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SRS Brokers $4.7 Million Sale of New Retail Property Leased to 7-Eleven in Southwest Florida

by Alex Tostado

Fort Myers, Fla. — SRS National Net Lease Group has arranged the $4.7 million sale of a retail property leased to 7-Eleven in Fort Myers. The property comprises a 2,961-square-foot convenience store and a gas station. A 15-year lease is in place with 7-Eleven Inc. for the property, which was completed in late 2019. The asset is situated at 6715 Winkler Road, seven miles south of downtown Fort Myers. Parker Walter of SRS represented the buyer, a California-based private investor that was in a 1031 exchange, in the transaction. The …

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FloridaInvestment salesNewsRetailers

Current Capital Acquires Retail Property in South Florida for $12.6 Million

by Alex Tostado

Lauderhill, Fla. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided …

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FloridaLeasingNewsRestaurantsRetailers

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado

Miami — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

PMAT Acquires Publix-Anchored Shopping Center Near Tampa for $7.6 Million

by Alex Tostado

Port Richey, Fla. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.

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Company newsFloridaNewsRetailers

Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April

by Alex Tostado

Jacksonville, Fla. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent …

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Company newsEntertainmentFloridaNews

Walt Disney World Resorts Outlines Plan to Begin Reopening July 11

by Alex Tostado

Orlando, Fla. — Walt Disney World Resorts has submitted a proposal to the Orange County Economic Recovery Task Force to begin reopening the Orlando parks July 11. Pending approval, Magic Kingdom and Animal Kingdom will open July 11 and Hollywood Studios and Epcot will reopen July 15. In an effort to limit large gatherings, parades and nighttime fireworks shows will still be indefinitely unavailable. Additionally, “high-touch” experiences, such as makeovers, playgrounds and character meet-and-greets, will also be temporarily unavailable, though characters will still be in the parks. To limit capacity, …

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EntertainmentFloridaNews

Hard Rock Stadium in Miami Gardens to Transform into Drive-In Movie Theater

by Alex Tostado

Miami Gardens, Fla. — With sports absent from Americans’ daily lives due to the COVID-19 outbreak, Hard Rock Stadium in Miami Gardens has pivoted to offer a drive-in movie theater. The 65,000-seat stadium is home to the NFL’s Miami Dolphins and college football’s University of Miami Hurricanes. The field will be able to hold up to 230 cars and the open-air theater will host small groups. Events throughout Dolphins’ team history, family-friendly movies and even commencement ceremonies will be shown. Food and beverages can be purchased through an online system …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

JLL Negotiates $46.8 Million Sale of Whole Foods-Anchored Property in Metro Miami

by Alex Tostado

Coral Gables, Fla. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by …

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Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

by Alex Tostado

Phoenix — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

Tailwinds Development to Build Publix Grocery Store Near Orlando

by Alex Tostado

Davenport, Fla. — Tailwinds Development LLC will develop a Publix-anchored shopping center within Champions Crossing in Davenport. The grocery store is slated to open in summer 2021. The new Publix will be located at 1200 Champions Drive, 30 miles southwest of downtown Orlando. Ali Mushtaq of SVN Florida represented the property owner, Savi Tri-County LLC, in the lease negotiations. According to Mushtaq, there is 7,121 square feet available for in-line leasing and 5,415 square feet available at an outparcel at the shopping center development. Champions Crossing is a master-planned development, …

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