Florida

Big Rock to Build New Seniors Housing Property in South Florida

by John Nelson September 25, 2015

LAKE WORTH, FLA. — Big Rock Partners, a national real estate management and development firm, will begin construction this month on Atria at Villages of Windsor, a Class A seniors housing community in southern Palm Beach County. Big Rock is developing the community on a 22.5-acre site in the Villages of Windsor development. The new community will offer a total of 186 independent living units, 78 assisted living apartments and a 54-unit memory care building. Ventas Inc., one of the largest REITs in seniors housing, will provide equity capital and be the principal owner of the community when finished. Wells Fargo will provide construction financing. The finance advisor is Walker & Dunlop. Gensler is providing architectural services, and Moss & Associates is the construction manager. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada, will operate and market the community. Big Rock expects the community to open in the summer of 2017.

September 25, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson September 25, 2015

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

September 25, 2015

Florida Retail Southeast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson September 25, 2015

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

September 25, 2015

Florida Loans Mixed-Use Southeast

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

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