Florida

Greysteel Arranges $37M Construction, $14M Equity Financing for Multifamily Development in Palm Coast, Florida

by Hayden Spiess January 23, 2024

PALM COAST, FLA. — Greysteel has arranged $51 million in financing for Evolve Palm Coast, a 256-unit multifamily development underway in Palm Coast, about 27 miles south of St. Augustine via I-95. The financing package includes $37 million in construction financing and $14 million in preferred equity placement. North Carolina-based Evolve Cos. is the developer and borrower. Upon completion, which is scheduled for fall 2025, the property will feature apartments in one-, two- and three-bedroom layouts across 12 three-story buildings. Amenities at the community will include a clubhouse, saltwater pool, gas grills, fitness center, yoga room, dog park and a playground. Jeremy Slocumb and Chris Wilkins of Greysteel led the team that secured the financing. A regional bank provided the three-year, floating-rate construction loan, and an institutional real estate investment fund provided the preferred equity.

January 23, 2024

Florida Industrial Leasing Activity Southeast

BroadRange Logistics Leases 350,899 SF Industrial Building in Ocala, Florida

by Hayden Spiess January 23, 2024

OCALA, FLA. — BroadRange Logistics has signed a lease to fully occupy Ocala Logistics Center, a 350,899-square-foot industrial building in Central Florida. Situated at the corner of N.W. 35th St. and N.W. 27th Ave. in Ocala, the property features 196 parking spaces, 96 trailer drops, ESFR sprinkler systems and 36-foot clear heights. Clay Witherspoon of Avison Young represented the landlord, MDH Partners, in the lease negotiations. John Gosnell of Strategic Real Estate Partners represented the tenant.

January 23, 2024

Acquisitions California Florida Retail Western

CBRE Arranges Sales of Nine Big Lots Retail Locations in California, Florida for $50.7M

by Amy Works January 23, 2024

LOS ANGELES — CBRE has brokered the sales of nine individual Big Lots-occupied retail properties to two buyer. Alex Kozakov and Patrick Wade of CBRE represented the seller, a large institutional investor, in the transactions. Robhana Group acquired four properties, totaling 117,494 square feet, for $23.6 million. The assets are: Reliable Properties purchased five locations, totaling 125,439 square feet, for $27.1 million. The properties are: The retail locations were part of a 25-property sale-leaseback portfolio acquired by a large institutional investor in 2023 with Kozakov and Wade representing the seller, Big Lots, in that transaction.

January 23, 2024

Development Florida Industrial Southeast

Costco, Sansone Group Acquire 192 Acres in Port St. Lucie, Florida for Industrial Development

by John Nelson January 22, 2024

PORT ST. LUCIE, FLA. — Big-box wholesale retail giant Costco and St. Louis-based development firm Sansone Group have teamed up to purchase 192 acres within Legacy Park at Tradition, a 425-acre industrial park in Port St. Lucie. The companies plan to develop a 595,000-square-foot depot facility at the site. Costco has industrial development rights to expand its project up to 1.9 million square feet. Other Sansone-developed projects at Legacy Park at Tradition include build-to-suit facilities for FedEx Ground and Amazon, as well as two speculative facilities. The developer is also in the planning stages of another spec facility and a cold storage property within the park. The project team for the Costco development includes engineer Culpepper & Terpening, legal counsel Husch Blackwell, the City of Port St. Lucie and Robert Smith and Kirk Nelson at CBRE. The construction timeline was not disclosed.

January 22, 2024

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, Elite Equity Break Ground on $44M Affordable Seniors Housing Community in Leisure City, Florida

by John Nelson January 22, 2024

LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …

January 22, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $66M Sale of Pearce at Pavilion Apartment Community in Tampa

by John Nelson January 19, 2024

TAMPA, FLA. — JBM Institutional Multifamily Advisors has brokered the $66 million sale of Pearce at Pavilion, an apartment community located along U.S. Road 301 in Tampa. California-based Passco Cos. was the seller. Situated on 13.7 acres, the community features 250 units averaging 949 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a pool and hot tub with private cabanas, grilling stations, a 24-hour fitness center with a yoga studio, a clubhouse with a coffee bar, Wi-Fi café, business center, multimedia game room, Luxer One package room, fenced dog park with a pet wash and a lakeside walking trail. The buyer was not disclosed.

January 19, 2024

Development Florida Hospitality Mixed-Use Multifamily Retail Southeast Top Stories

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

Acquisitions Development Florida Industrial Southeast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson January 18, 2024

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

January 18, 2024

Acquisitions Development Florida Hospitality Southeast

Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

by John Nelson January 17, 2024

MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.

January 17, 2024

Acquisitions Florida Retail Southeast

Colliers Arranges $30.5M Sale of Shopping Center in Sarasota, Florida

by John Nelson January 17, 2024

SARASOTA, FLA. — Colliers has arranged the $30.5 million sale of Glengary Shoppes, a 95,489-square-foot shopping center located along South Tamiami Trail in Sarasota. University Park, Fla.-based Benderson Development purchased the property from Jacksonville-based REIT Regency Centers. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller in the transaction. Built in 1995, Glengary Shoppes was 97 percent leased at the time of sale to tenants such as Best Buy and Barnes & Noble. Regions Bank and IHOP occupy outparcels at the shopping center.

January 17, 2024

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