Florida

Swire Properties Adds 11 New Retailers to Brickell City Centre in Miami

by John Nelson May 25, 2016

MIAMI — Swire Properties Inc., along with co-developers Whitman Family Development and Simon Property Group, has signed 11 new retailers as tenants of Brickell City Centre’s 500,000-square-foot shopping center in Miami. The new retailers joining the $1.05 billion development are Baldinini, Boglioli, Bruno Magli, Carmen Steffens, Hugo Boss, Lafayette 148, Samsonite, Sephora, SPARIS, Tommy Bahama and Violetas/ Baccarat. Set to open in November, the shopping center will comprise more than 70 retailers and eateries. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. The shopping center will also feature a two-story underground carpark that traverses streets in the lower level. Other components of Brickell City Centre opening this year include Reach, a condominium tower that opened in April; Rise, a condominium tower opening this summer; Three Brickell City Centre, a Class A office tower that opened in February; and Two Brickell City Centre, an office tower set to open this summer.

May 25, 2016

Caribbean Villas Apartment Homes West Palm Beach

Florida Multifamily Southeast

KeyBank Provides $12.1M Fannie Mae Loan for Apartment Complex in West Palm Beach

by John Nelson May 25, 2016

WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.

May 25, 2016

Florida Office Southeast Top Stories

Sumitomo Buys Iconic Miami Tower For $220M

by Haisten Willis May 25, 2016

MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million. LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction. LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.” Renowned architect I.M. Pei designed the building, which consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space. The building is well known for its unique exterior lighting system and boasts tenants including Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the …

May 25, 2016

Florida Office Southeast

Cisneros, Moss & Associates Lease Office Space at Two MiamiCentral

by John Nelson May 24, 2016

MIAMI — Cisneros, a media and entertainment advertising firm, and Moss & Associates, a construction firm based in Fort Lauderdale, have leased office space at Two MiamiCentral, part of the 11-acre MiamiCentral mixed-use development in downtown Miami. The two companies are joining Ernst & Young LLP, Regus and Florida East Coast Industries at the 10-story, 190,000-square-foot office building. Cisneros will occupy 30,000 square feet on the top two floors of the Class A office building, and Moss & Associates will occupy 4,000 square feet on the seventh floor. Set to open in 2017, the office building is now 60 percent pre-leased. In addition to the office component, MiamiCentral will be the future home of the Brightline train service. Designed by Skidmore, Owings & Merrill LLP, Two MiamiCentral’s office space will begin 120 feet above street level to accommodate the raised Brightline train platform and include a plaza level featuring a fitness facility, conference center and open-air terrace available for tenants and their guests. Blanca Commercial Real Estate is the leasing agent for the commercial space within MiamiCentral.

May 24, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $12.3M Sale of Retail Property in South Beach

by John Nelson May 24, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of Plaza 1600 South Beach, a 6,090-square-foot retail property located in Miami Beach’s South Beach neighborhood. The property is located at the intersection of 16th Street and Alton Road, roughly one block from Lincoln Road Mall. Built in 1959 and renovated in 2000, Plaza 1600 South Beach’s current tenants include Lyon Frères Petit Marché, Dunkin’ Donuts and Pizza Hut. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a partnership from Miami Beach, and the buyer, a limited liability company from Miami.

May 24, 2016

Florida Multifamily Southeast

CBRE Brokers $17.6M Sale of Apartment Community in Orlando

by John Nelson May 23, 2016

ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.

May 23, 2016

Florida Multifamily Southeast

Colliers Arranges $17M Sale of Apartment Complex in Jacksonville

by John Nelson May 23, 2016

JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.

May 23, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Apartment Portfolio in Central Florida

by John Nelson May 20, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a three-property multifamily portfolio in Central Florida. The portfolio includes the 400-unit Royal Oaks in Tampa’s Westshore district, the 138-unit Royal Ridge in St. Petersburg and the 151-unit Royal Springs in Orlando. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction. Marcus & Millichap Capital Corp. provided acquisition financing for the portfolio purchase.

May 20, 2016

Florida Multifamily Southeast

Melo Group Delivers 38-Story Melody Tower in Downtown Miami

by John Nelson May 19, 2016

MIAMI — Melo Group has completed the construction of Melody Tower, a 38-story, 497-unit high-rise in downtown Miami. Located at 245 N.E. 14th St. in Miami’s Arts & Entertainment district, Melody Tower is now open for occupancy and renters are moving in this month. The tower includes one- to three-bedroom apartments with monthly rates starting at approximately $1,650 for a one-bedroom unit, $1,850 for a two-bedroom unit and $2,350 for a three-bedroom unit. The property is fully pre-leased and features 8,500 square feet of ground-floor retail and restaurant space that is pre-leased to Brazil’s Parmegiana Factory and New York Miami Pizza, both of which are set to open in the second quarter of 2016. Fronting Biscayne Bay, the property is located directly across from the Adrienne Arsht Center for the Performing Arts and less than two blocks away from the Miami-Dade Metromover Omni Station. Melody Tower’s amenities include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room. Unit interiors include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile, balconies and full-size washer and dryers in all units.

May 19, 2016

Waterford at Blue Lagoon Business Park Miami

Florida Office Southeast

Cushman & Wakefield Brokers $68M Sale of Office Portfolio in Miami

by John Nelson May 19, 2016

MIAMI — Cushman & Wakefield has brokered the $68 million sale of a five-building office portfolio at Waterford at Blue Lagoon Business Park in Miami. Built between 1982 and 1988, the portfolio totals 357,466 square feet. Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors LLC, in the transaction. Ivy Realty acquired the portfolio, which was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield arranged $50.5 million in acquisition financing through CIBC World Markets on behalf of Ivy Realty. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings.

May 19, 2016

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