KISSIMMEE, FLA. — GreenBarn Investment Group and Skyview Cos. are underway on the first phase of The Allen, a mixed-use development situated on 20 acres within the Medical Arts District of Kissimmee. Upon completion, the property’s first phase will feature an apartment community comprising 312 units. Sumitomo Mitsui Trust Bank has provided a $52.7 million construction loan for the residential development, and NTT Urban Development Corp. and Rithm Capital Corp. are co-investors. Plans for the project site currently include up to 1 million square feet across three phases of development, with the possibility of an additional 300 multifamily units and a medical office building.
COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.
Once bypassed by national developers and investors for larger, metropolitan cities like Miami, the real estate community is now realizing what locals have known for years: Tampa is trending. Tampa Bay’s recognition as one of the country’s top places to live has trickled into the region’s office market, which as of the first quarter of the year, has continued to reap the benefits. While some credit the Tom Brady effect to Tampa’s rise into the national spotlight, the Tampa Bay region is seeing growing demand in other economic sectors beyond sports, including housing, business and leisure. In fact, Time Magazine just featured Tampa as one of only four U.S. cities in its highly coveted 2023 list of the “World’s Greatest Places.” Flurry of activity to start 2023 For the first time in five quarters, the Tampa Bay office market recorded positive absorption of more than 55,000 square feet thanks to more companies moving into space rather than vacating it, JLL’s first-quarter Office Insight Report for 2023 shows. This can be largely attributed to Reliaquest’s move into its 140,000-square-foot headquarters located at Thousand & One Water Street, where it is currently occupying 120,000 square feet, and which made up the lion’s …
SWEETWATER, FLA. — AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management have topped out Terrazul, a 22-story student housing development near Florida International University in Sweetwater. Upon completion, which is scheduled for the second quarter of 2024, the development will comprise 932 units and a total of 1,201 beds. Located along 107th Avenue, the property will also feature 647 parking spaces and 15,442 square feet of retail space. Amenities at Terrazul will include an indoor/outdoor study lounge, library and lounge areas, a gym and outdoor swimming pool. Units will feature private studio, one-, two- and four-bedroom layouts. Coastal Construction Group is the general contractor for the project, and Niles Bolton Associates is the architect.
RUSKIN, FLA. — Madison Communities, a multifamily subsidiary of Madison Capital Group, has begun construction on Madison Palms, a 317-unit apartment community in Ruskin. Located at 210 Teco Road, the property will comprise 300,000 square feet of rentable space in the form of one-, two- and three-bedroom units. Apartments will range in size from 719 to 1,403 square feet. Amenities will include a clubhouse with a fitness center, outdoor lounge, swimming pool and deck with grilling stations, recreation areas and cabanas. A construction timeline for the project was not disclosed.
CHARLOTTE. N.C. — Arden Logistics Parks (ALP), Arden Group’s industrial real estate operating platform, has purchased Northridge Business Center, a four-building, 174,000-square-foot industrial portfolio in Charlotte. Located at 50045, 5009-15, 5019-25 and 5029-35 W. W.T. Harris Blvd., the buildings range in size from 22,655 to 65,382 square feet. ALP acquired the portfolio from Fort Lauderdale-based SunCap Property Group for an undisclosed price.
MAITLAND, FLA. — CBRE Strategic Partners U.S. Value 9 fund, an investment vehicle managed by CBRE Investment Management, has acquired The Village at Lake Lily, a 455-unit apartment community located in Maitland. Situated seven miles north of downtown Orlando, the community features ground-floor retail space, including two local restaurants. Community amenities include a fitness center, two swimming pools with hot tubs, grilling stations, a clubroom, package locker and dog run. The seller and sales price were not disclosed.
FORT CAMPBELL, KY. — Lendlease has completed interior and exterior renovations of 170 units for Junior Enlisted families within the New Hammond Heights neighborhood at the privatized military housing community of Campbell Crossing at Fort Campbell. Beginning in April 2021, the renovations included the replacement of each home’s exterior, living room and kitchen upgrades, master bathroom remodels and the replacement of interior finishes and appliances. All windows and appliances have been upgraded to Energy Star-rated products, and other sustainability benefits have been implemented for the reduction of energy and water consumption. Renovations are part of the company’s $300 million, five-year plan for the community, which also includes new construction and removal of outdated units. Other projects underway at Campbell Crossing include the demolition and construction of 680 new homes for Junior Enlisted families.
MIAMI — Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature 430 apartments, 8,000 square feet of ground-level retail space and 25,000 square feet of indoor and outdoor amenities, including a pool, fitness center and coworking spaces. The developers plan to present the project to the City of Miami’s Urban Development Review Board during its April 19 meeting. Greenberg Traurig is representing Eden Multifamily and Dermot in the land-use process. Jordan Karp LLC brokered the pending acquisition of the project site.
OCALA, FLA. — Kansas City-based Hunt Midwest and locally based partner Boyd+Mox have broken ground on Ocala South Logistics Park, a 1.4 million-square-foot industrial campus in Central Florida. The Class A development will be situated on a 93-acre site within Florida Crossroads Commerce Park, about three miles from I-75. The co-developers broke ground on the first of four buildings, a rear-load warehouse spanning 251,511 square feet. The speculative building is set to deliver before the end of the year and will feature 32-foot clear heights, 68 dock-high doors, 60-foot-deep speed bays and two drive-in doors. The project represents Hunt Midwest’s first industrial development in Florida and its first venture with Boyd+Mox. The design-build team for Ocala South Logistics Park includes civil engineer Kimley Horn, architect LS3P and general contractor Evans General Contractors. Rian Smith, Kris Courier and Josh Tarkow of CBRE are leasing the park on behalf of the owners.