Florida

IPA Brokers $21.3M Sale of Business Park in North Miami

by John Nelson August 7, 2015

NORTH MIAMI, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the $21.3 million sale of North Miami Business Park. The 12-building, 214,318-square-foot property features office, warehouse and mini-storage facilities. The business park is located at 1922 N.E. 149th St. midway between Fort Lauderdale and Miami. Douglas Mandel and Benjamin Silver of IPA represented the seller, a fund based in Boston, in the transaction. The buyer was a limited liability company based in Coral Gables, Fla.

August 7, 2015

Florida Industrial Southeast

Cushman & Wakefield Brokers $90.5M Sale of Coach’s Distribution Center in Jacksonville

by John Nelson August 6, 2015

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $90.5 million sale of Coach’s distribution and fulfillment center in Jacksonville. The Class A, 851,696-square-foot property is located on Coach Way within the 425-acre Jacksonville International Tradeport, which houses other global companies such as Mercedes-Benz. The facility includes 50,000 square feet of office space and serves as the hub for all distribution and fulfillment services of Coach products throughout North America. Mike Davis, Michael Lerner, Rick Brugge, David Bernhaut, Karl Johnston and Tyler Newman of Cushman & Wakefield represented the seller, Pantheon Properties, in the transaction. The buyer was Intercontinental Real Estate Corp. According to Cushman & Wakefield, the transaction is the largest non-portfolio industrial sale in the Jacksonville market since 2013.

August 6, 2015

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $30M Apartment Community in Orlando

by John Nelson August 4, 2015

ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has broken ground on Zen Luxury Living Apartments, a four-story, 258-unit apartment community located at 10463 Perrihouse Acres Lane in Orlando. The property will be located near State Road 535 and adjacent to the Hyatt Regency Grand Cypress. Roger B. Kennedy has a $30 million contract with Orlando-based developer Zen Luxury Living LLC to construct the property. Maitland, Fla.-based Slocum Platts Architects designed the apartment community, which is slated for an October 2016 completion.

August 4, 2015

Florida Retail Southeast

Westwood Financial Corp. Acquires Shopping Center Near Pensacola

by John Nelson August 3, 2015

GULF BREEZE, FLA. — Westwood Financial Corp. (WFC) has purchased Tiger Point Shopping Center, a 147,400-square-foot shopping center located at 3303 and 3371 Gulf Breeze Parkway in Gulf Breeze near Pensacola. WFC purchased the Winn-Dixie-anchored shopping center from Moulton Properties for an undisclosed price. Built in 1984, the retail property was 87 percent leased at the time of sale. WFC plans to construct 9,000 square feet of new retail shop space at Tiger Point. In addition to Winn-Dixie, the shopping center’s tenant roster includes Beall’s, Papa Murphy’s Pizza and The UPS Store. WFC represented itself in the transaction, and Fain Hicks of DTZ represented the seller.

August 3, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

New Developments Coming to Miami’s Top Submarkets Will Satisfy Retail Demand

by John Nelson August 3, 2015

Miami is known for its spicy nightlife and beautiful beaches; but those are not the only things the international city has to offer. As the economy continues to surge, many now consider Miami the third major market within the United States following New York City and Los Angeles. Within the city, the retail market has always been attractive to owners and tenants alike, but over the past three years retail has rocketed to the forefront. One of the major factors of this evolution is Miami’s growth, both in population and in tourism. Between being an international vacation destination, a major cruise port, and the gateway to the Caribbean and Latin America, Miami is constantly growing. The weather and city also attracts growth. The population in Miami now is at 2.66 million and Miami Beach’s hotels reported having occupancy levels at or above 94 percent during President’s Day weekend. With this type of growth, Miami is experiencing strong consumer spending and an increase in demand for retail space. Retail vacancies are at an all-time low while rental rates are breaking records. Currently, Miami is considered to be under-supplied per capita in retail. Over the past few years, Miami has been increasing …

August 3, 2015

Florida Industrial Southeast

Flagler Global Logistics Breaks Ground on Port Canaveral’s First Inland Port Facility

by John Nelson July 31, 2015

TITUSVILLE, FLA. — Flagler Global Logistics has broken ground on the new 246,240-square-foot Titusville Logistics Center in Titusville. The ground breaking marks the start of construction of Port Canaveeral’s first multi-modal inland port facility. Set for completion in early 2016, the facility will support expanding cargo and container terminals. The Canaveral Port Authority is the first major tenant at the property, which will have direct rail connectivity to the Florida East Coast Railway and easy access to I-95 and US Highway 1. The property will also be close to Port Canaveral and adjacent to Space Coast Regional Airport.

July 31, 2015

Florida Retail Southeast

Calkain Cos. Brokers $1.4M Sale of Wells Fargo Bank Branch in Florida

by John Nelson July 31, 2015

BRADENTON, FLA. — Calkain Cos. has brokered the $1.4 million sale of a single-tenant, 4,186-square-foot Wells Fargo Bank branch in Bradenton, roughly 45 miles south of Tampa. Built more than 35 years ago, the bank is located at 6285 14th St. W. Wells Fargo extended its lease this past April by five years. Stephen Counts and David Sobelman of Calkain Cos. represented the seller, Bersam Development, in the transaction. The property sold for a record low cap rate for a Wells Fargo branch with less than five years remaining on its lease term, according to Calkain Cos.

July 31, 2015

Florida Hospitality Massachusetts Northeast

Chatham Lodging Trust Acquires Two Hotels for $55.5M

by Amy Works July 31, 2015

DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.

July 31, 2015

Florida Loans Retail Southeast

Berkadia Arranges $50M Loan for Mall in Fort Lauderdale

by John Nelson July 29, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged a $50 million loan for Coral Ridge Mall, a 500,000-square-foot retail center located at 3200 N. Federal Highway in Fort Lauderdale. The mall’s tenant roster includes AMC Dine-In Theatres, Target, Ross Dress for Less, Game Stop, T.J. Maxx, HomeGoods, Foot Locker, Jamba Juice, Old Navy and Publix. Joseph Schrage of Berkadia’s Miami office arranged the 10-year loan through J.P. Morgan on behalf of the borrower, property manager Gumberg Asset Management. The loan was structured with a fixed interest rate and a 30-year amortization schedule.

July 29, 2015

Florida Hospitality Southeast

Auction.com, HREC Arrange $87M Sale of Hotel Portfolio

by John Nelson July 28, 2015

ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.

July 28, 2015

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