Florida

Castle Lanterra Acquires Apartment Community in West Palm Beach for $63.5M

by Camren Skelton July 26, 2017

WEST PALM BEACH, FLA. — Castle Lanterra Properties (CLP) has purchased Loftin Place, a 259-unit multifamily community in West Palm Beach, for $63.5 million. Avery Klann of ARA Newmark brokered the transaction on behalf of the seller, Cypress Real Estate Advisors. David Layman of Greenberg Traurig and Mitch Clarfield of Berkely Point Capital represented CLP. Constructed in 2015, Loftin Place includes a mix of studio, one- and two-bedroom floor plans, and features a rooftop tennis court, jogging track, gazebo, sundeck, swimming pool, fitness center, yoga studio and grilling stations.

July 26, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $47M Sale of Multifamily Asset in Orlando

by Camren Skelton July 26, 2017

ORLANDO, FLA. — Cushman & Wakefield has arranged the $47 million sale of Advenir at Broadwater, a 408-unit apartment community located at 6677 Tanglewood Bay Drive in Orlando. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented Advenir in the sale to Emma Capital, which assumed a Freddie Mac loan with six years remaining on the term. Constructed in 1988, the property features two swimming pools, a clubhouse, fitness center, racquetball court, business center, picnic areas, grilling station and a dog park.

July 26, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

Florida Multifamily Southeast

Continental Realty Sells Apartment Community in Naples for $67M

by Camren Skelton July 24, 2017

NAPLES, FLA. — Continental Realty Corp. has sold Aventine at Naples, a 350-unit apartment community located at 9300 Marino Circle in Naples, for $67 million. The Baltimore-based real estate company originally purchased the asset in 2013 for $44.3 million, and executed interior and amenity upgrades. ARA Newmark’s Hampton Beebe represented Continental Realty in the sale to Miami-based Advenir Inc. The property features an outdoor kitchen and grilling area, swimming pool, fitness studio, clubhouse and a 24-hour package pick-up room.

July 24, 2017

Florida Office Southeast

Velocis, CREC Acquire Office Tower in West Palm Beach for $42.3M

by Camren Skelton July 24, 2017

WEST PALM BEACH, FLA. — Velocis, in a joint venture with CREC, has acquired One Clearlake Centre, a Class A, 218,461-square-foot office building in West Palm Beach. The sales price was not disclosed, but The Real Deal reports AEW Capital Management sold the asset for $42.3 million. Christian Lee and José Antonio Lobón of CBRE represented the seller in the transaction, and Amy Julian of CBRE represented Velocis and CREC in financing the asset. Constructed in 1986, the 18-story tower is connected to a five-story, 662-space parking garage and is LEED Silver-certified. The joint venture plans to renovate the property, focusing on upgrading the lobby, corridors and bathrooms. A tenant lounge, conference center and multiple spec suites will also be created.

July 24, 2017

Florida Office Southeast

Institutional Property Advisors Arranges $38.9M Sale of Office Building in Boca Raton

by Camren Skelton July 24, 2017

BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $38.9 million sale of 301 Yamato, a 206,946-square-foot, four-story office building in Boca Raton. Douglas Mandel, Todd Everett and Jason Carros of IPA represented the undisclosed seller in the transaction. Mandel and Everett also procured the undisclosed buyer. Eric Fixler of IPA Capital Markets secured $29.5 million in debt on behalf of the buyer. Constructed in 1987, 301 Yamato features an atrium with glass curtain walls, indoor and outdoor water elements and an air-conditioned bridge that connects to a five-story parking garage.

July 24, 2017

Florida Southeast

Avison Young Negotiates $80M Sale of Flea Market, Auto Auction Site Near Miami

by Camren Skelton July 21, 2017

OPA-LOCKA, FLA. — Avison Young has arranged the sale of the Opa-locka Hialeah Flea Market and neighboring auto auction site for $80 million. The property comprises three parcels of land totaling over 72.1 acres — the 43.8-acre flea market located at 12691 and 12705 N.W. 2nd Ave., and the 28.3-acre auto auction site, Insurance Auto Auctions, located at 12700 N.W. Le Jeune Road. Michael Fay of Avison Young negotiated the transaction on behalf of the buyer, Gramercy Property Trust, and the sellers, Bodwin Ltd. and SeaBase Florida Corp. At the time of sale, a 12-year lease with three, five-year renewal options was executed with RER Outdoor Marketplace LLC, a group of Miami investors, that will operate the flea market and has plans for capital improvements.

July 21, 2017

Florida Multifamily Southeast

Morgan Breaks Ground on Multifamily Community in Fort Lauderdale

by Camren Skelton July 21, 2017

FORT LAUDERDALE, FLA. — Morgan, in conjunction with institutional investors advised by J.P. Morgan Asset Management, has broken ground on Pearl Flagler Village, a 350-unit apartment community located at 400 N.E. 3rd Ave. in Fort Lauderdale. Situated along the Wave Streetcar line within Flagler Village, a mixed-use development, the project will include a mix of studio, one-, two- and three-bedroom floor plans. The seven-story property will also feature a business center, fitness center, yoga studio, gas grill stations, dog park and a heated saltwater pool. The first units of the development are slated to open in the second half of 2018.

July 21, 2017

Florida Loans Multifamily Southeast

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

by Camren Skelton July 19, 2017

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

Florida Office Southeast

TPA Group to Develop 330,000 SF Office Park in Broward County

by Camren Skelton July 18, 2017

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope of Avison Young will manage leasing and marketing of the property. The Edison Pembroke Pines will be constructed in two phases, and will mirror the aesthetic of TPA Group’s other projects under construction in Alpharetta, Ga., and Lake Mary, Fla.

July 18, 2017

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