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FloridaInvestment salesNews

URW Sells Westfield Brandon in Metro Tampa for $220 Million 

by Hayden Spiess

Brandon, Fla. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a regional shopping mall located roughly 13 miles outside Tampa in Brandon, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center through a joint venture with an institutional …

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Pine-Island-Plaza_Sunrise
FinanceFloridaGrocery-anchoredNews

Dwight Mortgage Trust Provides $12.8 Million Loan for Pine Island Plaza Shopping Center in Sunrise, Florida

by Hayden Spiess

Sunrise, Fla. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June.

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CVS-Orlando
FloridaInvestment salesNet leaseNews

Marcus & Millichap Arranges $7.2 Million Sale of CVS-Occupied Building in Orlando

by Hayden Spiess

Orlando, Fla. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant property located in Orlando. CVS/pharmacy occupies the 13,616-square-foot building on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.

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DevelopmentFloridaInvestment salesMixed-useNews

Codina Partners Acquires 15-Acre Former Sears Site, Plans Redevelopment in Metro Miami

by Hayden Spiess

Hialeah, Fla. — Codina Partners has acquired a 15-acre parcel formerly occupied by Sears at Westland Mall in Hialeah for an undisclosed price. The site has been vacant since February 2020. The locally based buyer has formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center comprises more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. 

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Outdoor-World
DevelopmentFloridaLeasingNews

Bass Pro Shops to Open 100,000-Square-Foot Outdoor World Store in Metro Jacksonville

by Hayden Spiess

 St. Augustine, Fla. — Bass Pro Shops has announced that it will open an Outdoor World store in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will comprise 100,000 square feet and offer boating merchandise in addition to other outdoor gear and apparel. The opening is scheduled for 2024. This will mark the thirteenth location for Bass Pro Shops in Florida.

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Company newsConnecticutFloridaNews

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4 Billion Shopping Center REIT Merger

by Hayden Spiess

Greenwich, Conn. and Jacksonville, Fla. — Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in an all-stock transaction valued at $1.4 billion. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Under the terms of the agreement, Urstadt Biddle’s stockholders will …

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The-Avenue-Viera-Viera-Fla
FloridaInvestment salesNews

WS Development, PGIM Acquire 550,000-Square-Foot Retail Center in Viera, Florida

by Hayden Spiess

Viera, Fla. — WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot open-air retail center in Viera. Situated within the 43,000-acre master-planned Viera community, the property features more than 80 retail, restaurant and entertainment tenants. WS Development will assume management of the center.

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thepomp
DevelopmentFloridaMixed-useNews

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by Hayden Spiess

Pompano Beach, Fla. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include …

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FloridaLeasingNews

Five New Tenants Join Shops at Merrick Park in Metro Miami

by Hayden Spiess

Coral Gables, Fla. — Five new tenants will join Shops at Merrick Park, a retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arahus, Coco Cigars and Miami Royal Ballet Dance School will open on the first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Shusha Boutique also recently opened on the third level.

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