaMultifamilySoutheast

Olympus Property Acquires Apartment Community in Downtown St. Petersburg for $81M

by John Nelson

ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.

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