Florida

Marcus & Millichap Brokers $17.9M Sale of Self Storage Facility in South Florida

by John Nelson February 10, 2016

BOYNTON BEACH, FLA. — Marcus & Millichap has brokered the $17.9 million sale of U.S. 1 A/C Self Storage, a 74,679-square-foot self storage facility located at 3101 S. Federal Highway in Boynton Beach. The sale price of $240 per square foot is one of the highest prices per square foot ever recorded for a Florida self storage property, according to Marcus & Millichap. U.S. 1 A/C Self Storage was built on less than two acres in 2004 with 957 climate-controlled units. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units. The units range in size from 4 to 400 square feet. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the sellers, local private investors. Mele and Elliott also procured the buyer, Strategic Storage Trust II Inc., a public non-traded REIT.

February 10, 2016

Seefried Industrial Properties to Develop 275,226 SF Spec Industrial Facility in Lakeland

by John Nelson February 9, 2016

LAKELAND, FLA. — Seefried Industrial Properties has broken ground on a Class A, 275,226-square-foot spec industrial facility at Bridgewater Commerce Center in Lakeland. The property’s owner, USAA Real Estate Co., has tapped Clay Witherspoon of Avison Young’s Tampa office to lease the project, which is situated at the southwest quadrant of I-4 and Highway 33. Upon completion in the fourth quarter of 2016, the facility will feature 36-foot clear heights. Bridgewater Commerce Center’s existing tenants include JC Penney, Havertys, HD Supply, Empire, Southeastern Paper Group and TA Chen International Inc.

February 9, 2016

Florida Retail Southeast

Colliers Brokers $16.1M Sale of Shopping Center in St. Petersburg

by John Nelson February 9, 2016

ST. PETERSBURG, FLA. — Colliers International has arranged the $16.1 million sale of Shoppes at the Royale, a 46,020-square-foot shopping center located at 1400-1500 66th St. North in St. Petersburg’s Tyrone neighborhood. Built in 2008, the property is fully leased to tenants such as Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless. In 2012, Atlanta-based Halpern Enterprises purchased the shopping center out of foreclosure at 52 percent occupancy. Halpern Enterprises sold the property to Sarall II LLC, a private investor that owns shopping centers in Sarasota and Fort Myers. Michael Milano, Ronald Schultz and Ben McLeish of Colliers International’s Tampa Bay office represented Halpern in the transaction. McLeish previously leased the property on behalf of Halpern.

February 9, 2016

Florida Loans Office Southeast

NXT Capital Provides $15.1M Acquisition Loan for Office Property in Orlando

by John Nelson February 9, 2016

ORLANDO, FLA. — NXT Capital has provided a $15.1 million acquisition loan for the Reserve at Maitland, a three-building, Class B office property in Orlando totaling 197,000 square feet. The property is situated on the south side of Maitland Center, just north of Orlando’s central business district, with access to I-4.

February 9, 2016

Florida Multifamily Southeast

CBRE Brokers $42M Sale of Apartment Community in Orlando

by John Nelson February 8, 2016

ORLANDO, FLA. — CBRE has brokered the $42 million sale of The Glenn, a 396-unit luxury apartment community located at 10801 Heather Ridge Circle in Orlando. Insula Cos. purchased the property from Heather Glen Holding Co. LLC. The Glenn features three swimming pools with sundecks and tanning areas, a clubhouse, sand volleyball court and a newly constructed, 2,500-square-foot fitness center with a spin and yoga room. Built in 1986 and updated in 2014 and 2015, The Glenn was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

February 8, 2016

Florida Office Southeast

New York Life Real Estate Investors Buys Office Park in Broward County

by John Nelson February 8, 2016

WESTON, FLA. — New York Life Real Estate Investors has purchased Weston Pointe, a 388,112-square-foot, four-building office park in Weston, a town in Broward County. Built between 1999 and 2006, Weston Pointe was 99 percent leased at the time of sale to tenants such as Wells Fargo, BB&T, Merrill Lynch, Regus, Ultimate Software and the General Services Administration. New York Life Real Estate Investors purchased the asset on behalf of the Madison Core Property Fund.

February 8, 2016

Florida Industrial Southeast

PREMIER Design + Build Completes Construction of Spec Warehouse in Broward County

by John Nelson February 8, 2016

DAVIE, FLA. — PREMIER Design + Build Group LLC has finished construction on a speculative industrial warehouse in Davie, a town in Broward County. The 145,800-square-foot project, known as Bridge Point Davie, is located at 3501 S.W. 46th Ave. PREMIER completed the project on behalf of Bridge Development Partners LLC. Bridge Point Davie is a Class A facility featuring 32-foot clear heights, 43 truck dock positions, four drive-in doors, an ESFR fire protection sprinkler system and 241 parking stalls. Mark Melone and Michael Pacini of PREMIER were the project managers and Ed Lebak, also with PREMIER, was field superintendent. RLC Architects provided architectural services, and Landplan Engineering Group Inc. was the civil engineer. David Wigoda and Steve Wasserman of JLL are leasing the project on behalf of Bridge Development Partners.

February 8, 2016

Florida Multifamily Southeast

Boardwalk Properties Buys South Beach Apartment Portfolio for $59M

by John Nelson February 5, 2016

MIAMI BEACH, FLA. — Boardwalk Properties, a private multifamily ownership group, has purchased a 15-property, 240-unit apartment portfolio in Miami Beach for $59 million. The assets are located between 7th and 15th streets in Miami Beach’s South Beach district. Boardwalk plans to keep the existing property management team in place and invest in property improvements, including new roofing, paint for the exterior and common areas, central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, landscaping, energy efficient toilets and electrical and plumbing systems. Real estate attorney Neil Rollnick of Hinshaw & Culbertson LLP represented Boardwalk Properties in the transaction.

February 5, 2016

Florida Office Southeast

PRP Sells Office Complex in West Palm Beach for $20.5M

by John Nelson February 5, 2016

WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.

February 5, 2016

Florida Loans Southeast

Commercial/Multifamily Mortgage Banker Originations to Hit Record High in 2016, Forecasts MBA

by John Nelson February 2, 2016

ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007. More specifically, the volume of mortgage banker originations for multifamily mortgages is projected to reach $202 billion in 2016, with total multifamily lending expected to reach $262 billion. MBA unveiled its forecast during the second day of the organization’s Commercial Real Estate/Multifamily Housing Finance Convention in Orlando, which runs through Wednesday and has attracted 3,000 attendees. “This past year was extremely strong for commercial real estate finance,” says Jamie Woodwell, vice president of commercial real estate research for MBA headquartered in Washington, D.C. “Property incomes are rising, interest rates are low and property values are up. We expect the momentum to continue into 2016 and to support both the demand for, and supply of, commercial and multifamily mortgage capital.” A growing U.S. economy and expectations of only gradual increases in interest rates will combine to support a strong commercial property market, emphasizes Woodwell. “But there is a chance that cap rates could increase more …

February 2, 2016

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