Florida

Highline, Sefira Capital Acquire Office Park in Tampa for $13.1M

by John Nelson July 8, 2016

TAMPA, FLA. — HRE/Sefira Cypress LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, has closed on its $13.1 million purchase of Cypress Point Office Park in Tampa. Cypress Point is a six-building, 165,000-square-foot office park located at 10004-10014 Dale Mabry Highway. The park was 88 percent leased at the time of sale. Longtime CREC principal David Moret formed Highline Real Estate Capital in February 2016, and Cypress Point was the inaugural purchase for the company. Mijael Attias and Aby Galsky formed Sefira Capital in September 2015. Jeffrey Morris and Bret Felberg of JLL represented the seller, Tomorrow VII Cypress LP, in the sale. Tarik Bateh of JLL’s capital markets group arranged acquisition financing through TD Bank on behalf of the new ownership group. HRE/Sefira Cypress LLC has selected Focus Real Estate Services to provide management and leasing services for Cypress Point.

July 8, 2016

Florida North Carolina Retail Southeast

Williams Co. Southeast to Remodel Over 20 Target Stores in Florida, North Carolina

by John Nelson July 7, 2016

ORLANDO, FLA. — Williams Co. Southeast, an Orlando-based general contractor and construction manager, plans to remodel more than 20 Target stores in Florida and North Carolina. The company recently finished the remodel of three Florida stores in Gainesville, Jacksonville and Wesley Chapel and two North Carolina stores in Durham and Greensboro. Williams expects to wrap up construction of all the remodeled stores by October. The company has previously constructed more than 400 Target projects in 11 states.

July 7, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $8.3M Sale of Net-Leased Urban Outfitters in Palm Beach County

by John Nelson July 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $8.3 million sale of a net-leased Urban Outfitters store located at 306 E. Atlantic Ave. in Delray Beach. Urban Outfitters signed a 10-year lease with two five-year renewal options in May 2014. The 11,073-square-foot, two-story store is fully leased to Urban Outfitters. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Menin Development Inc., in the transaction. Last year Bregman represented Menin in acquiring the neighboring George Buildings at 326 and 400 E. Atlantic Ave.

July 7, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Complex in Tampa for $20.1M

by John Nelson July 6, 2016

TAMPA, FLA. — The RADCO Cos. has purchased The Newport Villas Apartments, a 372-unit, Class B apartment community in Tampa, for $20.1 million. RADCO Residential will manage the property, which was built in 1984 and will be rebranded as Mabry Manor. The Atlanta-based multifamily investment firm plans to invest $5.2 million in capital improvements to the property, including repairing and replacing the fascia and siding, renovating the leasing and fitness centers, rebuilding the floating dock and wooden boardwalk surrounding the lake and building a new playground. RADCO financed the acquisition and renovations using private capital and financing from Prudential Financial.

July 6, 2016

Florida Office Southeast

Lincoln Property Co. Inks Lease with Anchor Tenant FAIRWINDS Credit Union in Orlando

by John Nelson July 6, 2016

ORLANDO, FLA. — Lincoln Property Co. has signed FAIRWINDS Credit Union to a 40,000-square-foot anchor lease at Tremont Plaza in downtown Orlando. Currently under construction, the 28-story tower will be situated at the corner of Garland Avenue and South Street and feature retail, restaurant and banking space in the lobby. The project will also feature a 10-level parking deck, seven levels of office space and an eight-story, 180-room AC Hotel by Marriott. Tremont Plaza will also include a new Sunrail platform for Church Street Station inside the building. The station will offer future access to Orlando International Airport and connectivity to Miami via All-Aboard Florida’s high-speed train. FAIRWINDS is an Orlando-based financial institution with $2 billion in assets. Nan McCormick of CBRE represented FAIRWINDS in the lease transaction.

July 6, 2016

Florida Multifamily Southeast

Crescent Communities Opens 249-Unit Crescent Gateway in Florida

by John Nelson July 5, 2016

ALTAMONTE SPRINGS, FLA. — Crescent Communities has opened Crescent Gateway, a 249-unit apartment community located near the Maitland Boulevard exit on I-4 at 912 Innovation Way in Altamonte Springs. The property’s residences range from a 634-square-foot studio to a 1,476-square-foot, three-bedroom unit. Amenities include a clubhouse with Wi-Fi access, computer lounge with Macs and PCs and a poolside indoor/outdoor kitchen and lounge area. The community also has a yoga lawn, fire pit near the pool deck, bike storage, off-leash dog park and a media lounge with Xbox, PlayStation 4 and Apple TV. Unit interiors include granite countertops, stainless steel appliances, USB ports in the kitchen, walk-in closets and a washer and dryer in every residence.

July 5, 2016

Florida Hospitality Loans Southeast

Meridian Capital Arranges $15.4M Construction Loan for Wyndham Garden Hotel in Broward County

by John Nelson July 5, 2016

DANIA BEACH, FLA. — Meridian Capital Group has arranged $15.4 million in construction financing for a new Wyndham Garden hotel located in Dania Beach. The 142-room, seven-story hotel will be situated one-and-a-half miles from the beach and near Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center. Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the three-year, interest-only construction loan through BB&T. The loan converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term.

July 5, 2016

Florida Office Southeast

SunTrust Sells Namesake Office Complex in Fort Lauderdale to Steelbridge Capital for $90M

by John Nelson July 1, 2016

FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.

July 1, 2016

Florida Office Southeast

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Florida Hospitality Southeast

Atton Hotels to Open Atton Brickell Miami Hotel

by John Nelson July 1, 2016

MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.

July 1, 2016

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