Tampa CRA spends $4 million to convert workforce apartments

Naples

Retail building sold by Hoffmann is resold

One of the buildings sold when The Hoffmann Family of Cos. cashed out on a 27-property Naples portfolio has once again changed hands. The retail building is at 375 13th Ave. S. Hoffmann sold it to M Development in October 2023 for $2.9 million as part of an $186 million portfolio sale. The package included 12 buildings on Fifth Avenue South, nine on Third Street South and six off U.S. 41 in Naples. Aspen, Colorado-based M Development has now sold the 375 13th Ave. S. property to a Commerce Township, Michigan LLC for $6.8 million, according to Collier County property records. Family-owned Hoffmann has offices in Naples, St. Louis and Chicago and owns more than 125 companies with 400 locations in 30 countries. It began buying properties in Naples again two years after the big sell off.

Tampa

CRA invests $4 million in project

The Tampa Community Redevelopment Agency has invested $4 million to bring more affordable housing units to the city’s downtown. The CRA says the money supports the conversion of 22 units within The Residences at 801 East Whiting Street, a newly built 104-unit apartment community, into workforce housing. The units will be available to households earning between 80% and 140% of the Area Median Income, or a single-income household making between $64,250 and $112,420. They will be dedicated to affordable housing for 50 years. The units are mostly studios, though the CRA says three are one-bedroom apartments with private balconies and views of the city.

Financial firm expands footprint

J.W. Cole Financial is growing. The firm has signed a new lease at the Fountain Square Centre in Tampa and is adding 10,000 square feet, bringing its total to 36,000 square feet. CBRE, which represented the landlord, says with the addition, the wealth management firm now occupies 40% of the building at 4301 Anchor Plaza Parkway, near Tampa International Airport. The four-story Class B Fountain Square Centre is part of a five-property office portfolio in Tampa Bay owned by Sunrise-based The Balogh Co. Four of the buildings are fully leased. Balogh bought the building in 2019 for $17.8 million, according to Hillsborough County property records. CBRE’s Kyle Chaikin and Nicole Grzywacz represented the landlord, Continental Fidelity Corp., which is part of Balogh.

Largo

Industrial buildings sell for $23.5 million

Bromley Industrial Partners, a Tampa real estate investment firm, has bought a two-building, 200,000-square-foot industrial complex in Pinellas County. The company paid $23.5 million for the property at 14450 and 14480 62nd St. N. in Largo. BankUnited provided the acquisition financing, which was arranged by Colliers Debt & Structured Finance. Details of the loan were not disclosed. Bromley, a division of Bromley Cos., the developer of Midtown Tampa, says in a statement that the purchase is its largest in the region and a part of the firm’s approach to growing its industrial footprint in the state. Its strategy focuses on “supply-constrained urban infill industrial assets that support last-mile distribution, local manufacturing and essential service businesses, particularly tenants with location-dependent operations and long-term occupancy needs.” According to the statement, it is targeting a portfolio of 20 to 30 industrial properties. As for the complex, it is north of Ulmerton Road and off U.S. Highway 19. According to Colliers, which represented the seller, the property was 75% occupied at the time of sale, with about 51,000 square feet of space vacant. The largest tenant is Costa Custom Boats, which occupies more than 54,000 square feet across both buildings. The seller is a partnership between Blue Steel Development and Dubuque Capital. County records show the property sold in 2019 for $7.8 million. Before that, it was owned by Pinch A Penny Pool Supplies. Colliers' Robyn Hurrell and Kyle Kidd represented the seller in the transaction. Colliers Debt & Structured Finance's Nathan Lynch and Mike Sogluizzo worked on the financing.

Manatee

Image courtesy of LQ Commercial Real Estate

Investor pays $2.6 million for Manatee building

An Orlando investor named National Foundation Group LLC has bought a fully leased industrial building in Manatee County. The property is at 6720 33rd St. E. near Whitfield Avenue and U.S. Highway 301. LQ Commercial Real Estate, which represented the seller and announced the deal, says the sales price was $2.56 million. The single-tenant building is 14,400 square feet and sits on 1.22 acres. Details of what type of business National Foundation Group LLC is in weren’t immediately available online. The company’s address, however, matches that of a small office building in Orlando in the state’s Division of Corporation database. Orange County property records show that the property at 58 W. Compton Ave. is owned by a car dealership named Multinational Sales & Leasing Corp. The state records also show the same person, Moselly Fernandez, is president of both companies. LQ’s Mike Concilla and Nick Matson represented the seller, a Naples LLC that paid $1.46 million for the building in 2018.

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