SARASOTA, FLA. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. The developer, Belpointe PREP LLC, is a publicly traded qualified opportunity fund based in Greenwich, Conn. Aster & Links is a Main Street-style development that comprises two high-rise buildings that will rise seven and 10 stories. The 424-unit property will include one-, two- and three-bedroom apartments and four-bedroom townhome-style penthouses, as well 900 parking spaces consisting of garage and surface parking. Amenities will include a clubroom, fitness room, center courtyard with heated saltwater pool and rooftop amenities including a community room and a private dining area for private events, as well as outdoor grills and seating. Leasing at Aster & Links is anticipated to begin in the first half of 2024. The target opening date for Sprouts was not disclosed.
APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.
HIALEAH, FLA. — Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center consists of more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. The construction timeline of the mixed-use redevelopment was not disclosed.
ST. AUGUSTINE, FLA. — Steinemann & Co. plans to develop a Bass Pro Shops Outdoor World store along World Commerce Parkway in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will span 100,000 square feet and offer boating merchandise, in addition to hunting, fishing, camping, leisure and athletic gear and apparel. The store will also feature a large aquarium and water features stocked with native fish species, thousands of local antiques and artifacts, hundreds of trophy fish and wildlife mounts and murals depicting local scenes. The store will also offer fishing classes for kids. Set to open in 2024, the St. Augustine store will mark the 13th location for Bass Pro Shops in Florida and will employ about 115 associates.
JACKSONVILLE, FLA. — JLL has arranged the sale of a 260,000-square-foot distribution center located at 4150 Perimeter Industrial Parkway in Jacksonville’s Westside submarket. Built in 2008 on 15.4 acres, the rear-load property is fully leased to Volkswagen Group of America and is fully air-conditioned. John Huguenard, Luis Castillo, Cody Brais, Luke Pope, Taylor Osborne and Wells Waller of JLL brokered the sale. The buyer, seller and sales price were not disclosed.
MIAMI — CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development and investment firm Bazbaz Development signing for 5,357 square feet; hotel operator Strategic Hotel Funding LLC renewing its 14,418-square-foot lease; and an undisclosed tenant signing a 21,928-square-foot lease. Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group and Monarch in the leasing transactions. Grant Killingsworth and Thomas Haughton of CBRE represented Larch Capital, and Randy Carballo, also with CBRE, represented Bazbaz. In addition to the new leases, the ownership is also developing 37,000 square feet of speculative suites at Citigroup Center.
MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …
FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.
JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …
DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …