ST. PETERSBURG, FLA. — Boston-based Rockpoint and Charleston-based Greystar have formed a partnership to develop Phase II of Gateway Logistics Center, an industrial park in the Tampa suburb of St. Petersburg. Situated on 17.5 acres in Pinellas County, the second phase will span 331,803 square feet and include a 92,841-square-foot building and two 119,481-square-foot buildings. Rockpoint Industrial, Rockpoint’s industrial platform, will provide additional development and management support for the development. Gateway Logistics Center is part of Greystar’s broader 93-acre project, which includes a 412-unit, garden-style apartment community along with the two-phase, six-building industrial park. The construction timeline for Phase II was not disclosed.
JACKSONVILLE, FLA. — Berkadia has negotiated the sale of Cielo at Normandy, a 123-unit apartment community located at 1570 Lane Ave. S in Jacksonville. Greg Rainey led the Berkadia team in representing the seller, Atlanta-based Zavala Capital Group, in the transaction. Black Ridge purchased the property for an undisclosed price. Built in 1974, Cielo at Normandy features a mix of one-, two- and three-bedroom layouts with an average size of 933 square feet. Community amenities include a swimming pool, clubhouse, laundry facility and a playground.
HOMESTEAD, FLA. — Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity. Completed in 2019, Homestead Station is anchored by Evo Entertainment + IMAX, an entertainment venue that features cinemas and bowling, as well as numerous retail and dining establishments. The center also features an 1,100-space parking garage. There is currently 18,000 square feet of vacant space available to lease, according to the new owners.
PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have acquired a 23-acre parcel in Port St. Lucie with plans to develop a retail project at the site. Dubbed the Shoppes at Southern Grove, the retail center will be situated within the Tradition master-planned community. This marks the second retail development within Tradition for the joint venture, which acquired the site from an entity doing business as Mattamy Palm Beach LLC for $7.5 million. Upon completion, the project will feature a shopping center on 14.2 acres with additional outparcels available for ground lease ranging in size from 1 to 2.4 acres.
MIAMI — Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009, features more than 300 hotel and condo units. There are multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa. The 3.8-acre site at 2201 Collins Ave. formerly housed a Holiday Inn hotel, which was demolished in 2006. The tower sits immediately adjacent to Miami Beach with views of Biscayne Bay and the Miami River. The hotel features convenient access to I-195 and I-395 and is proximate to luxury retail options along the waterfront. Newmark represented Manhattan-based Tricap in the sale. Eastdil Secured also advised the seller. Tricap has developed a portfolio of real estate holdings, including hotel, office, retail and mixed-use properties in major metropolitan markets such as New York City, Miami, Silicon Valley, Seattle and Las Vegas. London-based Reuben Brothers is a private equity, real …
VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.
KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $21 million sale of a flex office portfolio located in Kissimmee. Comprising two buildings — 3600 and 3700 Commerce Boulevard — the portfolio totals 193,571 square feet. Realife Real Estate Group acquired the properties from the Speer Foundation. Rick Colon, Rick Brugge, Mike Davis and Mark Stratman of Cushman & Wakefield represented the seller in the transaction. Built in 2001, the buildings were 93 percent leased at the time of sale. The properties, which include both office and warehouse space, feature 24- and 28-foot clear heights and a mix of dock-high and grade-level loading.
TAMARAC, FLA. AND BIRMINGHAM, ALA. — Greystone has provided a pair of Freddie Mac loans totaling $103.7 million for the refinancing of two multifamily communities in South Florida and Birmingham. The deals include a $37.3 million loan for Midora at Woodmont, a 199-unit community in Tamarac, and a $66.4 million loan for Avenues of Inverness, a 586-unit property in Birmingham. The agency loans for both properties carry seven-year terms, fixed interest rates, five years of interest-only payments and 35-year amortization schedules. The borrower for both loans is Monsey, N.Y.-based White Eagle Property Group.
TAMPA, FLA. — Funds managed by Cohen & Steers and the investment management business of Acadia Realty Trust have entered into a joint venture to purchase The Walk at Highwoods, an open-air shopping center in Tampa. The seller and sales price were not disclosed. The 141,000-square-foot property was fully leased at the time of sale to national and local tenants including HomeGoods, Michael’s, F45 Training, Dunkin’ and European Wax Center.
JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.