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.
Florida
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.
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.
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.
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.
Related Group, Rabina Close $105M Construction Loan from SunTrust for High-Rise in Fort Lauderdale
by John Nelson
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.
Greystone, ALTA Developers Sell The Mile in Miami to Monogram Residential Trust for $48M
by John Nelson
MIAMI — Greystone and ALTA Developers have jointly sold The Mile, a 13-story, 120-unit luxury apartment development in Miami, to Monogram Residential Trust Inc., an owner, operator and developer of luxury apartment communities. The sales price was $48 million, according to several media outlets. The Mile is located at 3622 S.W. Coral Way near Miami’s Miracle Mile shopping district. The Mile was topped off in July 2015 and is set to open in the first quarter of 2016. Behar Font & Partners designed the apartment project, which will feature an indoor/outdoor social deck, fitness center, GE stainless steel appliances, white quartz countertops, designer cabinets, balconies and patios, swimming and soaking pools, gated parking and controlled electronic access. Jaret Turkell, Jeff Julien and Maurice Habif of HFF represented the sellers in the off-market transaction.
MIAMI — Silver Arch Capital Partners, a private lender based in Hackensack, N.J., has closed a $21 million loan for Apeiron at the Jockey Club in Miami. Once the site of the popular Jockey Club in the 1960s, the new hotel and residential development will span 1 million square feet at 111 Biscayne Blvd. David Larson of NGKF Capital Markets arranged the 2-year loan through Silver Arch Capital on behalf of Apeiron Miami LLC, a partnership headed by Ritz-Carlton Group co-founder Horst Schulze, former chairman of HBA International Michael Bedner and former vice president of Related International Muayad Abbas. The partnership will use the loan for engineering, architecture and planning purposes for the development, which will be built in two phases. Phase I is a 41-story tower that will feature 120 residential condominium units, 90 hotel rooms, a restaurant, fitness center and amenities. Phase I will also comprise a 417-space, two-story parking garage and the reconstruction of a 38-slip marina. Phase II will be a 120-unit residential condominium building and a 346-space parking structure.
PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.
FORT LAUDERDALE, FLA. — NGKF Capital Markets has brokered the $13.8 million sale of a Class B office building located at 1100 W. McNab Road in Fort Lauderdale. The location will remain the headquarters of ChildNet, the community-based care lead agency for Broward and Palm Beach counties, which is the sole occupant of the property. Clark-Ohio Associates Inc. purchased the two-story, 82,854-square-foot building from Case Holding Co. Inc. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF represented the seller in the transaction.