Florida

Jacksonville City Council Approves $1.4B Renovation of EverBank Stadium, Home of NFL’s Jaguars

by John Nelson June 26, 2024

JACKSONVILLE, FLA. — The Jacksonville City Council voted 14-1 Tuesday night to approve an agreement between the city and the NFL’s Jacksonville Jaguars for the $1.4 billion renovation of EverBank Stadium. ESPN reports that the agreement needs to be ratified by 24 of the 32 NFL owners, who will review the agreement when they convene in Atlanta in October for their annual meeting. If passed, the anticipated construction timeline of the renovation would begin at the conclusion of the Jaguars’ 2025 season and deliver before kickoff of the team’s 2028 season. The Jaguars, along with Jacksonville Mayor Donna Deegan and lead negotiator Mike Weinstein, presented the renovation agreement in mid-May. “This day has been a long time coming,” says Deegan. “I am truly grateful for the partnership with the Jaguars throughout the negotiation process, and to the City Council for passing this historic deal. Together, we are turning renderings into reality for the betterment of Jacksonville.” The Jaguars released conceptual designs for the renovated EverBank Stadium last summer. The team estimates that the economic impact of the project throughout the Jaguars’ 30-year lease will total $26 billion, with an estimated $2.4 billion in one-time economic impact during construction. The deal …

June 26, 2024

Development Florida Loans Self-Storage Southeast

Eastern Union Arranges $10.1M Construction Financing for Self-Storage Development in Davenport, Florida

by John Nelson June 26, 2024

DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.

June 26, 2024

Acquisitions Florida Industrial Southeast

McGarvey Development Sells CenterLinks Business Park in Fort Myers to EQT Exeter for $92.5M

by John Nelson June 25, 2024

FORT MYERS, FLA. — McGarvey Development has sold CenterLinks Business Park, a 41-acre property in Fort Myers, to EQT Exeter for $92.5 million. Situated along Oriole Road west of I-75, the property features nine warehouses spanning 450,000 square feet that were leased to 40 tenants at the time of sale. CenterLinks features 100 percent dock-high flex units as well as space that can be used as office or medical office. Four years after breaking ground, McGarvey Development began receiving acquisition offers from private equity firms when the park was about 90 percent built out. A chance encounter between longtime acquaintances McGarvey president John McGarvey and Ward Fitzgerald, global CEO of EQT Exeter, led to the acquisition, which is the largest industrial sales price in the history of Southwest Florida’s Lee County, according to McGarvey.

June 25, 2024

Acquisitions Florida Multifamily Southeast

JLL Arranges Sale of 352-Unit AMLI Doral Multifamily Community in Metro Miami

by John Nelson June 24, 2024

DORAL, FLA. — JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st St. in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts that average 1,058 square feet in size. Amenities at the community include a pool, fitness center, grilling stations, business center, lounge, clubhouse, playground, electric car charging stations and bike parking. Maurice Habif, Simon Banke and Nick Lavin of JLL represented the seller in the transaction. Additionally, Jamie Leachman, Amit Kakar and Sean O’Brien of JLL secured an undisclosed amount of acquisition financing on behalf of the buyer.

June 24, 2024

Development Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $67.5M Construction Loan for Natura by Murbeck Multifamily Community in Gainesville, Florida

by Hayden Spiess June 21, 2024

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.

June 21, 2024

Crossroads-Distribution-Center_Jacksonville-Fla

Acquisitions Florida Industrial Southeast

Bixby Land Cos. Sells Two Industrial Buildings Totaling 423,056 SF in Jacksonville

by Hayden Spiess June 21, 2024

JACKSONVILLE, FLA. — JLL Capital Markets has negotiated the sale of two industrial buildings totaling 423,056 square feet in Jacksonville. Bixby Land Cos. sold the properties, Crossroads Distribution Center Buildings 100 and 200, for an undisclosed price. The buildings were fully leased at the time of sale. Luis Castillo, Cody Brais, Britton Burdette, Luke Pope and Taylor Osborne of JLL represented the seller in the transaction. The buyer was not disclosed.

June 21, 2024

Florida Hospitality Loans Southeast

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood, Florida

by Hayden Spiess June 18, 2024

HOLLYWOOD, FLA. — JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami. Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business that acquired the property in 2023. Citi and Deutsche Bank provided the five-year, floating-rate loan, which also included mezzanine financing provided by Ohana Real Estate Investors and the Canadian Pension Plan Investment Board (CPPIB). Comprising a 36-story tower, the property features 200,000 square feet of meeting and events space in addition to the guest rooms and suites. Amenities at the resort include a 15,000-square-foot spa, six restaurants and bars, multiple swimming pools and waterfalls. The resort, which Hilton Hotels and Resorts currently manages under its Curio Collection by Hilton brand, underwent a $90 million renovation and repositioning in 2018.

June 18, 2024

Acquisitions Florida Office Southeast

NAI Hallmark Brokers $4.1M Sale of Office Property in Jacksonville, Florida

by Hayden Spiess June 18, 2024

JACKSONVILLE, FLA. — NAI Hallmark has brokered the $4.1 million sale of 8014 Bayberry Road, an office property in Jacksonville. Built in 1978 and renovated in 2007, the building totals 32,781 square feet. Petticoat Schmitt Civil Contractors acquired the property, which features web-based HVAC controls, access-point badge reading technology, interior and exterior camera systems and an uninterruptible power supply (UPS) system with a 175-Kilowatt back-up diesel generator. Daniel Burkhardt of NAI Hallmark represented the seller, Bayberry Wells Leasing, in the transaction.

June 18, 2024

Development Florida Loans Mixed-Use Office Restaurant Retail Southeast

Bank OZK Provides $84M Construction Loan for First Phase of Nora District in Downtown West Palm Beach

by John Nelson June 17, 2024

WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.

June 17, 2024

Development Florida Hospitality Southeast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson June 17, 2024

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

June 17, 2024

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