Florida

JLL to Market Parcels at $1B Creative Village Development in Downtown Orlando

by John Nelson October 14, 2016

ORLANDO, FLA. — Creative Village Development LLC (CVD) has selected JLL to oversee the marketing of select sites available for sale at Creative Village, a $1 billion, 68-acre master-planned development in downtown Orlando. The Creative Village project is a public-private partnership between the city of Orlando and CVD, the project’s master developer. CVD is a joint venture between a local entity led by Ustler Development Inc. and Bank of America Community Development Corp. (BACDC). JLL will market select parcels of Creative Village in multiple phases, with Phase I comprising three parcels. The three parcels are programmed for at least 250 multifamily residences, an office building of at least 120,000 square feet and commercial, multifamily or hotel space spanning at least several hundred thousand square feet. Aaron Gray and Bret Felberg of JLL are leading the marketing efforts. Creative Village will transform the former Amway Arena into a mixed-use, transit-oriented development comprising University of Central Florida’s downtown campus, which is set to open in August 2019; office space; a $90 million, 600-bed student housing community developed by Ustler and KUD International LLC; a $62.5 million, 250-unit multifamily community developed by Ustler and a joint venture partner; and a 116-unit, $29 million …

October 14, 2016

Florida Retail Southeast

IKEA to Open Fifth Florida Location in Jacksonville

by John Nelson October 14, 2016

JACKSONVILLE, FLA. — IKEA plans to break ground in November on its fifth Florida location in Jacksonville. Set to open in the fall of 2017, the new 290,000-square-foot IKEA store will join existing Florida locations in Orlando, Tampa, Sunrise and Sweetwater. IKEA Jacksonville will be situated on a 25-acre site along the northwestern corner of I-295 and Gate Parkway, roughly 10 miles southeast of downtown Jacksonville. The project team includes Lakeland, Fla.-based Marcobay Construction Inc.; CBRE; Driver McAfee, Peek & Hawthorne; Prosser Inc.; Bushra Tsai Inc.; RPM Engineers Inc.; Universal Engineering Sciences; Environmental Services Inc.; Gemini Engineering; and Ware Malcomb. IKEA Jacksonville is expected to create 500 construction jobs and 250 permanent jobs.

October 14, 2016

Florida Seniors Housing Southeast

Lowe Enterprises Investors Buys Assisted Living Community in Tallahassee

by John Nelson October 14, 2016

TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …

October 14, 2016

Florida Multifamily Southeast

Cushman & Wakefield Arranges $42.8M Sale of Apartment Community in Orlando

by John Nelson October 13, 2016

ORLANDO, FLA. — Cushman & Wakefield has brokered the $42.8 million sale of Phase I of Crest at Millenia, a newly built, 252-unit apartment community located at 5100 Millenia Waters Drive in Orlando. Built in 2016 on a 12.8-acre site in Orlando’s Millenia submarket, Crest at Millenia’s amenities include gated access, a resort-style salt water pool with private cabanas, grilling courtyard, hammock grove, dog park, game room with billiard tables, bocce ball court, 24-hour fitness center, resident hub, extra storage and 358 parking spaces. The property’s units average 957 square feet and feature hardwood-style flooring, granite countertops in the kitchens and baths, stainless steel appliances, 42-inch designer custom cabinets, crown molding, ceramic tile floors in the bathrooms, USB charging stations and washers and dryers in all units. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, Miami-based Lennar Multifamily Communities, in the transaction. The buyer, Atlanta-based Centennial Holding Co., purchased the asset for roughly $170,000 per unit. The 272-unit Phase II of Crest at Millenia will be located on an adjacent 13.5-acre site and is expected to come on line later this year.

October 13, 2016

Florida Multifamily Southeast

CBRE Brokers $32.6M Sale of Apartment Community in Metro Orlando

by John Nelson October 13, 2016

KISSIMMEE, FLA. — CBRE has brokered the $32.6 million sale of the Valencian Apartments, a 366-unit apartment community located in 1400 W. Donegan Ave. in Kissimmee, a suburb of Orlando. The Michaelson Group purchased the property from Insula Capital. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Insula Capital in the transaction. Valencian Apartments features one-, two- and three-bedroom residences with screened-in patios and modern kitchens. The two-story community recently underwent a $2.8 million renovation to the exterior and in-unit amenities, including upgrades to the façade, clubhouse and the three resort-style pools.

October 13, 2016

Florida Loans Multifamily Southeast

Berkadia Arranges $70M Loan for Multifamily Property in Key West

by John Nelson October 12, 2016

KEY WEST, FLA. — Berkadia has arranged a $70 million loan for the refinancing of Ocean Walk, a 296-unit multifamily property in Key West. The recently renovated community features one-, two- and three-bedroom units with upgraded cabinetry and finishes, stainless steel appliances and plank flooring. Community amenities include a swimming pool, basketball court, tennis court and a nearby jogging trail. Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the Fannie Mae loan on behalf of the borrower, a joint venture between Mast Capital and Rockpoint Group.

October 12, 2016

Florida Retail Southeast

Equinox to Begin $20M Redevelopment at Williamsburg Downs Shopping Center in Orlando

by John Nelson October 11, 2016

ORLANDO, FLA. — Maitland, Fla.-based Equinox Development Properties Inc. is set to begin a $20 million redevelopment of Williamsburg Downs Shopping Center in Orlando. Renovations at Williamsburg Downs — purchased by Equinox in September — will include the enlargement of the anchor Publix location to 45,600 square feet, and upgrades to the center’s lighting, signage, parking lot and landscaping. Improvements are scheduled to begin in early 2017, with completion expected for later that year. Tenants at the center include GNC, Subway, Greenburg Dental and Metro PCS.

October 11, 2016

Florida Office Southeast

Stockbridge Sells Office Complex in Fort Lauderdale for $43.1M

by John Nelson October 10, 2016

FORT LAUDERDALE, FLA. — Stockbridge Capital Group has sold Cypress Park West I and II, a two-building, 225,757-square-foot office complex located at 6700 and 6750 N. Andrews Ave. in Fort Lauderdale. Hollywood, Fla.-based Naya USA Investment & Management purchased the office buildings from Stockbridge for $43.1 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Stockbridge in the transaction. Situated on 18.5 acres adjacent to a Marriott hotel, the properties were 97 percent leased at the time of sale to Microsoft’s Latin American headquarters, Regus, Sprint, MSC Cruises and Southern Auto Finance Co. The complex’s amenities include an on-site café, conference facility, 24/7 security and a 660-space parking facility with electric vehicle charging stations.

October 10, 2016

Florida Loans Office Southeast

Alostar Provides $14.2M Loan for 225,000 SF Office Building in Jacksonville

by John Nelson October 7, 2016

JACKSONVILLE, FLA. — Alostar has provided a $14.2 million loan for the refinancing of a 225,000-square-foot office building in Jacksonville. Located at 8787 Baypine Road, the office building is home to the Florida Coast School of Law. Alostar provided the loan to AGNL FCSL LLC, an affiliate of AG Net Lease Realty Fund II.

October 7, 2016

Florida Multifamily Southeast Top Stories Washington Western

Avanath Capital Management Buys Workforce Housing in Florida, Seattle for $84.8M

by Jeff Shaw October 7, 2016

FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …

October 7, 2016

Newer Posts

Older Posts