Florida

Robbins Electra Acquires Three Multifamily Communities in Jacksonville, Metro Atlanta for $78.4M

by John Nelson March 7, 2017

JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.

March 7, 2017

Florida Hospitality Mixed-Use Southeast

MDM Group Buys Site at Miami Worldcenter for $45M

by John Nelson March 7, 2017

MIAMI — MDM Group has closed on the $45 million purchase of five acres at N.W. 7th Street and 1st Avenue within Miami Worldcenter, a $2 billion development now under construction that will feature residential, retail, office and hospitality components. The seller was Old Arena LLC, an entity led by Nitin Motwani. The site, the original home of the former Miami Arena, will house the Marriott Marquis Marriott Worldcenter Hotel & Expo Center. The project will be built in two phases, the first of which will include 600,000 square feet of conference and exposition space and 1,100 hotel rooms. Phase II will comprise a 600-room hotel tower. The development is expected to generate thousands of jobs during construction phases and hundreds of direct and indirect jobs once the hotel and conference center are fully operational. The design team includes Miami-based architect Nichols Brosch Wurst Wolfe & Associates and interior designer RTKL. MDM Group expects to break ground on the project by the end of the year. Master developer Miami Worldcenter Associates, led by Art Falcone and Motwani, will deliver Miami Worldcenter in phases over the coming years.

March 7, 2017

Florida Retail Southeast

Weingarten Realty Sells Fresh Market-Anchored Shopping Center in Tampa

by John Nelson March 7, 2017

TAMPA, FLA. — Weingarten Realty Investors has sold Palms of Carrollwood, a 167,887-square-foot retail center anchored by The Fresh Market in Tampa. The shopping center is situated on 15.4 acres at the intersection of Dale Mabry Highway and Fletcher Avenue. Other tenants at the 91.3 percent-leased center include Bed Bath & Beyond, Petco and Sam Ash Music. Brad Peterson and Whitaker Leonhardt of HFF represented the seller in the disposition of the property to Wallace Enterprises Inc. The sales price was not disclosed.

March 7, 2017

Florida Multifamily Southeast

Glenmont Capital, Arlington Properties Sell Apartment Community in Tampa for $73M

by John Nelson March 6, 2017

TAMPA, FLA. — Glenmont Capital Management LLC and Arlington Properties have sold Tapestry at Citrus Park, a 400-unit apartment community in Tampa, for $73 million. Developed in 2015 by Glenmont and Arlington, the Class A property is situated on 60 acres at 12780 Olive Jones Road in Tampa’s North Hillsborough submarket. Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, plank flooring, walk-in closets, granite countertops and stainless steel appliances. Community amenities include two beachfront-entry pools, a fitness center, lounge, business center and dog park. Patrick Dufour and Scott Ramey of ARA Newmark represented Glenmont and Arlington in the sale. Matthew Williams of Newmark Grubb Knight Frank Capital Markets arranged a four-year, $53.8 million, floating-rate acquisition loan through ARES Commercial Real Estate on behalf of the borrower, an institutional owner/operator.

March 6, 2017

Florida Retail Southeast

MMG Equity Partners Buys Shopping Center in Miami for $38.6M

by John Nelson March 6, 2017

MIAMI — MMG Equity Partners has purchased Kendall Corners, a 97,189-square-foot shopping center located on Kendall Drive in Miami, for $38.6 million. The property was 92 percent leased at the time of sale to tenants such as Ashley Furniture, Baptist Hospital, Bank United, Mattress Firm, Phenix Salons and IHOP. The seller was undisclosed.

March 6, 2017

Florida Multifamily Southeast

Berkadia Brokers $20M Sale of Multifamily Property in Central Florida

by John Nelson March 6, 2017

KISSIMMEE, FLA. — Berkadia has arranged the $20 million sale of The Park at Sorrento, a 208-unit apartment community located at 900 Woodside Circle in Kissimmee. Jacksonville-based Michaelson Real Estate Group purchased the asset from Tampa-based Blue Roc Premier. Built in 1974, the property features one-, two- and three-bedroom units and amenities including a laundry facility, pool, fitness center, playground and an outdoor grilling area. The community is situated less than 10 miles from Walt Disney World and 18 miles from Orlando International Airport. Cole Whitaker, Jason Stanton and Greg Rainey of Berkadia negotiated the transaction.

March 6, 2017

Florida Industrial Southeast

Newmark Grubb Phoenix Arranges 400,928 SF Industrial Lease in Jacksonville

by John Nelson March 3, 2017

JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group (NGPRG) has arranged a new 400,928-square-foot industrial lease at Northport Logistics Center, a nearly 900,000-square-foot facility located at 11530 New Berlin Road in Jacksonville. Dan Stover, Bryan Bartlett and John Richardson of NGPRG represented the landlord, Real Capital Solutions, in the lease deal. The tenant, Jacksonville-based Grimes Logistics Services Inc., will use the space for warehouse storage and distribution. Grimes Logistics is a third-party logistics company founded in 1972. NGPRG is actively marketing the remaining 471,699 square feet of space at Northport Logistics Center for lease.

March 3, 2017

Florida Office Southeast

MetLife Awarded LEED Certification for Three Office Buildings Within Waterford at Blue Lagoon in Miami

by John Nelson March 3, 2017

MIAMI — MetLife Real Estate has secured LEED certification for three of its office buildings within Waterford at Blue Lagoon, a Class A office park in Miami. The assets include 6505 Waterford, a 166,996-square-foot property built in 1996; 6100 Waterford, a 162,878-square-foot building developed in 1991; and 6303 Waterford, a 165,996-square-foot building developed in 1993. The buildings earned the designations following MetLife Real Estate’s five-year, $3.5 million capital improvement campaign, which included restroom renovations, new marble lobby floors, Energy Star-rated roof replacements, new LED light fixtures in the atriums and the parking garage, resurfacing of the parking garage deck and a new fitness center. The U.S. Green Building Council awarded 6505 Waterford LEED Gold v4 Operations and Maintenance: Existing Buildings and LEED Silver v4 Operations and Maintenance: Existing Buildings for both 6100 Waterford and 6303 Waterford. Cushman & Wakefield’s asset services team of Peter Romero, Danny Wong, Jacky Hernandez and Maria Meyer, as well as engineers Rafael Lopez, Carlos Padilla and Javier Castro, collaborated with MetLife Real Estate in procuring the LEED designations.

March 3, 2017

Florida Multifamily Southeast

Independence Realty Trust Buys Apartment Community in Tampa for $29.8M

by John Nelson March 2, 2017

TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.

March 2, 2017

Florida Multifamily Southeast

Franklin Street Brokers $8M Sale of Apartment Community in Central Florida

by John Nelson March 2, 2017

MELBOURNE, FLA. — Franklin Street has brokered the $8 million sale of Bridgewater Pointe Apartments, a 100-unit multifamily community located at 151 Eber Road in Melbourne. Robert Goldfinger and Matthew Kesterson of Franklin Street represented the buyer and the seller, both private investors, in the transaction. Built in 1987, the two-story apartment community features a swimming pool, clubhouse, fitness center and a business center. The property was 96 percent occupied at the time of sale. Lonnie Kitchen of Franklin Street provided insurance services for the buyer, which selected Franklin Street Management to manage the asset. Franklin Street represented the same buyer last year in its $9.9 million acquisition of Seastone Luxury Apartments in Tampa.

March 2, 2017

Newer Posts

Older Posts