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Ocean-Village-Square
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $8.4M Sale of Ocean Village Square Shopping Center in New Smyrna Beach, Florida

by Abby Cox

NEW SMYRNA BEACH, FLA. — Marcus & Millichap has brokered the $8.4 million sale of Ocean Village Square, a 60,631-square-foot shopping center located at 4154 – 4198 S. Atlantic Ave. in New Smyrna Beach. Built in 1986, the center is anchored by Dollar General and sits on 9 acres. Other tenants at the property include Nautilus Fitness NSB, Touch of Italy and the Atlantic Wellness Center. David Vaughan and Ray Turchi of Marcus & Millichap procured the buyer, a private investor based in Central Florida. The seller was not disclosed.

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Wynwood-Plaza-Office
FloridaLeasing ActivityMixed-UseSoutheast

L&L Holding, Oak Row Equities Secure 75,000 SF Office Lease Expansion with Amazon in Miami

by Abby Cox

MIAMI — L&L Holding Co. and Oak Row Equities have secured a lease expansion with Amazon at Wynwood Plaza, a 1 million-square-foot mixed-used development located within Miami’s Wynwood Arts & Entertainment District. The lease expansion — which will total more than 75,000 square feet — builds on Amazon’s original agreement in January to lease 50,333 square feet at the campus. Bryan Lapidus of L&L Holding, as well as Andrew Trench, Edward Quinon and Brian Gale of Cushman & Wakefield, represented Wynwood Plaza’s ownership in the lease negotiations. Tom Capocefalo and Mike Catalano of Savills represented Amazon. Wynwood Plaza’s office tower totals 266,000 square feet with a dedicated second-floor amenity hub that includes a fully equipped fitness center with showers and lockers, a golf simulator and conference rooms. Additional offerings include a landscaped rooftop with flexible seating options and shaded areas, a 25-foot grand lobby, air filtration systems, destination dispatch elevators with touchless entry and an onsite parking garage.

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DevelopmentFloridaMultifamilySoutheast

Codina Partners Breaks Ground on South Florida Multifamily Community, Secures $100M Construction Loan

by John Nelson

DORAL, FLA. — Codina Partners has broken ground on Sevilla, a seven-story, 412-unit apartment property within the 250-acre Downtown Doral mixed-use development in metro Miami. Additionally, Codina Partners has secured a $100 million construction loan from Regions Bank and Ocean Bank. Regions Bank will fund 65 percent of the loan, while Ocean Bank is providing the remaining 35 percent. Located at the corner of N.W. 53rd Street and N.W. 52nd Terrace, Sevilla will sit on 4.2 acres one block from UHealth’s new Ambulatory Center. The mid-rise apartment community will comprise one-, two- and three-bedroom apartments ranging in size from 720 to 1,708 square feet. Amenities will include a beach-entry pool and a pool deck with private cabanas and grilling areas; Zen courtyard with a dog park; rooftop deck with pickleball courts, yoga yard, walking path and seating; clubroom and lounge; two-story fitness center; and a rideshare lobby. Codina will develop Sevilla in two phases, with Phase I welcoming residents in first-quarter 2027 and Phase II delivering by third-quarter 2027. Codina’s Multi-Family Property Management Division will operate the property.

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AcquisitionsFloridaGeorgiaMultifamilySoutheast

Slate Asset Management Agrees to Acquire Sun Belt Multifamily Portfolio for $226.5M

by John Nelson

CHICAGO — Chicago-based Slate Asset Management has agreed to acquire a six-property multifamily portfolio in the Sun Belt region for $226.5 million. The seller is ZMR Capital, a value-add multifamily investment firm based in Tampa. The garden-style properties total approximately 1,600 units and are located in the metropolitan areas of Tampa, Atlanta and Phoenix. The names of the properties were not released. King & Spalding advised Slate on this transaction, which is expected to close at the end of July.

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AcquisitionsFloridaIndustrialSoutheast

Granite REIT Purchases 124,500 SF Industrial Property in Coral Springs, Florida

by John Nelson

CORAL SPRINGS, FLA. — Granite REIT has purchased Coral Springs Logistics Center, a 124,500-square-foot industrial property located at 3850-3872 N.W. 126th St. in Coral Springs, a city in South Florida’s Broward County. A joint venture between Barings Real Estate and Arkadia Property Group sold the property to Granite REIT for an undisclosed price. Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller in the transaction. Built in 2021, Coral Springs Logistics Center comprises two rear-load buildings that were fully leased at the time of sale to building materials wholesaler Exclusive Trim Inc. and commercial refrigerator manufacturer Marc Refrigeration.

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DevelopmentFloridaRetailSoutheast

GBT Realty Breaks Ground on Sprouts-Anchored Shopping Center in Metro Orlando

by John Nelson

CLERMONT, FLA. — GBT Realty Corp. has broken ground on Hammock Ridge Commons, a 30,500-square-foot shopping center located in Clermont, approximately 25 miles east of Orlando. An entity doing business as Shoppes at Hammock Ridge Crossing LLC sold the original 3.7-acre land parcel to the Brentwood, Tenn.-based developer for $2.5 million. A 23,273-square-foot Sprouts Farmers Market will anchor Hammock Ridge Commons, which will be the first store in Lake County for the Arizona-based specialty grocer. Additional tenants will include a dentist and nail salon, and roughly 1,700 square feet of inline space is still available for lease at the center. The general contractor, J. Raymond Construction Corp., plans to deliver Hammock Ridge Commons in spring 2026. 

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AcquisitionsFloridaGeorgiaIndustrialSoutheast

Mapletree Sells 1.8 MSF Industrial Portfolio to Faropoint for $328M

by John Nelson

SINGAPORE AND NEW YORK CITY — Mapletree Investments Pte Ltd., a global real estate investment and management firm based in Singapore, has sold a 1.8 million-square-foot industrial portfolio to New York City-based Faropoint for $328 million. The transaction represents Faropoint’s largest acquisition to date and Mapletree’s first major U.S. warehouse disposition. The portfolio, which Mapletree held under a closed-end private fund launched in 2019, comprises 30 shallow-bay warehouse buildings spread across Florida (14), Georgia (7), New Jersey (5), Texas (3) and Pennsylvania (1). John Huguenard and Trent Agnew of JLL represented Mapletree in the transaction. Mapletree has owned and managed more than 70 million square feet of industrial assets in the United States since entering the country in 2014.

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DevelopmentFloridaSoutheastStudent Housing

Gilbane, Palm Beach Atlantic University to Break Ground on $240M Residence Hall Project

by John Nelson

WEST PALM BEACH, FLA. — A public-private partnership between Gilbane and Palm Beach Atlantic University is set to break ground on a $240 million residence hall project on the university’s campus in downtown West Palm Beach. The 25-story tower will span 319,000 square feet and offer 990 beds across 275 units upon completion, which is scheduled for August 2027. The development will also feature a 28,000-square-foot dining hall, 14,000-square-foot fitness center, 704-space parking garage and a student recreation center. Shared amenities will include a game lounge, study areas and wellness and social lounges. The community will also offer 230 bike and e-bike stalls. Gilbane will lead design, construction and financing for the project. The development team includes Cube 3, Urban Design Studio, Shutts & Bowen and Kimley-Horn. The project has been approved by the Palm Beach County Board of Commissioners and will be funded through bonds issued by Palm Beach County. Construction is scheduled to begin this summer.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

HTG, Mount Hermon AME Church Open $43.5M Affordable Seniors Housing Community in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million. Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income (AMI). According to Apartments.com, the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222. Amenities at the property include a rooftop terrace, fitness center, clubroom and community gathering space. Services offered at the community include 24-hour assistance, adult literacy training and support with light housekeeping, grocery shopping and laundry. Financing for the development included $32.6 million in 9 percent low-income housing tax credit (LIHTC) equity syndicated through Raymond James; a $33 million construction loan from TD Bank; a $7.5 million permanent Freddie Mac loan provided and serviced by Berkadia; and a $640,000 loan from the City of Fort Lauderdale. HTG Gomez Construction served as the project’s general contractor. The project team also included architect REP-R-TWAR, civil engineer Thomas Engineering and interior design firm B. Pila …

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Pointe-at-Carrollwood
FloridaLoansMultifamilySoutheast

Berkadia Arranges $38.6M Refinancing of Apartment Community in Tampa

by Abby Cox

TAMPA, FLA. — Berkadia has arranged $38.6 million in debt and equity financing for the recapitalization of Pointe at Carrollwood, a 224-unit apartment community located at 4949 Marbrisa Drive in Tampa. The financing includes a $29.9 million, five-year, fixed-rate Freddie Mac loan and a preferred equity investment of $8.4 million from Miami-based Atlantic Pacific Cos. Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson and Mitch Sinberg of Berkadia originated the financing package on behalf of the borrower, Miami-based Beacon Real Estate Group. Originally built in 1984, Pointe at Carrollwood offers one- and two-bedroom apartments ranging in size from 629 square feet to 1,050 square feet. Since purchasing the property in March 2022, Beacon has invested $3.6 million in capital improvements to renovate units with modern cabinetry, stainless steel appliances, quartz or granite countertops, walk-in closets and expanded balconies or patios. Community amenities include a swimming pool with grilling options, fitness center, boardwalk, 24-hour laundry center, car care station and a playground. Situated near Tampa International Airport and Busch Gardens, the apartment complex was 95 percent occupied at the time of financing.

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