TRINITY, FLA. — The new Holiday Inn Express in Trinity, a town in west Florida roughly 33 miles northwest of Tampa, will be the first-ever hotel in the city. The 86-room hotel will feature a swimming pool available 24 hours, fitness center and 46-inch TVs and Wi-Fi in every room. Berkshire Hathaway HomeServices Florida Porperties Group brokered the sale of the hotel, which will be delivered in fall 2015. MPH Hotels will operate the new Holiday Inn Express upon completion.
FERNANDINA, FLA. — A member of Amsdell Cos., Compass Self Storage, has purchased a Class A self storage property located at 2641 Bailey Road in Fernandina Beach. Compass will operate the 68,000-square-foot facility upon closing. The self storage center features indoor climate controlled units, digital surveillance, electronic access and truck rental. The facility will be the 14th self storage property for Compass in Florida and the 12th that the company has opened in 2014.
MIAMI — Swire Properties Inc. has topped off the 40-story EAST, Miami hotel, located at 89 S.E. Eighth St. in Miami’s Brickell neighborhood. The property is the first of six buildings to complete vertical construction in Swire’s $1.05 billion Brickell City Centre, a 5.4 million-square-foot mixed-use development. The hotel will feature 263 rooms, as well as 89 apartment units, a signature restaurant, meeting rooms, swimming pool and fitness center. The project team includes Americaribe and John Moriarty & Associates. EAST, Miami is slated to open in winter 2015.
DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.
AVENTURA, FLA. — Marcus & Millichap has brokered the $17.5 million sale of a 215,921-square-foot industrial warehouse park in Aventura, roughly 18 miles north of Miami. The nine-building park is located at 1600 N.E. 205th Terrace on the south side of Ives Dairy Road near I-95. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, The Adler Group, and the buyer, an Aventura-based firm led by Mario Grosfeld and Jorge Linkewer.
FORT LAUDERDALE, FLA. — The Miami office of Berkadia Commercial Mortgage has arranged a $25 million construction loan for The Queue, a 192-unit mid-rise multifamily community. The property will be located at SE 9th Street and SE 2nd Avenue in downtown Fort Lauderdale. Brad Williamson and Mitchell Sinberg of Berkadia arranged the three-year, floating rate loan through Mutual of Omaha Bank.
The Jacksonville multifamily market can lay claim to being the healthiest in Florida, not because of blockbuster demand or rapid construction, but because steady growth has kept it from overheating. The pace of construction and absorption should sustain the market for at least the next six months to a year. With an unemployment rate at 5.8 percent in September, it’s clear that the metro market has bounced back from the recession, boosting demand for housing. GE announced that same month they would be opening a new plant, adding 500 jobs. Additionally, Forbes ranks the city sixth nationally in its list of best cities for tech jobs, just ahead of Silicon Valley. Unlike other regions of the state that attract retirees and foreigners, Jacksonville is drawing young professionals and recent college graduates who are well-matched to small-scale multifamily projects. These single, well-educated and childless individuals tend to be renters. And because of their sophisticated tastes, they are driving the creation of live-work-play communities that resemble well-established submarkets like Brickell in Miami and along Magnolia Avenue in Orlando. Residents who want to be close to entertainment districts are moving into the Southside submarket, which is close to downtown and the St. John’s …
JACKSONVILLE, FLA. — Lingerfelt CommonWealth Partners has acquired Riverplace Tower, a Class A, 28-story office building in Jacksonville’s central business district. The 425,223-square-foot tower is located at 1301 Riverplace Blvd. The property was built in 1967 and renovated in 1994 and 2005. Gate Riverplace Co., a subsidiary of Gate Petroleum, sold the office tower to Lingerfelt CommonWealth. Riverplace Tower’s tenant roster includes Rogers Towers PA, Rayonier Inc., Adecco USA and ClubCorp USA Inc. The buyer has selected a property management affiliate, CommonWealth Partners, to manage the property. JLL will handle leasing the property.
MIAMI — Miami-based Mayan Properties, 3H Group Hotels and Arti Hersi Inc. have teamed up to break ground on the new Hampton Inn & Suites in Miami’s Biscayne Boulevard corridor. The 151-room hotel will be located at the intersection of Biscayne Boulevard and Northwest 35th Street. The hotel will feature 4,400 square feet of street-level retail space and an eight-story parking garage. 3H Group Hotels will manage the hotel upon completion, which is slated for first quarter 2016. The design team includes architect Israel Bigelman, exterior architect Kobi Karp and interior designer Monioni Design. Michael Comras of Comras Co. will handle leasing the retail space.
MIAMI GARDENS, FLA. — Meridian Capital Group LLC has arranged a $25.5 million CMBS loan to refinance Crystal Lakes Apartments, a 491-unit multifamily community in Miami Gardens. The property is located at 2545 N.W. 207th St. near the Calder Race Track and Sunlife Stadium. Michael Brown and Brad Beattie of Meridian Capital Group’s Boca Raton office arranged the 10-year loan at a fixed 4,89 percent interest rate on behalf of the borrower, Ytech International. The loan features a 30-year amortization schedule and five years of interest-only payments.
