Florida

Core5, Helms to Develop 750,000 SF Industrial Park in Broward County

by John Nelson February 1, 2017

PEMBROKE PINES, FLA. — A joint venture between Atlanta-based Core5 Industrial Partners and Helms Development has acquired a 60-acre land parcel at 2041 Sheridan St. in Pembroke Pines from the city of Pembroke Pines. The team plans to develop a three-building, 750,000-square-foot distribution park known as South Florida Distribution Center at the site. Beginning in April, Core5 and Helms will break ground on Phase I, a 223,008-square-foot spec building. The site is one of the last remaining in southwest Broward to offer build-to-suit options for larger industrial users that need trailer parking, according to Core5. South Florida Distribution Center is Core5’s first project in the state of Florida. The developers have selected Larry Dinner, Larry Genet and Tom O’Loughlin of CBRE to lease the project.

February 1, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $58.8M Sale of Apartment Community in Broward County

by John Nelson January 31, 2017

DAVIE, FLA. — Walker & Dunlop has arranged the $58.8 million sale of Town University Luxury Apartments, a newly built, 232-unit apartment community in Davie, a suburb of Fort Lauderdale in Broward County. Town University is the first acquisition in the United States for the buyer, Contentus, a Swedish investment firm. In addition to brokering the sale, Walker & Dunlop arranged a $35.4 million acquisition loan on behalf of Contentus. Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team brokered the sale. Al Rex, Marty McGrogan and Niki Preble of Walker & Dunlop arranged the 10-year acquisition loan. Town University’s community amenities include a steam room, cyber café with a coffee bar and a fitness center with cardio equipment, a virtual spin room and yoga.

January 31, 2017

Florida Multifamily Southeast Student Housing

Haven Campus Communities Breaks Ground on Student Housing Property Near the University of South Florida

by John Nelson January 31, 2017

TAMPA, FLA. — Construction is underway on Haven 46, a 542-bed student housing development by Haven Campus Communities located near the University of South Florida in Tampa. The property will offer the company’s Smart Apartment technology, created in partnership with Airwave Networks. Haven’s Smart Apartments will include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile app; and voice-controlled smart lighting, thermostats and ceiling fans. Community amenities will include two contiguous courtyards, a resort-style pool, covered grills, hammocks, fire pits, a 24-hour fitness center, cyber lounge, tech savvy study rooms, coffee bar, pool tables and shuffleboard. The property is scheduled to open in fall 2018.

January 31, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $25M Sale of Apartment Community in Metro Orlando

by John Nelson January 31, 2017

FERN PARK, FLA. — Marcus & Millichap has brokered the $25 million sale of The Palms at Magnolia Grove, a 352-unit apartment community located at 2174 Sharp Court in Fern Park, a suburb of Orlando. Built in 1972, the property features a dog park, sports court, business and fitness centers, picnic areas, clubhouse and a pool. Francesco Carriera and Michael Regan of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 31, 2017

Florida Industrial Southeast

Coca-Cola Signs Industrial Lease Renewal for 93,700 SF in Broward County

by John Nelson January 30, 2017

PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).

January 30, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $31.5M Construction Loan for Multifamily Project in Tampa

by John Nelson January 26, 2017

TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.

January 26, 2017

Florida Retail Southeast

Stiles Expands Retail Development Platform with New Senior Management Appointments

by John Nelson January 26, 2017

FORT LAUDERDALE, FLA. — Stiles, a Fort Lauderdale-based real estate development firm established in 1951, has made new appointments to its senior management team. The moves will expand the company’s retail development platform. Stiles has promoted Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, to president of Stiles Retail Group. Karlin will build on the company’s portfolio of approximately 4 million square feet of grocery-anchored shopping centers and power centers and will oversee the group’s operations, strategy, development and redevelopment activities. In addition, several Stiles veteran development associates have transitioned to Stiles Retail Group and will be responsible for project execution. Stiles has also promoted Justin Siemens to vice president and development officer within the firm’s Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Siemens will be responsible for sourcing new opportunities and creating and proving feasibility of commercial development plans. Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment. In recent retail news for Stiles, the company recently completed two grocery-anchored retail developments in Florida and three in North Carolina. Stiles, along …

January 26, 2017

Alabama Florida Seniors Housing Southeast

SLIB Brokers Sale of Two Seniors Housing Communities in Alabama, Florida

by John Nelson January 25, 2017

PRATTVILLE, ALA., AND ORMOND BEACH, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of seniors housing communities in Alabama and Florida. In the first transaction, SLIB arranged the sale of Green Springs, a 32-unit assisted living community in the Montgomery suburb of Prattville. The 4.5-acre site will allow future expansion of the community. In the second transaction, SLIB arranged the sale of Seasons by Riviera, a 36-unit memory care community in Ormond Beach, a coastal town located between Jacksonville and Orlando. The buyer intends to re-open the vacant community. Bradley Clousing of SLIB brokered both transactions. The sales prices were undisclosed.

January 25, 2017

Florida Office Southeast

Ytech International Buys Office Building in Miami’s Brickell District for $26.5M

by John Nelson January 23, 2017

MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.

January 23, 2017

Florida Multifamily Southeast

Berkadia Brokers $12.8M Sale of Apartment Community in Jacksonville

by John Nelson January 23, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.

January 23, 2017

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