Florida

Crunch Fitness

LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.

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South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth. Demand for multifamily rentals will increase post COVID-19 as South Florida becomes a hotbed of population growth from people migrating from other states due to the business-friendly environment and tele-workers who are choosing South Florida as their new home. In fact, household formations in South Florida are expected to increase more than 44,000 each year over the next five years. Assuming this projection materializes, at 60 percent homeownership rate (consistent with historic homeownership rates) represents over 17,000 new renters per year in South Florida. Investment sales skyrocket In the span of less than 12 months, the South Florida multifamily market went from near-record sales activity to virtually none before rebounding again to close the year. Last year ended with 254 multifamily sales totaling $3.1 billion. Despite almost six months of virtually no investment activity from April through September, total sales volume was …

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Venice property

MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …

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Soleste Bay Village

PALMETTO BAY, FLA. — The Estate Cos. has sold Soleste Bay Village, a five-story residential community located at 18301 S. Dixie Highway in Palmetto Bay. Dallas-based Westdale Real Estate Investment and Management acquired the 213-unit property for approximately $58.3 million. Built in 2020, Soleste Bay Village was approximately 98 percent occupied at the time of sale. The community includes a mix of studios, one-, two- and three-bedroom units ranging in size from 600 to 1,100 square feet. Units feature modern kitchens, custom cabinetry, quartz countertops, designer lighting and walk-in closets. Community amenities include a resort-style pool with a sundeck and private cabanas, a fitness center with spinning and yoga rooms, spa, children’s playground and dog park. Hampton Bebee and Avery Klann of Newmark represented the seller. Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty represented the buyer. The Estate Cos. is a Miami-based developer, owner and operator of residential communities in South Florida. Soleste Bay Village is the third development the firm has sold to Westdale this year. Recent transactions also include Soleste Alameda for $83 million and Soleste Twenty2 for $97 million, both in West Miami. Led by Robert Suris and Jeffrey Ardizon, Estate Cos. is also …

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Winn Dixie

HIGH SPRINGS, FLA. — SRS Real Estate Partners has brokered the $4.8 million sale of a single-tenant grocery property located at 20303 N US Highway 441 in High Springs, a suburb of Gainesville. The tenant, Winn-Dixie, has more than 27 years of lease remaining at the location. The Winn-Dixie is part of a 57,850-square-foot shopping center. Built in 1985 on 5.2 acres, the tenant roster includes Bealls Outlet, Advance Auto Parts and Cricket Wireless. The seller, an entity doing business as H&R High Springs LLC, sold the property to Kamin Realty LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

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Doral Concourse

DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.

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Tulsa hotel

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

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Davie Shopping Center

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

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Office Building in Celebration

CELEBRATION, FLA. — Hold-Thyssen Inc. has brokered the $1.8 million sale of a 7,435-square-foot, freestanding office building in Celebration. Martin Forster of Hold-Thyssen brokered the transaction on behalf of the seller, an entity doing business as 1216 Patrick Street LLC. A firm doing business as 1216 SCARF LLC was the buyer, who comprises some leaders of Serving Children and Reaching Families LLC, a woman-owned behavioral health service provider. Located at 1216 Patrick St., the office property was built in 1997 and refurbished in 2017. The buyer has leased the one-story building since October 2017 and decided to take advantage of current low interest rates. One Florida Bank provided an acquisition loan that was originated internally by Shane McCutchen. Florida First Capital Finance Corp.’s John Hanrahan arranged a mezzanine loan insured by the U.S. Small Business Administration (SBA).

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The Ray Hotel

DELRAY BEACH, FLA. — ACRES Capital Corp. has provided a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a new hotel located at 233 NE 2nd Ave. in Delray Beach. The property is a member of the Curio Collection by Hilton brand of hotels. The loan was provided to sponsor Menin Development Inc., a real estate development firm. The Ray Hotel Delray Beach is slated to open at the beginning of September 2021. Ray Hotel will span 141 rooms and four stories. The property’s amenities will include a 20,000-square-foot rooftop with an outdoor pool, restaurant and bar. In total, the hotel will also offer more than 45,000 square feet of indoor and outdoor event space. Additionally, the property will also include a 3,590-square-foot event space called The Cube, which will be used for weddings, charity functions, parties and other major events. Additional food and beverage options will include a restaurant, as well as a lobby bar and coffee bar. Other amenities will feature a fitness room, valet laundry, shuttle service to the beach and a private beach section for hotel guests. Ray Hotel is located 0.4 miles from the Delray Beach and approximately two blocks north of …

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