Florida

The Altman Cos. Sells Mixed-Use Apartment Development in Tampa for $46M

by John Nelson January 15, 2016

TAMPA, FLA. — The Altman Cos. has sold Altis Highland Park, a mixed-use apartment development in Tampa’s Westchase district, for $46 million. Located at 11571 Fountainhead Drive, the development comprises 239 apartment residences and 5,000 square feet of retail space. Utah-based Cottonwood Residential purchased the asset from The Altman Cos., which developed the project in 2014. Altís Highland Park offers studio, one-, two- and three-bedroom floorplans with average monthly rents ranging from $1,193 to $2,028. Community amenities include a poolside lounge with a demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden. The main street of Altís Highland Park includes Kahwa Coffee and a self-service auto detail facility. Volume Hair Studio will move in later this year.

January 15, 2016

Florida Loans Multifamily Southeast

NXT Capital Provides $34.6M Acquisition Loan for Apartment Community in Florida

by John Nelson January 14, 2016

BRADENTON, FLA. — NXT Capital has provided a $34.6 million acquisition loan for Vista at Palma Sola, a 340-unit apartment complex located in Bradenton. Situated one mile from Palma Sola Bay, the property features a clubhouse, two tennis courts, fitness center, pool, volleyball court, playground and a movie theater. Dennis Jimenez of CBRE’s Orlando office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

January 14, 2016

Florida Retail Southeast

Tanger Sells Fort Myers Outlet Mall to Dahlmann Properties for $26M

by John Nelson January 14, 2016

FORT MYERS, FLA. — Tanger Factory Outlets Center Inc. has sold the company’s 198,877-square-foot outlet mall in Fort Myers to Dahlmann Properties for $26 million. Built in 1993, the property’s tenant roster includes Brooks Brothers Factory Store, Crocs Outlet, Tommy Hilfiger, Adidas, Nike Factory Store, Under Armour, Island Java Café, Coach, Bath & Body Works and Zales The Diamond Store Outlet. Dahlmann Properties plans to rename the outlet mall Sanibel Outlets, due to its proximity to Sanibel Island.

January 14, 2016

Florida Retail Southeast

Taubman Eliminates Plan for Enclosed Mall for Miami Worldcenter Project

by John Nelson January 14, 2016

MIAMI — Taubman Centers Inc. has decided not to move forward with an enclosed regional mall that was slated to be part of the Miami Worldcenter mixed-use development in Miami. Instead, Taubman, in conjunction with The Forbes Co. and Miami Worldcenter Associates, is now pursuing a high street retail plan that will better utilize the characteristics of the site and the market. Taubman expects to recognize a charge of $11 to $12 million for the write off of previously capitalized costs related to pre-development of the enclosed mall plan. Taubman and Forbes have agreed with Miami Worldcenter Associates on preliminary terms to lease the retail portion of the street level project with an option to purchase the retail component for a pre-determined price once it opens.

January 14, 2016

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $8.8M Acquisition Loan for Orlando Office Building

by John Nelson January 12, 2016

ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.

January 12, 2016

Florida Retail Southeast

Crossman & Co. Brokers $4.4M Sale of Publix-Anchored Shopping Center in Florida

by John Nelson January 11, 2016

OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.

January 11, 2016

Florida Office Southeast

NGKF Capital Markets Brokers $40M Sale of Advance Tower in Miami

by John Nelson January 6, 2016

MIAMI — NGKF Capital Markets has arranged the $40 million sale of Advance Tower, an eight-story, 100,798-square-foot office building in Miami. The seller, JW Advance LLC, a Boca Raton, Fla.-based company that developed and managed Advance Tower since 1986, sold the property to USAA Real Estate Co. Advance Tower will remain the office headquarters of Interval International Inc., a global lodging provider. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller in the transaction.

January 6, 2016

Florida Loans Multifamily Southeast

PCCP Provides $70M Construction Loan to Carter for Apartment Tower in Downtown Tampa

by John Nelson January 5, 2016

TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.

January 5, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $9.8M Sale of Retail Center in Florida

by John Nelson January 5, 2016

PORT ST. LUCIE, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Village Shoppes at St. Lucie West, a 25,607-square-foot retail center located at 1718-1748 S.W. St. Lucie West Blvd. in Port St. Lucie. Situated on a 2.9-acre lot near I-95, the shopping center is fully leased to nine tenants including Sprint, Fresenius Medical and Sports Clips. Adam Tiktin of Marcus & Millichap’s Miami office represented the seller, Ross Realty, a partnership based in Davie, Fla. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer, a partnership based in Salem, Mass.

January 5, 2016

Florida Loans Multifamily Southeast

Related Group, Rabina Close $105M Construction Loan from SunTrust for High-Rise in Fort Lauderdale

by John Nelson January 4, 2016

FORT LAUDERDALE, FLA. — The Related Group and Rabina Properties have closed a $105 million construction loan from SunTrust Bank for a high-rise apartment tower in Fort Lauderdale. The 45-story, 272-unit tower will be located at 500 E. Las Olas Blvd. and is set for completion in the second quarter of 2017. The project, known as Icon Las Olas, is the third Related Group development under construction in Broward County.

January 4, 2016

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