Florida

NREA, Catalyst Acquire Two National Healthcare Portfolios Totaling 1.2 MSF

by Taylor Williams January 17, 2022

WASHINGTON, D.C. AND PENSACOLA, FLA. — A joint venture between Washington, D.C.-based National Real Estate Advisors (NREA) and Florida-based Catalyst Healthcare Real Estate has acquired two national healthcare portfolios totaling approximately 1.2 million square feet Together, the portfolios comprise 40 properties across 13 states, the majority of which are located in Sun Belt markets. At the time of sale, the portfolios had a combined occupancy rate of 92 percent. Of that 1.1 million square feet of occupied space, about 88 percent is leased to regional healthcare systems and physician groups. The acquisition and recapitalization represent a total investment of approximately $420 million. The sellers were also not disclosed. “These transactions underscore our commitment to investing in highly competitive, diverse markets that seek to generate long-term, healthy returns for our clients,” says Jeffrey Kanne, president and CEO of NREA. “This acquisition not only significantly scales our medical office portfolio but furthers our geographic diversification.” “Our joint venture strives to positively impact healthcare delivery by investing strategic capital with a partnership-like mentality,” adds Chad Henderson, founder and CEO of Catalyst. “The closing of the portfolios was a significant first step for our joint venture and paves the way for the future of …

January 17, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $97.5M Sale of Apartment Community in Orlando

by Julia Sanders January 13, 2022

ORLANDO, FLA. — Berkadia has arranged the sale of West Vue, a 442-unit, garden-style apartment community in Orlando. A joint venture between New York-based Phoenix Realty Group and Prospect Capital acquired the property for $97.5 million. Matt Wilcox, Brett Moss, Tyler Swidler and Cole Whitaker of Berkadia represented the Jacksonville-based seller, RISE: A Real Estate Co. Built in 2021, West Vue offers one-, two- and three-bedroom floorplans with units ranging from 759 square feet to 1,369 square feet. Unit features include nine-foot ceilings, wood-plank style flooring, pendant lights, stainless steel appliances, granite countertops, center island with breakfast bar seating, side-by-side refrigerators, walk-in closets, walk-in showers, dual vanities, full-sized washer and dryers, balconies and screened-in patios. Community amenities include two swimming pools with sun shelves and private cabanas, a 24-hour clubhouse with Wi-Fi, media and game lounge, rentable private offices and study spaces, 24-hour fitness center, yoga studio, courtyards, dog park, children’s playground and a summer kitchen with grills. The property was 65.2 percent occupied at the time of sale. Located within the 1,800-acre master-planned MetroWest community, West Vue is situated close to Walgreens, 24 Hour Fitness, Wawa and an under-construction Bravo grocer. Located at 5915 Raleigh St., the property is …

January 13, 2022

Florida Industrial Loans Southeast

JLL Secures $73.4M Loan for Five-Property Portfolio in South Florida

by Julia Sanders January 13, 2022

MIAMI — JLL Capital Markets has secured a $73.4 million refinancing loan for a five-property industrial portfolio totaling 713,481 square feet in Doral, Medley, Miami and Cooper City. Greg Nalbandian, Jim Cadranell, Maxx Carney and Michael Lachs of JLL arranged the loan on behalf of the borrower, metro Philadelphia-based Seagis Property Group LP. An undisclosed correspondent life insurance company provided the 10-year, fixed-rate, interest-only loan. The 12-building portfolio includes Class A and B properties located at 8305 NW 27th St. in Doral; 8150 NW 76th St. and 2101 NW 82nd St. in Medley; 3000 NW 125th St. in Miami; and the nine-building Cooper Commerce Center located at 2229-12260 SW 53rd St. and 12323 SW 55th St. in Cooper City. The portfolio was 99 percent leased at the time of the financing to 67 tenants. All the buildings feature efficient loading and clear heights ranging from 21 to 24 feet.

January 13, 2022

Development Florida Retail Southeast

St. Joe Co. Breaks Ground on 350,000 SF Shopping Center in Panama City Beach, Florida

by Julia Sanders January 13, 2022

PANAMA CITY BEACH, FLA. — St. Joe Co. has broken ground on Watersound West Bay Center, a 350,000-square-foot shopping center development located on an approximately 110-acre site in Panama City Beach. The project will include a mix of retail, restaurant, office and medical space. Site work on Watersound West Bay Center is underway, with vertical construction slated to begin in the fall. St. Joe Co. plans to build the project to feature golf cart and pedestrian connectivity. Other plans include mixed-use buildings with first floor shopping and dining options and second floor office space, as well as a grocery store and pharmacy. Located near the intersection of State Road 79 and West Bay Parkway, Watersound West Bay Center is situated adjacent to the Latitude Margaritaville Watersound community, an active adult community that at full buildout will comprise 3,500 homes.

January 13, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $48.8M Refinancing for Multifamily Community in Santa Rosa Beach, Florida

by Julia Sanders January 12, 2022

SANTA ROSA BEACH, FLA. — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit multifamily community in Santa Rosa Beach. Steve Beltran of Lument led the loan transaction on behalf of the borrower, an affiliate of Hunt Cos. The loan features a 10-year term, 30-year amortization schedule and a low fixed interest rate with 60 months of interest-only payments. The loan is a refinance of an existing HUD loan. Sanctuary at 331 features 11 buildings on nearly 32 acres. The apartment property offers one- and two-bedroom floorplans with features such as stainless steel appliances, private patios and in-unit washers and dryers. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, a dog park and garage storage units. Cushman and Wakefield manages the property, which was 97 percent occupied at the time of the loan transaction.

January 12, 2022

Acquisitions Florida Hospitality Southeast

Berkadia Brokers Sale of 95-Room Hotel Indigo Sarasota

by Julia Sanders January 12, 2022

SARASOTA, FLA. — Berkadia Hotels & Hospitality has brokered the sale of Hotel Indigo Sarasota, a 95-room hotel located in Sarasota. Preston Reid and Michael Weinberg of Berkadia Hotels & Hospitality represented the seller, Peachtree Hotel Group. The sales price was not disclosed. Additionally, Michael Weinberg and Wyatt Krapf of Berkadia Hotels & Hospitality secured an undisclosed amount of acquisition financing on behalf of the borrower, Avistone. The lender, Access Point Financial, provided the three-year, adjustable-rate loan. The new owner will be using the proceeds to renovate and convert the hotel into one of IHG’s new upscale lifestyle brands. Located at 1223 Boulevard of the Arts, Hotel Indigo Sarasota features 64 king-bedrooms, 19-double queen rooms and 12 king suites. Hotel amenities include onsite dining area and meeting and conference facilities. The hotel is located three miles from Sarasota Bradenton International Airport.

January 12, 2022

Acquisitions Florida Retail Southeast

SRS Negotiates Sale of Edgewood Isle Shopping Center in Metro Orlando for $7.5M

by Julia Sanders January 12, 2022

EDGEWOOD, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $7.5 million sale of Edgewood Isle, a 78,647-square-foot, multi-tenant neighborhood retail center located in Edgewood. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, an entity doing business as Dundurn USA Inc. LLC, in the transaction. Salim Valiani of Marcus & Millichap represented the buyer, an Orlando-based entity managed by Marcus & Millichap. Edgewood Isle is anchored by Dollar Tree, and has tenants including Cornerstone Hospice, Pizza Hut and Pinch-A-Penny: Pool, Patio and Spa. The shopping center is situated roughly five miles south of the downtown area, four miles from Orlando International Airport and six miles from Universal Orlando Resort. The property also has proximity to major highways, such as the Florida Turnpike and the Beachline Expressway.

January 12, 2022

Acquisitions Florida Multifamily Southeast

JLL Arranges $84.7M Sale of Multifamily Community on Florida’s Space Coast

by Julia Sanders January 11, 2022

WEST MELBOURNE, FLA. — JLL Capital Markets has arranged the sale of The Haven at West Melbourne, a three-story, garden-style multifamily community located in West Melbourne. JT Capital purchased the Space Coast property for $84.7 million. Ken Delvillar and Jay Ballard of JLL represented the seller, Irvine, Calif.-based Passco Cos., in the transaction. Melissa Marcolini Quinn, Lee Weaver, Rob Rothaug and Emily Moallem of JLL represented the borrower in arranging an undisclosed amount of debt and equity financing for the acquisition. The Haven at West Melbourne includes 13 buildings total, and offers one-, two- and three-bedroom floorplans with an average unit size of 1,164 square feet. Unit features include full-sized washers and dryers, walk-in closets, window coverings, nine-foot ceilings, hardwood-style vinyl flooring, granite countertops and private balconies or sunrooms. Community amenities include a pool and sundeck, outdoor gourmet kitchen, fitness center, business center, children’s play park, billiards room, sand volleyball court, dog park and a car care center. Located at 4550 Explorer Drive, the property is situated close to employers including L3Harris, Collins Aerospace, Northrop Grumman, Patrick Air Force Base, Lockheed Martin and Blue Origin. The property is also situated 5.3 miles from downtown Melbourne, 3.4 miles from the Florida …

January 11, 2022

Acquisitions Florida Retail Southeast

RK Centers Acquires Retail Property in Davie, Florida for $28.7M

by Julia Sanders January 11, 2022

DAVIE, FLA. — Sunny Isles Beach, Fla.-based RK Centers has acquired Lakeside Town Shops, a 79,746-square-foot retail property in Davie. The sales price was $28.7 million, or $361 per square foot. An entity known as Lakeside Town Shops LLC, which is managed by Columbia, S.C.-based Edens, was the seller. Dennis Carson of CBRE represented the seller and the buyer in the transaction. Lakeside Town Shops features three buildings on 10.3 acres. The property was 98 percent leased at the time of sale to 25 tenants, including Dollar Tree, Ross Dress for Less, Target SuperCenter and Chick-fil-A. Located at 5800 South University Drive, the property is situated 9.1 miles from Hollywood, 24.7 miles from Miami Beach and 7.6 miles from Miami Gardens. Lakeside Town Shops is also located 23.9 miles from Miami International Airport and 33.3 miles from the University of Miami.

January 11, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Arranges $76.9M Sale of Multifamily Property in Gainesville, Florida

by Julia Sanders January 7, 2022

GAINESVILLE, FLA. — Rosewood Realty Group has arranged the $76.9 million sale of Evergreen Uptown Village, a 322-unit multifamily development in Gainesville. The property sold for $238,975 per unit. Jay Weiner of Rosewood Realty Group represented both the buyer, West Shore, and the seller, Evergreen Residential LLC, both of which are based in Boston. Built in 2004, Evergreen Uptown Village is a three-story property with a total of 478,542 square feet. The property offers one-, two- and three-bedroom floorplans with a unit size range of 810 to 1,606 square feet. Community amenities include a pool, fitness center and 450 outdoor parking spots, as well as 7,700 square feet of retail space on the ground level featuring a hair salon and a vacant restaurant. Located at 3780 NW 24th Blvd., the property is situated 5.1 miles from downtown Gainesville and about four miles from the University of Florida campus.

January 7, 2022

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