Florida’s dynamic real estate market continues to attract significant investment, with several high-profile transactions and financings recently closing across the state. From retail centers and office complexes to industrial facilities and multifamily portfolios, these deals highlight the ongoing demand for diverse commercial properties in the Sunshine State.
Key Takeaways
- Significant commercial real estate transactions are occurring across Florida, involving retail, office, industrial, and multifamily sectors.
- Major players like JLL Capital Markets and CBRE are facilitating these deals, arranging sales and financing.
- Properties are being acquired by a mix of established investment firms and new entrants to the Florida market.
- Strategic locations, strong tenant occupancy, and favorable market fundamentals are key drivers for these acquisitions.
Retail Sector Activity
Jacaranda Plaza, a 175,084-square-foot Publix-anchored neighborhood shopping center in Plantation, Florida, has been sold. JLL Capital Markets represented the seller, a joint venture between Epic Real Estate Partners and Heitman, in the transaction to Core Investment Management. JLL also arranged the acquisition loan for the new owner through U.S. Bank. The center boasts a strong tenant mix, including Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, and benefits from a prime location with high daily traffic counts.
Office Market Transactions
In Coral Gables, the two-building, Class A office complex known as The Alhambra has completed its sale and financing. JLL Capital Markets represented the seller, DWS Group, in the disposition to a venture comprising Lone Star Funds, Square2 Capital, and Highline Real Estate Capital. JLL also secured the acquisition loan for the buyer from Rialto Capital Management. The 87% leased property, featuring a mix of tenants from education, consulting, engineering, legal, and finance sectors, is strategically located near Miami International Airport and downtown business districts.
Industrial Property Sale
Interstate Commerce Center, a 211,547-square-foot industrial facility in Fort Pierce, Florida, has been sold. JLL Capital Markets represented the seller, JBL Asset Management and Avenue Property Group, with Invesco Real Estate acquiring the fully leased property. The Class A warehouse complex offers excellent highway connectivity, situated less than a mile from Florida’s Turnpike and Interstate 95, providing access to a large consumer base within a two-hour drive.
Multifamily Portfolio Acquisition
Westlight Capital has made its inaugural acquisition by purchasing a six-property, 1,432-unit multifamily portfolio in Gainesville, Florida, for $162 million. Jubeen Vaghefi and Denny St. Romain of CBRE represented the seller and arranged the acquisition loan for Westlight Capital, a West Palm Beach-based private real estate investment firm.
Sources
- Core Investment Management acquires Jacaranda Plaza from Epic Real Estate Partners, JLL.
- JLL closes sale and financing of The Alhambra, JLL.
- JLL closes sale of fully leased Fort Pierce industrial property, JLL.
- Westlight Capital Buys Six-Property Florida Portfolio for $162 Million, Multifamily & Affordable Housing Business.