JUNO BEACH, FLA.— Bucksbaum Properties has acquired Plaza La Mer, a 111,000-square-foot shopping center in the coastal South Florida town of Juno Beach. Built in 1988, the property comprises five buildings on 10 acres. Tenants at the center include Dunkin, Trustco Bank and Loggerhead Fitness. The seller and sales price were not disclosed.
FORT MYERS, FLA. — Marcus & Millichap has arranged the $38 million sale of a retail and entertainment property located in Fort Myers. Topgolf occupies the asset, which totals 48,000 square feet, on a triple-net-lease basis. Constructed in 2021, the property is situated on 14 acres off of Interstate 75. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap arranged the transaction on behalf of the seller, a Miami-based family office. The buyer was not disclosed.
MIAMI — Black Salmon and The Allen Morris Co. have unveiled plans to develop Highland Park Miami, a $1 billion mixed-use project that will span seven acres and increase the footprint of the Miami Medical District by approximately 10 percent. Plans call for 1,000 residential units designed by Oppenheim Architecture, a 150-room hotel and 500,000 square feet of medical-related office space, along with retail, restaurants, open walkways and greenery. Global architecture firm Arquitectonica is the master planner and designer. Naturalficial, a Miami-based landscape architecture and design practice, spearheaded the landscape design. The developers still need city approval but expect preliminary site clearing for the multi-phase project to begin this year. Construction is slated to begin next year on the medical office and multifamily portions, with an estimated five to seven years of construction in total. The development team says it has been planning the project for the past decade, drawing inspiration from other major medical hubs in the U.S. such as Houston and Minnesota’s Mayo Clinic Health District. “With Highland Park, we’re creating a new center of gravity for the Medical District, with curated, wellness-oriented retail and restaurants; world-class architecture; and best-in-class medical office and residential offerings,” says W. A. …
ORLANDO, FLA. — PMG and Raven Capital Management/RCM Living have begun leasing Society Orlando, a 27-story apartment tower under development in downtown Orlando. The community comprises 462 apartments and 34,000 square feet of ground-floor retail space. Amenities will include a pool deck with grilling and entertainment areas, coworking lab with private conference rooms, gym and fitness studio, social lounges, yoga lawn, a craft food-and-beverage operation in the lobby, smart package lockers, app-based keys and integrated retail space. PMG is planning to open more than 8,500 units under the Society Living brand in Miami, Atlanta, Fort Lauderdale, Nashville, Denver and Brooklyn, with more locations to come. Move-ins at Society Orlando are expected to begin before the end of the year. PMG and Raven Capital obtained a $120 million construction loan for the project in 2021.
PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. The buyer, an investment vehicle managed by GTIS Partners, is purchasing the townhome-style development from K. Hovnanian, which will deliver units through mid-2024. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 square feet in size. Amenities will include pickleball courts, a fitness center, swimming pool, dog park, over 500 acres of lakes and 300 acres of parks.
SINGER ISLAND, FLA. — Pebb Capital has sold Ocean Walk, a 65,908-square-foot shopping center located at 2401 N. Ocean Ave. in Singer Island, for $19.2 million. The Boca Raton, Fla.-based investment firm purchased the center in 2017 for nearly $7.6 million, at which time the center was 53 percent leased. The property is now fully leased to tenants including Wings Beachwear, 7-Eleven, Mulligan’s Beach House and Johnny Longboats. Situated on 10.5 acres, Ocean Walk features 492 surface parking spaces, four retail structures and 873 feet of unobstructed oceanfront. Danny Finkle, Jorge Portela, Eric Williams and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed.
PINELLAS PARK, FLA. — Cushman & Wakefield has arranged the $21 million sale-leaseback of a 29.5-acre industrial site located at 3565 126th Ave. in Pinellas Park. Albany Road Real Estate Partners purchased the site from Gaston Trees Debris Recycling, which is leasing back 10 acres at the site. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, J.T. Faircloth, Casey Perry, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Jingoli Power leases 12 acres at the site, and the remaining 7.5 acres is available for lease. Situated less than five miles from the St. Pete-Clearwater International Airport, the site is zoned for up to 450,000 square feet of industrial development.
RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.
The demand for retail space throughout Central Florida has been extremely high as new concepts are moving into the marketplace due to the mass exoduses from New York City and California. With the major population shift, we are running into the issue of limited supply to lease. Vacancy rates are currently projected at 3.8 percent, which is approximately 100 basis points below the 10-year historical average. Vacancy rates are projected to meet the mid-4 percent range by the end of 2023 due to the expected completion of more than 700,000 square feet of retail space during the fourth quarter, according to research from CoStar Group. Some developers are backing out of ground-up development deals due to the heightened labor and construction costs that every firm is experiencing. However, there are still some notable developments occurring in certain trade areas such as Minneola, Lake Nona, Apopka (Kelly Park) and Davenport, which are just some of the areas with projects expected to deliver in the fourth quarter of this year. These new ground-up projects require lessees to pay a higher rent to make these deals pencil out. The current average asking rate in Orlando is $27.77 per square foot, well ahead of …
JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.
