Florida

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

by Taylor Williams August 29, 2023

MIAMI — Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature a 58-acre public park that will have soccer and youth athletic fields for the community, as well as office, hospitality, retail and restaurant uses. Leasing campaigns for the retail and restaurant components are already underway, as are efforts to cultivate corporate partnerships. Crews are now performing preliminary earthwork and sitework that will overlap with the start of vertical construction. A formal groundbreaking ceremony will take place later this year, and the development is slated for a 2025 completion. Redevelopment plans were previously approved by voters and the City of Miami Commission. A major impetus behind the development has been the club’s signing of international superstar Lionel Messi. The Miami Herald reports that the club intends for Messi, who previously signed a 2.5-year, $150 million deal that includes a future ownership stake in the team after he retires, to play at …

August 29, 2023

Acquisitions Florida Multifamily Southeast

American Landmark Purchases 322-Unit Wimberly at Deerwood Apartments in Jacksonville

by Hayden Spiess August 25, 2023

JACKSONVILLE, FLA. — American Landmark Apartments has acquired The Wimberly at Deerwood, a 322-unit multifamily community located at 9727 Touchton Road in Jacksonville. Built in 2000 and now dubbed The Drake at Deerwood, the property features residences in one-, two- and three-bedroom layouts ranging from 659 to 1,300 square feet. Amenities at the community include a pool and sundeck, outdoor kitchen and barbecue grills, a volleyball court, two dog parks, garages and boat parking available for rent and a clubhouse with a resident lounge, media room, billiards lounge, game room and fitness studio. American Landmark plans to upgrade the clubhouse, fitness center, pool, outdoor kitchen, roofs, landscaping and exterior paint, as well as add electric vehicle charging stations, package lockers and a new camera system. The seller and sales price were not disclosed.

August 25, 2023

Development Florida Industrial Property Type Southeast

Miller Construction Underway on 80,000 SF Warehouse in Orlando

by Hayden Spiess August 25, 2023

ORLANDO, FLA. — Miller Construction is underway on the site work for an 80,000-square-foot warehouse at 2140 N. John Young Parkway in Orlando. Miller is completing the $8.3 million project on behalf of MSI, a California-based flooring, countertop, wall, tile and hardscaping supplier that will utilize the property for the company’s storage and distribution needs in the Southeast. Upon completion, which is scheduled for the first half of 2024, the warehouse will feature 25 columns with 50-foot by 54-foot spacing, 29 parking spots, 13 dock doors, full warehouse lighting, exhaust fans and louvers. Additionally, the facility will include four private offices and one 9,500-square-foot open office space. The project team includes Elven18 Architecture, Construction Engineering Group, Gutherman Structural Inc. and NV5.

August 25, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $14.8M Sale of University Commons Shopping Center in South Florida

by John Nelson August 24, 2023

TAMARAC, FLA. — Marcus & Millichap has brokered the $14.8 million sale of University Commons, an 80,224-square-foot shopping center located at 6702 N. University Drive in Tamarac, a city in South Florida’s Broward County. The buyer, a private investor based in New York, purchased the center from a private investment firm based in Miami. Both parties requested anonymity. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller in the transaction. Anchored by Quince Supermarket and shadow-anchored by CVS/pharmacy, University Commons houses Dunkin’, Quest Diagnostics and Tire Choice.

August 24, 2023

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of 292-Unit Apartment Community in Metro Tampa

by John Nelson August 23, 2023

THONOTOSASSA, FLA. — Berkadia has negotiated the sale of The Livano Uptown, a 292-unit, garden-style apartment community located at 11810 Walker Road in the Tampa suburb of Thonotosassa. The buyer, Praedium Group, has rebranded the property as Tessa Springs. Alabama-based LIV Development sold the community to Praedium for an undisclosed price. Matt Mitchell and Bailey Smith of Berkadia’s Tampa office represented the seller in the transaction. Built in 2022, Tessa Springs features one-, two- and three-bedroom apartments, as well as a clubhouse, resort-style pool with lounge seating, private workspaces with conference rooms, “party barn,” 24-hour fitness center with a yoga/spin room, a pet center and a 24-hour onsite community market.

August 23, 2023

Acquisitions Florida Retail Southeast

IPA Brokers $18.1M Sale of Bay City Point Shopping Center in Panama City, Florida

by John Nelson August 23, 2023

PANAMA CITY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.1 million sale of Bay City Point, a 121,413-square-foot shopping center located at 500 E. 23rd St. in Panama City. The center’s tenant roster includes Hobby Lobby, Burlington, Five Below, Skechers and Ulta Beauty. Zach Taylor of IPA represented the seller, Rome, Ga.-based Ledbetter Properties, in the transaction. The buyer was not disclosed. “Demand remains strong for well-located retail projects with strong credit,” said Taylor. “Interest rates remain a headwind, but property-level fundamentals are as strong as ever.”

August 23, 2023

Acquisitions Florida Office Southeast

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Metro Miami

by John Nelson August 22, 2023

CORAL GABLES, FLA. — A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price was not disclosed, but South Florida Business Journal reported that the property traded for more than $50 million. The partnership plans to execute a business plan including leasing up the existing vacancies and upgrading amenities at the property. 255 Alhambra was built in 1974 and renovated in 1993, according to LoopNet Inc.

August 22, 2023

Florida Loans Retail Southeast

Concord Summit Capital Arranges $42M Refinancing for Shopping Center in Kissimmee, Florida

by John Nelson August 22, 2023

KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.

August 22, 2023

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 237,498 SF Shopping Center in Boca Raton, Florida

by John Nelson August 21, 2023

BOCA RATON, FLA. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property for an undisclosed price.

August 21, 2023

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers $33M Affordable Apartment Community in Downtown West Palm Beach

by John Nelson August 18, 2023

WEST PALM BEACH, FLA. — Housing Trust Group (HTG) has completed the development of Flagler Station, a $33 million affordable housing community located at 991 Banyan Blvd. in downtown West Palm Beach. Reserved for residents earning at or below 30, 60, 70 or 80 percent of area median income (AMI), units at the property include one-, two- and three-bedroom apartments across eight stories. Monthly rates at the community range from $393 to $1,689, and amenities include a 3,200-square-foot clubroom, business center, rooftop pool, fitness center and onsite parking. The project team included Rinaldi Construction as the general contractor, WGI Inc. as the engineer and landscape designer and Corwil Architects and B. Pila Desings as the interior designer.

August 18, 2023

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