Florida

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

Acquisitions Florida Georgia Loans Retail Southeast

BWE Secures $16M Financing for Two Shopping Centers in Florida, Georgia

by John Nelson December 20, 2023

WEST PALM BEACH, FLA. AND LAGRANGE, GA. — BWE has secured two loans totaling $16 million for a pair of shopping centers in Florida and Georgia. The deals include a $6 million loan for the refinancing of Palm Beach Commons, a 70,000-square-foot, Family Dollar-anchored retail center in West Palm Beach, and a $10 million acquisition loan for Publix at Merganser Commons, a newly built, Publix-anchored shopping center spanning 46,791 square feet in LaGrange. Both loans are underwritten with full-term, interest-only payments. The borrowers and direct lenders for both loans were not disclosed.

December 20, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 48,110 SF Shopping Center in Jensen Beach, Florida

by John Nelson December 20, 2023

JENSEN BEACH, FLA. — Plaza Advisors has brokered the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center in Jensen Beach, about 45 miles north of West Palm Beach, Fla. The center is situated on a nearly 4-acre site less than one mile from the coast of the Atlantic Ocean. The seller, FrostPoint Capital, acquired the center in 2020 and over the course of its ownership fully renovated the asset and signed anchor tenant Winn-Dixie to a long-term lease extension. Other tenants at Palm Breeze Plaza, which was fully leased at the time of sale, include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists, a subsidiary of HCA. The buyer and sales price were not disclosed.

December 20, 2023

Affordable Housing Development Florida Loans Seniors Housing Southeast

Pinnacle Obtains $41.2M Construction Financing for Affordable Seniors Housing Development in South Florida

by John Nelson December 19, 2023

MIRAMAR, FLA. — Pinnacle has obtained $41.2 million in construction financing for Pinnacle at La Cabana, a 110-unit affordable seniors housing development in Miramar, a city in South Florida’s Broward County. The financing included debt or LIHTC equity from Bank of America, Neighborhood Lending Partners, Florida Housing Finance Corp., City of Miramar and United Way of Broward County. Located at 8911 Miramar Parkway, the development is a public-private partnership between Pinnacle and the City of Miramar, which is the landowner. Pinnacle at La Cabana will feature one- and two-bedroom apartments, with 11 units reserved for seniors earning 28 percent of the area median income (AMI) and the remaining affordable to seniors earning 60 percent of AMI. Amenities will include indoor and outdoor multi-purpose facilities. Completion of the project is estimated for mid-2025.

December 19, 2023

Florida Loans Multifamily Southeast

KeyBank Secures $77.5M Refinancing for Ocean Walk Apartment Community in Key West, Florida

by John Nelson December 18, 2023

KEY WEST, FLA. — KeyBank Real Estate Capital has secured a $77.5 million Fannie Mae non-recourse loan for the refinancing of Ocean Walk, an apartment community located in Key West. Built in 1991 and renovated in 2016, the property comprises 297 units across two buildings situated on 17 acres. Amenities at the community include a clubhouse, swimming pool, tennis courts and a basketball court. Caleb Marten and Chris Neil of KeyBank arranged the financing on behalf of the borrower, Passco Cos., which acquired the community in 2017 for $101.5 million. The 10-year loan features a seven-year interest-only period and will amortize on a 30-year schedule.

December 18, 2023

Acquisitions Florida Office Southeast

CBRE Brokers $68M Sale of 5505 Waterford Office Building in Miami

by John Nelson December 18, 2023

MIAMI — CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the undisclosed seller in the transaction. The buyer was also not disclosed.

December 18, 2023

Affordable Housing Development Florida Seniors Housing Southeast

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by John Nelson December 18, 2023

HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.

December 18, 2023

Civic Development Florida Hospitality Mixed-Use Southeast

Balfour Beatty Tops Out Phase II of $1B Convention Center, Hotel Project in Fort Lauderdale

by John Nelson December 15, 2023

FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.

December 15, 2023

Acquisitions Florida Retail Southeast

CRC Sells Cypress Run Marketplace Shopping Center in Coral Springs, Florida for $23.3M

by John Nelson December 15, 2023

CORAL SPRINGS, FLA. — Continental Realty Corp. (CRC) has sold Cypress Run Marketplace, an 87,000-square foot retail center located at 10599 W. Atlantic Blvd. in Coral Springs, a city in South Florida’s Broward County. The Q.V.H. Corp. acquired the property for $23.3 million. Walmart Neighborhood Market anchors the center, which was constructed in 1989. Popeye’s Louisiana Kitchen recently signed a 15-year lease at the center, bringing the property to full occupancy. CRC originally acquired Cypress Run Marketplace in 2015 for $13.6 million and executed more than 17,000 square feet of leases during its ownership. Dennis Carson, Sriram Rajan and Casey Rosen of CBRE represented CRC in the transaction.

December 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson December 15, 2023

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

December 15, 2023

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