Florida

Berkadia Arranges $31.5M Refinancing for Apartment Community in Miami

by John Nelson October 10, 2023

MIAMI — Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged the 10-year, Fannie Mae loan, which features five years of interest-only payments. No. 17 Residences Allapattah features one-, two- and three-bedroom apartments ranging from 600 square feet to 1,125 square feet, as well as an urban park, lobby lounge with coworking and social spaces, pool, fitness center and rooftop amenities.

October 10, 2023

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates 131,411 SF Industrial Lease in South Florida

by John Nelson October 10, 2023

DORAL, FLA. — Cushman & Wakefield has negotiated a 131,411-square-foot industrial lease at Bridge Point Doral, a 175-acre industrial park in Doral, a suburb of Miami. The tenant, an unnamed Fortune 50 food distributor, will fully occupy Building 6 upon its completion in mid-2024. Multiple media outlets are reporting that the tenant is snack giant Frito-Lay, a subsidiary of PepsiCo. Wayne Ramoski, Gian Rodriguez, Skylar Stein and Ivanna Leitner Perez of Cushman & Wakefield represented the developer and owner, Bridge Industrial, in the lease negotiations. Jeff Hartsook and Adam Talbot of Cresa represented the tenant. Bridge Point Doral will ultimately span 2.6 million square feet, the first phase of which will feature 1.2 million square feet.

October 10, 2023

Acquisitions Florida Office Southeast Top Stories

Monarch Alternative Capital Buys 412,000 SF Office Building in Miami

by Taylor Williams October 9, 2023

MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …

October 9, 2023

Acquisitions Florida Multifamily Southeast

ZOM Sells 320-Unit Sorrento Affordable Housing Community in South Florida

by John Nelson October 6, 2023

MIRAMAR, FLA. — ZOM Living has sold Sorrento, a 320-unit affordable housing apartment community located in Miramar. Built more than 11 years ago, the property was originally financed through the low-income housing tax credit (LIHTC) program and state and county debt financing programs. The community features units in one-, two- and three-bedroom floorplans ranging from 651 to 1,187 square feet. Amenities include a swimming pool, fitness center, clubhouse, pavilion and barbecue area, resident lounge and a computer lab. Monthly rents at the property begin at $826. Related Cos. purchased the community for an undisclosed price.

October 6, 2023

Development Florida Multifamily Southeast

Alliance Residential to Develop 311-Unit Prose Big Sky Apartments in Kissimmee, Florida

by John Nelson October 5, 2023

KISSIMMEE, FLA. — Alliance Residential Co. has purchased a 17-acre site at 2900 Big Sky Blvd. in Kissimmee for the development of Prose Big Sky, a 311-unit apartment community. The Arizona-based developer plans to welcome first residents by fall 2024. Prose Big Sky will feature one- and two-bedroom units ranging from 746 to 1,078 square feet in size. Community amenities will include a resident clubroom with a catering kitchen and entertainment lounge, business center with coworking spaces, concierge package system, a resort-style pool with sun shelf seating, fitness center and a dog park. Prose Big Sky is the newest of 10 Alliance Residential properties currently under construction or scheduled to break ground in Florida.

October 5, 2023

Acquisitions Florida Industrial Southeast

Arden Logistics Parks Acquires 195,532 SF Industrial Portfolio in West Palm Beach

by John Nelson October 5, 2023

WEST PALM BEACH, FLA. — Arden Logistics Parks (ALP), a subsidiary of Arden Group, has purchased a three-building, 195,532-square-foot portfolio of shallow-bay industrial assets in West Palm Beach. The portfolio was more than 98 percent leased to more than 40 tenants at the time of sale. The acquisition marks ALP’s entry into the West Palm Beach market. The seller and sales price were not disclosed.

October 5, 2023

Development Florida Southeast Top Stories

TMRW Sports Group Tees Up 250,000 SF Virtual Team Golf Arena in Palm Beach, Florida

by Katie Sloan October 5, 2023

PALM BEACH GARDENS, FLA. — TMRW Sports Group has announced plans for a 250,000-square-foot arena development in Palm Beach Gardens. The project, dubbed SoFi Center, will be the home base for TGL, a new virtual team golf league led by a partnership between golfers Tiger Woods and Rory Mcllroy and sports executive Mike McCarley. The 1,500-seat complex will occupy 11 acres on the Palm Beach Gardens campus of Palm Beach State College. The arena will include a 75-foot high air-supported dome; a football-field sized playing surface with three sand bunkers; a 46-foot by 64-foot simulator screen; a short-game complex; and two plazas outside the venue for hosting pre-match activities. The TGL season, which commercial partner SoFi Technologies will present, is set to begin with a series of matches on primetime television in January 2024. To date, 12 PGA players have committed to playing in the TGL: Tiger Woods, Rory McIlroy, Jon Rahm, Collin Morikawa, Justin Thomas, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel. Six teams of three players will compete in 15 head-to-head matches, followed by semifinals and finals matches. Team names, brands, front office staff and assigned players will be unveiled …

October 5, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Newrock Completes 11-Story Oaklyn Mixed-Use Tower in Broward County

by John Nelson October 4, 2023

OAKLAND PARK, FLA. — Newrock Partners has completed Oaklyn, an 11-story mixed-use tower located at 3333 N. Federal Highway in Oakland Park, a city in South Florida’s Broward County. The project comprises 274 apartments and 19,000 square feet of ground-level retail space. Managed by Bozzuto, Oaklyn’s residences comprise studio, one- and two-bedroom apartments spanning from 451 to 1,172 square feet. Rental rates begin at $1,850, according to the property website. Amenities include Oak Three, a rooftop experience with an indoor/outdoor lounge, entertainment kitchen, communal games, art activations, resort-style pool deck, hot tub, outdoor dining and kitchen areas with grilling stations and oversized day beds. Other amenities include podcast studios, maker spaces, an indoor/outdoor fitness center, dog spa and a dog park. The design-build team includes general contractor First Florida and architect Kobi Karp Architecture & Interior Design Inc.

October 4, 2023

Acquisitions Florida Multifamily Southeast

Berkadia Brokers Sale of 320-Unit Reserve at Palmer Ranch Apartments in Sarasota, Florida

by John Nelson October 4, 2023

SARASOTA, FLA. — Berkadia has brokered the sale of Reserve at Palmer Ranch, a 320-unit apartment community located at 4100 Winners Circle in Sarasota. Jason Stanton, Cole Whitaker and David Etchison of Berkadia represented the seller, California-based Strategic Holdings, in the transaction. John Koeijmans of Berkadia’s Dallas office arranged acquisition financing on behalf of the buyer, Wisconsin-based MLG Capital. The 10-year loan featured a fixed interest rate and full-term interest only payments. The loan amount and sales price were not disclosed. Built in 1990, Reserve at Palmer Ranch features primarily two- and three-bedroom apartments, as well as a fitness studio, two resort-inspired pools, bark park, car care center and a courtyard with communal games.

October 4, 2023

Acquisitions Florida Retail Southeast

Thompson Thrift Sells Two Retail Buildings in Cape Coral, Florida Totaling 24,000 SF

by John Nelson October 3, 2023

CAPE CORAL, FLA. —Thompson Thrift has sold two retail buildings in Cape Coral totaling 24,000 square feet. Situated within Cape Coral Commons, the multi-tenant buildings each comprise 12,000 square feet. Tenants scheduled to open at the properties include First Watch, Mission BBQ, Firehouse Subs, Tire Kingdom, Paragon Healthcare, Crumbl Cookies, PJ’s Coffee and Visionworks. David Hoppe of Atlantic Retail arranged the sale on behalf of Thompson Thrift. A California-based buyer acquired the buildings for an undisclosed price. Cape Coral Commons also features a third multi-tenant building currently under construction, as well as four one- to two-acre outparcels.

October 3, 2023

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