Florida’s real estate market continues to attract significant institutional capital, evidenced by a series of substantial portfolio acquisitions across retail, industrial, and multifamily sectors. These transactions underscore the state’s enduring appeal to investors seeking growth and stable returns in dynamic economic environments.
Key Takeaways
- Robust Retail Activity: A 10-property open-air retail portfolio spanning Florida and South Carolina, totaling approximately 1.04 million square feet, was acquired for $395.5 million by 11North Partners and Bain Capital.
- Multifamily Resurgence: Excelsa Properties has re-entered the Florida market with the acquisition of The Drake at St. Pete, a 477-unit garden-style apartment complex, signaling continued interest in the state’s residential sector.
- Industrial Sector Growth: The Silver Star Commerce Center, an eight-property industrial park in Orlando, was sold for $36.5 million, highlighting ongoing demand for logistics and industrial spaces.
- Strategic Partnerships: Joint ventures, such as the one between CARROLL and Osso Capital, are actively expanding their Florida footprints, acquiring significant multifamily assets like Crosswynde Apartments in Tampa.
Retail Sector Strength
The recent $395.5 million sale of a 10-property open-air retail portfolio, encompassing over one million square feet across Florida and South Carolina, demonstrates the robust investor appetite for well-located retail assets. The portfolio, which includes prominent properties like Plantation Promenade and Sawgrass Square, boasts a high occupancy rate of 91.6% and is situated in affluent areas with strong demographic profiles. This transaction, facilitated by JLL Capital Markets, highlights the demand for high-quality retail centers with stable tenancy.
Multifamily Market Dynamics
Excelsa Properties has made a significant return to the Florida multifamily market with the acquisition of The Drake at St. Pete, a 477-unit property. This move follows their previous successful exit from the state, indicating a strategic approach to value-add opportunities. The company plans to invest $8 million in upgrades to enhance amenities and unit interiors. The acquisition underscores the appeal of Florida’s growing metropolitan areas, such as the Tampa Bay region, for multifamily investments.
Industrial and Multifamily Expansion
In the industrial sector, the Silver Star Commerce Center, a 254,915-square-foot, eight-property industrial park in Orlando, was sold for $36.5 million. This transaction, also handled by JLL Capital Markets, points to the continued strength and demand within Florida’s industrial and logistics market. Meanwhile, CARROLL and Osso Capital expanded their multifamily presence in Tampa with the acquisition of Crosswynde Apartments, adding 326 units to their portfolio. This joint venture plans renovations to further enhance the property’s appeal, reflecting a broader trend of institutional investors actively growing their holdings in Florida’s thriving housing market.
Sources
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- Excelsa reenters Florida with a 477-unit acquisition, Multifamily Dive.
- CARROLL and Osso Capital Add More Than 300 Units to Florida, GlobeNewswire.
- Silver Star Commerce Center trades for $36.5M in Florida, JLL.
