Florida

CP Group, DRA Advisors Execute 40,000 SF of Office Leases at Miami Tower

by John Nelson May 17, 2024

MIAMI — CP Group and DRA Advisors have executed nearly 40,000 square feet of office lease transactions at Miami Tower, a 47-story, Class A office tower located at 100 S.E. 2nd St. in downtown Miami. The executed deals include two lease renewals (H&R Block and Transwestern), one expansion (law firm Assouline & Berlowe) and seven new leases, all of which were for Miami Tower’s newly completed spec suites. The seven new tenants include Two Chairs, a behavioral healthcare company; GTS Group, a financial services company with locations in New York and Chicago; Shubin Law Group, a law firm specializing in land use and zoning entitlement litigation; Weisberg Kainen Mark PL, a tax law and criminal defense law firm; Latin Securities, an investment advisory firm; NormanMax Insurance Group, a reinsurance group; and Mamone & Villalon, a litigation and business law firm.

May 17, 2024

Development Florida Mixed-Use Multifamily Office Retail Southeast

Suffolk to Construct Gasworx Mixed-Use Development in Tampa’s Ybor City

by John Nelson May 15, 2024

TAMPA, FLA. — Suffolk plans to construct Gasworx, a mixed-use development in Tampa’s Ybor City, on behalf of the co-developers, Darryl Shaw and Kettler. The project will feature up to 5,000 residences, 500,000 square feet of office space and 140,000 square feet of shops, restaurants and service retailers. Suffolk will deliver multiple projects within the Gasworx development, including a 100-000-square-foot office building and a more than 500-space parking structure wrapped with a five-story residential building. Suffolk and the development team plan to break ground this summer.

May 15, 2024

Florida Loans Multifamily Southeast

Berkadia Arranges $54.5M Refinancing for Downtown Miami Apartment Tower

by John Nelson May 14, 2024

MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951 N.W. South River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and transformed the asset into a luxury apartment community. The property is currently 95 percent occupied with rents ranging from $2,300 to $4,500, according to Berkadia. In addition to high-end amenities, Pier 19 features a 10-slip marina that is exclusive for residents.

May 14, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $5.1M Sale of Dunn Ave Plaza Shopping Center in Jacksonville

by John Nelson May 14, 2024

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the $5.1 million sale of Dunn Ave Plaza, a 42,570-square-foot shopping center located at 1440 Dunn Ave. in Jacksonville. Simon Grigoryan and Edwinn Bruchman of Marcus & Millichap’s Jacksonville office led a limited marketing strategy on behalf of the seller, which generated eight offers within the first two weeks. The duo also procured the buyer, a private investor. Both parties requested anonymity. Situated on 3.4 acres within a mile of I-95, Dunn Ave Plaza was 67 percent occupied at the time of sale to 26 national, regional and local tenants.

May 14, 2024

Acquisitions Development Florida Mixed-Use Property Type Southeast

EIG, Midtown Group Acquire 20.8-Acre Mixed-Use Development Site in Metro Miami

by Hayden Spiess May 13, 2024

HOMESTEAD, FLA. — The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet of commercial space. Residences will include apartments ranging from 676 to 1,131 square feet within six five-story buildings. Amenities will include a 7,000-square-foot clubhouse, swimming pool and playground. EIG will develop and own the residential portion, with Midtown Group developing and owning the commercial component of the property, which will feature six outparcels situated along a promenade.

May 13, 2024

Florida Hospitality Loans Southeast Top Stories

JLL Arranges $735M CMBS Refinancing for Walt Disney World Swan & Dolphin Resort Near Orlando

by Taylor Williams May 13, 2024

LAKE BUENA VISTA, FLA. — JLL has arranged a $735 million CMBS loan for the refinancing of the 2,619-room Walt Disney World Swan & Dolphin Resort. The property comprises three Marriott-branded hotels: the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). A consortium between Wells Fargo, Bank of America and Goldman Sachs provided the loan to the borrower, a joint venture between Tishman Hotel & Realty and MetLife Investment Management. The Swan & Dolphin Resort is situated adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks in Lake Buena Vista. The partnership between Tishman and MetLife completed the property in 1990. The property’s amenity package includes 16 restaurants, seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa. In addition, the property offers 452,000 square feet of meeting and event space, including eight ballrooms, 99 meeting rooms and 100,000 square feet of outdoor space. Kevin Davis, Mark Fisher and Caleigh O’Connell led the debt placement efforts for JLL. “The Swan & Dolphin Resort CMBS loan [is] priced at the tightest pricing levels seen for hotels since 2021,” says Davis. “The market pricing was an affirmation of the strong in-place cash flows, …

May 13, 2024

Acquisitions Florida Multifamily Southeast

American Landmark Acquires 444-Unit Pointe on Westshore Multifamily Community in Tampa

by John Nelson May 10, 2024

TAMPA, FLA. — American Landmark Apartments has acquired The Pointe on Westshore, a 444-unit multifamily community located at 4950 W. Prescott St. in the Westshore Marina District of Tampa. Built in 2021, the property features 13 five-story apartment buildings and two-story townhomes, with residences in one-, two- and three-bedroom floor plans. Amenities at the community include a swimming pool, fitness center, pet spa, business center and barbecue and picnic area. The seller and sales price were not disclosed.

May 10, 2024

Development Florida Leasing Activity Restaurant Southeast

Chick-fil-A to Open Four New Restaurants in Metro Miami

by John Nelson May 10, 2024

ATLANTA — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year.

May 10, 2024

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $20.7M Sale of South Florida Industrial Building Leased to The Shade Store

by John Nelson May 8, 2024

POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $20.7 million sale of a 93,873-square-foot industrial facility in Pompano Beach, a city in South Florida’s Broward County. The property is fully leased to The Shade Store, a retailer with 145 showrooms across the country. The tenant utilizes the space for manufacturing window treatments, distribution and housing its logistics department. Link Logistics purchased the industrial facility from Elion Partners. Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller in the transaction. Matthew McAllister, Christopher Thomson, Christopher Metzger and Rick Etner of Cushman & Wakefield’s South Florida Industrial Team also supported the sale process and will represent the buyer in leasing efforts for the facility. The property is located within Gateway Industrial Park at 3141 S.W. 10th St., about 10 miles north of Fort Lauderdale via I-95. The facility, which was originally constructed as a build-to-suit for Bennett Auto Supply in 2001, features 24-foot clear heights, eight dock-high loading positions, two drive-in bays with ramps and an ESFR sprinkler system. The seller and The Shade Store made significant capital improvements to the facility prior to sale.

May 8, 2024

Development Florida Loans Multifamily Southeast

ZOM Living, MetLife Obtain $63M Construction Financing for Apartment Development in Tampa

by John Nelson May 7, 2024

TAMPA, FLA. — ZOM Living and capital partner MetLife Investment Management have obtained $63 million in construction financing for MetWest Residential, an eight-story, 375-unit apartment development in Tampa’s Westshore District. The direct lender was not disclosed, but public records show the lender is TD Bank. The property will be situated on a northwest parcel within the 30-acre MetWest International mixed-use development, which features 1 million square feet of offices, a 175-room AC Hotel by Marriott and a 56,000-square-foot retail village. Designed by Memphis-based Looney Ricks Kiss, MetWest Residential will feature a mix of studio, one-, two- and three-bedroom apartments ranging in size from 576 to 1,601 square feet. Amenities will include an elevated resort-style pool with an outdoor deck and aqua lounge; a courtyard with a canopy and fire pit; fitness center; coworking and conference spaces for residents working from home; a dog park; speakeasy lounge concept on the eighth floor; 3,000 square feet of retail space; and a six-story parking garage. ZOM Living and MetLife Investment Management plan to deliver the property in summer 2026.

May 7, 2024

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