Florida

SunTrust Provides $75M Refinancing Loan for Waterfront Apartment Community in Tampa

by Alex Tostado August 6, 2019

TAMPA, FLA. — SunTrust Bank has provided a $75 million refinancing loan to The Related Group for a 396-unit waterfront apartment community in Tampa. Town Westshore, located at 5001 Bridge St. fronting Old Tampa Bay, offers communal amenities such as a clubhouse with catering kitchen, bay-front health spa, swimming pool, water walkway, electric car charging stations and a controlled-access parcel room with refrigerated storage for grocery deliveries. The loan was provided to refinance an existing construction loan. First residents moved into the building in March of this year.

August 6, 2019

Acquisitions Florida Loans Office Southeast

JLL Arranges $29.4M Sale of Newly Renovated Office Building in Tampa

by Alex Tostado August 6, 2019

TAMPA, FLA. — JLL has arranged the $29.4 million sale of Fountain Square II, a 133,887-square-foot office building in Tampa’s Westshore office submarket. The property is situated at 4925 Independence Parkway, eight miles west of downtown Tampa. Recently renovated in 2018, the four-story building features a fitness center, management office and a café with outdoor seating area. The building was 93.1 percent leased at the time of sale to tenants including CarePlus, ConnectWise and the U.S government. Ike Ojala and Hermen Rodriguez of JLL represented the seller, Equus Capital Partners, in the transaction. The team also procured the buyer, a joint venture between Owens Realty Capital and Galium Capital. Additionally, working on behalf of the buyers, Rebecca VanReken of JLL arranged a $20.4 million acquisition loan through TD Bank. The loan features a seven-year term with a fixed interest rate.

August 6, 2019

Company News Florida Retail Southeast

IPIC Entertainment Files for Chapter 11 Bankruptcy, Will Remain Operational

by Alex Tostado August 5, 2019

BOCA RATON, FLA. — Luxury movie theater company IPIC Entertainment (Nasdaq: IPIC) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court District of Delaware where it will seek approval of either a sale or financial reorganization plan. In July, the company missed a $10 million interest payment to Retirement System of Alabama (RSA) and notified investors that it might have to file for bankruptcy. IPIC borrowed $204 million from RSA, according to media reports. Hamid Hashemi, founder and CEO of IPIC, says that the company’s movie theaters will remain open and its employees and vendors are being paid. Hashemi notes that issues stemming from IPIC’s expansion plans for building 25 locations in four to five years are the principal culprit behind their missed payment to RSA. “Delays in development cycle combined with the high cost of capital depleted IPIC’s available resources before the company was able to reach critical mass and become self-funded,” says Hashemi. “Importantly, delays related to the Delray Beach location, resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings.” The Boca Raton-based company operates 16 dine-in theaters in nine states with plans to open locations in four more states, including …

August 5, 2019

Development Florida Industrial Self-Storage Southeast

Gates Construction Breaks Ground on 849-Unit Self-Storage Facility in Fort Myers

by Alex Tostado August 5, 2019

FORT MYERS, FLA. — Gates Construction has broken ground on The Lock Up Self Storage building located in Fort Myers. The three-story, 849-unit facility will span 106,016 square feet and offer climate-controlled units ranging from 25 square feet to 300 square feet. The property is located at 12700 University Drive, seven miles south of downtown Fort Myers. Partner in Design Architects designed the building. Completion is slated for this fall.

August 5, 2019

Acquisitions Florida Multifamily Southeast

Xavier Family Partnership Buys Multifamily Community in Metro Tampa for $44.4M

by Alex Tostado August 5, 2019

TOWN ‘N’ COUNTRY, FLA. — Xavier Family Partnership has bought LakeBridge, a 400-unit multifamily community spanning 31 buildings in Town ‘n’ Country, for $44.4 million. The partnership, led by Randy Ferreira, will rebrand the community as The Park at Lake Como. The property is located at 8301 Sandstone Lake Drive, 12 miles west of downtown Tampa. The community was 96 percent occupied at the time of sale. LakeBridge offers one- and two- and three-bedroom floor plans and communal amenities such as a business center, swimming pool, 24-hour fitness center and a playground. Blue Roc Premier Properties LLC, also headed by Ferreira, will manage the property. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. Grandbridge Real Estate Capital arranged an acquisition loan through BB&T Bank on behalf of the buyer. Insula Cos. was the seller.

August 5, 2019

Florida Industrial Market Reports Southeast Southeast Market Reports

Distribution, Warehouse Demand Continues to Outpace Supply in South Florida

by Alex Tostado August 5, 2019

Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a $437.5 million expansion project, the largest ever, is planned for Port Everglades in nearby Broward County. The positive fundamentals reverberate throughout the overall South Florida market. Despite the differing industrial inventories of each South Florida market with Miami-Dade County at 186.2 million square feet, Broward County at 96.9 million square feet and Palm Beach County at 39 million square feet, demand for space across the region has fueled unprecedented development activity. Logistics, e-commerce Net industrial absorption in Miami-Dade was impressive during the first quarter, posting positive 1.2 million square feet, a notable 45 percent increase from the net absorption recorded for first-quarter 2018. Several (mostly) preleased, speculative developments contributed to the spike in net absorption. Demand trends against development indicate healthy industrial markets in Broward and Palm Beach as …

August 5, 2019

Development Florida Mixed-Use Southeast

Miami Beach City Commission OKs $15M Ocean Terrace Project

by Alex Tostado August 2, 2019

MIAMI BEACH, FLA. — The Miami Beach City Commission has approved a two-block development of its Ocean Terrace Streetscape Plan. The City entered a private-public partnership with Ocean Terrace Holdings LLC, which will be responsible for the design, construction and full execution of the five-acre public space. The redevelopment will take four years or fewer to complete and cost $15 million. What is today an asphalt street will be converted into a pedestrian-focused green space with native trees that will provide shade, walking promenades, water features and public seating. The design was developed by landscape architecture firm Raymond Jungles Inc., the group behind the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road. The redevelopment will also include a boutique residential building, an upscale hotel and repositioned retail. The City of Miami Beach will retain control of all the land.

August 2, 2019

Broward County Convention Center rendering

Civic Development Florida Hospitality Southeast Top Stories

Balfour Beatty to Build $1B Broward County Convention Center Expansion in Fort Lauderdale

by Jeff Shaw August 2, 2019

FORT LAUDERDALE, FLA. — General contractor Balfour Beatty has signed a $780 million agreement with developer Matthews Southwest, making Balfour Beatty the design-build lead for the over $1 billion expansion of the Broward County Convention Center in Fort Lauderdale. The project will add 525,000 square feet of meeting space to the complex, plus a 29-story, 800-room Omni Hotel. Located on Florida’s southeastern coast approximately 25 miles north of Miami, the completed convention center will total 1.2 million square feet. The expanded property will include 350,000 square feet of contiguous exhibition space, a 65,000-square-foot waterfront ballroom, modern technology, new dining concepts, enhanced water taxi access and a waterfront plaza with public access. The Omni Hotel will add 73,000 square feet of meeting and ballroom space; multiple restaurant options including a rooftop bar; an 11,000-square-foot, full-service spa and fitness center; and over 30,000 square feet of pool decks. The hotel will be positioned along the city’s famed Intracoastal Waterway with a scenic view of the Atlantic Ocean. Matthews Southwest has called on London-based firm Balfour Beatty for projects in the United States before. The company was hired by Matthews Southwest to build the Omni convention center hotel in Dallas and a residential …

August 2, 2019

Development Florida Loans Multifamily Southeast

Regions Bank Provides $54M Construction Loan for Townhouse Community in South Florida

by Alex Tostado August 1, 2019

MIRAMAR, FLA. — Regions Bank has provided a $54 million construction loan to FCI Residential Corp. for Miramar Phase II, which will include Catalina at Miramar. Catalina at Miramar will be a 300-unit rental townhouse development spanning 33 acres. Delivery is expected for January 2022. The project will consist of 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings of two types. The first type will consist of a traditional two-story townhome with one- and two-car garage options. The second building type will consist of two-stories without a garage with front patio, back-to-back units including spacious public courtyards and pedestrian walkways between buildings. Communal amenities will include a two-story clubhouse, fitness center, yoga room, virtual fitness, business center, swimming pool with outdoor kitchen and café-style lounge area.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

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