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CBRE Group Inc.'s Tampa market leader now will oversee all of North Florida — a region that includes Orlando and stretches as far south as Naples, north to Jacksonville and west to include the Panhandle.
Mike DiBlasi, who has been CBRE's Tampa managing director since 2019, was named senior managing director and North Florida market leader. DiBlasi said Tampa will remain his priority, and he'll add travel to Orlando and Jacksonville to meet with CBRE leaders in those markets.
Source: OBJ
FUTURA and Linkvest Capital announced the completion of Nona Cove Self Storage, a premium four-story, 130,000 gross square-foot air conditioned self-storage facility and retail center, located at 14800 Narcoossee Rd. within FUTURA’s Nona Cove, a 17-acre, master-planned modern mixed-use lifestyle center located in Lake Nona.
Managed by third-generation Extra Space, the self-storage facility features approximately 90,000 net rentable ACSF of commercial retail bays, each comprising 1,046 square feet with a commercially gated drive-thru. Retail rents average $50 triple net. The storage facility is currently about 57 percent leased. Nona Cove Self Storage has been designed to seamlessly blend with the additional 22,000 ACSF of neighborhood commercial and retail spaces integrated within FUTURA at Nona Cove.
“We are pleased to meet the strong demand for premium storage solutions within this market and deliver this first phase of FUTURA at Nona Cove,” stated Camilo Nino, CEO, Linkvest Capital. “Our longstanding collaboration with FUTURA has consistently proven to be a rewarding experience, and we were thrilled to join forces once again to deliver another high-quality project to the community.”
FUTURA at Nona Cove is strategically anchored by a new 260-unit rental apartment community located at 19463 Boggy Creek Rd., at the intersection of Narcoossee Road and Boggy Creek Road. The master plan is positioned within the dynamically growing Lake Nona luxury real estate submarket.
FUTURA and Linkvest Capital are also joint venture partners on the FUTURA apartment community currently under construction, comprising studio apartments and one to three-bedroom floorplans ranging from 623 to 1,315 square feet. Amenities include an 11,000+ ACSF amenity center with a two-story leasing office and club room, featuring a resident lounge, resort-style swimming pool, state-of-the-art wellness center, fitness trail and dog park along with multiple coworking areas.
Nestled within a master-planned community by Tavistock Group, FUTURA at Nona Cove is seamlessly integrated into a vibrant landscape offering a diverse array of amenities, including well established and compatible retail tenants surrounding its self-storage facility and is also adjacent to the five-story, 260-unit luxurious residential building with secured structured parking structure.
BBX Logistics Properties and FRP Development Corp announced the formation of a joint venture to develop BBX Park at Lakeland consisting of approximately 213,500 square feet of state-of-the-art logistic facilities on 22.5 acres in Lakeland.
Both companies are full-service real estate development firms and this venture marks a significant milestone in the expansion of logistics infrastructure in the region.
“Embarking on this project in Lakeland reflects our commitment to innovation and excellence in industrial real estate development,” said Seth Wise, President of BBX Capital Real Estate and Chairman of BBX Logistics Properties. This development comes on the heels of our announcement of BBX Park in Delray Beach and builds on our strategy to invest in Class-A logistics facilities in strategic locations.”
“This acquisition of the Lakeland property and the formation of this joint venture is the culmination of an outstanding effort by our team to identify best-in-class infill logistics assets,” said Mark Levy, President of BBX Logistics Properties. “Our project will be highly flexible and cater to tenants seeking a centralized last mile distribution location on the I-4 Corridor.”
BBX Park at Lakeland, located at 8255 State Road 33 N, is in what we believe is a highly desirable location directly north of I-4 and south of SR-33, offering both visibility and convenient access to major transportation arteries. With its prime location within 50 miles of both Tampa and Orlando, the park is poised to become a pivotal hub for logistics operations in Central Florida.
The initial phase of construction is expected to commence in the fourth quarter of 2024 with completion and occupancy anticipated in 2025. Leasing will be handled by Kris Courier, Senior Vice President of CBRE’s Industrial Services brokerage team based in Tampa.
“We are thrilled to partner with BBX Logistics Properties in the development of this Class A, best-in-class industrial development in Lakeland, Florida,” said David deVilliers, III, Executive Vice President of FRP Development Corp. “This venture underscores our shared commitment to driving economic growth and innovation in the region and expanding our industrial reach from the Mid-Atlantic to Florida. Together, we look forward to delivering a world-class facility that will serve as a cornerstone for logistics excellence in Central Florida.”
Orlando developer Timothy Green, who filed plans in January for a proposed 32-story mixed-use tower on W. Church Street, is working to assemble adjacent properties so he can create a high rise district with four towers in the Parramore neighborhood between Exploria Stadium and Camping Word Stadium.
Green, founder of Parramore Development Group, told GrowthSpotter he is under contract for a ¾-acre lot at 1000 W Pine St. that previously sold for $2.1 million in December. Located at the corner of Pine and Westmoreland Drive, the property is a few doors down from 1121 W. Church St. where Green has already applied for master plan to build the “Green Tower” utilizing the Live Local Act.
He’s calling the project at 1000 W Pine the “Kelly Tower” and has applied for a conditional use permit to allow for a 120-room hotel in the mixed-use tower. This project would rise to 28 stories and include a parking garage with 1,200 spaces. The development program would include 300 residential units evenly divided between market rate and affordable. The plan also calls for nearly 17,000 square feet of retail space on the first two floors.
The proposed Green Tower (sometimes referred to as Tribute Tower) would introduce the city’s first Marriott branded apartments and also would use Live Local to bypass the rezoning requirement for the industrial property.
Green previously told GrowthSpotter the tower would offer apartment living with hotel amenities and a host of other commercial uses, including a private social club on the 32nd floor, a two-story restaurant and entertainment concept, a business incubator, a lounge, a coffee shop and a small grocery store. The development plan calls for 500 residential units, 300 of which would be rent-restricted affordable units.
The Live Local Act allows developers to build multifamily housing on land with commercial and industrial zoning without rezoning if they reserve 40% of the units for affordable housing.
The project is getting some pushback from city planners. In staff comments, the planners say many of the proposed recreational uses, such as the social club, bars and lounges, are not allowed in the I-G zoning district and would have to be removed. Also, the proposed retail and commercial space exceeds the 10% threshold allowed in the industrial zoning category. This is why most developers rezone to build mixed-use projects like what Green has proposed.
Source: GrowthSpotter
J.R. Horan is Principal at Red Fox Construction.
J.R. started his business last year after serving in various roles within the construction industry over the course of the last 19 years.
Red Fox Construction focuses on commercial and industrial construction.
Some of the types of projects that he targets include office buildings, healthcare, restaurants, warehousing, cold storage facilities, manufacturing facilities, production lines, and several others.
J.R. can be reached at jr@redfoxfl.com.
Standard Real Estate Investments is making an equity investment in the Apopka Business Center via its $150 million investment vehicle.
Located at 444 Hermit Smith Rd. on a 79-acre industrial site in the Apopka submarket of Orlando, the project will be developed by developer Trammell Crow Company and include three buildings. The first phase of Apopka Business Center is expected to be completed in 1Q 2025.
The first phase of the Apopka Business Center will consist of two shallow-bay, 32-foot clear, rear-load buildings totaling 267,000 square feet. The layout will provide flexibility for a variety of tenants, with the ability to build office spaces on the end caps, as well as in-line. The shell building is being delivered with storefronts in place and will be able to serve tenants as small as 20,000 square feet. The second phase of the park has the flexibility to accommodate a fully permitted 450,000-square-foot build-to-suit tenant, or can be repositioned for two shallow-bay buildings.
Source: ConnectCRE
Basis Industrial closed on the purchased of the 96,810-square-foot Global Business Center, a multi-tenant industrial property located at 5776, 5790 and 5818 Hoffner Avenue in Orlando near Orlando International Airport for $19.5 million.
The transaction closed on March 22.
Basis President/COO Anthony Scavo and Head of Acquisitions Ahmad Elayyan represented the company in the off-market transaction.
Nick Hanson and Nick Ledvora of LH Capital Partners and Bill Bywater of The Bywater Company represented seller Jun Tagami.
Reinsurance Group of America (RGA) is providing financing for the purchase. Current tenants include MicroGenDX, Leak Testing, Sherwin Williams, Innova, US Army, V12 Promotions, CreditMax, and more.
Basis’ planned renovations to the property include roof maintenance and replacement, exterior upgrades and improvements, interior suite renovations, CCTV, and signage for BaySpace, the property management arm of Basis Industrial.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida.
The purchase represents Basis’ continued expansion into the Orlando market. In December 2022, the company purchased the 196,000-square-foot multi-tenant industrial flex space next door, formerly known as the Orlando International Business Center, for $36.5 million. This will bring Basis’ total holdings in the Orlando Metropolitan Statistical Area (MSA) to over 1.5 million square feet.
“We are very happy to expand further into the Orlando market,” said Scavo. “The Global Business Center has been under the same ownership for 30 years and has never been marketed for sale. Along with the former Orlando International Business Center which we purchased in 2022, we are excited to own these two side-by-side properties. We plan to continue expanding in and around Orlando.”
Additional Orlando-area properties that Basis has previously purchased include:
Orlando-based CTO Realty Growth acquired the Marketplace at Seminole Towne Center, a 318,000-square-foot multi-tenant retail power center in Orlando, for a purchase price of $68.7 million, equating to approximately $216 per square foot.
CTO Realty Growth’s John P. Albright adds, “Seminole Towne Center provides a stable income stream and growth potential, and due to its prime location and strong community ties, we see attractive potential upside from below-market rents. We believe we acquired the property below replacement cost.”
The property is 98% occupied and is anchored by Burlington, Marshalls, World Market, Petco, Ross Dress for Less, Old Navy, Ulta Beauty, and Five Below. Seminole Towne Center is situated on 41 acres along I-4 and SR 417, just over 20 miles north of downtown Orlando.
The company purchased the property through a 1031 like-kind exchange using $24.1 million of restricted cash generated from the company’s previously completed property dispositions, as well as available cash and draws from the company’s unsecured revolving credit facility.
SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala.
The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa.
Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.
Source: RE Business
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