Florida

Trammell Crow, STAG Begin Construction on 300,000 SF Industrial Development Near Tampa

by John Nelson October 19, 2023

GIBSONTON, FLA. — Trammell Crow Co. and STAG Industrial have begun construction on a two-building industrial development in metro Tampa totaling 300,000 square feet. The two single-story warehouses will be located at 100 and 200 Powell Road in Gibsonton, about 15 miles south of downtown Tampa. The warehouse at 100 Powell will span 160,000 square feet, and the facility at 200 Powell will total 140,000 square feet. The warehouses will be situated on separate sites spanning 18 acres and 12 acres, respectively, and will feature move-in ready office space, a truck court with ample trailer parking and 32-foot clear heights. Trammell Crow Co. and STAG plan to deliver the property in third-quarter 2024. CBRE’s Tampa office will lease the development on behalf of ownership. The design-build team includes architect of record C4 Architecture, general contractor Welbro Building Corp., civil engineer Atwell and LEED consultant DMS. Kris Courier and Gary Bauler of CBRE, along with Julia Silva of JLL, assisted in the deal.

October 19, 2023

Development Florida Mixed-Use Multifamily Southeast

Office America, Avanti Way Break Ground on Deco Green Mixed-Use Project in South Florida

by John Nelson October 19, 2023

LAKE WORTH BEACH, FLA. — Two South Florida-based firms, Office America Group and Avanti Way Group, have broken ground on Deco Green, a mixed-use development in Lake Worth Beach. Located at 1715 N. Dixie Highway in Palm Beach County, the four-building property will comprise 125 residential units, 8,000 square feet of commercial space and 15,000 square feet of open green space. The property’s residences will be configured in one-, two- and three-bedroom floor plans ranging in size from 655 to 1,320 square feet. Amenities will include a rooftop lounge, modern fitness center, bike storage, playground and a dog park. The design-build team includes general contractor MGM Construction Group, architect Martin Architectural Group and landscape architect Andres Montero. Office America and Avanti Way expect to deliver Deco Green in first-quarter 2025.

October 19, 2023

Florida Hospitality Loans Southeast

Trinity Investments-Led Joint Venture Secures $750M Refinancing of Grande Lakes Orlando Resort

by John Nelson October 18, 2023

ORLANDO, FLA. — A joint venture led by Trinity Investments has secured a $750 million loan for the refinancing of Grande Lakes Orlando Resort, a resort that includes two luxury hotels and a golf course. Situated on the south side of Orlando, the 409-acre development comprises the 582-room Ritz-Carlton hotel, the 1,010-room JW Marriott hotel and an 18-hole golf course designed by Greg Norman. An undisclosed lender provided the floating-rate CMBS loan to the Trinity-led joint venture, which acquired the resort in 2018. Since its acquisition, Grande Lakes Orlando Resort has undergone renovations to the rooms and public areas, as well as the addition of 12 guestrooms, new food-and-beverage experiences and a pool renovation that includes a new waterpark. Trinity estimates the renovations totaled $118 million.

October 18, 2023

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $94M Sale of Seven Lakes at Carrollwood Apartments in Tampa

by John Nelson October 18, 2023

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Seven Lakes at Carrollwood, a 640-unit apartment community located at 3303 N. Lakeview Drive in Tampa. Bridge Investment Group acquired the property from a real estate fund managed by Covenant Capital Group LLC. The sales price was not disclosed, but Tampa Bay Business Journal reports that the community traded for $94 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Built in 1982, Seven Lakes at Carrollwood features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse housing a fitness center and games, car care center, walking paths and access to seven community lakes. The property has undergone $7 million in renovations in the past three years, according to Cushman & Wakefield.

October 18, 2023

Development Florida Retail Southeast

Ferber Underway on 29-Acre Target-Anchored Retail Center in Lecanto, Florida

by John Nelson October 16, 2023

LECANTO, FLA. — The Ferber Co. is underway on the development of a 29-acre retail center in Lecanto, about 75 miles north of Tampa. Site work for the property, dubbed The Shoppes at Black Diamond, began in October 2022. Building construction is scheduled to commence over the coming weeks, with openings expected to begin in early 2024. Tenants at the center will include Target Supercenter, Aldi, Starbucks Coffee, 7-Eleven, Panera Bread and Texas Roadhouse.

October 16, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Lincoln Property Co. Arranges Five Leases at Church Street Market in Downtown Orlando

by John Nelson October 16, 2023

ORLANDO, FLA. — Lincoln Property Co. (LPC) has arranged leases with five new tenants at Church Street Market, the 72,000-square-foot retail portion of the 55 West mixed-use property in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will open a 7,200-square-foot venue, and Luxe Med Spa has leased 3,800 square feet. Each of the tenants is scheduled to open before the end of the year. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of LPC represented the landlord, Hasta Capital, in the lease negotiations.

October 16, 2023

Development Florida Industrial Southeast

Glenstar Logistics Signs Two Tenants at New Industrial Park in Fort Myers, Florida

by John Nelson October 13, 2023

FORT MYERS, FLA. — Glenstar Logistics has signed leases with two new tenants at Tri-County 75, an industrial park currently underway at 6115-6150 Tri-County Commerce Way in Fort Myers. Glenstar is developing the 816,866-square-foot project in partnership with Columnar Holdings. Coldest, a Florida-based water bottle manufacturer, has signed a lease at the development for 52,866 square feet of warehouse and office space. Additionally, an unnamed third-party logistics provider (3PL) has signed a 22,784-square-foot lease at the property’s Building 4. General contractor The Conlan Co. will build out 1,400 and 1,100 square feet of office space for Coldest and the 3PL tenant, respectively. Lee & Associates, which is overseeing leasing at the development, represented Glenstar in the lease negotiations. Jeff Buckler of Lee & Associates represented Coldest, and Shawn Stoneburner of Cushman & Wakefield represented the 3PL. Ware Malcomb is the project architect for Tri-County 75, and DeLisi Fitzgerald is serving as the civil engineer. Affinius Capital is providing construction financing for the development.

October 13, 2023

Acquisitions Florida Industrial Southeast

PGIM Sells 646,436 SF Industrial Park in Central Florida to Clarion Partners

by John Nelson October 12, 2023

APOPKA, FLA. — An affiliate of PGIM Real Estate has sold Northwest Distribution Center, a four-property, 646,436-square-foot industrial park in Apopka, a suburb of Orlando. New York-based Clarion Partners purchased the asset for an undisclosed price. Situated off State Road 429 and Ocoee Apopka Road, the portfolio was 85 percent leased at the time of sale. Buildings A and B at Northwest Distribution Center were built in 2008, and Buildings C and D were delivered in 2017. Jose Lobón, Frank Fallon, Trey Barry, David Murphy, Royce Rose and Alain Bonvecchio of CBRE represented the seller in the transaction.

October 12, 2023

Acquisitions Florida Multifamily Southeast

JBM Brokers $102M Sale of ParkCrest Landings Apartments in Bradenton, Florida

by John Nelson October 11, 2023

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

October 11, 2023

Development Florida Leasing Activity Mixed-Use Office Restaurant Retail Southeast

Pebb Capital Signs 136,852 SF of Leases at Sundy Village Mixed-Use Development in Delray Beach, Florida

by John Nelson October 11, 2023

DELRAY BEACH, FLA. — Pebb Capital has signed 136,852 square feet of retail, restaurant and commercial office leases at Sundy Village, a mixed-use development underway in Delray Beach. The new tenants include communications infrastructure provider Vertical Bridge, Barcelona Wine Bar and a Schulson Collective project by chef and restauranteur Michael Schulson. Additionally, Pebb Capital will relocate its Boca Raton headquarters to Sundy Village in one of the property’s standalone office buildings, taking approximately 5,600 square feet of office space. The firm has also signed a 79,141-square-foot lease on the neighboring block, located at 100 S.E. 1st Ave., for a build-to-suit corporate headquarters relocation of an undisclosed, publicly traded company. Sundy Village will span across six buildings on approximately seven acres at 22 W. Atlantic Ave. Joe Freitas and John Criddle of CBRE oversee the Sundy Village’s office leasing, and Sara Wolfe of Vertical Real Estate handles retail leasing. Pebb Capital broke ground on the project in February, with delivery estimated for summer 2024. The project team includes Gensler and RLC Architects.

October 11, 2023

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