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Quay
DevelopmentFloridaMixed-useNews

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

by Hayden Spiess

Fort Lauderdale, Fla. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.  The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing …

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Red-Lobster-North-Las-Vegas
Company newsFinanceFloridaNewsRestaurants

Red Lobster to Sell Assets to Creditors in Chapter 11 Bankruptcy Filing

by Hayden Spiess

Orlando, Fla. — Red Lobster has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The Orlando-based seafood restaurant chain plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster, which was founded in 1968 and operates some 600 restaurants across North America, has received a $100 million debtor-in-possession financing commitment from its existing lenders to facilitate this plan. The company stated that it would use the financing and bankruptcy proceedings to drive operational improvements, …

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Dunn-Ave-Plaza_Jacksonville
FloridaInvestment salesNews

Marcus & Millichap Brokers $5.1 Million Sale of Shopping Center in Jacksonville, Florida

by Hayden Spiess

Jacksonville, Fla. — Marcus & Millichap has brokered the $5.1 million sale of Dunn Ave Plaza, a 42,570-square-foot shopping center located in Jacksonville. Situated on 3.4 acres, the property was 67 percent leased at the time of sale to 26 tenants. Simon Grigoryan and Edwinn Bruchman of Marcus & Millichap represented the seller and procured the buyer in the transaction. 

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Company newsFloridaIllinoisNewsTexas

Segovia Partners, Braden Real Estate to Merge

by Hayden Spiess

Chicago — Retail brokerage firms Segovia Partners and Braden Real Estate have announced plans to merge. Marc Offit heads Braden Real Estate, which features offices in Chicago and Florida. Jennifer Frank and Jack Breard lead Dallas-based Segovia Partners. Offit will remain managing broker for the Illinois and Florida brokerage teams, with Courtney Waldon appointed president of the Chicago office. Segovia plans to add a senior team member to run the West Coast of Florida office. Additionally, Tim Gearhart will join the Segovia Partners Chicago office as a principal, focusing on national …

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Chick-fil-A
DevelopmentFloridaGeorgiaLeasingNewsRestaurants

Chick-fil-A to Open Four New Restaurants in Metro Miami

by Hayden Spiess

Atlanta — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, which will comprise 4,800 square feet in Cutler Bay. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year. 

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Smalls-Sliders
Company newsFloridaNewsRestaurants

Smalls Sliders Signs Franchise Deals for 12 New Units in Florida

by Hayden Spiess

Atlanta — Atlanta-based fast-casual cheeseburger brand Smalls Sliders has signed two multi-unit franchise deals in the state of Florida. An entity doing business as DPC Smalls Investments, which is led by Doug Cone, will own and operate the 12 new restaurants, known as “Cans.” Locations for the new Cans will include Jacksonville, Tallahassee, St. Augustine, Lake City and Orange Park, with the first unit scheduled to open early next year. 

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Water-Street-Tampa
DevelopmentEntertainmentFloridaMixed-useNews

Strategic Property Partners Unveils Next Phase of $3 Billion Water Street Tampa Development

by Hayden Spiess

Tampa, Fla. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase will comprise three separate buildings with residential, office and hospitality/entertainment space.   The third building will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. The office complex will also feature ground-floor retail space.  The road and utility infrastructure work for these additions is currently underway and expected to be complete in spring 2025. Last …

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Burger-King
Company newsDevelopmentFloridaNews

Burger King to Invest $300 Million to Remodel 1,100 US Restaurants by 2028

by Katie Sloan

Miami — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital …

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2420-Gulf-Bay-Blvd_Clearwater
FloridaInvestment salesNews

SRS Brokers $4.6 Million Sale of New Strip Retail Center in Suburban Tampa

by Katie Sloan

Clearwater, Fla. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based …

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70-74-NE-40th-Street_Miami
FloridaInvestment salesNews

ASG Equities Sells Retail Property in Miami’s Design District for $14 Million

by Hayden Spiess

Miami — ASG Equities has sold a 4,500-square-foot retail building located Miami’s Design District for $14 million. Dacra acquired the property, which was fully leased to luxury brands Ksubi and Orlean at the time of sale. This marks the final transaction for a three-property portfolio sold by ASG in recent months. The company is actively developing a 500,000-square-foot mixed-use development nearby, Parterre 42, with co-developer Helm Equities.

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