Florida

Marcus & Millichap Brokers $6.2M Sale of Retail Property in Miramar

by John Nelson February 27, 2015

MIRAMAR, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Shoppes at Monarch, a 13,466-square-foot retail property located at 12703 Miramar Parkway in Miramar. The property is part of the Monarch Professional Centre mixed-use development that features 64,000 square feet of medical and professional office space. Shoppes at Monarch is fully leased to tenants such as Little Caesars Pizza, Karate America, Nami Sushi and El Trebol. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, a Coral Gables-based limited liability company, in the transaction. The buyer was a limited liability company based in Miami Beach.

February 27, 2015

Florida Hospitality Loans Southeast Virginia

HFF Arranges $110M Loan for Multi-State Hotel Portfolio

by John Nelson February 26, 2015

ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.

February 26, 2015

Florida Loans Retail Southeast

NorthMarq Arranges $13.5M Loan for Retail Center in Tallahassee

by John Nelson February 26, 2015

TALLAHASSEE, FLA. — NorthMarq Capital has arranged $13.5 million in refinancing for University Village, a 152,104-square-foot retail center located at 2020 W. Pensacola St. in Tallahassee. The property’s major tenants include Gold’s Gym and the Post Office. Lee Weaver of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender.

February 26, 2015

Florida Industrial Southeast

NAI Realvest Brokers $3.7M Sale of Three Industrial Facilities in Orlando

by John Nelson February 26, 2015

ORLANDO, FLA. — NAI Realvest has brokered the $3.7 million sale of three industrial facilities totaling 63,000 square feet at the Airport Industrial Center. The assets, which are located at 7452-7466 Narcoossee Road in southeast Orlando, were fully leased at the time of sale. The purchase also included outdoor storage space. Drew Saphos, Christie Alexander, George Livingston, Michael Heidrich and Kristen Kemp of NAI Realvest represented the seller, Boston-based BIEL, REO LLC, in the transaction. The buyer was San Francisco-based IC BP III Holdings XII LLC.

February 26, 2015

Residences Palm Aire Pompano Beach Florida

Florida Multifamily Southeast

ZOM to Develop Apartment Community in Pompano Beach

by John Nelson February 25, 2015

POMPANO BEACH, FLA. — ZOM, a luxury multifamily real estate developer, plans to begin construction on The Residences at Palm Aire, a 404-unit luxury apartment community in Pompano Beach. The asset will be located on Atlantic Boulevard adjacent to the Florida Turnpike. PNC Bank is providing construction financing for the asset, and ZOM has formed a joint venture partnership with an investor account advised by UBS Global Asset Management for the development. The apartment community will have floor plans ranging from 655 to 1,545 square feet and units will feature kitchens with islands and granite countertops, private patios and walk-in closets. Amenities will include a fitness center, e-lounge and a resort-style pool. ZOM plans to begin construction in March and begin pre-leasing in early 2016. ZRS Management LLC will provide property management services.

February 25, 2015

Florida Multifamily Southeast

CBRE Capital Markets Brokers $85.1M Sale of Apartment Community in Tampa

by John Nelson February 24, 2015

TAMPA, FLA. — CBRE Capital Markets has brokered the $85.1 million sale of Camden Bayside Apartments, an 832-unit waterfront rental community in Tampa. Cortland Partners purchased the asset, located at 6301 S. Westshore Blvd., from Houston-based Camden Property Trust, a multifamily REIT. Camden Bayside’s amenities include two car care centers, two resort-style swimming pools, a fitness center, conference room, business center with Wi-Fi, bayside gazebos, dog park, tennis courts and boat storage areas. John Selby and Sean Williams of CBRE Capital Markets represented Camden Property Trust in the transaction.

February 24, 2015

Florida Office Southeast

Marcus & Millichap Brokers $5.1M Sale of Office Building in Miami

by John Nelson February 24, 2015

MIAMI — Marcus & Millichap has brokered the $5.1 million sale of a 30,000-square-foot office building located at 1850 S.W. 8th St. in Miami’s Calle Ocho neighborhood. Constructed in 1972, the five-story building features ground-level retail space and four stories of office suites. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a limited liability company based in Miami, and the buyer, a limited liability company based in North Miami. Included in the purchase was two additional lots comprising 0.3 acres that are currently being used as parking for the nearby Praxis Institute.

February 24, 2015

Florida Retail Southeast

CREC, Lubert Adler Acquire Shopping Center in Coral Springs for $26M

by John Nelson February 23, 2015

CORAL SPRINGS, FLA. — CPAC Royal University LLC, a joint venture between principals of CREC and Lubert Adler Real Estate Funds, has closed on the $26 million acquisition of Royal University Plaza in Coral Springs. The shopping center is a 98,500-square-foot property located at 2556 N. University Drive. Royal University Plaza is currently 45 percent leased to tenants such as Petco, Nick’s New Haven Style Pizzeria & Bar, Jimmy John’s and Brooklyn Water Bagel Co. The new ownership group will implement a series of capital improvements to the shopping center. Alan Esquenazi and Sabrina Meerbott of CREC will oversee the retail leasing and marketing efforts of Royal University Plaza.

February 23, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $21.8M Sale of Apartment Community in Tampa

by John Nelson February 20, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the $21.8 million sale of University Club, a 536-unit apartment community located at 12702 University Club Drive in Tampa. Community amenities include 24-hour gated access, on-site laundry facilities, a fitness center, business center, two dog parks, playground and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap represented both the buyer and the seller in the transaction.

February 20, 2015

Florida Multifamily Southeast

Altman Cos. Sells Four Florida Apartment Communities for $223.3M

by John Nelson February 19, 2015

BOCA RATON, FLA. — The Altman Cos. has sold four of its Altis-branded developments in Florida to four different buyers for a combined purchase price of $223.3 million. The assets include the 300-unit Altis Sheridan Village in Pembroke Pines, the 270-unit Altis Coconut Creek in Coconut Creek, the 220-unit Altis Cypress Creek in North Lauderdale and the 304-unit Altis Grand Cypress in Lutz. AVR Realty Co. purchased Altis Sheridan Village, a joint venture between Clarion Partners and a major insurance company purchased Altis Coconut Creek, Greystar Partners purchased Altis Cypress Creek and Starlight Capital purchased Altis Grand Cypress. The Altman Cos. has three new multifamily developments under construction in Miami, Tampa and Orlando, and leasing is underway for each.

February 19, 2015

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