Florida

Harbor Group Sells Two Apartment Communities in South Florida for $105.6M

by John Nelson August 19, 2016

WEST PALM BEACH AND FORT LAUDERDALE, FLA. — Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. HGI purchased both assets in June 2012 for a combined $67.8 million. Turtle Cove was built in 1986 and contains 444 units. Amenities include a clubhouse, swimming pool, fitness center, sports courts, gazebo/picnic area and a car care center. The property is currently 95 percent occupied. Serramar was also built in 1986 and contains 302 units. Amenities include a clubhouse, two swimming pools, fitness center, sports court, cyber café, playground and a car care center. The property is currently 96 percent occupied.

August 19, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges $23.6M Sale of Distribution Facility in Broward County

by John Nelson August 19, 2016

POMPANO BEACH, FLA. — Cushman & Wakefield has brokered the $23.6 million sale of Pompano Distribution Center I, a Class A, 202,210-square-foot distribution warehouse located at 3901 N.E. 12th Ave. in Pompano Beach. Built in 2014 by Atlanta-based Weeks Robinson Partners, the rear-load facility was fully leased at the time of sale to tenants such as Restoration Hardware, Sunbelt Marketing and RWC Inc. The property features 32-foot clear heights, 125-foot truck courts, 60-foot concrete aprons, ESFR sprinklers, T-5 lighting and trailer storage. Mike Davis, Rick Brugge, Michael Lerner and Richard Etner of Cushman & Wakefield represented Robinson Weeks in the sale. A member company of Zurich North America, advised by Zurich Alternative Asset Management LLC, purchased the facility for roughly $117 per square foot.

August 19, 2016

Florida Multifamily Southeast

CBRE Brokers Sale of Two Apartment Communities in Central Florida for $70.9M

by John Nelson August 17, 2016

ORANGE CITY AND PALM COAST, FLA. — CBRE has brokered the sale of two luxury apartment communities in Central Florida totaling $70.9 million. EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Completed in 2008 and 2009, Integra Landings and Integra Woods feature gated access, carriage-style units, select units with direct-access garages, nine-foot and higher ceilings and water and wooded views. The developer of both apartment properties, Integra Land Co., is based in Lake Mary, Fla., with projects developed throughout the Southeast. Shelton Granade, Luke Wickham and Justin Basquill of CBRE marketed the properties on behalf of the sellers, Integra Land Co. and Case Pomeroy Properties LLC.

August 17, 2016

Florida Loans Retail Southeast

NorthMarq Arranges $10.4M Refinancing of Publix Market Square in Gainesville

by John Nelson August 17, 2016

GAINESVILLE, FLA. — NorthMarq Capital has arranged the $10.4 million refinancing of Publix Market Square, a 71,007-square-foot, Publix-anchored shopping center located at 2625-2835 S.W. 91st St. in Gainesville. Bob Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed life insurance company on behalf of the borrower, Mega A LLC.

August 17, 2016

Florida Seniors Housing Southeast

Big Rock Starts Construction of $82M CCRC in Metro Orlando

by John Nelson August 16, 2016

CELEBRATION, FLA. — Big Rock Partners has started construction of a luxury continuing care retirement community (CCRC) in the Orlando suburb of Celebration. The project, which doesn’t yet have a name, has increased in size since it was announced last year. The $60 million development costs have increased to $82 million, and the 225 planned units have increased to 239. The six-story community will sit on a nine-acre site, and is the only planned seniors housing development in Celebration, according to Big Rock. Balfour Beatty is the construction manager on the project, which is scheduled for completion in spring 2018. Gensler designed the community. Once complete, Life Care Services will operate. Big Rock Partners is a private real estate investment management firm with three seniors housing projects in Florida under development worth approximately $200 million.

August 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $36.4M Sale of Apartment Community in West Palm Beach

by John Nelson August 16, 2016

WEST PALM BEACH, FLA. — Berkadia has brokered the $36.4 million sale of Viera of the Palm Beaches, a 300-unit apartment community located at 4860 Sandstone Lane in West Palm Beach. Nashville, Tenn.-based Palm Beach Multifamily Partners LLC sold the asset to a partnership between two unnamed companies based in San Francisco and New York. Built in 1987, the pet-friendly property features one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Community amenities include a clubhouse, fitness center, business center, swimming pool, tennis courts, barbecue area and trails for running, hiking and biking. Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia’s Boca Raton office, along with Cole Whitaker of the firm’s Orlando office, brokered the sale. Viera of the Palm Beaches was 93 percent occupied at the time of sale.

August 16, 2016

Florida Retail Southeast

Colliers Brokers $14.9M Sale of Retail Space in 57-Story Marinablue Tower in Downtown Miami

by John Nelson August 15, 2016

MIAMI — Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development. CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.

August 15, 2016

Florida Office Southeast

Cushman & Wakefield Acquires Taylor & Mathis of Florida

by John Nelson August 15, 2016

TAMPA, FLA. — Cushman & Wakefield has acquired Taylor & Mathis of Florida LLC, a Tampa-based commercial real estate company specializing in agency leasing and property management. Over the past six years, Taylor & Mathis of Florida has developed more than 600,000 square feet of office and retail product valued in excess of $250 million. The firm currently manages and leases a portfolio of office and industrial properties totaling 12.5 million square feet for both private and institutional property owners. The acquisition makes Cushman & Wakefield the second largest property management firm in Florida. The company currently manages nearly 32 million square feet in the state. The Taylor & Mathis of Florida acquisition creates a combined portfolio of 41 million square feet, employing 270 property management professionals throughout Florida.

August 15, 2016

Florida Market Reports Retail Southeast Southeast Market Reports

Miami’s Overall Growth Fuels Major Retail Projects in City’s Development Pipeline

by John Nelson August 15, 2016

Miami is coming into its own as an increasingly international city that continues to attract new residents, visitors and investment and development activity. The city’s urban core is flourishing, with residents gravitating toward a downtown area that allows them to live, work and play in the same neighborhood. The Miami retail market is experiencing a development surge to accommodate the city’s growth. Through the end of the first quarter of 2016, about 2.3 million square feet of retail space was under construction, according to CoStar. The developments are bringing a new class of retailers to the market. Major projects include Brickell City Centre, a 500,000-square-foot shopping center with a roster of tenants that includes Armani Collezioni, anchor tenant Saks Fifth Avenue and Valentino. North of downtown Miami, the $1.7 billion Miami Worldcenter project will introduce a high-street retail concept that is similar to the popular Lincoln Road open-air mall in Miami Beach. In Miami’s Design District, the $1 billion redevelopment of the neighborhood is attracting luxury retailers like Hermès, Louis Vuitton and Cartier. Downtown residents will have easy access to all of these retail destinations. Retail operating fundamentals remain strong in the Miami market. Vacancies closed the first quarter of …

August 15, 2016

Florida Retail Southeast

The Hampshire Cos. Acquires The Crosslands in Metro Orlando for $121M

by John Nelson August 12, 2016

KISSIMMEE, FLA. — The Hampshire Cos. has acquired The Crosslands, a 529,300-square-foot power center located in Kissimmee, for $121 million. The 98 percent leased center is home to tenants including The Fresh Market, Hobby Lobby, Ross Dress For Less, Marshall’s, Home Goods, Forever 21, Burlington Coat Factory, 24 Hour Fitness and Academy Sports + Outdoors. The property was acquired from a partnership between O’Connor Capital Partners and Tupperware Brands Corp. O’Connor recently completed development on The Crosslands, and will retain an interest in the center as well as leasing and property management responsibilities.

August 12, 2016

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