Florida

Encore Capital Signs Aetna to 85,000 SF Office Lease at Plantation Walk Project in Broward County

by John Nelson June 25, 2018

PLANTATION, FLA. — Encore Capital Management has signed an 85,000-square-foot lease with Aetna at Plantation Walk, a $350 million mixed-use project under development in Plantation. The healthcare company will move from its current location in Sunrise, Fla., to a 160,000-square-foot office building at the new development in December. Aetna’s new location will house several divisions of the company including commercial business, Medicare, Medicaid and Aetna International. At full build-out, Plantation Walk will feature 700 multifamily units, 200,000 square feet of retail and restaurant space, 160,000 square feet of office space, a 263-room Sheraton Hotel and two parking garages. Aetna is the first announced tenant at the new office building.

June 25, 2018

Florida Market Reports Multifamily Property Type Southeast Southeast Market Reports

Miami’s Multifamily Market Sees Prolonged Sales Activity for First Time in Years

by John Nelson June 25, 2018

Driven by the delivery of new product, the Miami multifamily market is experiencing a period of increased transaction activity. Always in high demand, but generally a thinly traded market, Miami has seen a significantly higher volume of market-rate multifamily sales in the last two years. While Miami-Dade County has maintained strong fundamentals overall, its sales volume has historically trailed nearby markets in Broward and Palm Beach counties. In 2014 and 2015, Miami saw an average total sales volume of $150 million, compared to $935 million in Broward County and $675 million in Palm Beach County. Although Miami-Dade County is home to half of South Florida’s population, it has historically accounted for just 20 percent of South Florida’s multifamily sales volume. Part of the reason is that Miami is in high demand because institutional, foreign and private investors are enamored with Miami-Dade County and want these multifamily assets in their portfolio. Likewise, each of these groups tend to hold Miami-Dade properties for extended periods of time. Further, in the early 2000s, the condo conversion trend eliminated much of Miami’s Class A rental inventory, increasing the scarcity of this type of multifamily product. In 2017, however, Miami saw over $820 million in …

June 25, 2018

Development Florida Industrial Southeast

Bridge Purchases 10.2-Acre Site in Fort Lauderdale, Planning 174,129 SF Industrial Project

by Camren Skelton June 22, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners has acquired a 10.2-acre site located at 1300 S.W. 32nd Court in Fort Lauderdale. The developer plans to build a 174,129-square-foot industrial park at the site dubbed Bridge Point FLL Logistics Center. The two-building development will be located less than five miles from the Fort Lauderdale-Hollywood International Airport (FLL). The site formerly housed a school that closed more than 20 years ago. Building 1 at the development will span 92,165 square feet, while Building 2 will total 81,964 square feet. The shallow-bay buildings will feature 32-foot clear heights, rear-dock loading and ESFR sprinkler systems. Bridge expects to wrap up construction on the project in the second quarter of 2019.

June 22, 2018

Acquisitions Florida Multifamily Southeast

Lloyd Jones Acquires 444-Unit Apartment Community in Tallahassee for $57.8M

by Camren Skelton June 21, 2018

TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apartments, a 444-unit multifamily community located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fitness center, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami-based private equity investor’s second acquisition in the Tallahassee area.

June 21, 2018

Acquisitions Florida Hospitality Southeast Top Stories

CBRE Brokers $170.6M Sale of Hilton Fort Lauderdale Marina

by David Cohen June 20, 2018

FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, and has been renovated several times, most significantly in 2008. The property includes a 33-slip marina, business center, meeting rooms, fitness center, jogging track and a swimming pool. Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin of CBRE arranged the transaction on behalf of the seller. “The Hilton Marina is a strategic property in an area with extremely high barriers to entry,” says Charre. “We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding.” Located in the Fort Lauderdale Marina, the hotel is surrounded by multiple demand generators that include the Greater Fort Lauderdale/Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport. “With tremendous potential for future redevelopment, this truly unique investment …

June 20, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $42.1M Sale of ADT’s Global Headquarters in Palm Beach County

by Camren Skelton June 19, 2018

BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.

June 19, 2018

Florida Loans Multifamily Southeast

Berkadia Provides $29M Freddie Mac Acquisition Loan for Multifamily Community in South Florida

by Camren Skelton June 19, 2018

BOYNTON BEACH, FLA. — Berkadia has arranged a $29 million acquisition loan for Verona Boynton Beach, a 216-unit multifamily community in South Florida’s Boynton Beach. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia originated the 10-year loan through Freddie Mac’s Green Advantage program on behalf of the borrower, Robbins Property Associates. The floating-rate loan features seven years of interest-only payments. Verona at Boynton Beach, formerly known as Aventine, includes a mix of one- to three-bedroom units with nine-foot ceilings, crown molding, black stainless steel appliances, wood plank flooring and granite countertops. Community amenities include barbecue areas, a cardio room, conference room, putting green, business center and a clubhouse.

June 19, 2018

Development Florida Mixed-Use Southeast Top Stories

Joint Venture Acquires 38 Acres in South Florida for $200M Mixed-Use Project

by Camren Skelton June 18, 2018

BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment. “We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group. Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020. Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida. Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, …

June 18, 2018

Florida Industrial Market Reports Property Type Southeast Southeast Market Reports

Miami Industrial Market’s Future Hinges on Infill, Single-User Properties

by John Nelson June 18, 2018

After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found. The answer is a resounding yes. There is little indication that the Miami industrial real estate market will slow down with vacancy rates hovering in the low 4 percent range. The rise of e-commerce, strong population growth and the region’s role as the gateway to Latin America all bode well for continued leasing growth and have solidified the region as a top-tier industrial real estate market. It’s been exciting to watch Miami earn a rightful place among the nation’s top brass. The keys to staying relevant in Miami’s increasingly competitive and sophisticated market are to search for opportunities that support the demand for large-scale industrial space for single-users, take a closer look at previously passed over deals, get creative about a parcel’s potential and remain focused on infill strategies. Although Miami’s growth will continue, there will likely be fewer buildings to purchase. According to the …

June 18, 2018

Acquisitions Florida Office Southeast

KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M

by Camren Skelton June 15, 2018

MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.

June 15, 2018

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