Florida

NorthMarq Arranges Financing for Two Florida Properties Totaling $74.6M

by John Nelson September 24, 2015

KEY WEST AND PORT ST. LUCIE, FLA. — NorthMarq Capital’s Boca Raton office has arranged the refinancings of The Westin Key West Resort in Key West and The Atlantic at Tradition Apartments in Port St. Lucie for a combined $74.6 million. Located at 245 Front St., The Westin Key West Resort’s amenities include a swimming pool, marina, two different spa facilities, beach access and a workout fitness studio. Bill Johnson of NorthMarq arranged the 20-year, $50 million loan through a life insurance company on behalf of the borrower. Located at 10297 S.W. Village Parkway, the 252-unit Atlantic at Tradition is in close proximity to the 150-acre Tradition Center of Innovation Research Park and a VA hospital currently under construction. The property’s amenity package includes a clubhouse, swimming pool, sundeck, theater, Jacuzzi, veranda, 24-hour fitness center, business center, tennis court, dog park and lakeside walking trail. Johnson arranged the 10-year, $24.6 million loan for the apartment community through a life insurance company on behalf of the borrower. The loan features two years of interest-only payments followed by a 30-year amortization schedule.

September 24, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12.5M Sale of Apartment Community in Boca Raton

by John Nelson September 23, 2015

BOCA RATON, FLA. — Marcus & Millichap has brokered the $12.5 million sale of Realm Boca Raton, a 102-unit apartment property located in Boca Raton. Constructed between 1965 and 1991, the community’s amenity package includes three courtyard pools with sundecks, a fitness center, cyber café, laundry facilities and tropical landscaping. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company based in New Jersey. Marcus Christensen of Marcus & Millichap’s Miami office represented the California-based buyer in the transaction. The buyer intends to renovate the 25 apartment units that were not upgraded by the previous owner, according to Marcus & Millichap.

September 23, 2015

Florida Multifamily Southeast

ARA Newmark Brokers $44.8M Sale of Central Florida Apartment Community

by John Nelson September 22, 2015

HEATHROW, FLA. — ARA Newmark has brokered the $44.8 million sale of Pure Living Heathrow, a 252-unit, garden-style apartment community in Heathrow, a suburb of Orlando. The property was 94 percent occupied at the time of sale. Built in 2009, the Class A community features nine- and 10-foot ceilings, granite countertops, stainless steel GE appliances, smoke-glass privacy walls and hardwood flooring in select units. The property’s amenity package includes 24-hour gated entry, on-site dry cleaning, a putting green, sand volleyball court, Zero Edge pool, Infinity Edge Champagne spa, rooftop clubroom, lounge and sun deck. Patrick Dufour, Kevin Judd, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, PME Providence LLC, in the transaction. Toronto-based Starlight Investments Ltd. was the buyer.

September 22, 2015

4151 Turtle Creek Drive Coral Springs PetSmart

Florida Retail Southeast

Colliers Brokers $6M Sale of Single-Tenant PetSmart Store in Coral Springs

by John Nelson September 22, 2015

CORAL SPRINGS, FLA. — Colliers International has brokered the $6 million sale of a 19,077-square-foot, single-tenant retail property in Coral Springs. Constructed in 2005, the freestanding retail building is located at 4151 Turtle Creek Drive. PetSmart currently occupies the property and has 11 years remaining on its lease. Steve Schroeder of Solid Investments represented the Chile-based buyer, Andyara Investments LLC, in the transaction. Jon Busse, Ron Schultz and Mike Milano of Colliers represented the seller, Burlingame Coastal LLC.

September 22, 2015

Cypress Run Marketplace Walmart Neighborhood Market Coral Springs

Florida Retail Southeast

Continental Realty Buys Retail Center in Coral Springs for $13.6M

by John Nelson September 21, 2015

CORAL SPRINGS, FLA. — Continental Realty Corp. has purchased Cypress Run Marketplace, an 85,000-square-foot retail center located at 10599-10667 W. Atlantic Blvd. in Coral Springs, for $13.6 million. Continental Realty purchased the asset from Game Properties Inc. on behalf of Continental Realty Fund IV LP, a value-add retail and multifamily fund. This was the second acquisition for the fund. Anchored by Walmart Neighborhood Market, the shopping center was 79 percent leased at the time of sale. Continental Realty has tapped Aileen Messinger of Katz & Associates to lease the center. Dave Donnellan and Dennis Carson of CBRE represented the seller in the transaction.

September 21, 2015

Florida Office Southeast

Kucera Renames One Progress Plaza  in St. Petersburg as Priatek Plaza

by John Nelson September 18, 2015

ST. PETERSBURG, FLA. — Kucera Properties has renamed One Progress Plaza, a 28-story Class A office tower in St. Petersburg, as Priatek Plaza. The office building was named after a tenant, Priatek, a startup tech firm that utilizes interactive kiosks in global mass marketing. Darin Kucera, managing partner of Kucera Properties, says that Priatek Plaza will be the only Class A office tower in the United States named for a technology startup. The tower spans more than 309,000 square feet of office and retail space and currently has a 90 percent occupancy rate. The terms of the renaming deal were not disclosed.

September 18, 2015

Florida Retail Southeast

Axiom Brokers $12M Sale of Publix-Anchored Shopping Center in Central Florida

by John Nelson September 16, 2015

HAINES CITY, FLA. — Axiom Capital Advisors has brokered the $12 million sale of a Publix-anchored shopping center located at 600 US Highway 17-92 in Haines City. The 118,848-square-foot shopping center’s tenant roster includes Bealls Outlet, Dollar General and Anytime Fitness. Roberto Susi of Axiom represented the buyer, Haines City Mall LLC, in the transaction. Craig Callaway and Eric Bylin of BlueGate Partners represented the seller, Haines Mall LLC, an affiliate of Blackpoint Partners.

September 16, 2015

Florida Loans Mixed-Use Southeast

Berkadia Arranges $23.2M Construction Loan for Mixed-Use Project in Tallahassee

by John Nelson September 15, 2015

TALLAHASSEE, FLA. — Berkadia has arranged $23.2 million in construction financing for Seminole Booster Inc.’s College Town Phase II at Florida State University (FSU), a mixed-use development in Tallahassee. College Town Phase II will be situated less than half a mile from FSU and approximately a mile from downtown Tallahassee at the crossroads of South Woodward Avenue and West Madison Street. The project will comprise 89 student housing apartments with 202 beds in total, 23,145 square feet of retail space, 3,300 square feet of office space and a parking garage spanning 593 spaces. The developers, which include Alan Hooper and Tim Petrillo of Urban Street Development and Seminole Boosters Inc., plan to deliver College Town Phase II in August 2016. Phase I, which consists of 71 apartments and 33,000 square feet of restaurant and retail space, opened in August 2013. Hooper Construction will be the construction manager for the project. Brad Williamson of Berkadia’s Miami office worked on behalf of the developers to arranged the three-year, interest-only loan through Mutual of Omaha Bank.

September 15, 2015

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $12.3M Sale of London Arms Mixed-Use Property in Miami Beach

by John Nelson September 15, 2015

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of London Arms, a four-story, 21,120-square-foot mixed-use property located at 727 Collins Ave. in Miami Beach’s Collins Avenue Fashion District. Originally constructed in 1930 as a 52-room hotel, the property was later converted to an apartment building. Aria Development Group purchased the building in 2013 and later converted it into a mixed-use asset comprising 4,700 square feet of ground-floor retail space and 25 upper floor rental units. Aria is the operator of the seller, 727 Collins Avenue, a limited liability company. Drew Kristol, Kirk Olson, Felipe Echarte and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction. Drew Kristol and Olson procured the buyer, a limited liability company based in Atlanta.

September 15, 2015

Florida Southeast Student Housing

Inland Purchases Student Housing Property in Orlando for $72.5M

by John Nelson September 11, 2015

ORLANDO, FLA. — Inland Real Estate Acquisitions Inc. has acquired The Retreat at Orlando, a student housing property located near the University of Central Florida (UCF) campus in Orlando, for $72.5 million. Landmark Properties and Harrison Street Real Estate Capital LLC sold the property to Inland. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. Located approximately two miles south of UCF, the cottage-style property was built in 2014 and comprises 221 units with 894 total beds. Each fully furnished unit includes a washer and dryer, a security system and high-speed Internet. The property also features a LEED-certified clubhouse with a computer lab, fitness center, yoga and Pilates studio, tanning beds and a multi-tiered resort-style pool with cabanas, hammocks and a hot tub. Residents also have access to on-site pool tables, a golf simulator, big screen TVs, tennis courts, volleyball courts and bocce ball and grilling areas. The Retreat at Orlando is 100 percent leased for the 2015-2016 school year. Landmark Properties will continue to manage the community on behalf of Inland.

September 11, 2015

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