Florida

Hunt Real Estate Provides $32M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado September 12, 2019

BOYNTON BEACH, FLA. — Hunt Real Estate Capital has provided a $32 million Fannie Mae acquisition loan to an undisclosed borrower for Savona Grand, a 214-unit apartment complex in Boynton Beach. The seven-year, fixed-rate, interest-only loan features prepayment flexibility with the interest rate dropping to 1 percent over last two years of the loan term. Built in 2003, Savona Grand was recently renovated and was 95 percent occupied at the time of sale. New management will spend $162,000 to upgrade water and energy efficiency and spend an additional $1.4 million on improvements throughout the property. Communal amenities include a swimming pool, heated spa, two tennis courts, half-basketball court, playground and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge and a fitness center with locker rooms and saunas. The seller was not disclosed.

September 12, 2019

Acquisitions Florida Retail Southeast

JLL Arranges $13.5M Sale of Three Adjacent Retail Outparcels in Orlando

by Alex Tostado September 12, 2019

ORLANDO, FLA. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties and JP Morgan Asset Management, in the transaction. Orion Real Estate Group purchased the assets.

September 12, 2019

Development Florida Multifamily Southeast

Presidium Breaks Ground on 370-Unit Apartment Complex in Jacksonville

by Alex Tostado September 11, 2019

JACKSONVILLE, FLA. — Presidium has broken ground on Presidium at Town Center, a four-story, 370-unit apartment complex in Jacksonville’s St. Johns Town Center area. The 470,000-square-foot development is expected to be complete in mid-2021. Interior units will feature energy-efficient appliances and 9- to 10-foot ceilings. Communal amenities will include a swimming pool; 10,000-square foot leasing/amenity building containing a club room, game room and fitness center; and a rooftop terrace and lounge overlooking the pool. Dwell Design Studio is the architect, Connolly & Wicker is serving as the civil engineer, and Dix.Hite + Partners Inc. is the landscape architect.

September 11, 2019

Acquisitions Florida Multifamily Southeast

Blue Magma Residential Acquires Multifamily Community in Pensacola for $17.8M

by Alex Tostado September 10, 2019

PENSACOLA, FLA. — Blue Magma Residential LLC has acquired Heritage Apartments, a 20-building, 194-unit multifamily community in Pensacola, for $17.8 million. The buyer will rebrand the property as The Park at Sterling Hills and will invest $2 million to renovate the exterior and interior units of the property. Heritage Apartments offers one-, two- and three-bedroom floor plans, and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, fitness center, clubhouse, dog park and grilling stations. David Etchison of Berkadia represented the buyer in the transaction. Regions Bank provided acquisition financing. The seller was not disclosed.

September 10, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $11.8M Sale of Office Building in Fort Lauderdale

by Alex Tostado September 10, 2019

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.

September 10, 2019

Acquisitions Florida Industrial Southeast

Pinch A Penny Sells Two Industrial Buildings Totaling 224,192 SF in Central Florida

by Alex Tostado September 9, 2019

CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.

September 9, 2019

Florida Leasing Activity Restaurant Retail Southeast

Six Retailers Sign Leases on Miami Beach’s Lincoln Road

by Alex Tostado September 9, 2019

MIAMI BEACH, FLA. — The Lincoln Road Business Improvement District (BID) has executed six leases with retailers and restaurants to occupy space on Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. Brandy Melville, a women’s clothing shop catering toward Gen Z shoppers, opened its 2,500-square-foot shop at 730 Lincoln Road in late August. Located at 810 Lincoln Road, Pele Soccer is a 7,000-square-foot store that features a turf surface for consumers to test out cleats and will install bleachers to host watch parties in the coming months. MC2 Saint Barth will occupy 748 square feet at 608 Lincoln Road later this year. The swimsuit company has been in business for 25 years. MILA is a “MediterrAsian” fusion restaurant that will open at 800 Lincoln Road later this fall. Paletas Morelia, a gourmet popsicle shop, will make its Miami Beach debut later this year. Lastly, Casper, a store dedicated to all things sleep related, is located at 1114 Lincoln Road. The six retailers join Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium as tenants to sign leases this this summer.

September 9, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Phase II of Affordable Housing Complex in Central Florida

by Alex Tostado September 6, 2019

BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.

September 6, 2019

Florida Leasing Activity Office Southeast

Kroger Signs 35,000 SF Office Lease at Boca Raton Innovation Campus

by Alex Tostado September 6, 2019

BOCA RATON, FLA. — The Kroger Co. has signed a 35,000-square-foot lease to relocate to Boca Raton Innovation Campus (BRiC). The space within 4700 Exchange Court is roughly the same size as Kroger’s previous space across the street, but was designed to be more efficient, such as having it in one contiguous space rather than broken up. The space serves as Kroger’s national headquarters supporting its digital businesses, including vitacost.com, which Kroger acquired in 2017. Mitchell Millowitz of Newmark Grubb Knight Frank represented Kroger in the lease transaction. Danielle Vennett of Crocker Partners and Jeff Kelley of CBRE represented the landlord.

September 6, 2019

Acquisitions Florida Office Southeast

JLL Arranges $45.2M Sale of Office Complex in Sarasota, Florida

by Alex Tostado September 5, 2019

SARASOTA, FLA. — JLL has arranged the $45.2 million sale of Gateway Professional Center, a four-building, 246,941-square-foot office complex in Sarasota. The property is located at 301, 401, 501 and 551 N. Cattlemen Road, five miles east of downtown Sarasota. The complex was 95 percent leased at the time of sale to a mix of tenants including accounting, insurance, engineering and technology companies. Amenities at Gateway Professional Center include a fitness center, conference center and parking for more than 1,150 vehicles. Ike Ojala, Hermen Rodriguez and Matthew McCormack of JLL represented the seller, TerraCap Management LLC, in the transaction. The buyer was Taurus Investment Holdings, a global private equity firm based in Boston.

September 5, 2019

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