TAMPA, FLA. — Index Investment Group has sold The Pointe on Westshore, a 444-unit multifamily community in Tampa. An entity controlled by Tampa-based American Landmark Apartments acquired the property for an undisclosed price. Situated on 23 acres, the community comprises apartments in one-, two- and three-bedroom floorplans. Amenities at the property, which was completed in 2022, include a swimming pool, private cabana chairs, grilling stations, a pet spa, two rooftop decks, a fitness center, clubhouse with a business center, conference rooms and lounge areas. The Pointe on Westshore was 92 percent occupied at the time of sale. Casey Babb, Shawn Rupp, Luiz Baez, Bastian Schauer and Will Mathews of Colliers represented the seller in the transaction. American Landmark was self-represented.
ORLANDO, FLA. — The Cordish Cos. has announced plans for a 73,000-square-foot dining and entertainment destination in Orlando. Dubbed Live! at the Pointe Orlando, under the company’s hospitality and entertainment brand, the property will feature a 4,800-square-foot cocktail lounge; 4,600-square-foot bar; and anchor venues Sports & Social and PBR Cowboy Bar. Sports & Social, a restaurant and bar concept, will span 11,700 square feet across two levels, with an LED display for viewing sporting events and social games including skee-ball, foosball, arcades games and shuffleboard. The 8,400-square-foot PBR Cowboy Bar will feature multiple signature bars, private VIP booths and a mechanical riding bull. Live! at the Pointe Orlando is scheduled to open this fall.
JACKSONVILLE, FLA. — Presidium has completed Presidium Park, a 342-unit multifamily community located at 8181 AC Skinner Parkway in Jacksonville. The development features apartments in one-, two- and three-bedroom layouts, ranging from 616 to 1,703 square feet in size. Monthly rents at the community range from $1,450 to $2,875. Amenities at the property include a club room, game lounge, golf simulator and theater room, billiards room, fitness center, coworking lounge, coffee lounge and podcast rooms, situated within an 11,000-square-foot leasing and amenity center. The 400,000-square-foot community also features a rooftop terrace and lounge area, indoor and outdoor fireplaces, grilling stations, a swimming pool, electric vehicle charging stations, a car wash area, dog park and spa and bike storage and repair stations. Dwell Design Studio designed the property.
MELBOURNE, FLA. — Two restaurant concepts, Eggs Up Grill and Papa John’s Pizza, have signed leases to join the roster of Post Commons, a 202,050-square-foot shopping center located at 4100 N. Wickham Road in Melbourne. The new eateries will join existing tenants including Publix, Beall’s Outlet, Burlington and Pet Supermarket. Post Commons is situated on Florida’s Space Coast near Eastern Florida State College and the Maxwell C. King Center for the Performing Arts. Flavia Kanyago of CrossMarc Services arranged the leases on behalf of the landlord, a joint venture between CrossMarc and Baltimore-based MCB Real Estate. Eggs Up Grill and Papa John’s will open their respective 3,000-square-foot and 1,200-square-foot restaurants in the fourth quarter.
TAMPA, FLA. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase includes three separate buildings: a residential condominium building, a build-to-suit office complex and a hospitality/entertainment destination just north of Amalie Arena, home of the NHL’s Tampa Bay Lightning. The condo tower and office buildings will be situated on an extension of Water Street Tampa that is currently under construction on East Cumberland Avenue. The third property will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. Designed by Gensler Architects with Nichols Architects acting as architect of record, the condo tower will be the tallest building within Water Street Tampa, joining other multifamily properties Asher, Cora and Heron. Designed by Kohn Pedersen Fox, the office complex will feature ground-floor retail space and will join Thousand & One as the second office component. The road and utility infrastructure work for these additions has already begun and is expected to be completed by spring 2025. Last year, Jeff Vinik, owner of the Tampa Bay Lightning, sold his stake in Strategic Property Partners to his co-developer, …
CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based in Florida, in the transaction.
MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …
FORT MYERS, FLA. — Marcus & Millichap has arranged the $13.2 million sale of a medical office property located at 13813 Metro Parkway in Fort Myers. Constructed in 2006, the building totals 38,404 square feet. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, a private limited liability partnership, in the transaction. The buyer was also not disclosed.
WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.
TAMPA, FLA. — A joint venture between PCCP LLC and Stonemont Financial Group plans to break ground next month on a 100,620-square-foot speculative industrial facility in Tampa. Called TIA Executive Center, the project will be located at 6101 Johns Road, which is within two miles of Tampa International Airport and immediately north of Executive Industrial Park. The property will offer 32-foot clear heights, spec office suites and will be divisible down to around 33,000 square feet to accommodate smaller users. PCCP and Stonemont Financial plan to deliver TIA Executive Center in first-quarter 2025. The project team includes general contractor Frampton Construction, architect Harley Commercial Architecture and civil engineer Kimley-Horn. JLL will handle leasing on behalf of the co-developers.