Florida

KBS Sells Office Building in South Florida for $71.8M

by Alex Tostado July 24, 2019

PALM BEACH GARDENS, FLA. — KBS has sold Financial Center at the Gardens, a 10-story, 188,950-square-foot office building in Palm Beach Gardens, for $71.8 million. KBS acquired the property in 2015 and spent more than $1 million in renovations, including a main lobby renovation with a new lounge and wine bar, as well as upgrades to the café, restrooms, corridors and elevators. Mike Davis, Dominic Montazemi, Rick Brugge and Scott O’Donnell of Cushman & Wakefield represented KBS in the transaction. New York Life Insurance Co. bought the property.

July 24, 2019

Development Florida Industrial Southeast

US Capital Development, USAA to Construct 303,006 SF Spec Distribution Center in Metro Tampa

by Alex Tostado July 24, 2019

SEFFNER, FLA. — US Capital Development Co. and USAA Real Estate are partnering to construct a 303,006-square-foot speculative distribution center in Seffner. The facility will be located at 6337 County Road 579, 12 miles east of downtown Tampa. The center will offer tilt-up concrete walls with more than 60 dock positions, more than 300 auto parking spaces and 36-foot clear heights. Once complete, the building will serve as distribution/warehousing space for either one or two tenants. The partners expect to break ground in August with completion slated for the second quarter of 2020. The design team includes Edwards Construction as the general contractor, JRA Architecture as the architect and Landmark Engineering as the civil engineer. Clay Witherspoon and Trey Carswell of Avison Young are the leasing agents for the property.

July 24, 2019

Acquisitions Florida Industrial Self-Storage Southeast

Metro Storage Acquires 641-Unit Facility in Orlando

by Alex Tostado July 23, 2019

ORLANDO, FLA. — Metro Storage LLC has acquired a two-story, 641-unit self-storage facility in Orlando. The building spans 62,607 square feet. It was delivered in February 2018 at 7500 W. Colonial Drive. The property offers interior climate-controlled units, exterior drive-up storage units, outdoor RV and boat/car parking, covered loading and unloading access, wide asphalt driveways, security cameras, and access keypad controls. Metro Storage now owns two facilities in Orlando and 24 in Florida. The seller and sales price were not disclosed.

July 23, 2019

Florida Leasing Activity Office Southeast

BAC Florida Bank to Relocate Headquarters to Mixed-Use Tower in South Florida

by Alex Tostado July 23, 2019

CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy and Clay Sidner of Newmark Knight Frank represented BAC Florida Bank in the transaction. Tere Blanca, Danet Linares and Andres Del Corral of Blanca Commercial Real Estate represented the landlord, Agave Holdings.

July 23, 2019

Features Florida Net Lease Retail Southeast Southeast Feature Archive

Collaboration is Key for 1031 Buyers to Avoid Missteps, Tax Obligations for Single-Tenant Net-Leased Retail Assets

by John Nelson July 23, 2019

Single-tenant, net-leased properties (STNL) are among the most sought-after investments in the market, and over 40 percent of all STNL properties acquired are purchased by investors in a 1031 exchange. Finding the right properties can be challenging and competitive, and factoring in the time restrictions of a 1031 exchange further complicates the issue, particularly when deals can be derailed for a myriad of reasons. Many of these pitfalls can be avoided or limited by leveraging a team of well-versed experts, from property brokers to tax professionals, reducing the odds of an investor getting shouldered with a hefty tax obligation. An infrequent but potentially catastrophic event that can derail a 1031 exchange is a tenant exercising a right of first refusal (ROFR). Approximately one-in-five leases include such a provision, and most tenants infrequently take advantage of the opportunity. Experienced real estate professionals often know which occupants tend to favor acquiring their buildings when given the opportunity. Corporate-owned McDonald’s restaurants are among the most frequent tenants exercising a ROFR when presented with the chance. Although targeting these deals does not automatically derail a 1031 exchange, having a viable backup property is important in these situations. Other hurdles can derail a flawlessly executed …

July 23, 2019

Development Florida Multifamily Seniors Housing Southeast

Suffolk Breaks Ground on Seniors Housing Community in South Florida

by Alex Tostado July 22, 2019

ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer 2020.

July 22, 2019

Company News Florida Southeast

Tower Launches Full-Service Cannabis Real Estate Division in Florida

by Alex Tostado July 22, 2019

MIAMI — Tower Commercial Real Estate has launched a full-service cannabis real estate brokerage division in Florida. Tower has closed $50 million worth of cannabis-related retail and industrial transactions in the past 18 moths and has another $15 million of cannabis-related sales expected to close by the end of the year in the state. Senior managing director Scott Allen and senior director Rob Foster of Tower will lead the division. As of May 2, Florida had 213,000 people enrolled in its medical marijuana program with more than 10,000 people signing up each month, making it one of the fastest medical marijuana programs in the country, according to Tower.

July 22, 2019

Company News Florida Southeast

Orlando the Top City in North America for Tech Talent Growth, Says CBRE

by Alex Tostado July 18, 2019

ORLANDO, FLA. — Orlando has topped CBRE’s list of tech talent momentum markets in the firm’s annual Scoring Tech Talent Report, which measures growth and acceleration in 50 cities across the United States and Canada. Over the two-year period from 2017-2018, the tech talent labor force in Orlando grew 14.1 percent compared with the previous two-year period. According to the study, San Diego and Chicago were the second and third fastest growing cities with 10.2 percent and 8 percent increases from 2017-2018, respectively. Cleveland (7.9 percent) and Long Island, N.Y. (7.1 percent) round out the top five growing markets. CBRE also found that the number of students completing tech degrees in Orlando increased 59.1 percent from 2013 to 2017, a year in which 2,744 students completed such degrees in Orlando. The report found that the 10 fastest-growing markets increased their tech labor pools between 33 and 54 percent over the past five years.

July 18, 2019

Development Florida Loans Multifamily Southeast

Madison Realty Capital Provides $225M Construction Loan for Residential High-Rise in Boca Raton

by Alex Tostado July 18, 2019

BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.

July 18, 2019

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $49M Sale of Whole Foods-Anchored Shopping Center in Southwest Florida

by Alex Tostado July 18, 2019

FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. The Cushman & Wakefield team of Mike Ryan, Brian Linnihan and Richard Henry arranged acquisition financing on behalf of the buyer, AEW Capital Management.

July 18, 2019

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