Florida

Pinnacle Obtains $47.8M Financing for Affordable Housing Development in Hollywood, Florida

by John Nelson September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.

September 6, 2023

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 128,450 SF Office Lease Renewal at Wells Fargo Center in Downtown Miami

by John Nelson September 6, 2023

MIAMI — Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield. Brian Gale, Ryan Holtzman, Andrew Trench and Edward Quinon of Cushman & Wakefield represented the landlord in the lease negotiations. Michael Shuler, Jeremy Hakala and Clay Sidner of Newmark represented the tenant. Over the past nine months, the Cushman & Wakefield team has executed over 250,000 square feet of leasing transactions, bringing Wells Fargo Center to 93 percent occupancy.

September 6, 2023

Acquisitions Florida Hospitality Southeast

Newbond Holdings Acquires 130-Room Aloft Hotel in Downtown Tampa

by Hayden Spiess September 5, 2023

TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.

September 5, 2023

Acquisitions Florida Retail Southeast

Terra Sells 16000 Pines Market Retail Center in Florida for $56M

by Hayden Spiess September 5, 2023

PEMBROKE PINES, FLA. — Terra has sold 16000 Pines Market, a 135,000-square-foot retail center located in Pembroke Pines, for $56 million. Situated on 13.2 acres and developed between 2020 and 2022, the property was fully leased at the time of sale. Publix anchors the center, whose other tenants include Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Café, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and MD-Now Urgent Care Center. The property also features two standalone parcels that house a U.S. post office and Regions Bank. Mark Gilbert and Adam Feinstein of Cushman & Wakefield represented Terra in the transaction. Apollo Realty Income Solutions (ARIS) acquired the property.

September 5, 2023

Florida Leasing Activity Office Southeast

Alvarez & Marsal Capital Signs Lease at 12-Story Office Development in West Palm Beach

by Hayden Spiess September 5, 2023

WEST PALM BEACH, FLA. — Alvarez & Marsal Capital (AMC) has signed a lease at 300 Banyan, a 12-story office development currently under construction in West Palm Beach. Situated within Brand Atlantic and Wheelock Street Capital’s Banyan & Olive development, the property includes six floors of office space, as well as an 8,000-square-foot restaurant and six-story parking garage. The building features 20,000-square-foot floor plates with shaded private terraces on every other floor, floor-to-ceiling glass and ceiling heights of over 13 feet. Amenities at the building include an indoor-outdoor gym, loggia and lounge and golf simulator lounge.

September 5, 2023

Development Florida Mixed-Use Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

Acquisitions Florida Multifamily Southeast

EPC, Belay Sell 361-Unit Captiva Club Apartment Community in Tampa

by John Nelson September 1, 2023

TAMPA, FLA. — Eagle Property Capital (EPC) and Belay Investment Group have sold Captiva Club Apartments, a 361-unit multifamily community located at 4401 Club Captiva Drive in Tampa. Built in 1973, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a clubhouse, two swimming pools, two dog parks, a business center and onsite laundry. The partners acquired the property in 2016 and implemented $4.3 million in capital improvements, including the addition of 17 new units. The buyer and sales price were not disclosed.

September 1, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.3M Sale of Tampa Store Net Leased to Publix

by John Nelson August 31, 2023

TAMPA, FLA. — Marcus & Millichap has arranged the $7.3 million sale of a freestanding store located at 8701 W. Hillsborough Ave. in Tampa. The 64,031-square-foot retail property is net leased to Publix. Situated on 6.3 acres at the intersection of Memorial Highway and Hillsborough Avenue, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C., office procured the buyer, which provided a bid that was $1.3 million higher than the highest off-market bid.

August 31, 2023

Development Florida Southeast Student Housing

Landmark, Manulife to Break Ground on 859-Bed Student Housing Development Near Florida State University

by John Nelson August 30, 2023

Management has announced plans for The Mark at Tallahassee, an 859-bed student housing development located near the Florida State University (FSU) campus in Tallahassee. The three-building community will offer fully furnished units with bed-to-bath parity. Shared amenities are set to include a rooftop clubhouse with an outdoor swimming pool, sun shelf, lounge seating, a grill station, fire pits and a jumbotron; a fitness center overlooking the university’s Doak Campbell football stadium; 24-hour study lounge; collaboration space; and bike storage. The project, which is being built by Landmark’s in-house general contractor Landmark Construction, is expected for completion in August 2025.

August 30, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

PEBB, Falcone Group Sign Three New Restaurants to Beachwalk Mixed-Use Project in Jacksonville

by John Nelson August 29, 2023

JACKSONVILLE, FLA. — PEBB Enterprises and Falcone Group have signed three new restaurant tenants to join Beachwalk, a mixed-use project currently underway in Jacksonville. Starbucks Coffee, Fancy Sushi and Playa Bowls will occupy 2,500, 1,500 and 1,200 square feet, respectively. The new leases bring the retail and restaurant space at the development, which totals 170,000 square feet, to 55 percent occupancy. Other tenants at the project include Fysh Bar & Grill, Noire Nail Bar, F45 Fitness, BurgerFi, Supercuts, Kilwins, Bagels R Us, Island Fin Poke, The Covery and Union 76 Daybreak Market. Upon completion, the development will also feature a 130-room hotel and 348-unit apartment community.

August 29, 2023

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