Commercial real estate activity across Florida is spanning brokerage, banking and advisory platforms, with new initiatives and transactions underscoring the depth of the region’s market. One long-established residential brokerage is formalizing its role in the commercial arena, national and regional firms are facilitating retail investment trades, and lenders are backing experiential concepts tied to tourism corridors.
Illustrated Properties, a firm with more than five decades of real estate experience, has launched a dedicated Commercial Real Estate Division. The platform is led by Director of Commercial Real Estate Shane McCain, who is described as a widely recognized figure in the South Florida commercial real estate community. The new division will handle a broad spectrum of property types, including office, retail, industrial, multifamily, land, hospitality and medical assets, signaling a more formal focus on commercial services within the organization.
On the investment sales front, Marcus & Millichap brokered the sale of Miami Gardens Center, a two-building, 52,000-square-foot retail property in Miami-Dade County. The center, located at 4880 NW 183rd St. and built in 2006, traded for $11.1 million. The asset was fully leased at the time of sale. Marcus & Millichap’s Kirk Olson and Drew Kristol exclusively marketed the property on behalf of the seller, Freshwater Group, and also secured the buyer, Golden Horizon Terryville Corp, based in Hallandale Beach, FL.
In the advisory and services segment, JLL has added Andrew Frey as a Managing Director on its South Florida team. Frey previously served as Head of Real Estate for the City of Miami. In his new role, he will focus on public-sector clients and private-sector organizations that work closely with the public sector, including government bodies, transportation agencies, higher education institutions and healthcare providers. JLL noted that Frey will draw on his industry experience and relationships to support the firm’s growth across the region’s real estate landscape.
On the financing side, Ocean Bank has provided a $15 million loan for a new PopStroke recreation center that is under construction on International Drive. The borrower is JCS IDRIVE LLC. Planned for a 5.1-acre site at 8580 International Drive, the project will feature three 18-hole miniature golf courses, restaurants, an outdoor gaming area, a children’s playground and a pond. The PopStroke restaurant is designed for 330 seats, while an on-site Dune Dog restaurant will add another 175 seats. The development replaces the former Pirate’s Cove Adventure Park and is expected to be the third PopStroke location in the Orlando area and the 10th in Florida, reflecting ongoing investment in entertainment-oriented retail and leisure concepts.
