Florida

CRE Consultants Arranges $43.2M Sale of Office Portfolio in Southwest Florida

by Camren Skelton November 8, 2017

BONITA SPRINGS AND FORT MYERS, FLA. — CRE Consultants has arranged the $43.2 million sale of a 421,324-square-foot, three-campus office portfolio located in Bonita Springs and Fort Myers. Randal Mercer and Brandon Stoneburner of CRE Consultants represented the undisclosed seller in the transaction. Massachusetts-based Brookwood Financial acquired the assets, which include 15 individual buildings located throughout three office campuses: Riverview Corporate Center and Bonita Executive Center in Bonita Springs and Renaissance Center in Fort Myers. Brookwood Financial has retained Mercer and Stoneburner to handle leasing efforts for the portfolio.

November 8, 2017

Florida Retail Southeast

Continental Realty Acquires Shopping Center in Broward County for $21.3M

by Camren Skelton November 8, 2017

DAVIE, FLA. — Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot shopping center located at 9000-9200 State Road 84 in Davie. Danny Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Regency Centers Corp., in the transaction. Paragon Theater and Off the Wall Family Entertainment Center anchor Ridge Plaza, which was constructed in 1985 and was 99 percent occupied at the time of sale. The property is also home to five pad sites, including properties leased to Dunkin’ Donuts and Metro PCS.

November 8, 2017

Florida Mixed-Use Southeast

KGH Completes Initial Phase of $50M Infrastructure at Metropica Project in South Florida

by Camren Skelton November 7, 2017

SUNRISE, FLA. — KGH International Development has completed the first of two planned infrastructure phases totaling more than $50 million at Metropica, a 65-acre planned mixed-use development in Sunrise. The infrastructure work, managed by John Moriarty & Associates, readies the community for its multi-phased construction. Conclusion of the first infrastructure phase also marks Metropica’s first two named streets: Metropica Boulevard and Metropica Way. At full build-out, the $1.5 billion Metropica development will span 4 million square feet and feature condominiums, apartments, a boutique hotel, office space and retail and entertainment offerings. Metropica’s initial tower, a 28-story residential condominium, will be topped off in the first quarter of 2018. Construction on Metropica’s retail phase, totaling approximately 280,000 square feet, will also begin in the first quarter of next year. Signed retailers at the project include Fogo de Chao, City Works Eatery & Pour House, Harry’s Pizzeria, Sugarboo & Co., Anthropologie and Free People.

November 7, 2017

Florida Loans Multifamily Southeast

EIG Secures $52M in Construction Financing for Apartment Community in Miami

by Camren Skelton November 7, 2017

MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.

November 7, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $48M Refinancing for Multifamily Property in St. Petersburg

by Camren Skelton November 7, 2017

PETERSBURG, FLA. — CBRE has arranged a $48 million Fannie Mae loan for the refinancing of Peridot Palms, a 381-unit apartment community in St. Petersburg. Benjamin Roelke of CBRE arranged the long-term financing on behalf of the borrower, Parkland Development Corp. Delivered in March, the property features wood-style flooring, European-style cabinets and granite or quartz countertops. Community amenities include a clubhouse, fitness center and a resort-style swimming pool. In addition, the property has an energy-efficient certification from the Green Building Initiative.

November 7, 2017

Florida Multifamily Seniors Housing Southeast Top Stories

Griffin-American Healthcare REIT IV Acquires Nine-Property Seniors Housing Portfolio in Central Florida for $110M

by Katie Sloan November 7, 2017

TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville. The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years. The acquisition was completed via a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare owns approximately 98 percent of the joint venture. “The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior …

November 7, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $135M Sale of Multifamily Community in South Florida

by Camren Skelton November 2, 2017

DORAL, FLA. — Walker & Dunlop has arranged the $135 million sale of The Manor CityPlace Apartments, a 398-unit multifamily community in Doral, a city in South Florida roughly 14 miles west of Miami. Roberto Pesant and Chris Conklin of Walker & Dunlop arranged the transaction on behalf of the seller and property developer, The Related Group. TA Realty acquired the asset, which is situated on a 5.7-acre site within walking distance to CityPlace Doral, a 55-acre retail center that opened in March. Constructed in 2014, The Manor includes studio, one-, two- and three-bedroom floor plans with private patios and balconies. Community amenities include a waterfall Jacuzzi, pool with personal cabanas and daybeds, outdoor kitchen with a fireplace and barbeque area, game room, private movie theater, yoga studio, virtual spinning room and a fitness center.

November 2, 2017

Florida Industrial Southeast

Meridian Development Sells 200,000 SF Industrial Center in Tampa for $8.3M

by Camren Skelton November 1, 2017

TAMPA, FLA. — Meridian Development Group has sold Meridian East, a three-building, 200,000-square-foot industrial center in Tampa, for $8.3 million. Boston-based High Street Realty Co. acquired the asset. During ownership, Meridian invested $600,000 in the property to improve the appearance of the exteriors, construct additional parking and renovate the vacant interiors. At the time of sale, Meridian East was fully leased to tenants including Bailey Industries, which occupies 45,000 square feet.

November 1, 2017

Civic Florida Southeast

Skanska USA to Deliver 395,000 SF Academic Building at Water Street Tampa Development

by Camren Skelton October 31, 2017

TAMPA, FLA. — Skanska USA has broken ground on a research and academic tower for the University of South Florida’s Morsani College of Medicine and Heart Institute in downtown Tampa. The college of medicine will relocate from 12901 Bruce B. Downs Blvd. to the new 395,000-square-foot building within Water Street Tampa, a $3 billion mixed-use project from Strategic Property Partners. HOK is designing the 13-story tower, which will feature a 400-person auditorium, classrooms, study rooms and a series of spaces for informal collaboration and gathering. The new building will be located at South Meridian Avenue and Channelside Drive on an acre of land donated by Tampa Bay Lightning team owner Jeff Vinik. The building is slated for completion in fall 2019.

October 31, 2017

Florida Retail Southeast

Stan Johnson Co. Brokers $29.5M Sale of Retail Center Near Disney World

by Camren Skelton October 31, 2017

CELEBRATION, FLA. — Stan Johnson Co. has arranged the $29.5 million sale of the Shoppes at Celebration Place, a 44,095-square-foot retail center located at 6200-6296 W. Irlo Bronson Memorial Highway in Celebration, roughly 3 miles south of Walt Disney World. Joey Odom, Mike Sladich, K.B. Yabuku and Maggie Holmes of Stan Johnson Co. represented both the seller, South Florida-based Flagler Realty & Development, and the buyer, New York-based Ben Hur Investments. At the time of sale, the Shoppes at Celebration Place was fully leased to tenants including Walgreens, Applebee’s, Arby’s, Dunkin’ Donuts, Chipotle Mexican Grill and Five Guys Burgers & Fries.

October 31, 2017

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