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Whole-Foods_Wells-Fargo_Miami-Beach
DevelopmentFinanceFloridaNews

Ocean Bank Provides $54 Million Construction Loan for Whole Foods-Anchored Retail Project in Miami Beach

by Abby Cox

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 …

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11850-Biscayne-Blvd
FloridaInvestment salesNews

Marcus & Millichap Brokers $6.1 Million Sale of 15,172-Square-Foot Retail Center in Miami

by Abby Cox

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. 

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Esplanade at Aventura
FloridaLeasingNews

Seritage Growth Signs Leases with 17 New Tenants at Esplanade at Aventura in Metro Miami

by Abby Cox

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 …

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Pinecrest Square
FloridaInvestment salesNews

Native Realty Brokers $10.3 Million Sale of Pinecrest Square in Fort Lauderdale, Florida

by Abby Cox

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 …

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CityPlace Doral
FloridaInvestment salesMixed-useNews

JLL Negotiates $87.5 Million Sale of 235,096-Square-Foot Mixed-Use Development in Metro Miami

by Abby Cox

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 …

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Palm Bay Center
FloridaGrocery-anchoredInvestment salesNews

Marcus & Millichap Brokers Sale of 135,049-Square-Foot Retail Center in Palm Bay, Florida

by Abby Cox

Palm Bay, Fla. — Marcus & Millichap has brokered the sale of Palm Bay Center, a 135,049-square-foot retail center located along Florida’s Space Coast in Palm Bay. Publix anchors the property, which has operated at this location for more than 40 years. The center was 35 percent leased to additional tenants including Broken Barrel, Family Dollar, Save A Lot and Citi Trends at the time of sale. Palm Bay Center is situated on roughly 12 acres. Tarek Chbeir of Marcus & Millichap, in collaboration with Adam Sklaver and Philip Kates …

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FloridaGrocery-anchoredInvestment salesNews

Colliers Arranges $63.5 Million Sale of Posner Commons in Suburban Orlando

by Abby Cox

Davenport, Fla. — Colliers has arranged the $63.5 million sale of Posner Commons, a 731,000-square-foot regional shopping center located in Davenport, roughly 25 miles southwest of Orlando. Target and a newly constructed BJ’s Wholesale Club shadow anchor the property, which was 95.5 percent leased at the time of sale. Other tenants at the center include JCPenney, Dick’s Sporting Goods, Cinépolis, Best Buy, Ross Dress For Less, Ashley Furniture, Michaels, Staples, PetSmart, Books-A-Million and Dollar Tree. Situated seven miles from Walt Disney World, the property spans 91 acres. Brad Peterson, Whitaker …

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Barclay Square Shopping Center
FloridaGrocery-anchoredInvestment salesNews

Atlantic Commercial Group Arranges $11.3 Million Sale of Barclay Square Shopping Center in Greenacres, Florida

by Abby Cox

Greenacres, Fla. — Atlantic Commercial Group has arranged the $11.3 million sale of Barclay Square Shopping Center, a 78,000-square-foot retail center located in Greenacres. Situated at the intersection of 10th Ave. N. and Jog Road, the property is anchored by Tapatia Supermarket. Additional tenants include State Farm, Bicycle World, CVS Pharmacy, PPG Paint and Keller Williams Realty. This transaction marks the first time Barclay Square Shopping Center has been sold in 25 years. Gary Broidis of Delray Beach-based Atlantic Commercial Group represented the seller in the transaction. West Palm Beach-based Strategic …

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FloridaLeasingMixed-useNews

Four New Tenants to Join Nora District in West Palm Beach, Florida

by Abby Cox

West Palm Beach, Fla. — Four new tenants have signed leases to join Nora District, a $1 billion mixed-use project underway in downtown West Palm Beach. The new tenants — Luce, Pompanos Boutique, SWEAT440 and Warby Parker — will debut at Nora District this fall. Developed by West Palm Beach-based NDT Development, Place Projects and Greenwich, Connecticut-based Wheelock Street Capital, Nora District’s first phase — which will be delivered this summer — totals more than 100,000 square feet of retail and 55,000 square feet of creative office space. Additional confirmed tenants at the property …

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Miami Worldcenter
DevelopmentEntertainmentFloridaMixed-useNewsRestaurantsRetailers

CIM Group, Partners Open $6 Billion Miami Worldcenter Development

by Abby Cox

Miami — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately …

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