Florida

Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028

by John Nelson April 30, 2024

MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …

April 30, 2024

Acquisitions Florida Healthcare Southeast

Marcus & Millichap Arranges $13.2M Sale of Medical Office Property in Fort Myers, Florida

by John Nelson April 26, 2024

FORT MYERS, FLA. — Marcus & Millichap has arranged the $13.2 million sale of a medical office property located at 13813 Metro Parkway in Fort Myers. Constructed in 2006, the building totals 38,404 square feet. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, a private limited liability partnership, in the transaction. The buyer was also not disclosed.

April 26, 2024

Development Florida Multifamily Southeast

Tortoise Properties Delivers 264-Unit Luxury Apartment Community in Downtown West Palm Beach

by John Nelson April 25, 2024

WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.

April 25, 2024

Development Florida Industrial Southeast

PCCP, Stonemont Financial to Develop 100,620 SF Spec Industrial Facility in Tampa

by John Nelson April 25, 2024

TAMPA, FLA. — A joint venture between PCCP LLC and Stonemont Financial Group plans to break ground next month on a 100,620-square-foot speculative industrial facility in Tampa. Called TIA Executive Center, the project will be located at 6101 Johns Road, which is within two miles of Tampa International Airport and immediately north of Executive Industrial Park. The property will offer 32-foot clear heights, spec office suites and will be divisible down to around 33,000 square feet to accommodate smaller users. PCCP and Stonemont Financial plan to deliver TIA Executive Center in first-quarter 2025. The project team includes general contractor Frampton Construction, architect Harley Commercial Architecture and civil engineer Kimley-Horn. JLL will handle leasing on behalf of the co-developers.

April 25, 2024

Development Florida Loans Multifamily Southeast

Royal Palm Cos., Mattoni Group Obtain $86M Financing for Multifamily Development in Central Florida

by John Nelson April 24, 2024

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has obtained $86 million in construction financing for Tuscany Village, a 420-unit multifamily development located at 4201 W. First St. in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. The co-developers plan to break ground on the 21-acre project in the coming weeks and deliver the property in phases by 2026.

April 24, 2024

Acquisitions Florida Industrial Southeast

Eisenberg Group Acquires Industrial Facility in Orlando for $9.8M

by John Nelson April 24, 2024

CORAL SPRINGS, FLA. — CF Warehouse LLC, an affiliate of The Eisenberg Group based in Coral Springs, Fla., has acquired a 73,000-square-foot industrial building located at 6072 Cinderlane Parkway in Orlando. Derek Riggelman of Lee & Associates represented the undisclosed seller in the $9.8 million transaction. The buyer handled the deal in-house. According to LoopNet Inc., the facility was built in 1991.

April 24, 2024

Development Florida Mixed-Use Southeast

City of Orlando Approves 8.5-Acre Downtown Sports and Entertainment District

by John Nelson April 23, 2024

ORLANDO, FLA. — The City of Orlando has given final approval for the development of the sports and entertainment district situated on 8.5 acres adjacent to the Kia Center (formerly Amway Center), home arena of the NBA’s Orlando Magic. The co-developers, SED Development LLC, JMA Ventures LLC and Machete Group, recently named the project Westcourt. The developers plan to break ground on the 900,000-square-foot mixed-use development later this year. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The development will include a 260-room hotel, 270 residential units, 3,500-seat live entertainment venue, Class A offices, restaurants, shops, 1,140-space parking garage and a 1.5-acre outdoor green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

April 23, 2024

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 164,221 SF Office Lease With Piedmont Healthcare at Atlantic Station in Atlanta

by John Nelson April 23, 2024

ATLANTA — Cushman & Wakefield has arranged a new 164,221-square-foot office lease with locally based health system Piedmont Healthcare in Atlanta. The tenant will occupy space at 271 17th St., a 25-story office building within the Atlantic Station mixed-use campus in the city’s West Midtown district. Aileen Almassy and John Zintak of Cushman & Wakefield represented the landlord, Lionstone Investments, in the lease negotiations. Bo Keatley, David Rubenstein, John Flack and Michael Broome of Savills represented Piedmont Healthcare.

April 23, 2024

Acquisitions Florida Retail Southeast

ASG Equities Sells Retail Property in Miami’s Design District for $14M

by John Nelson April 23, 2024

MIAMI — New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70-74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property, which was fully leased to luxury brands Ksubi and Orlean at the time of sale, for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing a 500,000-square-foot mixed-use development nearby called Parterre 42 with co-developer Helm Equities.

April 23, 2024

Development Florida Retail Southeast

WMG Development Opens Publix-Anchored Retail Center in Southwest Florida

by John Nelson April 22, 2024

ESTERO, FLA. — Winter Garden, Fla.-based WMG Development has opened Shoppes at Verdana Village, a 78,000-square-foot retail center in Estero. Publix anchors the southwest Florida property. Other tenants at the center include Publix Liquor, Heartland Dental, The Nail Spa Estero, New York Pizza & Pasta, Dunkin’ and The UPS Store. WMG acquired the land from Cameratta Cos., master developer of the larger Verdana Village development.

April 22, 2024

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