Florida

Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

by Kristin Harlow January 3, 2024

FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology. FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project. “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city …

January 3, 2024

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 300,240 SF Industrial Building in Jacksonville

by John Nelson January 2, 2024

JACKSONVILLE, FLA. — CBRE has brokered the sale of a 300,240-square-foot industrial building located at 9909 Pritchard Blvd. in Jacksonville. Newly constructed and dubbed Building 200, the property is situated within the master-planned Florida Gateway Logistic Park. The building features 36-foot clear heights, cross-dock loading, 86 dock doors, four drive-in doors, ESFR sprinkler systems, 168 car parking spaces and 138 trailer parking spaces. IPEX USA, a PVC and thermoplastic piping system supplier, fully occupies the property. Clarion Partners acquired the building in a joint venture with Diamond Realty Investments on behalf of a separate account. CT Realty sold the property for an undisclosed price. Jose Lobón, Trey Barry, Frank Fallon, Chris Riley, Royce Rose, Alain Bonvecchio and Gabriel Braun of CBRE represented the seller in the transaction.

January 2, 2024

Florida Leasing Activity Retail Southeast

Dollar Tree Opens Three New Stores in South Florida

by John Nelson January 2, 2024

HIALEAH, MIAMI AND WEST PALM BEACH, FLA. — Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group represented Dollar Tree in the lease negotiations.

January 2, 2024

Acquisitions Florida Office Southeast

CBRE Facilitates Sale of 120,500 SF Sabal Pavilion Office Building in Tampa

by John Nelson December 22, 2023

TAMPA, FLA. — CBRE has facilitated the sale of Sabal Pavilion, a 120,500-square-foot office property located at 3620 Queen Palm Drive in Tampa. Situated on 11.8 acres, the building is located at the entrance of Sabal Park, a master-planned business development. Amenities at the building include a cafeteria, fitness center and a tenant courtyard with an outdoor basketball court and grilling stations. Dale Peterson, Joe Chick, Courtney Snell and Nick Sharpe of CBRE Capital Markets represented the seller, CTO Realty Growth Inc., in the transaction. A Virginia-based private real estate company acquired the building for an undisclosed price. Ford Motor Credit has fully occupied the property since 2000. Recently, Ford Motor Credit executed a 91,401-square-foot sublease agreement with Cirkul Inc., a reusable water bottle manufacturer.

December 22, 2023

Acquisitions Florida Retail Southeast

SRS Arranges $6.2M Sale of Retail Strip Center in Apollo Beach, Florida

by John Nelson December 22, 2023

APOLLO BEACH, FLA. — SRS Real Estate Partners has arranged the sale of Apollo Beach Shoppes, a retail strip center situated on 1.9 acres at 6588 N. U.S. Highway 41 in Apollo Beach, a city in the Tampa Bay metro area. A Florida-based private investor acquired the 9,000-square-foot property for $6.2 million. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based investment and development group, in the transaction. Retailers at the three-tenant property include Trulieve, AT&T and Tijuana Flats.

December 22, 2023

Florida Loans Multifamily Southeast

JLL Arranges $115M Refinancing for Metro Edgewater Apartments in Miami

by John Nelson December 21, 2023

MIAMI — JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block Realty. MF1’s team working on the deal included Michael Squires, Phil Pesant and Connor Pensabene. The 279-unit property comprises one-, two- and three-bedroom units averaging 955 square feet in size. Amenities include a hotel-style pool with cabanas and day beds, fitness center, live-work club room, sky lounge, private dining room and a coffee bar.

December 21, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Development Florida Leasing Activity Mixed-Use Multifamily Retail Southeast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

Acquisitions Florida Georgia Loans Retail Southeast

BWE Secures $16M Financing for Two Shopping Centers in Florida, Georgia

by John Nelson December 20, 2023

WEST PALM BEACH, FLA. AND LAGRANGE, GA. — BWE has secured two loans totaling $16 million for a pair of shopping centers in Florida and Georgia. The deals include a $6 million loan for the refinancing of Palm Beach Commons, a 70,000-square-foot, Family Dollar-anchored retail center in West Palm Beach, and a $10 million acquisition loan for Publix at Merganser Commons, a newly built, Publix-anchored shopping center spanning 46,791 square feet in LaGrange. Both loans are underwritten with full-term, interest-only payments. The borrowers and direct lenders for both loans were not disclosed.

December 20, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 48,110 SF Shopping Center in Jensen Beach, Florida

by John Nelson December 20, 2023

JENSEN BEACH, FLA. — Plaza Advisors has brokered the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center in Jensen Beach, about 45 miles north of West Palm Beach, Fla. The center is situated on a nearly 4-acre site less than one mile from the coast of the Atlantic Ocean. The seller, FrostPoint Capital, acquired the center in 2020 and over the course of its ownership fully renovated the asset and signed anchor tenant Winn-Dixie to a long-term lease extension. Other tenants at Palm Breeze Plaza, which was fully leased at the time of sale, include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists, a subsidiary of HCA. The buyer and sales price were not disclosed.

December 20, 2023

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