Florida

Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

by John Nelson July 14, 2016

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.

July 14, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $27.4M Sale of Office Building in Metro Tampa

by John Nelson July 14, 2016

TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.

July 14, 2016

Florida Loans Multifamily Southeast

KeyBank Arranges $12.3M Loan for Apartment Complex in Jacksonville

by John Nelson July 14, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

July 14, 2016

Florida Industrial Southeast

Clarion Partners Purchases Industrial Complex in Broward County for $77.3M

by John Nelson July 13, 2016

POMPANO BEACH, FLA. — Clarion Partners has purchased Pompano Business Center, a four-building, 624,531-square-foot industrial complex in Broward County’s Pompano Beach. Clarion purchased the asset on behalf of a commingled fund advised by the firm for $77.3 million. The Class A industrial park is located near the Florida Turnpike and I-95. The project features clear heights ranging from 24 to 28 feet, parking and T5 lighting. Pompano Business Center was 95 percent leased at the time of sale.

July 13, 2016

Florida Retail Southeast

American Commercial Realty Acquires Publix-Anchored Center in Jacksonville for $22.7M

by John Nelson July 12, 2016

JACKSONVILLE, FLA. — American Commercial Realty Corp. (Amcom Realty) has purchased Highland Square, a 277,000-square-foot, Publix-anchored shopping center located along I-95 and Dunn Avenue in Jacksonville. Amcom Realty purchased the asset for $22.7 million. The property’s tenant roster includes CVS/pharmacy, dd’s Discounts, Family Dollar, Bealls Outlet, Baileys Powerhouse Gym, Rainbow, Starbucks Coffee, Chase Bank and BBVA Compass. Ironstone Partners advised Amcom Realty in the transaction.

July 12, 2016

Florida Industrial Loans Southeast

JP Morgan Arranges $22.6M Construction Loan for Spec Industrial Facility in Fort Lauderdale

by John Nelson July 12, 2016

KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.

July 12, 2016

Florida Southeast

Ocean Reef Club Sells Plaza Building in Key Largo for $21.2M

by John Nelson July 12, 2016

July 12, 2016

Florida Industrial Southeast

Newmark Grubb Phoenix Brokers $10.5M Sale of 588,000 SF Industrial Facility in Jacksonville

by John Nelson July 11, 2016

JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group has brokered the $10.5 million sale of a 588,000-square-foot manufacturing and warehouse facility located at 5245 Commonwealth Ave. in Jacksonville. Situated on 28 acres within Jacksonville’s Westside submarket, the property is fully leased to two tenants, Fanatics and Dickinson Fleet Services. Woodland, Calif.-based Tower Investments LLC purchased the building from FT-WD Property LLC. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix represented the buyer in the transaction. Newmark Grubb Phoenix has been the leasing agent for the property for more than 10 years.

July 11, 2016

Florida Mixed-Use Retail Southeast

Swire Properties Announces Five New Retailers Joining Brickell City Centre in Miami

by John Nelson July 8, 2016

MIAMI — Swire Properties Inc. has announced new retailers joining Brickell City Centre’s 500,000-square-foot, open-air shopping center in Miami’s Brickell district. Comprising more than 80 retailers and eateries, the retail development is set to open to the public in November. The new tenants joining the project include Victoria’s Secret, Bath & Body Works, Suit Supply, Stitched and Pinko. Swire Properties is co-developing the shopping center with Whitman Family Development and Simon Property Group. Tenants that have previously signed leases at the $1.05 billion, 4.9 million-square-foot Brickell City Centre include Saks Fifth Avenue, Cinemex, Italian Food Hall, LIVE!, lululemon athletica, Armani Collezioni, Cole Haan, Bally, Coach, Porsche Design, Luke’s Lobster, Taco Chic and AT&T. As part of the center’s design, Swire Properties has integrated the Miami Metromover with a stop that exits directly into the shopping center’s third floor. The project will also feature a two-story underground parking deck.

July 8, 2016

Florida Multifamily Southeast

IPA Brokers $44.5M Sale of Apartment Community in Orlando

by John Nelson July 8, 2016

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $44.5 million sale of Pine Harbour Apartments, a 366-unit luxury multifamily community located at 10600 Bloomfield Drive in east Orlando. Built in 1990, the gated community features a 24-hour fitness center, indoor racquetball court and a Wi-Fi-enabled clubhouse and business center. Pine Harbour Apartments features one-, two- and three-bedroom units that range in size from 622 square feet to 1,255 square feet. Steve Witten, Still Hunter III and Victor Nolletti of IPA, along with Evan Kristol, Francesco Carriera and Michael Regan of Marcus & Millichap, represented the seller and procured the buyer.

July 8, 2016

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