Florida

Berkadia Secures Refinancing for San Marco East Plaza in Jacksonville

by Julia Sanders July 9, 2021

JACKSONVILLE, FLA. — Berkadia has secured the refinancing of San Marco East Plaza, an office and retail park in Jacksonville. Rebecca Van Reken and Alec Fox of Berkadia’s Orlando office secured the financing on behalf of the owner, Prescott Group. The Dallas-based borrower took ownership of San Marco East Plaza via foreclosure in March 2019, following the purchase of a defaulted $52 million note. Prescott Group completed a capital improvements plan that included new roofs, new green spaces and enhanced lighting. In 2020, RF Smart moved its headquarters to the property, which brought occupancy up to 94 percent. Then in March, Prescott completed the sale of the former Jacksonville Ice and Sportsplex to the Jacksonville Iceman and local investors who plan to spend over $11 million to renovate the ice center to a modern rink and training facility known as the “Igloo.” Other tenants at San Marco East Plaza include Baptist Health Wells Fargo, First American Title, Excel Church and The Edge Rock Gym. San Marco East Plaza features parking and outdoor green spaces with weekly food trucks offering lunches for office tenants. Berkadia secured the fixed-rate, non-recourse loan with Florida-based City National Bank. The property had previously been encumbered …

July 9, 2021

Acquisitions Florida Industrial Southeast

Colliers Brokers $19M Sale of Park Center Industrial Complex in Orlando

by Julia Sanders July 8, 2021

ORLANDO, FLA. — Colliers International has brokered the sale of Park Center, a 200,400-square-foot industrial complex in Orlando. The Geneva Group, a real estate investment and property services firm based in Deerfield Beach, Fla., has purchased the property for $19 million. A private investor group doing business as Park Center Properties LLC was the seller. Park Center, which was fully leased at the time of sale, is located west of North John Young Parkway and north of Lake Breeze Drive, in Orlando’s Northwest Orange submarket. The transaction included eight parcels with a total of 16.7 acres. In addition to one vacant lot, the property includes six single-story small bay warehouses and one dock-high warehouse and assembly building. Geneva Group has begun on renovations of Park Center, including new paint and roofs, enhanced lighting, a parking lot overlay and new signage. Park Center was leased to 44 tenants at the time of the sale to predominantly local and regional businesses. Joe Rossi and Nick Hanson of Colliers brokered the transaction. With the acquisition of Park Center, Geneva Group now owns 631,352 square feet of industrial space in Central Florida.

July 8, 2021

Florida Loans Multifamily Southeast

CBRE Secures $39M HUD-Insured Refinancing for Integra 289 Exchange Apartments in DeBary, Florida

by Julia Sanders July 8, 2021

DEBARY, FLA. — CBRE has secured the refinancing for Integra 289 Exchange, a 289-unit multifamily property in DeBary. The borrower, Integra Land Co., completed the project in 2020 after closing a HUD 221(d)(4) construction loan in 2018. The $39 million refinancing will allow Integra Land to save over $285,000 in annual debt-service payments with the interest rate reducing from 4.80 percent loan to 3.80 percent. Ann Cone and David Borge of CBRE originated the new HUD loan. Located at 115 Integra Reserve Lane, Integra 289 Exchange includes one-, two- and three-bedroom apartments. Rents ranges from $1,235 to $1,795 per month and units range in size from 639 to 1,300 square feet. The property is 97 percent occupied. Community amenities include a clubhouse, saltwater pool, fitness center and pet park. Interior finishes on the apartments include granite countertops, standalone islands and breakfast bars and a full appliance package, including microwaves and washers/dryers in each unit.

July 8, 2021

Florida Loans Multifamily Southeast

Trez Capital Provides $64.7M Construction Loan for Elevate Apartments in South Florida

by Julia Sanders July 7, 2021

DANIA BEACH, FLA. — Trez Capital has provided a $64.7 million loan to help fund construction of Elevate Apartments, a 293-unit, mid-rise multifamily community underway in Dania Beach. Miami-based Royal Palm Cos. is the developer for the project. The project is slated for completion in two years. The financing provided was a non-recourse, three year term loan. Located at 600 E. Dania Beach Blvd., Elevate will have studio, one- and two-bedroom units ranging in size from 700 square feet to 1,000 square feet. Community amenities will include a pool deck, fitness center and storage space for water sports equipment. Ben Jacobson of Trez Capital’s Palm Beach office originated the loan on behalf of Royal Palm Cos. Trez Capital is funding residential and multifamily developments throughout Florida. In February 2021, the company financed a $70 million construction loan for Block 40, a rental building totaling 273 units in nearby Hollywood.

July 7, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Brokers $4.8M Sale of Medical Office Property in Miami

by Julia Sanders July 7, 2021

MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.

July 7, 2021

Acquisitions Florida Multifamily Southeast

CBRE Brokers $26.1M Sale of Pinebrook Apartment Homes in Jacksonville

by Julia Sanders July 2, 2021

JACKSONVILLE, FLA. — CBRE has brokered the sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in Jacksonville. Bella Property LLC acquired the property for $26.1 million, or $125,481 per unit. Cliff Taylor and Joe Ayers of CBRE represented the seller, an entity doing business as Pinebrook CE Partners LLC, in the transaction. Originally built in 1974, Pinebrook is located at 7500 Powers Ave. and features 13 apartment buildings and one clubhouse. The apartment community is situated 7.7 miles from downtown Jacksonville and 34 miles from St. Augustine. Pinebrook has had improvements completed to the property over the past 18 months, including renovations to the exterior and unit interiors.

July 2, 2021

Acquisitions Florida Office Southeast Top Stories

CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

by Jeff Shaw July 1, 2021

MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …

July 1, 2021

Acquisitions Florida Office Southeast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Development Florida Multifamily Southeast

Jefferson Apartment Group Completes 264-Unit Apartment Community in Orlando

by Julia Sanders June 30, 2021

ORLANDO, FLA. — Jefferson Apartment Group has opened Jefferson Sand Lake, a 264-unit apartment complex in Orlando. The multifamily community was developed in partnership with Germantown, Tenn.-based MAA, a publicly traded REIT and owner-operator of apartments. Jefferson Sand Lake is a lakefront property with views of Mirror Lake and Big Sand Lake. Community amenities include a heated pool, outdoor cabanas and sun shelves, a covered outdoor terrace with lounge seating and entertainment space, two fire pit lounges, grilling areas and a clubroom featuring a poker table and billiards. Additional amenities include a business center, conference room, two micro-offices, fitness center, onsite dog park, pet spa, covered garages, electric vehicle charging stations, 24/7 package locker system and a zen garden. The apartment complex has a mix of one-, two- and three-bedroom apartments. Each unit features stainless steel appliances, granite countertops, ceramic tile backsplash, pantries with adjustable shelving, walk-in closets, a full-size washer and dryer, ceiling fans, screened patios/balconies, linen closets and bathrooms with glass enclosed showers and double vanity options. The gated community is already 30 percent leased.

June 30, 2021

Acquisitions Florida Multifamily Southeast

Franklin Street Negotiates $56M Sale of Multifamily Community in Tampa Bay Area

by Julia Sanders June 29, 2021

ST. PETERSBURG, FLA. — Franklin Street has negotiated the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg. The property sold for $56 million, or $108,317 per unit. Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties LLC. Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Community amenities include onsite professional management and maintenance, a tennis court, fenced playground area, dog park and a swimming pool and sundeck. Located at 1900 55th Ave. South, the community is situated in south St. Petersburg, and is close to Interstate 275 and U.S. Highway 19. The apartment complex is 5 miles from downtown St. Petersburg, 7.5 miles from St. Pete Beach and 28 miles from Tampa. Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974. Axonic Properties also currently owns and operates the adjacent 240-unit apartment community known as …

June 29, 2021

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