JACKSONVILLE, FLA. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent of essential, full-service restaurants paid May rent. Additionally, other tenants in Regency’s portfolio, including soft goods, personal service providers and fitness centers, paid at a 28 percent rate. In April, every rent rate by category was higher than May. Regency said that as of May 31, approximately 75 percent of its tenants were open for business across the 408-property portfolio.
ORLANDO, FLA. — Westside Capital Group has purchased The Residences at Veranda Park, a 150-unit multifamily community in Orlando, for $45 million. The five-story building was built in 2008. The property offers one-, two- and three-bedroom floor plans averaging 1,239 square feet. Communal amenities include two fitness centers, two spas, a clubhouse, 482 parking spots and 48,385 square feet of commercial leasable space on the ground floor. Westside Capital aims to update common areas and perform targeted management initiatives. Evan Kristol, Jason Hague and Duane Anderson of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed. Additionally, Charles Foschini of Berkadia originated a $31.5 million Freddie Mac acquisition loan on behalf of the buyer.
WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $13.8 million sale of Brandywine Centre I, a 69,954-square-foot office building in West Palm Beach. The three-story property comprises 60,854 square feet of office space and a 9,100-square-foot restaurant outparcel. Notable tenants at the time of sale included Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title. The asset is located at 580 Village Blvd., four miles west of downtown West Palm Beach. Greg Miller, Scott O’Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. John DeMarco of ReMax 5 Star Realty represented the buyer, Palm Beach Business Center GP.
PLANTATION, FLA. — Newmark Knight Frank (NKF) has negotiated the $53.5 million sale of a two-property, 398-unit multifamily portfolio in Plantation. The communities, Hamlet Plantation and The Continental Apartments, are located less than one mile from each other and six miles west of downtown Fort Lauderdale. Each property offers one- and two-bedroom floor plans, and each was recently renovated to include new roofs, paint and impact glass windows. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF represented the seller, Jenco Properties, in the transaction. Canadian investment firm Prism Multifamily Group acquired the assets.
MIAMI GARDENS, FLA. — With sports absent from Americans’ daily lives due to the COVID-19 outbreak, Hard Rock Stadium in Miami Gardens has pivoted to offer a drive-in movie theater. The 65,000-seat stadium is home to the NFL’s Miami Dolphins and college football’s University of Miami Hurricanes. The field will be able to hold up to 230 cars and the open-air theater will host small groups. Events throughout Dolphins’ team history, family-friendly movies and even commencement ceremonies will be shown. Food and beverages can be purchased through an online system and delivered to cars. Those wanting to participate can click here to put their names on an email list for when tickets become available.
ORLANDO, FLA. — DIX Developments LLC will construct University Econ Executive Center, a planned $9 million office campus in Orlando. The property will offer 1,520-square-foot office condos, a 4,640-square-foot medical office building and a 20,000-square-foot spec office building. John Kurtz of Stirling International Real Estate is handling the leasing efforts on behalf of the developer and will target users seeking headquarters space. DIX Developments has nearly completed two of the office condos and is making preparations to break ground on the spec office building. A timeline for completion was not disclosed. The property is located at the corner of Econlockhatchee Trail and University Boulevard, four miles west of the University of Central Florida and 11 miles northeast of downtown Orlando.
ORLANDO, FLA. — Walt Disney World Resorts has submitted a proposal to the Orange County Economic Recovery Task Force to begin reopening the Orlando parks July 11. Pending approval, Magic Kingdom and Animal Kingdom will open July 11 and Hollywood Studios and Epcot will reopen July 15. In an effort to limit large gatherings, parades and nighttime fireworks shows will still be indefinitely unavailable. Additionally, “high-touch” experiences, such as makeovers, playgrounds and character meet-and-greets, will also be temporarily unavailable, though characters will still be in the parks. To limit capacity, Disney will pause new ticket sales so it can focus on guests with existing tickets and reservations. Each guest must register in advance for park entry. A timeline for a vote from Orange County was not disclosed. Furthermore, Walt Disney CEO Bob Chapek said in an interview with ABC News that the company is in daily talks with the NBA to try to get the sports league to finish out its season at the Orlando sports park.
It may be premature for multifamily investors to come off the sidelines and back into the acquisition fray. Still, the outlines of the post-pandemic landscape are growing clearer, and the hour draws near when owners and buyers must consider the buy/sell/hold mathematics of the future. Tampa presents a model for the unique economic factors likely to influence the nationwide multifamily sector. The initial phase of the post-pandemic analysis is likely to focus on the anticipated performance of “growth markets.” This category of metropolitan areas is characterized by a relative dearth of spatial and regulatory barriers to entry, lower land costs and lower business operating costs than the primary markets, as well as a demonstrated ability to support faster sustained employment and population growth than the national average. Historically, growth markets (e.g., Atlanta, Dallas, Phoenix, Tampa) have facilitated volatile real estate cycles, featuring rapid growth during boom times, followed by often painful supply-driven corrections during periods of economic weakness. Apartment capitalization rates discounted the relative riskiness of their NOI streams accordingly, pricing growth market assets to going-in yields 75 basis points or more above comparable assets in the primary markets. The long multifamily bull market of the passing decade altered this …
PALM BEACH GARDENS, FLA. — MHCommercial Real Estate Fund LLC (MHC) and Waterfall Asset Management have acquired Golden Bear Plaza, a 243,000-square-foot office complex in Palm Beach Gardens, for $49.8 million. The three-building campus was 90 percent leased to tenants including AT&T, Otis Elevator Co., Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i at the time of sale. M&T Bank provided acquisition financing for the buyers. This is the first office acquisition in Florida for Waterfall Asset Management, which is based in New York City. Dung Lam, Neil Merin and Jordan Paul of West Palm Beach, Fla.-based NAI/Merin Hunter Codman Inc. formed MHC in November. NAI/Merin Hunter Codman will provide property and leasing management. The seller was not disclosed. Nicklaus Cos. LLC, a development company headed by Hall of Fame golfer Jack Nicklaus (whose nickname is Golden Bear), originally built the campus between 1985 and 1990.
CORAL GABLES, FLA. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by Zurich Alternative Asset Management LLC.