LAKE PARK, FLA. — DXD Capital has completed the development of a self-storage facility located in Lake Park, a suburb of Palm Beach. Located at 1450 Watertower Road, the South Florida property totals 77,150 square feet of rentable square feet across 738 individual units. DXD acquired the property in July 2022 through the DXD Self Storage Fund I, which was launched in November 2020. Public Storage operates the facility.
APOLLO BEACH, FLA. — SRS Real Estate Partners has brokered the $5 million sale of a newly developed retail property located at 6598 N. U.S. Highway 41 in Apollo Beach, a Tampa Bay City situated about 18 miles south of Tampa. Two tenants, GoodVets and First Watch, fully occupy the building, which totals 7,000 square feet. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the Florida-based seller in the transaction.
MIAMI — Affinius Capital LLC has originated a $70 million loan for the refinancing of Modera Skylar, a 263-unit apartment community in Miami. The borrower is a joint venture between Rockwood Capital and Mill Creek Residential. The property includes a 20-story building comprising 166 units and a 10-story building spanning 97 units. Modera Skylar features a mix of studio, one-, two- and three-bedroom apartments, as well as a rooftop pool deck with a hot tub, 24-hour fitness center, GymRax outdoor fitness system, outdoor lawn with grill space, dog park, resident lounge space and covered parking.
TAMPA, FLA. — JLL has arranged a 26,000-square-foot lease at Silo Bend Office Park, a 650,000-square-foot office development located at 150-182 Kelsey Lane in Tampa. Design firm KCI Technologies is the tenant and will be relocating from its existing 17,000-square-foot space at Meridian Crescent Center. Caleb Lewis of JLL represented the tenant in the lease negotiations, and Jeff Lanning of JLL represented the landlord, Workspace Property Trust.
Miami’s multifamily sector was on fire from the end of 2020 through the beginning of 2023 as the market received a wave of newcomers, primarily from affluent Northeastern and Western states. During the height of the pandemic, roughly $1 out of every $6 in income that moved nationwide relocated to Florida, more than any other state. And Miami-Dade County saw the second highest inflows of any county in the country behind only Palm Beach, two counties to the north of Miami-Dade. This influx resulted in tremendous rent growth, booming new development and record-setting sales. The period also marked dozens of corporate expansions and relocations to the area and a consistent sub-3 percent unemployment rate dating back to August 2022, which is below today’s 3.8 percent national rate. Since then, things have slowed down, though the epic in-migration of wealth has made a permanent impact. Miami’s multifamily fundamentals stand out as a beacon of resilience amid supply challenges across the Sun Belt. Infill rents have remained flat since 2022, notching slight increases in 2024, and occupancy has faltered only slightly. This is rarely celebrated, but in this case, it represents Miami’s unique strength. Demand also emerged for a higher caliber of …
LAKELAND, FLA. — Marcus & Millichap has brokered the $4.5 million sale of a single-tenant retail property located at 5010 Florida Ave. S in Lakeland. CVS/pharmacy occupies the building, which comprises 12,738 square feet. Ronnie Issenberg and Ricardo Esteves of Marcus & Millichap represented the buyer, a Florida-based private investor, in the transaction. The seller was not disclosed.
PALM BEACH GARDENS, FLA. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older. Amenities at Arcadia Gardens include a fitness center, salon, movie theater, swimming pool, spa, community garden, walking trail, onsite dining facilities and pickleball, bocce and croquet courts.
TAMPA, FLA. — A public-private partnership between Related Urban Development Group, the Tampa Housing Authority and the City of Tampa has broken ground on Gallery at Rome Yards, an 11-story mixed-income housing project located south of Columbus Drive between Rome Avenue and the Hillsborough River. Eighty percent of the property’s 234 units will be reserved as affordable and workforce housing while the remaining 20 percent will be market-rate apartment homes. Additionally, five apartments on the ground level will be designated as live/work units designed with local artists and entrepreneurs in mind, complete with a storefronts and working areas. Amenities will include a fitness center, walking path with distance markers, workspace for students and remote workers, communal club room, dog park with a nearby dog wash area, ground-floor retail space and a workforce training/small business success center. Related Urban expects to complete Gallery at Rome Yards in December 2026. The property represents Phase I of the Rome Yards master plan, which is the redevelopment of a vacant 18-acre maintenance yard into nearly 1,000 apartments and 33,604 square feet of commercial space.
FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months. This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton. Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management. …
ORLANDO, FLA. — Constellation Real Estate Partners and capital partner Northwestern Mutual plan to develop Constellation Air Commerce Park, a three-building, 972,079-square-foot industrial park in Orlando. The partnership recently acquired 75.1 acres located at 10195 Boggy Creek Road, about six miles from Orlando International Airport, for the project. Within the park, Building 100 (232,497 square feet) and Building 300 (283,580 square feet) will both have front-park/rear-load configurations and Building 200 (456,002 square feet) will have cross-dock loading. C4 Architecture and Florida Engineering Group designed Constellation Air Commerce Park to achieve LEED certification. The project will feature 36-foot clear heights, multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting. Construction is set to begin this year with completion scheduled for the third quarter of 2025. Constellation and Northwestern Mutual have tapped Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Sara Bravo and Jasmine Yarbrough of Cushman & Wakefield as the leasing agents for the project.
