Florida

BH Group, PEBB Enterprises Acquire Office Depot Campus in Boca Raton, Florida for $104M

by Jeff Shaw April 7, 2023

BOCA RATON, FLA. — A joint venture between BH Group and PEBB Enterprises has acquired the Office Depot headquarters campus in Boca Raton for $104 million. The 650,000-square-foot asset was built in 2008 on 28.9 acres as a build-to-suit development for Office Depot. The buyers plan to renovate the property to make it a multi-tenant campus, then lease approximately half of the space back to Office Depot. The property features three five-story, LEED Gold-certified office buildings with backup generators and hurricane-proof windows. Amenities include an onsite cafeteria, outdoor patio, fitness center, conference center, auditorium and two parking garages. Located three miles west of I-95, the campus sits adjacent to famed golf course The Old Course at Broken Sound and 700-acre master-planned community The Park at Broken Sound. The complex is also located 1.5 miles north of Lynn University and the Boca Raton Innovation Campus, as well as three miles north of Florida Atlantic University. John Criddle, Joe Freitas and Max Pawk of CBRE will market the vacant space for lease following the renovations. “For the first time since the campus was constructed, the North Tower office building will be available as a multi-tenant property with floorplates of approximately 40,000 square feet,” says Joe Freitas. …

April 7, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami

by John Nelson April 6, 2023

MIAMI — Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade County Housing Finance Authority and Florida Housing Finance Corp. contributed capital in the form of debt, LIHTC equity or subsidies. Set to open in late 2024, Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings reserved for residents earning up to 60 percent of the area median income. Amenities will include a swimming pool, fitness center, clubroom, business center, playground, barbecue area and a dog run.

April 6, 2023

Acquisitions Florida Industrial Loans Southeast

Red Oak Provides $10.2M Acquisition Loan for Industrial Facility on Florida’s Space Coast Leased to Blue Origin

by John Nelson April 6, 2023

MELBOURNE, FLA. — Red Oak Capital Holdings has provided a $10.2 million acquisition loan for an 80,107-square-foot industrial facility located at 4401 Fortune Place in Melbourne. The borrower, Reich Brothers I LLC, used the bridge loan to acquire the Space Coast property and prepare it for occupancy by its sole tenant, Blue Origin, an aerospace, defense and space exploration company backed by Amazon founder Jeff Bezos. The property traded for $12.5 million. The interest-only loan was underwritten at an interest rate of 8.5 percent and features a 24-month term with two six-month renewal options. The borrower plans to exit the loan via permanent financing upon completion of re-tenanting the building to Blue Origin, according to Red Oak.

April 6, 2023

Bohler Florida Leasing Activity Office Southeast

CP Group, PCCP Add 14 New Tenants at Downtown Miami Office Tower

by John Nelson April 5, 2023

MIAMI — CP Group and PCCP LLC have added 14 new office tenants to join One Southeast Third Avenue, a 31-story office tower in downtown Miami. The new tenants span multiple industries, including real estate, legal and tech, and combined represent 47,533 square feet in new leases. Additionally, Bohler, a civil engineer firm, has expanded its footprint at the 440,000-square-foot building, which was formerly known as SunTrust International Center. Cristina Glaria, Harrison Mischel, Jon Blunk and Laurel Oswald of TCRE represented CP Group and PCCP in all leasing negotiations. In addition to traditional office space, One Southeast Third Avenue offers three floors of CP Group’s worCPlaces flexible office concept for tenants and entrepreneurs seeking short-term accommodations. Additionally, another floor of speculative suites is currently being built out at the tower.

April 5, 2023

Florida Leasing Activity Retail Southeast

French Apparel Retailer Etam to Open First US Store at Dadeland Mall in South Florida

by John Nelson April 4, 2023

KENDALL, FLA. — Etam, a French apparel retailer founded in 1916, plans to open its first U.S. store at Dadeland Mall, a shopping mall in the Miami suburb of Kendall. Simon, the mall’s landlord, expects to debut the new Etam store this summer. The store will carry Etam’s line of lingerie, bras, underwear, sleepwear and swimwear. The retailer currently operates more than 850 stores throughout Europe, Middle East, Latin America and Asia. Other international brands that operate stores at Dadeland Mall include Mango, Bimba y Lola, Razer and Tous, among others.

April 4, 2023

Acquisitions Florida Hospitality Southeast

JLL Arranges Sale of 157-Room Hotel in Coral Gables, Florida

by John Nelson April 3, 2023

CORAL GABLES, FLA. — JLL’s Hotels & Hospitality Group has arranged the sale of Hotel Colonnade Coral Gables, a 157-room hotel located at 180 Aragon Ave. in Coral Gables. The property, which underwent renovations in 2016, features 34,000 square feet of indoor and outdoor meeting and event space, luxury amenities and food-and-beverage options. Christopher Exler and Pamela Vasquez of JLL represented the seller, Pebblebrook Hotel Trust, and secured the buyer in the transaction. Additionally, a JLL Capital Markets Debt Advisory team led by Mark Fisher secured acquisition financing on behalf of the buyer. The sales price and loan amount were not disclosed.

April 3, 2023

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, AM Affordable Housing Break Ground on $23.5M Seniors Housing Community in Crestview, Florida

by John Nelson April 3, 2023

CRESTVIEW, FLA. — Housing Trust Group (HTG) and nonprofit AM Affordable Housing have broken ground on Princeton Grove, an affordable housing development in Crestview catered to seniors aged 62 and older. Located at 475 Aplin Road, the community will comprise four stories with a mix of one- and two-bedroom units. Apartments, which will be reserved for residents who earn at or below 22, 30 and 60 percent of area median income (AMI), will range in cost from $363 to $1,188 per month. Five units have been committed for veterans who meet the household income and age criteria. Amenities will include a clubhouse, fitness center, pickleball court, putting green, media room with computer stations, swimming pool and a dog park. Funding sources for the $23.5 million project, which is scheduled for completion next fall, include a $14 million construction loan from Truist Bank, $9.1 million in 4 percent Low Income Housing Tax Credit (LIHTC) equity syndicated through Truist Community Capital and three additional loans from the Florida Housing Finance Corp. Grandbridge Real Estate Capital additionally provided a $7.5 million Freddie Mac loan. Bayern Construction is the general contractor on the project, with PQH Group acting as architect and interior designer and …

April 3, 2023

Development Florida Industrial Southeast

Merritt Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville

by John Nelson March 31, 2023

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres for the expansion of the company’s Imeson Landing Business Park in Jacksonville. Three additional flex/light buildings comprising 114,500 square feet will be built at the site, with construction scheduled to begin in 2024. Upon completion, the development, which is located at the corner of Imeson Park Boulevard and Zoo Parkway, will total 380,700 square feet across eight buildings. Merritt was self-represented by Bobby Lanigan and Pat Franklin, and Luke Pope of JLL represented the land seller in the transaction. Preleasing is currently underway. Nine tenants have signed leases ranging in size from 3,000 to 29,000 square feet at the development thus far.

March 31, 2023

Florida Leasing Activity Office Southeast

CBRE Arranges 33,175 SF Lease at Rivergate Tower Office Building in Tampa

by John Nelson March 31, 2023

TAMPA, FLA. — CBRE has arranged a 33,175-square-foot lease at Rivergate Tower, a 515,965-square-foot office building located at 400 N. Ashley Drive in Tampa. Law firm Johnson Pope Bokor Ruppel & Burns LLP will occupy the space beginning in October of this year. Amenities include a tenant lounge, café, two conference/training centers, dry cleaning services, a fitness center, valet parking and an outdoor terrace café/bar. A Malio’s Steakhouse restaurant also operates at the property. Roxanne Kemph and Kelley Matheson of CBRE represented the landlord, Banyan Street Capital, in the lease negotiations. Chris Butler, Ryan McCurdy and Lorenzo Gonzalez of Franklin Street represented the tenant.

March 31, 2023

Development Florida Mixed-Use Southeast

Barron Collier, Metro Commercial Break Ground on Winchester Mixed-Use Project in Southwest Florida

by John Nelson March 30, 2023

NAPLES, FLA. — Barron Collier Investment Partners, a joint venture between Barron Collier Cos. and Metro Commercial Development Group, has broken ground on Winchester, a 21-acre mixed-use property in Naples. The development is the second project between the two firms, joining the nearby Founder’s Square development. Situated on Immokalee Road and Orange Tree Boulevard, Winchester will include a major medical tenant, quick-serve restaurant, storage facility and retail space. The joint venture expects to announce tenants soon and to open by mid-2024. In addition to Founder’s Square and Winchester, Barron Collier and Metro Commercial plan to co-develop more mixed-use projects throughout the state of Florida, both ground-up opportunities and redevelopments.

March 30, 2023

Newer Posts

Older Posts