Miami — Indianapolis-based Simon Property Group has acquired the remaining interest of the retail and parking component at Brickell City Centre, a 5.4 million-square-foot mixed-use development in downtown Miami. Swire Properties sold the majority 75 percent stake in the property’s 500,000-square-foot retail portion for $512 million, according to several media outlets. Simon had previously owned a 25 percent, non-managing interest in The Shops at Brickell City Centre. Following the transaction, Simon is now the sole owner and manager of the property’s retail and entertainment component. Completed in 2016, The Shops …
Florida
Estero, Fla. — Plaza Advisors has arranged the sale of The Brooks Town Center, a 35,330-square-foot shopping center located in Estero, approximately 16 miles south of downtown Fort Myers. Originally built in 2008, the center was 96 percent leased to FineMark Bank, Burn Boot Camp, LabCorp and Pinch-A-Penny at the time of sale. In a separate transaction, FineMark Bank acquired its 9,390-square-foot outparcel building at the center, while Concord Real Estate Investors purchased the remaining 25,940-square-foot retail strip center. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, …
Clermont, Fla. — GBT Realty Corp. has broken ground on Hammock Ridge Commons, a 30,500-square-foot shopping center located in Clermont, approximately 25 miles east of Orlando. An entity doing business as Shoppes at Hammock Ridge Crossing LLC sold the original 3.7-acre land parcel to GBT for $2.5 million. A 23,273-square-foot Sprouts Farmers Market will anchor Hammock Ridge Commons, while additional tenants at the property will include a dentist and nail salon. Roughly 1,700 square feet of inline space is still available for lease at the center. J. Raymond Construction Corp. is …
Stiles, FCA Partners Complete Redevelopment of 200,144-Square-Foot Retail Center in Metro Fort Lauderdale
Pompano Beach, Fla. — A partnership between Stiles and FCA Partners has completed the redevelopment of Shopper’s Haven, a 200,144-square-foot retail center in Pompano Beach, roughly 10 miles north of Ft. Lauderdale. A new Publix Supermarket — which opened June 26 — anchors the center. Hawkins Construction served as the project’s general contractor, while Dunphy Development provided additional development and construction management services. First Horizon Bank provided financing for both the acquisition and redevelopment. Redevelopment of the site featured ground-up construction of the new Publix, along with upgrades to the property’s exterior, …
Atlantic Commercial Group Arranges $14.3 Million Sale of 222,000-Square-Foot Shopping Center in Ocala, Florida
Ocala, Fla. — Atlantic Commercial Group has arranged the $14.3 million sale of Six Gun Plaza, a 222,000-square-foot shopping center located in Ocala. Situated along East Silver Springs Blvd., the property is anchored by Bealls, Ross Dress For Less, Shoe Dept. and Dollar General. Additional tenants include Boots Barbershop, Firehouse Subs, Collector’s Paradise, Outback Steakhouse and Elite Nail. Six Gun Plaza was held by the previous owner for more than 30 years. Gary Broidis of Delray Beach-based Atlantic Commercial Group represented the seller, an entity doing business as Six Gun …
Ocean Bank Provides $54 Million Construction Loan for Whole Foods-Anchored Retail Project in Miami Beach
Miami Beach, Fla. — Ocean Bank has provided a $54 million construction loan for a retail development in Miami Beach. The borrower, 1901 Alton Property LLC, an affiliate of developer Russell Galbut and his daughter Marisa Galbut, is developing a commercial building that will house a 40,883-square-foot Whole Foods Market, a 4,000-square-foot Wells Fargo bank branch and 271 parking spaces. Jorge Hernandez of Ocean Bank originated the financing on behalf of the borrower, which has been doing business with Ocean Bank for 35 years. Details of the loan and the …
Marcus & Millichap Brokers $6.1 Million Sale of 15,172-Square-Foot Retail Center in Miami
Miami — Marcus & Millichap has brokered the $6.1 million sale of a 15,172-square-foot retail strip center located at 11850 Biscayne Blvd. in Miami. A CVS pharmacy, which has fewer than 10 years remaining on its lease, anchors the property. The center was originally built in 1994. Jonathan De La Rosa procured the buyer in the transaction.
Seritage Growth Signs Leases with 17 New Tenants at Esplanade at Aventura in Metro Miami
Aventura, Fla. — Seritage Growth Properties has signed leases with 17 new tenants at Esplanade at Aventura, its 215,000-square-foot mixed-use development located in the northeastern Miami suburb of Aventura. Retail and restaurant concepts including The Salty, If So, Chip City and The Shade Store recently opened at the property, while Tremble, Bank of America and Hästens will open this summer. Pura Vida Miami, Salt & Straw, Starbucks Coffee, Wairua Beauty and Next Health are expected to open this fall. Additional stores that will be arriving later in the year include 7th …
Native Realty Brokers $10.3 Million Sale of Pinecrest Square in Fort Lauderdale, Florida
Fort Lauderdale, Fla. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Available spaces at the center range from 1,200 square feet to 4,000 square feet, with an available 1,000-square-foot medical office space. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as …
JLL Negotiates $87.5 Million Sale of 235,096-Square-Foot Mixed-Use Development in Metro Miami
Doral, Fla. — JLL Capital Markets has negotiated the $87.5 million sale of CityPlace Doral, a 235,096-square-foot mixed-use development located in Doral, roughly 13 miles west of downtown Miami. Completed in 2017, the seven-building center is situated on 17.6 acres. Tenants at the property — which was 82 percent leased at the time of sale — include The Fresh Market, CMX CinéBistro, Anatomy Fitness, Novecento, Cooper’s Hawk, Carrot Express and Tap 42 Craft Kitchen & Bar. The site also features two parking garages and a luxury residential property that was not …