Florida

Cushman & Wakefield Arranges $27M Sale of Shopping Center in Tampa

by Camren Skelton August 31, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $27 million sale of Tampa Bay Center, a 142,350-square-foot shopping center in Tampa. Jason Donald, Patrick Berman and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Five RE Tampa Bay Center LLC. Equity Management Partners LLC acquired the property. The previous ownership invested $5 million to renovate the center, which was formerly anchored by Kmart. Tampa Bay Center was 97 percent leased at the time of sale to tenants such as Ashley HomeStore, Floor & Décor, The Tile Shop, Dollar Tree, Metro PCS and a freestanding WingHouse restaurant.

August 31, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges $274.3M Sale of Southeast Multifamily Portfolio

by Camren Skelton August 30, 2018

TAMPA, FLA. — CBRE has arranged the $274.3 million sale of a six-property multifamily portfolio located in Atlanta, Orlando, Raleigh, Charlotte and Charleston. Shea Campbell, Kevin Kempf, Ashish Cholia, Colleen Hendrix and Phil Brosseau of CBRE arranged the transaction on behalf of the undisclosed seller. Tampa-based American Landmark Apartments acquired the 1,863-unit portfolio, which comprised Arbor Terrace and Summerset in Atlanta, Bella in Orlando, Sterling Town Center in Raleigh, Integra Springs at Kellswater in Charlotte and Arbor Village in Charleston. A majority of the portfolio is less than 10 years old, and all six assets offer value-add opportunities, particularly on the interior units, according to CBRE. Community amenities across the portfolio include swimming pools, fitness centers, playgrounds, grilling areas and picnic areas.

August 30, 2018

Acquisitions Florida Multifamily Southeast

CBRE Brokers $15.3M Sale of Multifamily Community in Jacksonville

by Camren Skelton August 29, 2018

JACKSONVILLE, FLA. — CBRE has brokered the $15.3 million sale of Palm Trace Apartments, a 160-unit multifamily community located at 6870 103rd St. in Jacksonville. Shelton Granade, Cliff Taylor, Joe Ayers, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, Chicago-based American Landmark Properties. Beverly Hills, Calif.-based Enzo Multifamily acquired the asset. Palm Trace Apartments includes a mix of one- and two-bedroom units and features a dog spa, car wash area, resident clubhouse, fitness center, pool, playground and a grilling/picnic area.

August 29, 2018

Development Florida Hospitality Southeast

Netherlands-Based Hotel Chain to Open 348-Room Location at Miami Worldcenter

by Camren Skelton August 27, 2018

MIAMI — Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck on the 10th floor and a fitness center on the 11th floor. The hotel will also include a cloudM rooftop bar offering views of Biscayne Bay and the downtown Miami skyline, as well as 1,850 square feet for societyM, the hotel brand’s creative spaces and meeting rooms. San Francisco-based architecture firm Gensler is designing the building. Construction is underway on the first phase of Miami Worldcenter, which includes a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. The first phase is slated for completion later this year. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, is the master developer for the 10-block project.

August 27, 2018

Acquisitions Florida Retail Southeast

Matthews Real Estate Arranges $18M Sale of Sprouts-Occupied Property in Tampa

by Camren Skelton August 27, 2018

TAMPA, FLA. — Matthews Real Estate Investment Services has arranged the $18 million sale of a freestanding retail property leased to Sprouts Farmers Market in Tampa. Built in 2017, the 36,320-square-foot building is located at 1547 S. Dale Mabry Highway. Aron Cline of Matthews Real Estate represented the seller and procured the Southern California-based buyer in the transaction. Other terms of the deal were not disclosed. The property is leased to Sprouts for 15 years with four, five-year renewal options. The store is located near tenants such as Trader Joe’s, Whole Foods Market, Publix, Target, T.J. Maxx, Total Wine & Beer and HomeGoods. Sprouts Farmers Market is a Phoenix-based organic grocer with more than 285 stores located throughout 13 states.

August 27, 2018

Development Florida Multifamily Southeast

Gables Residential Opens 200-Unit Apartment Community in South Florida

by Camren Skelton August 24, 2018

CORAL GABLES, FLA. — Gables Residential has opened Gables Columbus Center, a 200-unit apartment community located at 60 Minorca Ave. in Coral Gables, roughly six miles south of Miami. The 19-story community features a mid-level, resort-style pool, outdoor fireplace area, fitness center with Peloton bikes and virtual fitness classes, 24-hour automated package room, laundry lockers, electric vehicle charging stations and a rooftop sky lounge for penthouse residents. The community includes a mix of studio to three-bedroom units ranging from 700 square feet to more than 1,500 square feet, and penthouse units ranging from 865 square feet to 1,552 square feet. Rental rates start at $2,306 per month for a studio and range up to $6,120 for a penthouse, according to Apartments.com. Architect Behar Font & Partners designed the community, and CallisonRTKL was the interior designer.

August 24, 2018

Acquisitions Florida Industrial Southeast

Ridge Sells 490,000 SF Industrial Campus in Tampa Bay Area

by Camren Skelton August 23, 2018

LAKELAND, FLA. — Ridge, the industrial development arm of Transwestern Development Co., has sold Lakeland Logistics Center, a 490,000-square-foot industrial campus located at 2015-2025 W. Memorial Blvd. in the Tampa Bay community of Lakeland. Boston-based Cabot Properties acquired the two-building campus for an undisclosed price. Chris Riley and David Murphy of CBRE brokered the transaction. Each building at Lakeland Logistics Center totals 245,000 square feet and is divisible to 44,000 square feet. The buildings each feature front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a 3.5-acre staging base. Ridge broke ground on Lakeland Logistics Center in 2015 and fully delivered the facilities in early 2017. The project was 50 percent leased at the time of sale to Parksite Inc. and Recleim Nova LLC. Julia Silva Rettig and Jared Bonshire of Cushman & Wakefield are handling the property’s leasing assignment.

August 23, 2018

Acquisitions Florida Office Southeast

CBRE Negotiates $13.1M Sale of Office Building on Florida’s Space Coast

by Camren Skelton August 23, 2018

MELBOURNE, FLA. — CBRE has arranged the $13.1 million sale of Rialto Place, a 150,962-square-foot office building located at 100 Rialto Place in Melbourne, a city on Florida’s Space Coast. Ron Rogg and Chip Wooten of CBRE brokered the transaction on behalf of the undisclosed seller. The name of the buyer was not disclosed. The 10-story office building is home to tenants including Apple, Northrop Grumman, Thales and Leidos. The property is located adjacent to a 240-room Hilton hotel, which features a full-service restaurant and bar and a conference facility.

August 23, 2018

Acquisitions Florida Office Southeast

Avison Young Arranges $16.6M Sale of Office Building in Broward County

by Camren Skelton August 22, 2018

PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.

August 22, 2018

Florida Industrial Loans Southeast

NXT Capital Provides Acquisition Loan for 563,000 SF Industrial Building in Central Florida

by Camren Skelton August 22, 2018

LAKE MARY, FLA. — NXT Capital has provided a $14 million loan for the acquisition of Innovation Center, a 563,000-square-foot warehouse located in Lake Mary. Chris Drew of HFF arranged the loan on behalf of the undisclosed borrower. Located roughly six miles west of Orlando Sanford International Airport, the property features a fully insulated warehouse ceiling, heavy power and storage for 40 to 50 trailers.

August 22, 2018

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