Florida

Ready Capital Provides $11.5M Loan for Acquisition, Conversion of Warehouse in Miami

by Camren Skelton October 6, 2017

MIAMI — Ready Capital Structured Finance has provided an $11.5 million loan for the acquisition of an industrial warehouse in Miami. Located in the Wynwood Art District, the 35,000-square-foot property will be renovated and converted into a creative office building featuring ground floor retail space. The undisclosed borrower signed a lease with an office tenant that will occupy a portion of the building upon completion of the planned capital improvements. The 24-month loan features one extension option and is inclusive of a facility to provide for capital expenditures, leasing costs and interest and carry reserves.

October 6, 2017

Florida Loans Mixed-Use Southeast Top Stories

Penn-Florida Cos. Receives $398M in Project Financing for Resort in Boca Raton, Florida

by Jeff Shaw October 6, 2017

BOCA RATON, FLA. — Penn-Florida Cos. has received $398 million in project financing for the second phase of Via Mizner, a five-star resort in downtown Boca Raton. Lotus Capital Partners arranged the majority of the financing, which Mack Real Estate Credit Strategies provided. The U.S. Immigration Fund provided the balance of the financing, which was approximately $80 million. Via Mizner’s second phase of construction includes the Mandarin Oriental Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop pools, spa services, an athletic club and dining venues. The Shoppes at Via Mizner will offer a mix of brand names, artisan boutiques, dining and nightlife. Via Mizner Golf & City Club will include two venues — a golf club featuring a new Jack Nicklaus Signature Championship golf course and a downtown city club, which will offer member access to the hotel amenities. Completion is slated for early 2020. The Residences at Mandarin Oriental Boca Raton will feature 85 homes with ocean and golf course views. Owners will receive access to all the amenities of Mandarin Oriental. The first residential rental tower, 101 Via Mizner Luxury Apartments, is already complete. …

October 6, 2017

Florida Hospitality Southeast

Hunter Hotel Advisors Closes $20.5M Sale of Comfort Inn Hotel in Orlando

by Camren Skelton October 5, 2017

ORLANDO, FLA. — Hunter Hotel Advisors has arranged the $20.5 million sale of Comfort Inn Orlando Lake Buena Vista, a 200-room hotel situated a half-mile east of Walt Disney World in Orlando. Hunter Hotel Advisors represented the seller, Sun Vista Hotels, in the transaction. AD1 Global acquired the hotel, along with adjacent land that is entitled to build an additional 150 rooms. The hotel features an outdoor pool with a water slide, fitness center and complimentary shuttle service to Walt Disney World.

October 5, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Central Florida for $36M

by Camren Skelton October 4, 2017

CASSELBERRY, FLA. — The RADCO Cos. has purchased Reflections Apartments, a 336-unit multifamily community located 15 miles north of Orlando in Casselberry, for $36 million. Atlanta-based RADCO will rename the property Radius Winter Park, with plans to invest $5 million in capital improvements. Constructed in 1984, Radius Winter Park offers one- and two-bedroom units averaging 792 square feet. Community amenities include a swimming pool, clubhouse, playground and a fitness center. Planned renovations include updated cabinetry, upgraded appliances, new flooring, modern lighting, clubhouse remodel, expansion of fitness center, addition of a fire pit and grilling area and the implementation of a package concierge system. RADCO will also replace all roofs and update the landscaping and exterior of the property. BBVA provided acquisition financing for the transaction. RADCO Residential will manage the property.

October 4, 2017

Florida Georgia Loans Retail Southeast Tennessee

HFF Arranges $110M in Financing for Six-Property Grocery-Anchored Portfolio Across Southeast

by Camren Skelton October 3, 2017

ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.

October 3, 2017

Florida Multifamily Southeast

Northland Investment Buys Two Adjacent Multifamily Assets in South Florida for $56M

by Camren Skelton October 3, 2017

JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.

October 3, 2017

Florida Southeast

New Boston Fund Sells Office Building in Miami-Dade County for $96.1M

by Camren Skelton October 2, 2017

DORAL, FLA. — New Boston Fund Inc. has sold One Park Square, a 281,786-square-foot, Class A office building in Doral, a city 15 miles northwest of Miami. The South Florida Business Journal reports Gateway Renellie, an affiliate of Boston-based TA Realty, purchased the asset from New Boston Fund for $96.1 million. Christian Lee, José Lobón and Andrew Chilgren of CBRE brokered the sale. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate handled the leasing assignment for One Park Square, which Stiles Corp. manages. Constructed in 2010, the 11-story building features 49,942 square feet of ground floor retail space, 24-hour security, onsite management, a fitness center, conference facility and an integrated, structured parking garage. One Park Square also offers 360-degree views of the Miami skyline and is located adjacent to CityPlace at Doral, a 300,000-square-foot mixed-use development. One Park Square was more than 90 percent leased at the time of sale to tenants including Amadeus North America. The travel tech company signed a 115,000-square-foot lease at the property in August.

October 2, 2017

Florida Industrial Market Reports Southeast Southeast Market Reports

Orlando’s Industrial Market Finally Reaches Maturity as Demand Outstrips Supply

by John Nelson October 2, 2017

Orlando’s industrial market is coming into its own. As high-profile users such as Amazon, Samsung and Best Buy continue to enter the market, major brands are taking a fresh approach to Central Florida’s logistical advantages, and an increased number of national REITs are combing the area for any opportunity they can uncover. Despite an unprecedented boom of speculative industrial building, demand continues to outpace supply. In the industrial sphere, Orlando has become the juggernaut of Florida. This growth has been fueled by a number of overlapping factors. Tourism has always been a huge driver for Orlando’s industrial sector. Disney World remains North America’s most-visited theme park. The convention business is thriving and Port Canaveral is one of the top cruise industry ports in the world, attracting some of the largest ships. Now, the area’s tech industry is taking off as well. The $75 million, 100,000-square-foot manufacturing research center, BRIDG — just delivered in Osceola County — will be a catalyst for further growth in high-tech manufacturing and research. Add to this the second fastest rate of population growth in the nation, and the city once known primarily as Florida’s tourist mecca is primed for commercial expansion. On the national level, …

October 2, 2017

Florida Multifamily Southeast

Melo Group Tops Off Transit-Oriented Apartment Towers in Downtown Miami

by Camren Skelton September 29, 2017

MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …

September 29, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton September 29, 2017

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

September 29, 2017

Newer Posts

Older Posts