WINTER SPRINGS, FLA. — Berkadia has arranged the $23.3 million sale of Columns at Winter Springs, a 208-unit apartment community situated on more than 16 acres at 1020 Chatham Pines in Winter Springs, roughly 16 miles northeast of Orlando. Built in 1991-1992, the property was 95 percent occupied at the time of sale. Hal Warren, Cole Whitaker and Jason Stanton of Berkadia represented the seller, Atlanta-based Seminole-Winter Springs Associates LLC, in the transaction.
KISSIMMEE, FLA. — Skanska has topped out the Florida Advanced Manufacturing Research Center (FAMRC), a 109,000-square-foot advanced research and development laboratory facility in Kissimmee, an Orlando suburb in Osceola County. The total contract value for the design and construction of FAMRC is $71.4 million, according to Skanska. Situated on 20 acres near the intersection of U.S. 192 and Florida’s Turnpike, the project will provide semiconductor research and manufacturing of advanced products for the healthcare, transportation, agriculture and consumer products industries. The new center will partner with the University of Central Florida and the International Consortium for Advanced Manufacturing Research (ICAMR), a consortium for advanced sensors, phototonics and optics. The design team for FAMRC includes HOK and Abbie Gregg Inc., a global consultant to the advanced high technology industry sector. The Osceola County Board of Commissioners is helping lead the development of FAMRC, which Skanska plans to deliver in March 2017.
OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.
MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.
MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.
HOLIDAY, FLA. — Housing Trust Group (HTG) has broken ground on Phase I of Park at Wellington, a $37.9 million affordable housing community located at 4369 Sunray Drive in Holiday, roughly 30 miles north of Tampa. Phase I of the 220-unit property will span 110 units, and HTG plans to open the complex in late 2017. The units will be reserved for renters earning at or below 40 percent to 60 percent of area median income (AMI). Rents will range from $367 to $783 per month. Construction of Phase II is expected to start in November 2016. Phase I development funding sources include $16 million in 9 percent Low Income Housing Tax Credit Equity provided by Indianapolis-based City Real Estate Advisors and a $15.5 million construction loan provided by KeyBank, which converts to a $3.5 million permanent loan after completion. HTG has five affordable housing communities currently under construction in Florida. The project team for Park at Wellington includes architect Fugleberg Koch PLLC; civil engineer High Point Engineering Inc.; and general contractor HTG Hennessy LLC.
PLANT CITY, FLA. — McCraney Property Co. has purchased 70 acres of a strawberry farm located at the intersection of County Line and Rice roads in Plant City. The West Palm Beach, Fla.-based industrial developer will build a 1.3 million-square-foot spec industrial development at the site known as County Line Logistics Center at Fancy Farms. The development will include Building 100 (131,200 square feet); Building 200 (168,480 square feet); Building 300 (173,600 square feet); and Building 400 (876,240 square feet), all being developed with 36-foot clear heights. Lisa Parks Abberger of Hauger-Bunch Inc. represented the seller in the land transaction, and Bruce Erhardt of Cushman & Wakefield represented McCraney Property.
ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.
JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …
MIAMI BEACH, FLA. — Ivy Realty has purchased Miami Beach Towers, a two-building, Class A office portfolio in Miami Beach, for $48.8 million. Ivy Realty acquired the assets from Beach Tower LLC, an affiliate of South Florida-based Terranova Corp., which has owned the assets since 2004. Situated 400 feet from Miami Beach’s famous Lincoln Road, the properties are located at 1674 and 1688 Meridian Road and total nearly 120,000 square feet. The office buildings were 69 percent leased at the time of sale to tenants such as Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF and Merchant Data Systems. With this purchase, Ivy Realty’s South Florida office portfolio spans roughly 1.7 million square feet. Terranova is currently constructing two neighboring three-story retail buildings that will be anchored by Marshalls and Antropologie. New York City-based design firm James Corner Field Operations plans to overhaul the Lincoln Road District using roughly $32 million from the Community Redevelopment Agency to redevelop the street’s pedestrian-only promenade, as well as Meridian Road and other side streets. Ivy Realty believes the facelift will help boost the visibility and occupancy of Miami Beach Towers.
