Florida

CBRE Arranges Sale of 400-Unit Multifamily Community in Orlando

by Alex Tostado September 30, 2019

ORLANDO, FLA. — CBRE has arranged the sale of Mirabella Waterford Lakes, a 400-unit multifamily community in Orlando. Built in 2000, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, fitness center, clubhouse, swimming pool, tennis court, volleyball court and a playground. The asset is located at 12101 Fountainbrook Blvd., 11 miles east of downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lantower Residential. Los Angeles-based PRG Investment & Management acquired the property, which was 95 percent occupied at the time of sale, for an undisclosed price.

September 30, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $25.7M Sale of Publix-Anchored Shopping Center Near Pensacola

by Alex Tostado September 27, 2019

PACE, FLA. — JLL has negotiated the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot retail center in Pace. The Publix-anchored property was 96 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. Target and The Home Depot shadow-anchor the center. Stirling Properties acquired the asset, which is located 10 miles north of downtown Pensacola. Brad Peterson, Whitaker Leonhardt, Michael Brewster, Ryan Stoffer and Coler Yoakam of JLL represented the undisclosed seller in the transaction.

September 27, 2019

Acquisitions Florida Multifamily Southeast

Arch Acquires Multifamily Community in Jacksonville for $14.1M

by Alex Tostado September 27, 2019

JACKSONVILLE, FLA. — Arch Cos. has acquired Midtown Oaks, a 176-unit, garden-style community in Jacksonville, for $14.1 million. The property offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubhouse, business center, grilling and picnic areas, onsite laundry services, fitness center and a dog park. Midtown Oaks was built in 1975 and is located at 1706 Art Museum Drive, three miles southeast of downtown Jacksonville. John Rutherford of Newmark Knight Frank represented the seller, InvestRes, in the transaction. Morris Betesh of Merdian Capital Group and Arch Advisors, an affiliate of Arch Cos., originated acquisition financing. Arbor Realty provided the Fannie Mae Green Rewards loan. Arch Cos. plans to implement a value-add rehab program, details of which were not disclosed.

September 27, 2019

Acquisitions Florida Retail Southeast

Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Acquisitions Florida Hospitality Southeast

Impulsive Group Purchases Beachfront Hotel in South Florida for $44M

by Alex Tostado September 25, 2019

POMPANO BEACH, FLA. — The Impulsive Group has purchased the Residence Inn by Marriott Fort Lauderdale Pompano Beach in Pompano Beach for $44 million. The 106-room hotel offers beach access and features a swimming pool, fitness center, business center, two meeting rooms and The Sandbar Restaurant. The seller was not disclosed.

September 25, 2019

Florida Leasing Activity Office Southeast

Lennar Homes Signs 156,000 SF Office Lease for New Headquarters in Miami

by Alex Tostado September 25, 2019

MIAMI — Lennar Homes LLC has signed a 16-year lease to occupy 156,000 square feet of office space for its new headquarters in Miami. Lennar Homes will move into Franklin Street Properties’ Blue Lagoon property, which is a nine-story, 213,000-square-foot building located seven miles west of downtown Miami.

September 25, 2019

Florida Georgia Industrial Loans Self-Storage Southeast

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado September 24, 2019

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

September 24, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Retail Southeast

Generation Income Properties Acquires Walgreens-Occupied Retail Building in Space Coast for $4.5M

by Alex Tostado September 23, 2019

COCOA, FLA. — Generation Income Properties Inc. (GIP) has acquired a Walgreens-occupied retail building in Cocoa for $4.5 million. The 15,000-square-foot building is located at 1106 Clearlake Road, 19 miles west of the Kennedy Space Center. American Momentum Bank provided acquisition financing. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

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