PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.
SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.
MIAMI — ZOM has broken ground on Solitair, a 438-unit, 50-story multifamily high-rise in Miami. The apartment tower is located at 86 S.W. 8th St. in Miami’s Brickell district, a block between Brickell City Centre and Mary Brickell Village. JP Morgan Chase and HSBC Bank USA provided construction financing for the project on behalf of ZOM and its joint venture partner, an affiliate of AIG Global Real Estate. The design team includes architect ADD Inc. and general contractor Balfour Beatty Construction. ZRS Management LLC will provide property management services for the tower upon completion, which is set for late 2017, according to ZOM.
FORT LAUDERDALE, FLA. — Alliance Residential has begun construction on Broadstone Harbor Beach, a 349-unit apartment community located on a four-acre lot off of 17th Street in Fort Lauderdale. Upon completion in the first quarter of 2017, the apartment community will feature three courtyards, a resort-style swimming pool with cabanas, a pool pavilion with billiards, putting green, bocce ball, clubroom, demonstration kitchen, fitness center and a movie theater. The multifamily property will also offer immediate access to Fort Lauderdale’s entertainment district, the Intracoastal Waterway and the Atlantic Ocean. In early March, Berger Commercial Realty brokered the $22.1 million land sale for the site of Broadstone Harbor Beach.
CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Sample Row, a 90,552-square-foot retail property located at 7355 W. Sample Road in Coral Springs. Built in 2001, Sample Row comprises three one-story buildings housing home goods stores, medical providers and DaVita Dialysis. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Miami Beach. The buyer was a limited liability company based in North Miami.
IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.
BOYNTON BEACH, FLA. — HFF has secured an $11.3 million construction loan for the development of a 116-room TownePlace Suites hotel in Boynton Beach, a coastal town in South Florida. The property will be built on a 2.8-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall. The hotel will have studio, one- and two-bedroom suites with full kitchens, a market for snacks and meals, swimming pool, fitness center and a putting green. Mike Kavanau, Elliott Throne and Alexandra Lalos of HFF arranged the loan through City National Bank of Florida on behalf of the borrower, North Boynton Beach Hospitality LLLP.
ORLANDO, FLA. — CBRE has brokered the $29 million sale of Laguna Oaks, a 360-unit lakeside apartment community located at 3211 S. Semoran Blvd. in Orlando. Avesta Communities purchased the gated apartment property from Ram Realty Services. Built in 1973 and renovated in 1997 and 2013, the multifamily community in situated near the 64-acre Lake Frederica. Laguna Oaks’ amenity package includes an onsite boat ramp and boat slips, two pools, an outdoor kitchen, clubhouse, community room, fitness center and covered parking. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.
ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT has brokered the $2.4 million sale of Goldenrod Crossings, a shopping center located at 7830 E. Colonial Drive in Orlando. The center’s tenant roster includes Trustco Bank, Ocean Fish Market Inc., MV Pawn, Repair Center of Orlando and Dream Team Barbershop. Glickman represented the seller, Colonial and Goldenrod Crossings LLC, in the transaction. The buyer was MSR Colonial LLP.
