MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
WESTON, FLA. — Cushman & Wakefield has arranged the sale of Weston Commerce Park, a 134,400-square-foot warehouse and distribution building located at 1951 N. Commerce Parkway in Weston. The sales price was undisclosed, but Broward County records show the asset sold for $14.3 million. Mike Davis, Rick Brugge, Michael Lerner and Christopher Metzger of Cushman & Wakefield represented the seller, Founders Properties, in the transaction. The buyer was EastGroup Properties. Situated on an eight-acre parcel, the rear-load Weston Commerce Park features 30-foot clear heights, an ESFR sprinkler system, T5 lighting, 40- by 40-foot column spacing and a 118-foot truck court.
WEST PALM BEACH, FLA. — Concord Hospitality Enterprises Co. plans to open a new hotel under the Marriott Autograph Collection brand at the former City Hall site in West Palm Beach. The 200-room hotel will anchor the $135 million redevelopment of the three-acre site. Navarro Lowrey Properties is the master developer of the redevelopment, which will include 27,000 square feet of retail space, up to 7,000 square feet of restaurant and outdoor dining space, 255 multifamily residences and a public park. The new hotel will overlook the Intracoastal Waterway and Palm Beach and offer views of the Atlantic Ocean. Concord Hospitality plans to break ground on the hotel in 2017.
JACKSONVILLE, FLA. — Eastern Union Funding arranged a $10.6 million acquisition loan for Southwind Townhomes, a 184-unit apartment community in Jacksonville. Ira Zlotowitz and Marc Belsky of Eastern Union Funding arranged the two-year loan with an 85 percent loan-to-cost ratio through Ladder Capital on behalf of the borrower, Blue Rock Partners LLC. The loan features an interest rate of 5.25 percent over LIBOR.
ORLANDO, FLA. — Megastron Development LLC has broken ground on Kirkman Point II, a Class A, 134,000-square-foot office building located at the intersection of International Drive and Kirkman Road in south Orlando. The building is the second phase of development for Kirkman Point, an office park that will consist of four Class A office buildings and two parking decks upon completion. Megastron Development has selected Jay Dixon and Tom Rich of CBRE as the leasing agents for the entire Kirkman Point development. Megastron plans to deliver Kirkman Point II in the fourth quarter of 2017.
MIAMI — Berkadia has brokered the $14 million sale of Cutlerwood Apartments, a 161-unit affordable housing community located in Miami’s Cutler Bay neighborhood. Asden Realty purchased the Section 8 property from American Federated Tile Corp. for roughly $134 per square foot. Berkadia arranged a six-year, $11.4 million Freddie Mac loan on behalf of Asden Realty to fund the acquisition. Tal Frydman, Fernando Polanco and Yoav Yuhjtman of Berkadia’s South Florida office brokered the sale, and Mitch Sinberg and Matt Robbins from the same office arranged the financing.
COOPER CITY, FLA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the $13.5 million sale of Stirling Town Center, a 53,857-square-foot shopping center located on a 5.9-acre site at 8637-8861 Stirling Road in Cooper City. Built in 2005, the shopping center was 92 percent leased at the time of sale to tenants such as Subway, Tijuana Flats, Starbucks Coffee, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering. Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller, LNR Partners LLC, in the transaction.
TAMPA, FLA. — A joint venture between City Office REIT (NYSE: CIO), Feldman Equities LLC and Tower Realty Partners has acquired Park Tower, a 475,000-square-foot office building in downtown Tampa, for $79.8 million. The 36-story tower is located at 400 N. Tampa St. The joint venture plans to make a substantial investment in the property to modernize the building. The building is approximately 86 percent leased. Notable tenants include BB&T, United States Department of Justice U.S. Attorney’s Office, Level 3 Communications and Lykes Insurance. The tower boasts views of Hillsborough Bay, the Hillsborough River and the Tampa skyline. Park Tower was built in 1973. It was the tallest building in Tampa until 1981 when One Tampa City Center was constructed. Park Tower has previously served as the headquarters for the First National Bank of Tampa, the Lykes Brothers Corp. and Colonial Bank. Park Tower is situated near the Florida Museum of Photographic Arts and Lykes Gaslamp Park, about two blocks from the Hillsborough River and the Tampa Riverwalk entertainment district. Mike DiBlasi of Feldman Equities will lead the building’s leasing efforts. The seller was Sterling American Property. City Office REIT currently owns about 1 million square feet of office properties …
To those outside Orlando, the Central Florida metro of just over 2.3 million residents has long been a vacation destination with its major theme parks and top attractions including Walt Disney World, Universal Orlando, SeaWorld and the I-Drive corridor, home to the new Orlando Eye. In fact, Orlando welcomed over 66 million visitors who spent more than $60 billion in 2015, a new all-time local and U.S. travel industry high. However, tourism is just one piece of the puzzle when it comes to Orlando’s emergence as a top target for multifamily investment. The metro is experiencing exceptional growth across multiple sectors of the economy, and in 2015, the Orlando MSA led the nation in employment gains, coming in at 4.6 percent. According to the U.S. Department of Labor, the metro added 52,200 new jobs. Of these new jobs, the highest percentage was in professional business services, medical, transportation and general services. Looking forward, data from CBRE-Econometric Advisors projects that Orlando will lead the U.S. in employment growth over the next five years by a wide margin (2.3 percent compared to 0.8 percent for the nation overall). The rapid employment growth driven by numerous corporate relocations and expansions including Verizon, Mitsubishi-Hitachi, …