Florida

New Office Developments Take Shape in Orlando’s Core Submarkets

by John Nelson October 15, 2018

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to fuel economic growth in Orlando with a rise in non-farm employment of 46,840 over the trailing 12 months ending in May. There has been a sustained decline in the unemployment rate as well, which stood at 3 percent in May. Spec, Mixed-Use Projects Development activity has been restrained over the last several years. However, a handful of key office projects have recently broken ground in high-demand areas. The most exciting development activity is occurring in the urban core, where a number of projects are moving forward. Speculative Class A office construction is once again rising with the $100 million Church Street Plaza going vertical after a slight construction delay. SunTrust Banks Inc. recently announced plans to relocate its Orlando headquarters from the SunTrust Center building into 90,000 square feet at …

October 15, 2018

Florida Southeast

Southeast Dominates ULI, PwC’s Markets to Watch in 2019

by Amy Works October 12, 2018

BOSTON — In their annual Emerging Trends in Real Estate report, Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) have emphasized their bullishness on the Southeast. Following the top two metros in the report’s “Markets to Watch in 2019″ list (Dallas-Fort Worth and Brooklyn) are three Southeastern markets: Raleigh-Durham, Orlando and Nashville, none of which qualify as traditional gateway cities. “Survey respondents favored markets with potential for more growth over the traditional gateway markets,” cites the report. “With the search for qualified labor intensifying, markets that can attract new residents have a definite advantage.” ULI and PwC rank Raleigh-Durham 14th in terms of investor demand, seventh in development/redevelopment opportunities, sixth in availability of debt and equity capital and fourth in its overall local economy. Survey respondents are attracted to the strong urban revitalization movement in both downtown Raleigh and Durham, as well as the market’s population growth, diversified economy and three top-tier research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. Orlando, the No. 4 overall market, provides value compared to other markets, strong population and job growth and a lucrative tourism base with Walt Disney World, Universal Studios and Sea World, among …

October 12, 2018

Acquisitions Florida Office Southeast

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

by Amy Works October 11, 2018

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.

October 11, 2018

Park-Central-Business-Park-Pompano-Beach-FL

Acquisitions Florida Industrial Southeast

Berkeley Partners Acquires Three-Building Industrial Portfolio in Broward County for $15M

by Amy Works October 11, 2018

POMPANO BEACH, FLA. — Berkeley Partners, an industrial real estate operator and investment manager, has purchased three buildings within Park Central Business Park, an industrial campus located in Pompano Beach. An undisclosed seller sold the portfolio in Broward County for $15 million. Douglas Mande of Institutional Property Advisors and Tyler Kuhlman of Marcus & Millichap represented the seller and advised the buyer in the transaction. This transaction is Berkeley’s third acquisition in the market in 2018. At the time of sale, the 114,391-square-foot portfolio was fully occupied. Located between Sample and Copans roads and Interstate 95, the buildings feature clear heights ranging from 16 feet to 28 feet.

October 11, 2018

Acquisitions Florida Mixed-Use Southeast

DIX Sells 53-Acre Mixed-Use Development Site in Ormond Beach, Florida

by Amy Works October 11, 2018

ORMOND BEACH, FLA. — Lake Mary, Fla.-based DIX Developments has completed the sale of Halifax Town Center, a mixed-use development site located in Ormond Beach. Dixie 95 OBD, a company related to O2G Capital of Ontario, Canada, purchased the 53-acre site for an undisclosed price. Situated in the southeast quadrant of Interstate 95 and Old Dixie Highway, the fully developed site is ready for immediate construction with storm water retention, surfaced roadways and utilities. Halifax Town Center is part of the golf course community Halifax Plantation. The planned mixed-use development in Volusia County has gone through a transition in ownership in the past few years. John Kurtz of Stirling International Real Estate represented the seller in the deal.

October 11, 2018

Acquisitions Florida Mixed-Use Office Retail Southeast

Cushman & Wakefield Brokers $7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove

by Amy Works October 10, 2018

MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.

October 10, 2018

Acquisitions Florida Hospitality Southeast

HREC Negotiates Sale of St. Petersburg Marriott Clearwater Hotel

by Amy Works October 9, 2018

ST. PETERSBURG, FLA. — HREC has arranged the sale of St. Petersburg Marriott Clearwater. Menna Development & Management sold the Tampa Bay property for an undisclosed price. Located at 12600 Roosevelt Blvd. in Northeast St. Petersburg, the hotel features 209 guest rooms, 22,832 square feet of meeting space, a 1,600-square-foot fitness center and The Crafted Plate, a farm-fresh American restaurant. Scott Stephens and Jaimin Patel of HREC’s Tampa office represented the seller in the transaction.

October 9, 2018

Company News Florida Retail Southeast

CBRE Promotes Chris Bosworth, Will Pike to Vice Chairman in Atlanta

by Amy Works October 9, 2018

ATLANTA — CBRE has promoted Chris Bosworth and Will Pike to vice chairman, the highest-ranking title among CBRE producers. Based in the firm’s Atlanta office, Bosworth and Pike serve as partners and co-leaders of CBRE Net Lease Properties, a national practice that provides net lease investors with acquisition and disposition advisory services for single-tenant assets, national net lease portfolios and corporate sale-leasebacks. Over the course of their careers, Bosworth and Pike have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion. Bosworth joined the firm in 1999 and is a founding member of Net Lease Properties and the firm’s Corporate Capital Markets practice. Additionally, he is the first retail-focused capital markets professional in the firm’s history to be named vice chairman. Pike, who joined in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets and currently serves on the board of CBRE’s Investment Properties and America Brokerage divisions. Pike is the third-youngest CBRE professional to earn the title of vice chairman.

October 9, 2018

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $37M Sale of Two-Property Multifamily Portfolio in Daytona Beach

by Amy Works October 8, 2018

DAYTONA BEACH, FLA. — Marcus & Millichap has arranged the sale of a two-property, 384-unit multifamily portfolio in Daytona Beach for a total of $37 million. Built in 1987, the 240-unit Lake Forest Apartments sold for $23.5 million, while the 144-unit Jade Park sold for $13.4 million. Situated side-by-side in a wooded lakeside setting, the communities are near the Daytona International Speedway, Volusia Square Mall, One Daytona and Daytona Beach International Airport. Michael Donaldson and Nicholas Meoli of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.

October 8, 2018

Development Florida Hospitality Southeast

Emerald Hospitality, Nimbus Investment Fund Open 124-Room Hilton Garden Inn in Metro Tampa

by Amy Works October 8, 2018

WESLEY CHAPEL, FLA. — Westlake, Ohio-based Emerald Hospitality Associates has acquired and opened Hilton Garden Inn Tampa-Wesley Chapel, located at 26640 Silver Maple Parkway in Wesley Chapel. Emerald Hospitality Associates will manage the property, which it purchased in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality. The hotel features 124 guestrooms each with a microwave and refrigerator, 3,712 square feet of flexible meeting space, and an extensive lobby and outdoor patio featuring the Garden Grille & Bar. Additional amenities include complimentary Wi-Fi, a 24-hour business station, state-of-the-art fitness center, Keurig coffee maker and a full-service restaurant and bar.

October 8, 2018

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