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DevelopmentFloridaMultifamilySeniors HousingSoutheast

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

by Alex Tostado

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.

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AcquisitionsFloridaMultifamilySoutheast

Rock Apartment Advisors Arranges $14.9M Sale of Multifamily Complex in Florida Panhandle

by Alex Tostado

CRESTVIEW, FLA. — Rock Apartment Advisors has arranged the $14.9 million sale of Pinnacle Pointe Apartments, a 150-unit multifamily complex in Crestview. The three-story, garden-style apartment development was built in 2010 and offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse, fitness center, outdoor grilling stations, garage, storage units and a dog park. Boston-based Stratford Management Co. acquired the property. Donald Gambril of Rock Apartment Advisors represented the undisclosed seller in the transaction.

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FloridaLoansMultifamilySoutheastStudent Housing

Rosemurgy, Giles Capital Receive $38.8M Financing for Two Student Housing Communities Near University of Florida

by Alex Tostado

GAINESVILLE, FLA. — Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, has received $38.8 million in financing for two student housing communities near the University of Florida in Gainesville. Värde Partners has provided a $27.3 million loan for The Niche community and an $11.5 million loan for The Nook. Both properties recently underwent renovations and offer a combined total of 1,356 beds. Elliott Throne and Jesse Wright of HFF worked to place the financing on behalf of the borrower.

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DevelopmentFloridaHospitalitySoutheast

Hotel Motel Inc. Breaks Ground on 104-Room Cambria Hotel in Fort Lauderdale

by Alex Tostado

FORT LAUDERDALE, FLA. — Hotel Motel Inc. has broken ground on Cambria Hotel Fort Lauderdale Beach, a 104-room hotel in Fort Lauderdale. The property is located at 2231 N. Ocean Blvd., which is within walking distance to North Beach. Amenities will include a swimming pool with ocean views, meeting space and a fitness center. The hotel is expected to open in 2020. Jai Motawni owns Hotel Motel Inc., which has developed several hotels in South Florida. This will be Cambria’s second hotel in Fort Lauderdale, joining Cambria Hotel Fort Lauderdale Airport South & Cruise Port.

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FloridaLoansOfficeSoutheast

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

by Alex Tostado

MIAMI — Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as 4141 International Design Center, was built in 1961 and used to be used as a design hub housing more than 150 designers and architects. A timeline for construction was not disclosed.

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AcquisitionsFloridaOfficeSoutheast

KBS Sells Office Property in West Palm Beach for $40M

by Alex Tostado

WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.

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AcquisitionsFloridaIndustrialSoutheast

Redstone Investments Acquires 17-Building Industrial Portfolio in Tampa for $28.6M

by Alex Tostado

TAMPA, FLA. — RS Tampa Industrial LLC, an affiliate of Redstone Investments, has acquired the Roth portfolio, a 17-building industrial portfolio that spans 466,460 square feet in Tampa’s Airport/North and East Tampa submarkets. Roth Investment Partnership sold the buildings for a total of $28.6 million. Included in the sale is a building situated at 4410 Crest Ave. which is adjacent to Air Cargo Road and Tampa International Airport. Six of the buildings are situated within Sunstate Industrial Park, which, according to a person familiar with the property, is located near Tampa International Airport’s cargo entrance.

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AcquisitionsFloridaMultifamilySoutheast

Marcus & Millichap Arranges $10.7M Sale of Tampa Bay Apartment Community

by Alex Tostado

ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.

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FloridaHospitalityLoansSoutheast

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

by Alex Tostado

MIAMI — Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 N.W. 36th St., across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar, 24-hour fitness center, bar and lounge, as well as business, meeting and event facilities. The hotel also features an onsite restaurant, Miranda. Benefit Street Partners provided the fixed-rate loan. Raymond Salameh, Alex Draganiuk, Ari Hirt and Lexington Henn of Mission Capital represented the borrower in the loan transaction.

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AcquisitionsFloridaOfficeSoutheastTop Stories

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

by Alex Tostado

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and JPMorgan Chase Bank, with leases that expire in 2026, 2022 and 2022, respectively. Investment-grade companies make up 65 percent of the portfolio’s tenants. “The Florida office portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” says John McCarthy, CEO and president of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents and values upward.” The Deerwood Park submarket includes St. Johns Town Center and is situated 10 miles southeast of downtown Jacksonville near Interstates 95 and 295. St. Johns Town Center is home to more than 150 restaurants and retailers. According to Cushman & Wakefield, the submarket has the lowest vacancy rate at 9.2 percent in the Butler/Baymeadows region. It also has highest asking …

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