Florida

Black Creek Acquires Two Multifamily Properties in Maryland, Florida Totaling 601 Units

by Alex Tostado July 11, 2019

ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.

July 11, 2019

Florida Loans Retail Southeast

HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach

by Alex Tostado July 9, 2019

MIAMI BEACH, FLA. — HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay …

July 9, 2019

Florida Loans Multifamily Southeast

Arbor Provides $9.3M Acquisition Loan for Multifamily Property in North Miami

by Alex Tostado July 9, 2019

NORTH MIAMI, FLA. — Arbor Realty Trust Inc. has provided a $9.3 million acquisition loan for Arlington Manor Apartments, a 91-unit multifamily property in North Miami. Built in 1969, the four-story property is situated at 12501 N.E. 13th Ave., 13 miles north of downtown Miami. Arlington Manor offers studio, one-, two- and three-bedroom floor plans. Alexander Kaushansky of Arbor originated the loan on behalf of the undisclosed borrower. The seller was not disclosed.

July 9, 2019

Acquisitions Florida Retail Southeast

NAI Realvest | Charles Wayne Arranges $2.7M Sale of Beachside Retail Center Near Daytona Beach

by John Nelson July 8, 2019

ORMOND BEACH, FLA. — NAI Realvest | Charles Wayne Commercial has brokered the $2.7 million sale of Aliki Plaza, a 29,730-square-foot beachside shopping center near Daytona Beach. Built in 1985 at 378-404 S. Atlantic Ave. in Ormond Beach, the retail property was 90 percent leased at the time of sale to 18 tenants, including Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties. Charles Lichtigman and Brad Gifford of NAI Realvest | Charles Wayne negotiated the sale on behalf of the seller, Sunbelt Holdings Daytona LLC. Carl Lentz of SVN Alliance represented the buyer, Aliki Plaza of Ormond Beach LLC, which is led by local investor Ty Lohman.

July 8, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of 350-Unit Apartment Complex in Tampa Bay Area

by Alex Tostado July 5, 2019

CLEARWATER, FLA. — Berkadia has negotiated the sale of Turnbury at Countryside, a 350-unit apartment complex in Clearwater. The Tampa Bay property was built in 1974 on 15 acres, 23 miles west of downtown Tampa. The garden-style complex offers one-, two- and three-bedroom floor plans averaging 839 square feet. Communal amenities include two swimming pools, a dog park, tennis court, sand volleyball court, 24-hour fitness center and a Wi-Fi sundeck. Jason Stanton and Cole Whitaker of Berkadia represented the seller, McKinley Cos. LLC, in the transaction. MLG Capital purchased the property for an undisclosed price.

July 5, 2019

Development Florida Hospitality Southeast

Norwich Partners Breaks Ground on Marriott-Branded Hotel Within Sawgrass Mills in South Florida

by Alex Tostado July 3, 2019

SUNRISE, FLA. — Norwich Partners has broken ground on AC Hotel by Marriott, a 174-room hotel that is expected to be complete in late 2020. The eight-story hotel will be situated within Sawgrass Mills, an outdoor and value retail shopping center in Sunrise, 35 miles north of downtown Miami. The hotel’s delivery will coincide with the mall’s 30th anniversary celebration. AC Hotel will feature the AC Lounge, a communal creative space that features a full bar serving local beers and hand-crafted cocktails, including the brand’s signature Gintonic, along with tapas plates. The hotel will also provide a European-style breakfast for guests and a 24-hour fitness center. Simon is the owner and developer of Sawgrass Mills.

July 3, 2019

Florida Industrial Leasing Activity Southeast

Colliers Negotiates 10,610 SF Office Headquarters Lease in Boca Raton

by Alex Tostado July 3, 2019

BOCA RATON, FLA. — Colliers International has negotiated a 10,610-square-foot office headquarters lease for Nightingale, a registered nurse staffing company. The lease is for 89 months and costs $1.4 million. Nightingale is relocating to 7800 Congress Centre from 6401 Congress Ave., where it occupied 16,455 square feet. Bob Schneiderman of Colliers represented the tenant in the transaction.

July 3, 2019

Acquisitions Florida Georgia Industrial Loans Southeast Tennessee

PGIM Provides $450M Loan for 140-Building Industrial Portfolio in Southeast, Texas

by Alex Tostado July 2, 2019

DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.

July 2, 2019

Acquisitions Florida Multifamily Southeast

TruAmerica, RSE Capital Purchase 454-Unit Apartment Portfolio in Tampa for $63.8M

by Alex Tostado July 2, 2019

TAMPA, FLA. — A joint venture between TruAmerica Multifamily and RSE Capital Partners has purchased a two-property, 454-unit apartment portfolio in Tampa for $63.8 million. The portfolio includes Twin Lakes and Runaway Bay, which were both built in the 1980s. Each community offers one- and two-bedroom floor plans situated in two-story residential buildings. The new owners plan to upgrade the interiors with higher end finishes. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas. Patrick Dufour and Ryan Crowley of Newmark Knight Frank (NKF) represented the undisclosed seller in the transaction. Mitch Clarfield and Ryan Greer of NKF arranged a 10-year Freddie Mac acquisition loan on behalf of the buyers.

July 2, 2019

Acquisitions Florida Industrial Southeast

RealOp Investments Acquires Industrial Building in Tampa for $16.5M

by Alex Tostado July 2, 2019

TAMPA, FLA. — RealOp Investments has acquired a 360,000-square-foot industrial building in Tampa for $16.5 million. The building is situated at 5210 S. 16th Ave., five miles from Port Tampa Bay and 14 miles from Tampa International Airport. The property is a front-loaded building that includes 27-foot clear heights, 237 parking spaces, 50 trailer drops and 34 loading dock doors. The building also has an active rail spur and nine rail doors. RealOp plans to renovate the property, including upgrading dock doors, installing LED lighting and new HVAC systems, enhancing the exterior and updating office suites. The seller was owner-occupant Southern Glazer’s Wine & Spirits.

July 2, 2019

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