Florida

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

Development Florida Mixed-Use Office Southeast

Ryan Cos. Breaks Ground on 210,463 SF Feeding Tampa Bay Headquarters

by John Nelson February 3, 2023

TAMPA, FLA. — Ryan Cos. U.S. Inc. has broken ground on the new Tampa headquarters for Feeding Tampa Bay, a nonprofit organization. Upon completion, which is scheduled for 2024, the facility will comprise 210,463 square feet and serve as the primary distribution facility for the organization. The headquarters will include 41,000 square feet of cold storage warehouse space, offices, 11,000-square-foot kitchen and a mezzanine level. In addition to producing up to 6,000 meals per day, the kitchen will serve as a classroom to teach culinary skills. BDG is the architect of record for the project. Ryan is the design-build firm and is also making a financial contribution to Feeding Tampa Bay.

February 3, 2023

Development Florida Industrial Southeast

Saltbox Opens 31,000 SF Co-Warehousing Facility in Metro Miami

by John Nelson February 3, 2023

DORAL, FLA. — Saltbox Inc., a co-warehousing and small business logistics company, has opened a new location at 1701 84th Ave. in Doral, roughly 15 miles northwest of downtown Miami. Comprising 31,000 square feet, the space features 68 flexible warehouse suites, conference rooms, flex storage, access to loading docks and a photo studio. The Doral facility is the first Saltbox in metro Miami and the second facility to debut in 2023, joining a facility in the Minneapolis area. Atlanta-based Saltbox has received Series B investments from firms including Cox Enterprises, Pendulum, Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Lincoln Property Co., Flexport and Overline. Overall the company has obtained $56 million in funding.

February 3, 2023

Development Florida Mixed-Use Southeast

Tavistock Tops Off Pier Sixty-Six Hotel, Residential Tower in Fort Lauderdale

by John Nelson February 2, 2023

FORT LAUDERDALE, FLA. — Tavistock Development Co. has topped off a new hotel and resort residential tower as part of the redevelopment of Pier Sixty-Six, a mixed-use waterfront destination in Fort Lauderdale. The reimagined Pier Sixty-Six Resort and The Residences at Pier Sixty-Six are set to debut next year. Situated on 32 acres along the Intracoastal Waterway, the overall development will ultimately include the resort and 62 luxury condominiums, as well as the property’s 164-slip marina, restaurants, shops and offices. The project team includes general contractors Americaribe and Moriarty, which are employing 1,000 construction workers for the redevelopment project.

February 2, 2023

Development Florida Multifamily Southeast

Prospect, American Landmark to Develop 355-Unit Apartment Community in Kissimmee, Florida

by John Nelson February 2, 2023

KISSIMMEE, FLA. — Prospect Real Estate Group II LLC and American Landmark Communities plan to develop a 355-unit apartment community in Kissimmee, a suburb of Orlando. Prospect recently purchased the 10.7-acre development site, located at North Rose Avenue and Martin Luther King Jr. Boulevard, for $10.4 million. David Calcanis of Colliers represented the seller, Boston-based Saxon Partners LLC, in the land transaction. Moushimi Chinni Ganguli of CityLights RE represented the buyer. Scott+Cormia and WGI designed the four-story, Advantis-branded apartment community to feature 16 live-work units atop nearly 900 square feet of commercial space that is ideally suited for medical office space due to its proximity to two prominent hospitals, Osceola Medical Center and AdventHealth Kissimmee. Most apartments will come in studio, one-, two- or three-bedroom layouts. Prospect and American Landmark expect to break ground on the project in the second quarter and to complete construction in second-quarter 2025.

February 2, 2023

Development Florida Industrial Southeast

Kroger Opens 60,000 SF Last-Mile Distribution Facility in South Florida

by John Nelson February 2, 2023

OPA-LOCKA, FLA. — The Kroger Co. has opened a 60,000-square-foot industrial facility in the South Florida city of Opa-Locka. Ocado Group, an e-commerce grocery delivery firm based in the United Kingdom, operates the automated facility. Situated on the north side of Miami-Dade County, the facility serves as a last-mile “spoke” facility that works in conjunction with Kroger’s 375,000-square-foot customer fulfillment center in Groveland, Fla. The new facility extends Kroger’s delivery capabilities to South Florida, with Homestead, Fla., serving as the farthest south the grocer can make deliveries. Kroger expects to employ 90 associates at the Opa-Locka facility. In addition to the Groveland facility, the Cincinnati-based grocer currently operates customer fulfillment centers in Monroe, Ohio; Forest Park, Ga.; Pleasant Prairie, Wis.; Dallas; Romulus, Mich.; and Aurora, Colo. Additional customer fulfillment centers are slated for California; Frederick, Md.; Phoenix; Cleveland; Charlotte; South Florida and the Northeast.

February 2, 2023

Arkansas Company News Development Florida Georgia Industrial Retail Southeast

Sam’s Club to Open More Than 30 New Locations, Five Fulfillment Centers in the United States

by John Nelson February 1, 2023

BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart Inc. and a leading membership warehouse club retailer, plans to open more than 30 new “clubs” across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is slated to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. Many of the new locations will also include fuel stations and liquor offerings. In addition to the new stores, the company has a multiple-year plan to invest in and modernize its supply chain through new distribution and fulfillment center locations across the country. Sam’s Club will launch five new supply chain fulfillment and distribution centers this year, with the first location planned in Georgia in the third quarter. Kathryn McLay, CEO of Sam’s Club, says the decision to invest in expanding the company’s physical footprint was motivated by historic comparable sales growth …

February 1, 2023

Acquisitions Florida Retail Southeast

JLL Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson January 30, 2023

ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged the $24.1 million sale of Parkway Village at St. Johns, a 52,070-square-foot retail center located at the intersection of International Golf Parkway and Commerce Lake Drive in St. Augustine, roughly 40 miles southeast of Jacksonville. Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL brokered the sale on behalf of the developer and seller, a joint venture between Stiles Corp. and Cantrell & Morgan. Built in 2022, the property was fully leased at the time of sale. A 52,070-square-foot Publix anchors the center. Other tenants include Supercuts, Orangetheory Fitness and The Loop, with Starbucks Coffee and Heartland Dental occupying two outparcels. An undisclosed private buyer acquired the property.

January 30, 2023

Florida Loans Mixed-Use Office Retail Southeast

Whalou Properties Receives $24M Financing for Improvement of Mixed-Use Development in Miami

by John Nelson January 30, 2023

MIAMI — Whalou Properties has received $24 million in financing for the improvement and modernization of Mayfair in the Grove, a mixed-use development in Miami’s Coconut Grove neighborhood that comprises 281,721 square feet of office and retail space. Craig Romer of Dockerty Romer & Co. arranged the permanent mortgage financing through Guggenheim Partners on behalf of Whalou, which is owned and controlled by Timo Kipp. Mayfair in the Grove was fully leased at the time of sale to tenants including Sapient, Santander, Sony Music and One Park Financial. Whalou acquired the development in 2010.

January 30, 2023

Development Florida Multifamily Southeast

Related Group, Merrimac Ventures Break Ground on 33-Story Crosby Residences Tower in Miami

by John Nelson January 27, 2023

MIAMI — Related Group and Merrimac Ventures have broken ground on Crosby Residences, a 33-story residential tower in downtown Miami. Upon completion, the property, which is fully preleased, will feature 450 fully furnished rental units in studio, one-, two- and three-bedroom layouts and 22,000 square feet of amenity space. The development is located with the 27-acre Miami Worldcenter, a master-planned community featuring 300,000 square feet of retail, restaurant and entertainment space. All of Crosby’s ready-to-rent homes will be licensed to allow for listing on all leading homeshare platforms (subject to applicable laws and restrictions). Cohen Freedman Encinosa acted as architect on the project, with interiors by AVRO|KO. Amenities will include saunas, Jacuzzis, cold plunge pools, dedicated yoga space, a gaming lounge, rooftop restaurant and bar and a coworking center with a juice and coffee bar. Completion is scheduled for the first quarter of 2025.

January 27, 2023

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