Florida

Greystar Sells Four-Property Multifamily Portfolio in South Florida to PGIM, Carroll Organization

by Camren Skelton April 17, 2018

CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.

April 17, 2018

Acquisitions Florida Office Southeast

HFF Brokers $21.2M Sale of Office Complex in Broward County

by Camren Skelton April 16, 2018

CORAL SPRINGS, FLA. — HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs. Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc. HFF also procured the buyer, Borsa Properties LLC. Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.

April 16, 2018

Acquisitions Florida Industrial Southeast

Colony Industrial Acquires 1.3 MSF Industrial Park in Jacksonville for $77.5M

by Camren Skelton April 12, 2018

JACKSONVILLE, FLA. — Colony Industrial, an affiliate of Colony NorthStar, has acquired Westside Industrial Park in Jacksonville for $77.5 million. The 1.3 million-square-foot park, located at 4601 and 4910 Bulls Bay Highway, includes four Class A industrial buildings. The Jacksonville Business Journal reports Pattillo Industrial Real Estate sold the portfolio, which was 99.8 percent leased at the time of sale to nine tenants. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the seller. The acquisition marks Colony Industrial’s fourth investment in the Jacksonville market over the last nine months.

April 12, 2018

Development Florida Office Southeast

Hispanic Media Giant Telemundo Opens $250M Global Headquarters in Miami

by Camren Skelton April 11, 2018

MIAMI — Telemundo has opened its $250 million global headquarters in Miami’s Beacon Lakes Industrial Park. The Spanish-language media company is a subsidiary of NBCUniversal and Comcast Corp. Telemundo Center is situated on 21 acres and spans nearly 500,00 square feet, with the capacity to house 1,500 employees. The new facility brings all of the division’s offices, broadcast and production operations under one roof, including Telemundo Network, Telemundo Global Studios, Universo channel, Telemundo’s digital media operations and NBCUniversal International Group’s Latin American offices. The building features 15 studios, including two digital studios, virtual and augmented reality sets and a news operation. In addition, the facility houses the recently launched Telemundo Academy, a multimedia educational institution that partners with high schools and universities to train future media leaders. The LEED-certified building is constructed to sustain a Category 5 hurricane and remain in operation during weather and other environmental emergencies. Telemundo Center is estimated to contribute approximately $360 million in state taxes over the next 20 years.

April 11, 2018

Acquisitions Florida Southeast

Crocker, JV Partners Acquire 1.8 MSF Office Campus in Boca Raton for $179.3M

by Camren Skelton April 11, 2018

BOCA RATON, FLA. — Crocker Partners, in a joint venture with Rialto Capital and Siguler Guff, has acquired Boca Raton Innovation Campus (BRIC), a 1.8 million-square-foot office complex in Boca Raton. The 125-acre property — the former home of IBM — sold for $179.3 million, according to local media reports. Mike McDonald, Kennedy Hicks and Joe Gibson of Eastdil Secured arranged the transaction on behalf of the sellers, Farallon Capital Management and Next Tier HD. BRIC was originally developed in the 1960s as IBM’s North American Research & Development facility, and is credited as the birthplace of the personal computer. The campus was 73 percent leased at the time of sale to tenants such as Bluegreen Vacations Corp., Johnson Controls Security Solutions, TransUnion, MDVIP and Modernizing Medicine. BRIC’s amenities include a private shuttle to Tri-Rail, the city’s public transportation system, as well as a dining marketplace, conference centers, daycare center, walking trails and a fitness center. The acquisition brings Crocker Partners’ Boca Raton portfolio to 2.9 million square feet.

April 11, 2018

Florida Loans Multifamily

Trillium Capital Arranges $21.6M Loan for New Multifamily Community in Titusville, Florida

by Camren Skelton April 11, 2018

TITUSVILLE, FLA. — Trillium Capital Resources (TCR) has arranged a $21.6 million loan for Solamere Grand, a 216-unit apartment community in Titusville. TCR arranged the 15-year, non-recourse, fixed-rate loan through Aegon Realty Advisors on behalf of the borrower, Solamere Grand LLC. The community was completed this month and features a clubhouse, business center, TV lounge, resort-style swimming pool, fitness center, sauna, playground, dog park and grilling stations.

April 11, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $35.2M Fannie Mae Acquisition Loan for Apartment Community in Broward County

by Camren Skelton April 10, 2018

DANIA BEACH, FLA. — KeyBank Real Estate Capital has provided a $35.2 million Fannie Mae loan for the acquisition and rehabilitation of Sheridan Lake Club Apartments, a 240-unit multifamily community in Dania Beach. Timothy DeWispelaere of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae’s Green Rewards program. The name of the borrower was not disclosed, but local media outlets report American Landmark Properties acquired the property. Situated in South Florida’s Broward County, Sheridan Lake Club Apartments was built in 2001 and features a resort-style pool, 24-hour fitness center, business center, pet park and a playground.

April 10, 2018

Acquisitions Florida Industrial Southeast

Monmouth Acquires 399,440 SF Industrial Building in Daytona Beach for $30.8M

by Camren Skelton April 10, 2018

DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.

April 10, 2018

Affordable Housing Development Florida Multifamily Southeast

Ability Housing Starts Construction on $27.4M Affordable Housing Community in Orlando

by Camren Skelton April 9, 2018

ORLANDO, FLA. — Ability Housing, in conjunction with the City of Orlando, has started construction of Village on Mercy, a 166-unit affordable housing project located along Mercy Drive in Orlando. The Florida Housing Finance Corp., Bank of America NA, Enterprise Community Investment Inc. and the Corporation for Supportive Housing (CSH) provided funding for the $27.4 million project. The community will be certified by the Florida Green Building Coalition and will feature a community center, playground, fitness trail and recreation space along Lake Lawne. All of the apartments will be reserved for residents earning 60 percent or less of the area median income (AMI), and half of the units will provide housing for formerly homeless individuals and families. Construction on the project is expected to last 18 months. Ebert Norman Brady Architects is the architect for Village on Mercy, and Sauer Inc. is the general contractor.

April 9, 2018

Acquisitions Florida Retail Southeast

Colliers Brokers $12.7M Sale of Shopping Center in Jacksonville

by Camren Skelton April 6, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $12.7 million sale of San Jose Plaza, a 95,433-square-foot shopping center in Jacksonville. Scott Rogers of Colliers arranged the transaction on behalf of the buyer, SJP Jax LLC, which acquired the asset from Shanri Holdings Corp. Bonefish Grill anchors the center, which was 75 percent leased at the time of sale to 30 tenants. A second anchor tenant, Aldi, will open this summer.

April 6, 2018

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