Florida

Concord Summit Capital Arranges $42M Refinancing for Shopping Center in Kissimmee, Florida

by John Nelson August 22, 2023

KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.

August 22, 2023

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 237,498 SF Shopping Center in Boca Raton, Florida

by John Nelson August 21, 2023

BOCA RATON, FLA. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property for an undisclosed price.

August 21, 2023

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers $33M Affordable Apartment Community in Downtown West Palm Beach

by John Nelson August 18, 2023

WEST PALM BEACH, FLA. — Housing Trust Group (HTG) has completed the development of Flagler Station, a $33 million affordable housing community located at 991 Banyan Blvd. in downtown West Palm Beach. Reserved for residents earning at or below 30, 60, 70 or 80 percent of area median income (AMI), units at the property include one-, two- and three-bedroom apartments across eight stories. Monthly rates at the community range from $393 to $1,689, and amenities include a 3,200-square-foot clubroom, business center, rooftop pool, fitness center and onsite parking. The project team included Rinaldi Construction as the general contractor, WGI Inc. as the engineer and landscape designer and Corwil Architects and B. Pila Desings as the interior designer.

August 18, 2023

Florida Leasing Activity Mixed-Use Office Southeast

Tricera Capital Inks Office Leases Totaling 42,029 SF in South Florida

by John Nelson August 18, 2023

BOCA RATON AND WEST PALM BEACH, FLA. — Tricera Capital has secured one lease expansion and two new leases totaling 42,029 square feet in South Florida. The deals include Wells Fargo expanding its lease by 19,000 square feet at Tricera’s 1675 Midtown office building at 1675 N. Military Trail in Boca Raton, bringing the bank’s total footprint to 45,000 square feet. Built in 2008, the building totals roughly 70,000 square feet. The other deals include PMP Marketing Agency signing a 5,100-square-foot lease and Palm Beach Atlantic University leasing 17,929 square feet at Workspaces at the Press in West Palm Beach, which totals 120,000 square feet and is situated within the mixed-use The Press development. John Criddle, Joe Freitas and Christ Smith of CBRE manage leasing at 1675 Midtown, and Jon Blunk, Cristina Glaria, Connie Thomas and Laurel Oswald of TCRE overseeing leasing at Workspaces at The Press. Robert Anderson of Tortoise Realty Group represented the university in the lease negotiations.

August 18, 2023

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 1.4 MSF Industrial Portfolio in Jacksonville

by John Nelson August 17, 2023

JACKSONVILLE, FLA. — CBRE has brokered the portfolio sale of two industrial properties in Jacksonville totaling nearly 1.4 million square feet. Dallas-based Hillwood Investment Properties purchased the portfolio from Atlanta-based Invesco Real Estate for an undisclosed price. Jose Lobon, Trey Barry, Frank Fallon, Royce Rose, Alain Bonvecchio and Ben Stewart of CBRE represented the seller in the transaction. The properties include a 772,210-square-foot facility at 1200 Presidents Court that is leased to Unilever. Built in 2008, the property features 32-foot clear heights, 90 dock doors, ESFR sprinklers, 186 car parking spaces and 255 trailer parking spaces. The other asset is a 601,500-square-foot facility located at 2300 Pickettville Road that is leased to Keurig Dr. Pepper. Built in 2009, the building features 32-foot clear heights, 128 dock doors, ESFR sprinklers, 326 car parking spaces and 118 trailer parking spaces. Both facilities feature cross-dock loading and are situated in Jacksonville’s Westside industrial submarket.

August 17, 2023

Acquisitions Development Florida Multifamily Southeast

Colliers Arranges $7.5M Sale of Multifamily Development Site in Metro Miami

by John Nelson August 17, 2023

HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.

August 17, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.9M Sale of Miami Store Leased to Walgreens

by John Nelson August 16, 2023

MIAMI — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction. The store, which is located directly across the street from LoanDepot Park, the home ballpark for the Miami Marlins, is situated on land zoned for 180 multifamily units up to eight stories.

August 16, 2023

Acquisitions Arizona Florida Retail Western

SRS Real Estate Negotiates $94M Sale of Seven EoS Fitness-Occupied Properties in Arizona, Florida

by Amy Works August 16, 2023

ARIZONA AND FLORIDA — SRS Real Estate Partners has arranged the sale of seven single-tenant EoS Fitness properties in Arizona and Florida for a combined purchase price of $94 million. Barclay Group sold the properties to a publicly traded REIT. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller. Tyler McRae of SRS, along with Echelon Realty Advisors, were responsible for leasing the assets on behalf of EoS Fitness. The portfolio comprises three new-construction gyms that opened in 2023, as well as four formerly vacant grocery stores that are currently undergoing redevelopment. All of the properties have 15-year, corporate-guaranteed, triple-net leases in place with scheduled rental increases. The properties include:

August 16, 2023

Acquisitions Florida Illinois Midwest Retail Southeast Top Stories

Aldi to Acquire Winn-Dixie, Harveys Supermarket from Southeastern Grocers

by Kristin Harlow August 16, 2023

BATAVIA, ILL. AND JACKSONVILLE, FLA. — German discount grocer Aldi has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Jacksonville-based parent company Southeastern Grocers to various entities. Financial terms of the transaction were not disclosed. The Southeast-focused acquisition includes approximately 400 Winn-Dixie and Harveys locations across Alabama, Florida, Georgia, Louisiana and Mississippi. Aldi, which maintains its U.S. headquarters in Batavia, Ill., first established its presence in the Southeast in the mid-1990s and has since invested $2.5 billion in the region. Most recently, Aldi opened its 26th regional headquarters and distribution center in Loxley, Ala., to help support new stores in the region. The retailer plans to open 20 new locations in the area by the end of the year. Jason Hart, CEO of Aldi, says the acquisition supports Aldi’s long-term growth strategy across the country. The grocer plans to open 120 new stores this year to reach a total of more than 2,400 stores by year’s end. Aldi will evaluate which Winn-Dixie and Harveys locations will be converted into Aldi stores. The stores that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Deutsche Bank served …

August 16, 2023

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