Florida

Colliers Arranges $10.9M Sale of Casa Linda Apartment Building in Miami

by John Nelson February 7, 2024

MIAMI — Colliers has arranges the $10.9 million sale of Casa Linda, a six-story apartment building located at 3300 S. Dixie Highway in Miami’s Coconut Grove neighborhood, roughly four miles outside of downtown. Situated on a 32,000-square-foot site, Casa Linda comprises 45 units in one- and two-bedroom layouts. Private investor Philip Rahimzadeh acquired the asset from an entity doing business as Trizel CRE. Virgilio Fernandez of Colliers represented both the buyer and seller in the transaction.

February 7, 2024

Development Florida Loans Multifamily Southeast Top Stories

Mast Capital Receives $600M Construction Loan for 80-Story Cipriani Residences Miami Condo Tower

by Kristin Harlow February 7, 2024

MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast. Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021. Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million. All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the …

February 7, 2024

Development Florida Retail Southeast

Whole Foods to Open 40,100 SF Grocery Store in St. Petersburg, Florida

by John Nelson February 6, 2024

ST. PETERSBURG, FLA. — Whole Foods Market plans to open a new 40,100-square-foot store in St. Petersburg, marking the grocer’s entry to the Tampa Bay suburb. The developer of the freestanding store was not disclosed, but the Tampa Bay Times reported that the developer/landlord is a partnership between locally based J Square Developers and Atlanta-based SJC Ventures. Located at 201 38th Ave. N, the new store will feature more than 800 local products from more than 140 local suppliers. The store will include a full-service seafood counter; cheese station; meat counter; a craft beer department that will sell 180 craft beers, including 50 from local breweries; a hot food and salad bar; bakery; and a wellness and beauty section. Whole Foods plans to open its doors on Wednesday, Feb. 28.

February 6, 2024

Development Florida Loans Multifamily Southeast

JLL Arranges $60.9M Refinancing for Multifamily Development in Miami

by John Nelson February 6, 2024

MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.

February 6, 2024

Acquisitions Florida Retail Southeast

Graphite Real Estate Acquires Publix-Anchored Shopping Center in Metro Tampa for $9.9M

by John Nelson February 6, 2024

HOLIDAY, FLA. — Maryland-based Graphite Real Estate has purchased Holiday Centre, a Publix-anchored shopping center located at 4637-4701 Sunray Drive in Holiday, a northern suburb of Tampa. The undisclosed seller sold the 67,035-square-foot retail property for $9.9 million. Ari Ravi of RIPCO Investment Sales represented the seller in the sale, and RGA Reinsurance Co. originated acquisition financing on behalf of Graphite. In addition to the Publix, Holiday Centre was 98 percent leased at the time of sale to tenants including Planet Fitness, Publix Liquors and Bright Now Dental.

February 6, 2024

Development Florida Multifamily Southeast

Garden Communities Florida Delivers Two Buildings at New Tampa Palms Multifamily Development

by John Nelson February 5, 2024

TAMPA, FLA. — Garden Communities Florida, an affiliate of New Jersey-based Garden Communities, has delivered the first two buildings at New Tampa Palms, the developer’s new apartment community underway at 7970 Tampa Palms Blvd. in Tampa. Upon completion, the property will feature 402 units ranging from 1,264 to 1,571 square feet in one- and two-bedroom layouts. Amenities at the community will include a swimming pool, playground, fire pits, a pet park and a clubhouse with a fitness center, catering kitchen and coffee station. The property’s leasing office is now open, and monthly rental rates at the community begin at $1,075.

February 5, 2024

Development Florida Healthcare Southeast Top Stories

Jackson Health System Plans $300M Renovation, Expansion at Miami Hospital Campus

by Taylor Williams February 5, 2024

MIAMI — Regional healthcare provider Jackson Health System has announced plans for a $300 million renovation and expansion project at its Miami hospital campus. According to the project team, the facility is the busiest emergency department within Miami-Dade County, receiving an average of 120,000 visits per year. The project will expand the campus’ existing emergency department by about 130,000 square feet and add 207 new rooms, including 50 observation rooms and seven patient rooms. In addition, about 45,000 square feet of space within the existing emergency department will be renovated. The initial phase of the project will involve the demolition of two buildings to create additional space for the planned expansion, which will triple the size of the facility. The project team will also relocate and reinstall underground utilities to support the larger medical building. The goal of the changes is to triage patients faster and reduce wait times for emergency services. Global architecture firm HKS is leading the design of the project. Skanska USA has secured a $90 million contract with Jackson Health for the initial phases of construction work. The expansion component of the project is scheduled for completion in 2025, and the renovation piece is slated for a …

February 5, 2024

Florida Loans Multifamily Southeast

Terra, New Valley Obtain $127M Refinancing for Metro Miami Multifamily Community

by John Nelson February 1, 2024

HIALEAH, FLA. — Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the refinancing. Delivered in 2023, Natura Gardens is a 460-unit, garden-style apartment community that was more than 97 percent occupied at the time of refinancing.

February 1, 2024

Acquisitions Florida Southeast Student Housing

CBRE Brokers Sale of 592-Bed Student Housing Property Near University of Florida

by John Nelson February 1, 2024

GAINESVILLE, FLA. — CBRE has brokered the sale of Social 28, a 592-bed student housing property located across the street from the University of Florida campus in Gainesville. Nimes Real Estate acquired the community and has partnered with Timberline Real Estate Ventures to begin repositioning efforts. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in the transaction, in partnership with CBRE Jacksonville Multifamily. Located at 311 SW 13th St., Social 28 offers fully furnished units and shared amenities including a fitness center with a yoga room; two social lounges; private study rooms; and a rooftop amenity space including a resort-style swimming pool, spa, fireplace and grilling station.

February 1, 2024

Development Florida Seniors Housing Southeast

Belmont Village, Turnberry Break Ground on 11-Story Seniors Housing Community in Aventura, Florida

by John Nelson January 31, 2024

AVENTURA, FLA. — Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city in Miami-Dade County. The 11-story project is being built in partnership with Turnberry and will be Belmont Village’s third location in South Florida. Located at 3510 Yacht Club Way, the property is scheduled to open in early 2026. This venture is Turnberry’s first collaboration with Belmont Village Senior Living. Spanning almost 180,000 square feet, Belmont Village Aventura will feature 153 independent living, assisted living and memory care apartments in a variety of studio, one-bedroom and two-bedroom floorplans. Belmont Village Aventura residents will enjoy panoramic views of the Atlantic Ocean, Intracoastal Waterway and Dumfoundling Bay. Corwil Architects is the lead architect and Moss Construction Management is the construction partner.

January 31, 2024

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