Florida

Lakeshore Business Center Fort Lauderdale

Morning Calm, Blue Vista Capital Acquire Office Campus in Fort Lauderdale for $18.1M

by John Nelson December 2, 2015

FORT LAUDERDALE, FLA. — Morning Calm Management and joint venture partner Blue Vista Capital Management have purchased Lakeshore Business Center, a four-building, 234,954-square-foot office complex in Fort Lauderdale, for $18.1 million. The office campus is located at 5100 and 5200 N.W. 33rd Ave. and 3201 and 3125 Commercial Blvd. in Fort Lauderdale’s Commercial Boulevard submarket. The joint venture purchased the development from NTS. The campus was 53 percent leased at the time of sale to tenants such as Embry-Riddle Aeronautical University, ECI Telecom and Evolis.

December 2, 2015

Courtyard at Countryside Kohl's Clearwater

Florida Retail Southeast

North American Development Buys Retail Center in Clearwater for $25.5M

by John Nelson December 1, 2015

CLEARWATER, FLA. — An affiliate of North American Development Group has purchased Courtyard at Countryside, a retail center located at 2514-2532 State Road 580 in Clearwater, for $25.5 million. The center was fully leased at the time of sale to tenants such as Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. The center is directly across from Westfield Countryside, a 1.3 million-square-foot mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods Market. Michael Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, Skylark Plaza LLC, which developed the property in 2008.

December 1, 2015

Florida Southeast

MCSS Self Storage to Build 85,000 SF Facility in Broward County

by John Nelson December 1, 2015

PEMBROKE PINES, FLA. — MCSS Self Storage LLC, a developer of urban infill self storage facilities in South Florida, has closed on a land parcel at 1781 S. Park Road in Pembroke Pines, a city in Broward County. MCSS plans to develop an 85,000-square-foot self storage facility at the site, located in Pembroke Park, totaling 1,139 climate controlled storage units. The project will be managed by an unnamed self storage REIT. In addition to its most recent purchase, MCSS is developing several locations throughout Miami-Dade and Broward counties.

December 1, 2015

Florida Office Southeast

Marcus & Millichap Brokers $13M Sale of Office Building in Metro Miami

by John Nelson November 30, 2015

DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.

November 30, 2015

Florida Office Southeast

Fairlead, Bridge Investment Group Buy Four-Story Office Building in Broward County

by John Nelson November 30, 2015

DEERFIELD BEACH, FLA. — Fairlead Capital Partners and equity partner Bridge Investment Group Partners have acquired a four-story, 172,357-square-foot office building located at 800 Fairway Drive in Deerfield Beach, a city in Broward County. Fairlead purchased the asset for an undisclosed price through its second investment fund, Mandalay-FCRE SV II. Built in 1987, the office building was 78 percent leased at the time of sale. The property features a fitness center, café, secured parking deck and walking paths. Fairlead plans to upgrade the property’s building systems, improve tenant amenities and renovate common areas and restrooms. In addition to the office building and parking deck, the acquisition includes a two-acre parcel of land adjacent to the building that Fairlead will use to expand parking for tenants. CBRE represented the seller, American General Life Insurance Co., in the transaction. The buyers have retained Stiles Realty for on-site property management and engineering services. Travis Herring, Deanna Lobinsky and Katherine Ridgeway of Cushman & Wakefield’s South Florida office will market 800 Fairway Drive to prospective tenants.

November 30, 2015

Florida Retail Southeast

Federal Realty Sells Neighborhood Shopping Center in Palm Beach County for $52.8M

by John Nelson November 25, 2015

WELLINGTON, FLA. — Federal Realty Investment Trust, a publicly traded REIT, has sold The Courtyard Shops at Wellington for $52.8 million. The grocery-anchored shopping center is located in Wellington, a town in Palm Beach County. Federal Realty acquired the 127,000-square-foot property in 2008 and since then has increased value for the property by activating formerly vacant spaces and outparcels. The shopping center’s tenant roster includes Publix, Leslie’s Swimming Pool Supply, Tijuana Flats, Bank of America and IHOP.

November 25, 2015

Florida Mixed-Use Southeast

Colliers Brokers $65M Sale of Holiday Inn Port of Miami for New Mixed-Use Project

by John Nelson November 24, 2015

MIAMI — Colliers International has brokered the $65 million sale of the Holiday Inn Port of Miami located at 340 Biscayne Blvd. in Miami. Roughly 1.1 miles from the Port of Miami, the hotel will be the site of the proposed World Trade Center of the Americas, a 77-story mixed-use project that will feature 400 condominiums, 240 hotel rooms, 270,000 square feet of retail space and 246,000 square feet of office space, according to the Miami Herald. The city of Miami’s Urban Design Review Board has approved site plans for the project. An entity run by Gilberto Bomeny, the developer of the World Trade Center of the Americas, known as 340 Biscayne Owner LLC purchased the site from Marina Park Inn LLC. Larry Stockton and Jeff Resnick of Colliers International’s South Florida office brokered the sale.

November 24, 2015

Florida Hospitality Southeast

Stantec Begins Renovations of Berkeley Shore Hotel in Miami Beach

by John Nelson November 24, 2015

MIAMI BEACH, FLA. — Stantec’s Miami office has begun renovations of the Berkeley Shore Hotel, a historic hotel located at 1610 Collins Ave. in Miami Beach. The 45,100-square-foot redevelopment will comprise 96 guestrooms, a restaurant and the addition of a new 10-story tower with a rooftop Zen garden and pool. The tower will sit behind the existing structure and will resemble the original Art Deco exterior of the Berkeley Shore Hotel that opened in 1940. The hotel renovations are scheduled to wrap up in spring 2016.

November 24, 2015

Florida Multifamily Southeast

Franklin Street Brokers Sales of Five Tampa Apartment Communities Totaling $50M

by John Nelson November 23, 2015

TAMPA, FLA. — Franklin Street Real Estate Services has closed the sales of five apartment communities in the metro Tampa area totaling more than $50 million. The five properties span roughly 950 units combined. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zachary Ames of Franklin Street brokered all five transactions. The buyers and sellers are private companies from the Tampa area and various locations throughout the U.S. The transactions included the $23.5 million sale of Harbour Cay in Largo, the $14.8 million sale of The Park at Chesterfield, the $7 million sale of University Oakwoods, the $4.3 million sale of Bayside North and the $1.9 million sale of Grove Court-Plant City, all in Tampa. All of the buyers are planning to make substantial investments to upgrade the properties.

November 23, 2015

Florida Mixed-Use Southeast

CapasGroup, Cushman & Wakefield Broker $24M Sale of Development Site in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — CapasGroup Realty Advisors and Cushman & Wakefield have teamed up to broker the $24 million sale of a full city block at 419 Lakeview Avenue in downtown West Palm Beach. Known as Lakeview Centre, the 3.2-acre site is approved for nearly 1.1 million square feet of office, residential, hotel and retail uses. Brad Capas of CapasGroup and Mark Pateman and Rosendo Caveiro of Cushman & Wakefield teamed up to represent the seller, an offshore entity, in the transaction. The buyer is a private investor with existing holdings in the West Palm Beach area.

November 23, 2015

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