Florida

JBM Brokers $66M Sale of Pearce at Pavilion Apartment Community in Tampa

by John Nelson January 19, 2024

TAMPA, FLA. — JBM Institutional Multifamily Advisors has brokered the $66 million sale of Pearce at Pavilion, an apartment community located along U.S. Road 301 in Tampa. California-based Passco Cos. was the seller. Situated on 13.7 acres, the community features 250 units averaging 949 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a pool and hot tub with private cabanas, grilling stations, a 24-hour fitness center with a yoga studio, a clubhouse with a coffee bar, Wi-Fi café, business center, multimedia game room, Luxer One package room, fenced dog park with a pet wash and a lakeside walking trail. The buyer was not disclosed.

January 19, 2024

Development Florida Hospitality Mixed-Use Multifamily Retail Southeast Top Stories

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

Acquisitions Development Florida Industrial Southeast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson January 18, 2024

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

January 18, 2024

Acquisitions Development Florida Hospitality Southeast

Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

by John Nelson January 17, 2024

MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.

January 17, 2024

Acquisitions Florida Retail Southeast

Colliers Arranges $30.5M Sale of Shopping Center in Sarasota, Florida

by John Nelson January 17, 2024

SARASOTA, FLA. — Colliers has arranged the $30.5 million sale of Glengary Shoppes, a 95,489-square-foot shopping center located along South Tamiami Trail in Sarasota. University Park, Fla.-based Benderson Development purchased the property from Jacksonville-based REIT Regency Centers. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller in the transaction. Built in 1995, Glengary Shoppes was 97 percent leased at the time of sale to tenants such as Best Buy and Barnes & Noble. Regions Bank and IHOP occupy outparcels at the shopping center.

January 17, 2024

Florida Industrial Leasing Activity Southeast

CBRE Arranges 42,143 SF Industrial Lease in Royal Palm Beach, Florida

by John Nelson January 16, 2024

ROYAL PALM BEACH, FLA. — CBRE has arranged a 42,143-square-foot industrial lease within Royal Palm Logistics Center, an industrial property located at 1131 N. State Road 7 in Royal Palm Beach, a city in South Florida’s Palm Beach County. The tenant, Bush Brothers Provision Co., is a family-owned meat packing and distribution company based in nearby West Palm Beach. Set to open its new space in August, the move represents the first relocation for Bush Brothers since 1925, according to CBRE. The tenant plans to create 25 new positions in addition to its existing 65-person workforce. Kirk Nelson, Robert Smith and Jeff Kelly of CBRE represented the tenant in the lease negotiations. The developer is McCraney Property Co. Royal Palm Logistics Center features 32-foot clear heights, an ESFR sprinkler system and dock-high and grade-level loading.

January 16, 2024

Acquisitions Development Florida Loans Multifamily Southeast

Kennedy Funding Provides $7.5M Acquisition Loan for Townhome Development Site in Santa Rosa Beach, Florida

by John Nelson January 16, 2024

SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.

January 16, 2024

Acquisitions Florida Industrial Southeast

JLL Brokers $38.5M Sale of Industrial Portfolio in Miami

by John Nelson January 15, 2024

MIAMI — JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital Partners’ GP Investment Program. Luis Castillo, Cody Brais, Wells Waller, Taylor Osborne and Aaliyah St. Louis of JLL represented the seller in the transaction. The property features 17- to 19-foot clear heights, 12 dock-high and 101 grade-level doors and 275 parking spaces.

January 15, 2024

Acquisitions Florida Industrial Loans Self-Storage Southeast

BEB Provides $9.7M Acquisition Financing for Industrial Property in Lake Worth, Florida

by John Nelson January 15, 2024

LAKE WORTH, FLA. — BEB Lending has provided a $9.7 million loan for the acquisition of an industrial property located at 1800 Hypoluxo Road in Lake Worth, a city in South Florida’s Palm Beach County. The 77,657-square-foot property is leased to a mix of small-bay and self-storage industrial tenants. Sean Silverbrook of BEB originated the 24-month bridge loan. Juda Hersh represented the borrower, Hersh Equity Group (HEG), on an in-house basis.

January 15, 2024

Development Florida Industrial Southeast

PCCP, Midwest Industrial Funds to Develop 337,000 SF Industrial Building in Jacksonville

by John Nelson January 12, 2024

JACKSONVILLE, FLA. — A joint venture between PCCP LLC and Midwest Industrial Funds is underway on the development of a 337,000-square-foot speculative industrial building within Westlake Industrial Park in Jacksonville. Situated on 33 acres on Pritchard Road, the property will feature 36-foot clear heights, a 190-foot truck court, 72 dock-high doors, 245 car parking spaces and 97 trailer parking spots. Construction has begun on the project, and completion is scheduled for this December.

January 12, 2024

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