WESLEY CHAPEL, FLA. — Compark 75, a Class A business park in the Tampa Bay metro area, has announced its Phase III expansion, which will add 58,000 square feet of spec industrial space. Located at 4610 Pet Lane in Wesley Chapel, Compark 75 currently spans 237,053 square feet. Larry Morgan, owner of Compark 75, plans to deliver Phase III in early 2016. Phase III was announced on the heels of Streetside Classic Cars and a national dental products distribution company leasing a combined 78,000 square feet at Compark 75. Commercial Asset Partners Realty is the exclusive listing agent for Compark 75.
WEST PALM BEACH, FLA. — HFF has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center located at 1751 Palm Beach Lakes Blvd. in West Palm Beach. The loan proceeds were used to acquire the property. Opened in February 2014, the outlet mall is 95.8 percent leased to 121 tenants, including Saks Off 5th Avenue, Gap, Nike Factory Store, J. Crew, Ann Taylor Factory Store and Under Armour. The mall share access with the 300,000-square-foot, Whole Foods-anchored Marketplace at the Outlets, which wasn’t included in the loan. Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. Riaz Cassum, Chris Drew and Robyn King of HFF arranged the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, which was acting on behalf of an institutional client. HFF arranged the loan on behalf of the borrowers, New England Development and a commingled fund managed by Clarion Partners. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.
MARATHON, FLA. — Index Living, a brand of Index Investment Group, has begun construction on Tarpon Harbour, a 104-unit, $30 million rental apartment community in Marathon, part of the Florida Keys. The Class A multifamily property is situated on an 8.9-acre lot off US Highway 1. Tarpon Harbour will feature 52 townhouse duplex buildings with two- and three-bedroom options ranging from 1,080 square feet to 1,560 square feet. According to Index Living, all units will have a large porch with panoramic water views and boat slips will be available to community residents. The development will also include a clubhouse and two swimming pools. Index Living has developed four luxury rental communities throughout the state of Florida and has four additional communities on the horizon.
BRANDON, FLA. — ARA Newmark has brokered the $23.7 million sale of Tuscany Villas, a 248-unit garden apartment property in Brandon, within the Tampa Bay metro area. Built in 1997, the community comprises one- to four-bedroom units averaging 932 square feet. Amenities include a swimming pool, dog park, tennis courts, playground, sand volleyball court, 24-hour fitness center, internet lounge/business center and a barbecue/picnic area. The property was 97 percent occupied at the time of sale. Rockville, Md.-based CAPREIT purchased Tuscany Villas from Jackson Square Properties, a real estate investment and management joint venture based in San Francisco. Patrick Dufour, Marc deBaptiste and Scott Ramey of ARA Newmark represented the seller in the transaction.
TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.
LARGO AND CLEARWATER, FLA. — Franklin Street Real Estate Services has brokered the $2.8 million sale of Liv @ Jefferson and Liv @Jasper. Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is located at 55 Jasper St. in Largo. The property contains a unit mix of one-, two- and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located at 121 N. Jefferson Ave. in Clearwater. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet. Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street represented both the seller, DRW Real Estate Management LLC, and the buyer, a private investor from the West Coast. In addition to these properties, the buyer recently bought three other apartment communities of varying sizes in Pinellas County. The buyer plans to operate them all centrally out of one of the larger properties they acquired, according to Franklin Street. Liv @ Jefferson and Liv @Jasper were financed with a newer product being offered by Freddie Mac and Fannie Mae.
BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.
PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.
CELEBRATION, FLA. — Big Rock Partners has selected Balfour Beatty Construction as the construction manager for a resort-style, $60 million senior living rental community under development in Celebration. The new community will be Celebration’s first to offer independent living, assisted living and memory care services under one roof, with a total of 225 rental residences. Construction is projected to begin in late 2015 for an expected opening in mid-2017. The property will feature tree-lined fountains, gardens, an indoor pool, movie screening room, fitness center and a top-floor solarium for viewing nearby Disney World’s fireworks displays. Balfour Beatty is working closely from the conceptual phase with the project’s architect, Gensler. Life Care Services will operate and market the community upon completion. Sabra Health Care REIT provided Big Rock Partners with a $4.5 million acquisition loan for the land and anticipates providing additional financing for construction, according to Big Rock. Walker & Dunlop is Big Rock’s financial advisor for the project.
DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.