Florida

Tampa Bay Rays to Build $1.3B Ballpark, Surrounding Mixed-Use Development in St. Petersburg, Florida

by Kristin Harlow September 20, 2023

ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …

September 20, 2023

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates Sale of 16-Story Office Tower in Coral Gables, Florida

by John Nelson September 19, 2023

CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.

September 19, 2023

Development Florida Industrial Southeast

Geis, Stonemont Financial Complete 500,000 SF Industrial Project in Fort Myers, Florida

by John Nelson September 18, 2023

FORT MYERS, FLA. — Geis Development has completed the construction of two identical industrial warehouses totaling 500,000 square feet at 16670 Oriole Road in Fort Myers. Dubbed Legacy 500K, the project was developed in partnership with Stonemont Financial Group. Each building totals 250,000 square feet and features 32-foot clear heights and ESFR sprinkler systems. The speculative warehouses can each accommodate tenant occupancies ranging from 37,000 square feet to 250,000 square feet. Clive Daniels, a furnishing and design company, will occupy 175,000 square feet of Building One, which features 21 dock doors and 39 trailer spaces.

September 18, 2023

Florida Leasing Activity Office Southeast

JLL Arranges Office Lease at 470,000 SF Riverplace Tower in Jacksonville

by John Nelson September 18, 2023

JACKSONVILLE, FLA. — JLL has arranged a new lease at Riverplace Tower, a 470,000-square-foot office property located at 1301 Riverplace Blvd. in Jacksonville. Rogers Towers, a law firm, will occupy two floors at the tower through 2037, with the possibility of an extension. Acram Group is the landlord at the property, which is currently undergoing a $10 million capital improvement plan. Michael Loftin and Jesse Shimp of JLL represented Acram in the leasing lease negotiations. Jim Sebesta of Newmark Phoenix Realty Group represented the tenant.

September 18, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Orlando Tenants Are Attracted to Quality Office Space as Rental Rates Rise

by John Nelson September 18, 2023

The Orlando office market saw improved office activity in the second quarter after a somewhat slow start to the year. Quarter-over-quarter, the average deal size rose by 11.2 percent with Downtown, South Orlando and East Orlando as the three submarkets benefitting from an increase in office leasing activity. The majority of institutional landlords in downtown Orlando are some of the early adopters of flight-to-quality phenomenon, and as a result, tenants from other submarkets have shifted their focus to the city’s Central Business District (CBD). On the other hand, South Orlando enjoys a built-in advantage of having perhaps the greatest number of restaurant options in the greater Orlando area, with easy access to both Sand Lake Road and Millenia Mall areas offering various food options. The need to be co-located with some of the military branches located in Central Florida Research Park drives many simulation and military/defense sector tenants to seek office space in East Orlando, also providing nearby access to the University of Central Florida. Aside from geographical location, more and more tenants are seeking out higher-quality office space while rightsizing their footprint. This is predominantly fueled by flex/remote office schedules combined with the need for employers to provide an …

September 18, 2023

Development Florida Mixed-Use Office Southeast

L&L, Oak Row Top Out 12-Story Office Tower at Wynwood Plaza in Miami

by John Nelson September 15, 2023

MIAMI — L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have completed the vertical construction of a 12-story office tower situated within The Wynwood Plaza, a 1 million-square-foot mixed-use campus underway in the Wynwood Arts District of Miami. Upon completion, the office development will total 266,000 square feet and will feature touchless entry and elevator systems, a dedicated parking garage, fitness club, bar lounge, conference and collaboration spaces and an expansive rooftop. Tenants will include Claure Group and law firm Weitz & Luxenberg, which will occupy 25,400 and 18,000 square feet, respectively. Located at 95 N.W. 29th St., the Wynwood Plaza is scheduled for completion in the first quarter of 2025 and will feature 509 residential units, as well as 32,000 square feet of shops, cafes and restaurants.

September 15, 2023

Development Florida Industrial Southeast

BBX, PCCP to Develop 672,533 SF Logistics Campus in Delray Beach, Florida

by John Nelson September 15, 2023

DELRAY BEACH, FLA. — BBX Logistics Properties and PCCP have formed a joint venture to develop BBX Park at Delray, a 672,533-square-foot logistics campus in Delray Beach. The joint venture has acquired 40 acres along U.S. Highway 441 for the project. Upon completion, the property will feature three buildings, with the first phase comprising a 200,000-square-foot building. Construction is scheduled to begin in the first quarter of 2024. BBX has contributed $2.9 million to the joint venture and plans to expend an additional $2.5 million in development costs.

September 15, 2023

Florida Hospitality Loans Southeast

Pebblebrook Completes $140M Refinancing for Margaritaville Hollywood Beach Resort in South Florida

by John Nelson September 12, 2023

HOLLYWOOD, FLA. — Pebblebrook Hotel Trust has refinanced the Margaritaville Hollywood Beach Resort, a 369-room lodging property located at 111 N. Ocean Drive in South Florida. The hotel REIT purchased Margaritaville Hollywood in 2019 for $270 million. The new $140 million loan features a three-year term with two one-year extension options and a fixed interest rate of 7 percent. Wells Fargo Securities LLC served as the sole lead arranger for a syndicate of lenders for the loan, and Wells Fargo Bank NA will serve as administrative agent for the new mortgage. Pebblebrook Hotel Trust is using cash to repay the remaining $21.5 million from the previous CMBS loan. Built in 2015, Margaritaville Hollywood features 450 linear feet of direct beach frontage, food-and-beverage options, a spa, outdoor pools, kids club and entertainment venues.

September 12, 2023

Development Florida Multifamily Southeast

McHugh, Stiles Top Off 39-Story NEMA Apartment Tower in Downtown Miami

by John Nelson September 11, 2023

MIAMI — McHugh Construction and Stiles Construction have topped off NEMA Miami, a 39-story luxury apartment tower underway at 2900 Biscayne Blvd. in downtown Miami. Crescent Heights is developing the project, which will comprise 588 apartments in studio, one-, two-and three-bedroom layouts, as well as ground-floor retail space, including a 42,030-square-foot Whole Foods Market store. Additionally, the development will feature a 748-spot parking garage, with 195 spots reserved for Whole Foods patrons. Designed by Arquitectonica, NEMA Miami’s amenities will include indoor and outdoor lounges, a swimming pool, sauna and steam rooms, event space and catering kitchen, private bar lounge and a fitness center. Rockwell Group is providing interior design services. The first move-ins are scheduled for next summer.

September 11, 2023

Acquisitions Florida Retail Southeast

Azora Purchases Retail Building in Miami Beach for $16M

by John Nelson September 11, 2023

MIAMI BEACH, FLA. — Azora has purchased a retail building in the South Beach neighborhood of Miami Beach for $16 million. Located at 1000 17th St., the property totals 18,000 square feet. Azora acquired the property, which was fully leased at the time of sale, through its subsidiary Azora Exan. The buyer plans to maintain the current operation of the building, with gradual increases to rental rates. The seller was not disclosed.

September 11, 2023

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