Florida

Carter Multifamily Acquires Apartment Community in Melbourne, Florida for $37.7M

by John Nelson February 28, 2025

MELBOURNE, FLA. — Carter Multifamily, a Carter Funds company, has acquired Mode at Melbourne, a 166-unit garden-style multifamily community on Florida’s Space Coast, for $37.7 million. The seller was not disclosed. Originally built in 2020, Mode at Melbourne spans approximately 218,592 rentable square feet and was 94 percent occupied at the time of sale. The complex features one-, two- and three-bedroom floorplans ranging in size from 1,219 square feet to 1,853 square feet. Amenities include a resort-style pool and sundeck, fitness center, resident clubroom, playground, electric vehicle charging stations, car care center, dog park and select units with water views. Carter Multifamily plans to renovate the property with interior and exterior upgrades, operational efficiency improvements and a revitalization of branding. Allegiant-Carter Management, the in-house property manager of Carter Funds, will oversee day-to-day operations at Mode at Melbourne.

February 28, 2025

Acquisitions Florida Industrial Southeast

LPC, Walton Street Capital Buy Distribution Center in South Florida for $43.8M

by John Nelson February 27, 2025

WESTON, FLA. — A joint venture between Dallas-based Lincoln Property Co. (LPC) and Chicago-based Walton Street Capital has acquired a 226,392-square-foot distribution center located at 1600 N. Park Drive in Weston, a city in South Florida’s Broward County. Munich-based Manova Partners sold the property for $43.8 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. LPC will provide property management services and construction oversight for the distribution center, which was partially leased at the time of sale to Mondelēz International Inc., a global food-and-beverage distributor based in Chicago.

February 27, 2025

Acquisitions Florida Southeast Student Housing

CAPREIT Acquires 800-Bed Student Housing Community Near Florida Gulf Coast University

by John Nelson February 27, 2025

FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.

February 27, 2025

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.1M Sale of Restaurant in Spring Hill, Florida Leased to Chipotle

by John Nelson February 26, 2025

SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.

February 26, 2025

Development Florida Industrial Leasing Activity Southeast

Merritt Properties Fully Leases Phase II of Imeson Landing Business Park in Jacksonville

by John Nelson February 25, 2025

JACKSONVILLE, FLA. — Merritt Properties has fully leased the second phase of Imeson Landing Business Park, an industrial park in Jacksonville that will span nearly 400,000 square feet upon completion. The first two phases of Imeson Landing house 24 tenants whose spaces range from 3,000 to 30,000 square feet in size. Merritt is planning to soon launch Phase III, which will add 120,000 square feet of new industrial space to the park along Zoo Parkway.

February 25, 2025

Florida Leasing Activity Office Southeast

Blanca CRE Arranges 51,484 SF Office Lease in Miami for Verizon

by John Nelson February 25, 2025

MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 51,484-square-foot office lease for Verizon in Miami. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the property’s ownership, a joint venture between Nuveen Real Estate and PIMCO Prime Real Estate, which acts on behalf of Allianz insurance companies. John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Verizon’s new space will be situated within Waterford Business District, a 250-acre campus that comprises more than 3 million square feet of office space.

February 25, 2025

Acquisitions Development Florida Retail Southeast

Continental Realty Corp. Sells Parcel at Fort Myers Shopping Center, Buyer Plans New EoS Fitness Location

by John Nelson February 25, 2025

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. has sold a 2.2-acre outparcel at the Shoppes at Pelican Preserve, a 79,970-square-foot shopping center located at 10580 Colonial Blvd. in Fort Myers that is anchored by Winn-Dixie. The buyer, Barclay Group, purchased the land for $2.2 million. The firm plans to develop a 42,000-square-foot freestanding building on the site that will be fully occupied by EoS Fitness. Barclay Group expects to deliver the new property by 2026. Blake Dickinson of Continental Realty Corp., as well as Bob Pekol and Jessica McEvoy of LQ Commercial Fort Myers, represented the seller in the land deal. Tyler McRae of SRS Real Estate Partners represented the buyer. EoS Fitness currently operates 13 gyms in Florida. Barclay Group has delivered 30 sites for the fitness concept across six states.

February 25, 2025

Development Florida Industrial Southeast

Altman Logistics, PCCP Begin Vertical Construction of 200,000 SF Industrial Facility in Delray Beach, Florida

by John Nelson February 21, 2025

DELRAY BEACH, FLA. — A joint venture between Altman Logistics Properties and PCCP has begun vertical construction of the first phase of Apex Logistics Park at Delray, an approximately 200,000-square-foot, Class A logistics building in Delray Beach. The first phase of the development is slated for completion in the second quarter, with an additional 472,000 square feet planned for a total of three industrial buildings. Spanning 40 acres, Apex Logistics Park is expected to include 36-foot ceiling heights, 215 parking spaces, 45 dock doors and direct access and frontage to US Highway 441. Additional sustainable elements of the property will feature R-19 roof insulation and solar-ready roofing, electric vehicle charging stations, indoor air quality enhancements, interior LED lighting and advanced exterior lighting control systems. Christopher Thomson and Matthew McAllister of Cushman & Wakefield will lead leasing efforts for the property. Altman Logistics Properties has several other projects underway across Florida, including plans to break ground on an approximately 202,000-square-foot industrial development in Lakeland and an estimated 182,000-square-foot warehouse logistics facility in Davie.

February 21, 2025

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Five New Tenants to Open at Mixed-Use Development in Bonita Springs, Florida

by John Nelson February 21, 2025

BONITA SPRINGS, FLA. — Five new tenants are joining the tenant roster at Midtown at Bonita, a 68-acre mixed-use development in Bonita Springs, about 15 miles north of Naples. The project’s developer, The Zuckerman Group, recently signed LowBrow Pizza & Beer, Pacific Dental Services, Mathnasium, Gelato&Co. and Beau’s BBQ to the lineup. Set to open in 2026, the mixed-use development will offer 315,000 square feet of dining, shopping, lifestyle, entertainment, wellness and service options for residents in the Southwest Florida region. The development will also feature 400 residential units and a 165-room hotel. The new additions join a tenant roster of national, regional and local retailers already committed to Midtown at Bonita, including Panera Bread, Good Vets, Club Pilates and Jeff’s Bagel Run, among others.

February 21, 2025

Development Florida Multifamily Southeast

Crescent Communities Opens 277-Unit Novel Independence Park Apartments in Tampa

by John Nelson February 20, 2025

TAMPA, FLA. — Crescent Communities has opened Novel Independence Park, a 277-unit apartment community located in Tampa’s Westshore District. The property features studio, one-, two- and three-bedroom residences across three five-story buildings. Monthly rental rates range from $2,032 to $3,035, according to Apartments.com. Amenities include a resort-style saltwater swimming pool and cabanas, outdoor grilling area and firepit, fitness center complete with a flex studio for yoga and spin classes, elevated sky deck and resident clubroom, indoor and outdoor coworking spaces, shaded dog park, nature trail and a pickleball court. Crescent’s financial partners for Novel Independence Park include CP Capital US and Truist. The design-build team includes architect Dwell Design Studio, civil engineer Haiff Associates, landscape architect LandDesign, interior designer Vignette Interior Design and general contractor CBG Construction.

February 20, 2025

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