Florida

Office Depot Terminates Merger Agreement with Staples

by John Nelson May 18, 2016

BOCA RATON, FLA. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016. The news comes after Office Depot and Staples had recently agreed to extend their merger agreement termination date from February 4, 2016 to May 16, 2016. Staples had begun discussions to acquire Office Depot in September 2014. Simultaneously, Office Depot has successfully extended its asset-based credit facility for an additional 5 years. The new $1.2 billion facility will mature on May 13, 2021. The amended credit agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments. Boca Raton-based Office Depot has annual sales of approximately $14 billion and has approximately 1,800 retail stores. The company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy and Viking.

May 18, 2016

Florida Mixed-Use Southeast

Tavistock Selects Steiner + Associates as Partner for 100-Acre Lake Nona Town Center in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.

May 18, 2016

Florida Loans Multifamily Southeast

Grandbridge Arranges $23M Loan for Apartment Community in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Grandbridge Real Estate Capital has closed the $23 million refinancing of Azul at Baldwin Park, a 178-unit, Class A apartment community located in Orlando’s Baldwin Park district. The multifamily property features a swimming pool, spa, cyber café, business center, clubroom and a fitness center. Bill Mattice and Phillip Cox of Grandbridge arranged the five-year, interest-only loan through an unnamed insurance company on behalf of the borrower, a joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc.

May 18, 2016

Anthropologie Grand Boulevard at Sandestin

Florida Retail Southeast

Anthropologie Opens New Store in Grand Boulevard at Sandestin in Northwest Florida

by John Nelson May 18, 2016

MIRAMAR BEACH, FLA. — National women’s retailer Anthropologie has opened a new 9,000-square-foot store in Grand Boulevard at Sandestin, a mixed-use development near northwest Florida’s beaches in Miramar Beach. The store features clothing, accessories and homewares. Grand Boulevard at Sandestin’s owners, Howard Group and Merchants Retail Partners, have recently signed leases with other retailers including Lilly Pulitzer, Vineyard Vines, J. McLaughlin, Starbucks Coffee, Jimmy John’s, The Craft Bar, Menchie’s Frozen Yogurt and Grand Fitness. Anthropologie’s new store is located in the new Center building, located on the west side of the development across from the Boulevard 10 Cinema.

May 18, 2016

Florida Multifamily Southeast

CBRE Brokers $25.5M Sale of Apartment Community in Orlando

by John Nelson May 17, 2016

ORLANDO, FLA. — CBRE has arranged the $25.5 million sale of The Serrano, a 252-unit apartment community located at 4860 Cypress Woods Drive in southwest Orlando. The property is situated near the Universal Orlando Resort and The Mall at Millenia and seven miles from downtown Orlando. Built in 1990, the property is located within a wooded conservation and was 94 percent occupied at the time of sale. Ann Arbor, Mich.-based McKinley Inc. purchased The Serrano from an undisclosed seller. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 17, 2016

Florida Office Southeast Top Stories

Flea World Demolition Clears Way for $300M Reagan Center Mixed-Use Development Near Orlando

by Nellie Day May 13, 2016

SANFORD, FLA. — Demolition work has commenced on Flea World, the one-time home of “the nation’s largest flea market under one roof,” in Sanford approximately 25 miles north of Orlando. The 118-acre site is being cleared to make way for Reagan Center, a mixed-use project that could eventually include as much as 2.4 million square feet of offices, restaurants, retail stores, apartments and townhomes. The property is situated on U.S. Route 17 at Ronald Reagan Boulevard and County Home Road. The 34-year-old flea market space is situated directly across from the Seminole County Government Operations Center, the courthouse and Seminole State College. Reagan Center’s construction will kick off a 20-year effort by the municipalities of Seminole County, Sanford, Lake Mary, Winter Springs, Longwood and Casselberry to create an economic development corridor along Route 17. “Reagan Center will create employment opportunities for thousands of Central Floridians over the next decade and will be a major economic engine,” says Paul Partyka, partner at NAI Realvest in Orlando and the broker of record for the $300 million development. “Because of its location, size and economic impact, Reagan Center will rank as one of Florida’s benchmark development projects.” Hastings Homes is carrying out the …

May 13, 2016

2101 W. Commercial Blvd. Fort Lauderdale

Florida Office Southeast

NAI Rauch Weaver Brokers $10.8M Sale of Office Building in Fort Lauderdale

by John Nelson May 12, 2016

FORT LAUDERDALE, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has arranged the $10.8 million sale of 2101 Commercial, a 94,320-square-foot office building located at 2101 W. Commercial Blvd. in Fort Lauderdale. NRNS Acquisition 2101 Commercial LLC, a company backed by local entrepreneur Howard Dvorkin, purchased the office building from RFP Mainstreet 2101 Commercial LLC. Michael Scarpino of NAI Rauch Weaver represented the buyer in the transaction, and Warren Weiser, Harry Blyden and Mark Goldstein of Continental Real Estate Co. represented the seller. The buyer has retained William Kahn of NAI Rauch Weaver to lease the property.

May 12, 2016

Florida Mixed-Use Southeast Top Stories

Off to the Races: International Speedway Breaks Ground on ONE DAYTONA Mixed-Use Project

by John Nelson May 12, 2016

DAYTONA BEACH, FLA. — International Speedway Corp. (ISC), a motorsport event promoter and owner/operator of 13 motorsport entertainment facilities, has broken ground on ONE DAYTONA, a 300,000-square-foot mixed-use project in Daytona Beach. The development will be situated across from ISC’s Daytona International Speedway, which is home of the Daytona 500 NASCAR race. Set to open in fall 2017, ONE DAYTONA will feature retail, dining, entertainment and residential space, as well as two hotels. Development costs are estimated to total between $120 million and $150 million. ONE DAYTONA will be anchored by a 67,000-square-foot Bass Pro Shops Outpost and a 12-screen Cobb Theatre. Vertical construction has begun on the movie theater, and Bass Pro Shops will begin construction on its building in the coming weeks. Additionally, ISC has recently executed leases with first-to-market retailers such as Guitar Center, Tervis, It’Sugar, Jeremiah’s Italian Ice and Venetian Nail Spa. “We are very pleased to be announcing these five outstanding tenants,” says Jeff Boerger, vice president of corporate development at ISC. Kansas City, Mo.-based Legacy Development is managing the leasing efforts for ONE DAYTONA. “We are delivering an environment and mix of uses unlike any other in the country,” continues Boerger. Other components at …

May 12, 2016

Florida Loans Retail Southeast

Grandbridge Arranges $13M Refinancing of Retail Center in South Florida

by John Nelson May 11, 2016

HOLLYWOOD, FLA. — Grandbridge Real Estate Capital has arranged the $13 million refinancing of Stirling Square, a 95,000-square-foot retail center located in Hollywood. The property features 54,773 square feet of ground-level retail space, as well as office space. Stirling Square’s tenants include Walgreens and Bank of America. Philip Carroll of Grandbridge’s Miami office arranged the 10-year loan through an undisclosed bank. The loan features a 25-year amortization schedule and a fixed interest rate in the mid-3 percent range.

May 11, 2016

Florida Southeast

Franklin Street Opens New Office in Orlando

by John Nelson May 11, 2016

ORLANDO, FLA. — Tampa-based Franklin Street has opened an office at 390 N. Orange Ave., Suite 2300 in downtown Orlando. Kurt Keaton, president of real estate and management services at Franklin Street, will serve as the regional managing director of the firm’s Orlando office. In addition to Keaton, Melissa Hazlewood will serve as vice president of property management for the Orlando office. Hazlewood worked the previous 13 years at JLL. Franklin Street plans on adding all of its existing service lines in Orlando, including real estate investment sales, leasing, management, capital markets, insurance and valuation. In addition to its Tampa headquarters, Franklin Street has offices in Fort Lauderdale, Miami, Jacksonville and Atlanta.

May 11, 2016

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