Florida

Partnership Breaks Ground on 5.6-Acre FAT Village Mixed-Use Development in Fort Lauderdale

by John Nelson March 22, 2024

FORT LAUDERDALE, FLA. — A partnership comprising Hines, Urban Street Development, Cresset Real Estate, Las Americas, Hudson Capital and Halmos Holdings has broken ground on FAT Village, a 5.6-acre mixed-use project in Fort Lauderdale. FAT stands for “Food Art Technology.” The first phase, which is scheduled for completion in 2027, will feature 74,000 square feet of retail space, in addition to 601 apartments and 180,000 square feet of mass-timber office space dubbed T3 (Timber, Transit and Technology). FAT Village’s second phase will be developed upon completion of the first. In total, the project will comprise 850 residential units and more than 80,000 square feet of retail space, as well as a 1,200-space commercial parking structure. Hines received a $220 million construction loan for the development in December 2023.

March 22, 2024

Development Florida Industrial Southeast

Miller Construction Delivers 143,571 SF Industrial Facility in Medley, Florida

by John Nelson March 21, 2024

MEDLEY, FLA. — Miller Construction Co. has delivered a 143,571-square-foot warehouse located at 7290 N.W. 77th Court in Medley, a town in Miami-Dade County. Woods Grove Capital is the developer of the Class A industrial facility, which features 36-foot clear heights, 42 columns with 54-foot spacing, 37 dock doors and two drive-in ramps. The project team includes IBI Group’s RLC Architects, Puga & Associates Inc. (MEP engineer), DDA Engineers (structural engineer) and Langan (civil engineer).

March 21, 2024

Florida Loans Multifamily Southeast

Aztec Group Arranges $95M Refinancing for Tamarac Village Apartments in South Florida

by John Nelson March 20, 2024

TAMARAC, FLA. — Aztec Group has arranged a $95 million loan for the refinancing of Tamarac Village, a 401-unit apartment community in South Florida’s Broward County. MF1 Capital provided the bridge financing. Situated on 12.7 acres, the property was developed in two phases in 2020 and 2023 by the borrower, Lotis Group. Tamarac Village features one-, two- and three-bedroom apartments ranging in size from 800 to 1,485 square feet, as well as a nearly 9,000-square-foot clubhouse, according to Apartments.com. The loan marks the eighth transaction between Aztec Group and the developer.

March 20, 2024

Florida Loans Southeast Student Housing

Harrison Street Recapitalizes 1,527-Bed Student Housing Community Near University of Central Florida

by John Nelson March 20, 2024

ORLANDO, FLA. — Harrison Street has recapitalized The Aves at Twelve 100, a student housing community located adjacent to the University of Central Florida campus in Orlando. Harrison Street executed the transaction via a new joint venture with The Scion Group. The property was originally acquired by Harrison Street in 2011 and recently underwent extensive renovations. The community offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include four resort-style swimming pools; a 24-hour fitness center and yoga studio; private study rooms; a business center; community clubhouse; courtyard space; and onsite parking garages.

March 20, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $3.7M Sale of Gas Station, Convenience Store in Central Florida Ground Leased to Wawa

by John Nelson March 20, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala, a city in Central Florida. The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.

March 20, 2024

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $21.2M Acquisition Loan for Two Multifamily Communities in Jacksonville

by John Nelson March 19, 2024

JACKSONVILLE, FLA. — Berkadia has arranged a $21.2 million acquisition loan for two garden-style apartment communities in Jacksonville. The properties, which total 328 units combined, include Colonial Forest at 5928 Firestone Road and Northwood Apartments at 1601 Dunn Ave. Matthew Robbins, Wesley Moczul, Mitch Sinberg, Scott Wadler and Brad Williamson of Berkadia arranged the bridge loan through The Bancorp on behalf of the borrower, Fort Lauderdale, Fla.-based Southeast Property Group. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. The seller of Colonial Forest and Northwood Apartments was not disclosed.

March 19, 2024

Acquisitions Florida Industrial Loans Southeast

JLL Arranges $73.6M Acquisition Loan for National Four-Property Industrial Portfolio

by John Nelson March 18, 2024

MIAMI — JLL has arranged a $73.6 million acquisition loan for a four-property industrial portfolio. The assets are located in Fremont, Calif.; Houston; Gouldsboro, Pa.; and Tampa, Fla. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL’s Miami office, along with JLL colleagues Colby Mueck (Houston), Michael Pagniucci (Philadelphia) and Taylor Gimian (San Francisco), arranged the financing on behalf of the borrower, a fund of Houston-based Hines. The four properties were fully leased to 10 tenants at the time of financing, including Coca-Cola, Tesla, Sysco, Costco and Americold.

March 18, 2024

Development Florida Multifamily Southeast

Kolter Multifamily Begins Leasing 300-Unit Alton Serenoa Apartments in Clermont, Florida

by John Nelson March 18, 2024

CLERMONT, FLA. — Kolter Multifamily LLC, an affiliate of Delray Beach, Fla.-based The Kolter Group, has begun leasing Alton Serenoa, a 300-unit apartment community in Clermont. The property sits about 26 miles west of Orlando and serves as a multifamily component of Serenoa, a master-planned community. Alton Serenoa will feature a mix of one-, two- and three-bedroom floor plans, as well as a one-story clubhouse and a resort-style swimming pool. Monthly rental rates range from $1,535 to $2,305, according to the property website.

March 18, 2024

Development Florida Loans Multifamily Southeast

Ares Management Provides $50M Refinancing for New Apartment Community in Miami

by John Nelson March 15, 2024

MIAMI — Ares Management Real Estate has provided a $50 million loan via one of its funds for the refinancing of Soleste Spring Gardens, a newly delivered apartment community in Miami’s Spring Garden district. The eight-story community is located at 1033 Spring Garden Road, two blocks from the Culmer Metrorail station. Brian Gaswirth, Chris Drew, Jesse Wright and J.J. Hovenden of JLL arranged the loan on behalf of the borrowers, The Estate Cos. and FHCP LLC. The co-developers recently obtained a certificate of occupancy (CO) at Soleste Springs Garden, which offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Rental rates begin at $2,011, according to the property website. Amenities include a resort-style pool with a sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.

March 15, 2024

Development Florida Leasing Activity Office Southeast

Dycom Industries Signs 40,000 SF Office Lease for New Headquarters at 300 Banyan in West Palm Beach

by John Nelson March 15, 2024

WEST PALM BEACH, FLA. — Dycom Industries Inc., a specialty contractor serving the telecommunications and utilities industries, has signed a lease to anchor 300 Banyan, a six-story boutique office building in West Palm Beach. The company’s new headquarters will comprise the top two floors and span 40,000 square feet. Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord, Brand Atlantic Real Estate Partners and Wheelock Street Capital, in the lease negotiations. Derek Baker of Colliers represented the tenant. 300 Banyan is part of Brand Atlantic’s Banyan & Olive development along with 111 Olive, an adaptive reuse of a historic three-story building. Dycom’s lease brings 300 Banyan to 50 percent preleased. In addition to offices and private terraces, the office building features an 8,000-square foot restaurant with a garden dining room, sidewalk café and a private, six-story parking garage.

March 15, 2024

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