PENSACOLA, FLA. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale to tenants including T.J. Maxx/HomeGoods, Jo-Ann Fabrics and Shoe Station. The seller was not disclosed.
MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.
MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.
OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.
TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.
DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.
FORT LAUDERDALE, FLA. — The Related Group has finalized a joint venture agreement with Tate Capital and Rok Enterprises Inc. to co-develop Bahia Mar, a long-awaited, waterfront mixed-use complex in Fort Lauderdale. Designed by Arquitectonica, the development will include a luxury hotel and resort with 60 for-sale condominiums; 350 apartments across four high-rises; a yacht marina with 245 slips; 87,000 square feet of commercial space, including offices, shops and restaurants; a half-mile pedestrian boardwalk; green space; and 160,000 square feet of space across 7.3 acres to accommodate the Fort Lauderdale International Boat Show (FLIBS). Bahia Mar will serve as the permanent hosting site for FLIBS, which is the world’s largest boat and yacht show. The construction timeline was not disclosed.
LAKE MARY, FLA. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that also features 263 luxury apartments and 138 David Weekly Homes.
TAMPA, FLA. — Bromley Cos. and Highwoods Properties have broken ground on Midtown East, an 18-floor office tower located within the duo’s Midtown Tampa mixed-use development. Comprising 430,000 square feet, the project is designed by architectural firm Rule Joy Trammell + Rubio and Brasfield & Gorrie is serving as general contractor. Scheduled for completion in 2025, the tower will be the anchor building within Midtown Tampa. The development’s existing office space is currently over 98 percent leased. Bromley and Highwoods will jointly own 134,000 square feet of the finished building, with the remaining space serving as the headquarters for Tampa Electric and Peoples Gas.
