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.
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.
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.
GAINESVILLE, FLA. — Landmark Properties and AIG Global Real Estate have acquired the land for their upcoming development, The Standard at Gainesville, a 1,200-bed, mid-rise, mixed-use student housing development with approximately 60,000 square feet of retail space and a 142-room select-service hotel. The project is set to commence construction in the spring with delivery slated for fall 2017. The Standard at Gainesville will be adjacent to the University of Florida campus and steps from restaurants, shops and nightlife. The Standard will feature more than 20 unique floor plans, including studio, one-, two-, three-, four-, five- and six-bedroom units. The community will offer on-site management, two rooftop pools, resident centers with 24-hour study lounges, a spa, game room, golf simulator, racquetball courts and a fitness facility. Parking will be available for purchase as part of the residential lease package and will be located within the community and accessible via skybridge.
FORT LAUDERDALE, FLA. — Oak Grove Capital has arranged the $9.5 million refinance of Venice Cove, a 150-unit apartment community in Fort Lauderdale. Tim Leonhard of Oak Grove Capital arranged the standard rate lock loan through Freddie Mac on behalf of the unnamed borrower.
ORLANDO, FLA. — Colliers International has brokered the $6.6 million sale of a 13,813-square-foot, single-tenant retail property at 5886 Conroy Road in Orlando. The triple-net leased asset is fully leased to CVS/pharmacy. Confl LLC purchased the asset from ECK 51 Conroy LLC. Cynthia Shelton and Kane-Morris Webster of Colliers International Central Florida, along with Jereme Snyder and Eric Carlton of Colliers International Greater Los Angeles, represented the seller in the transaction. CVS/pharmacy has roughly 10 years remaining on its lease.
TAMARAC, FLA. — Wal-Mart Stores Inc. has opened a new 41,500-square-foot Walmart Neighborhood Market in Tamarac. The store, which will be open 24/7, is located at 6931 N.W. 88th Ave. The new store is expected to create roughly 95 full- and part-time jobs and features a drive-thru pharmacy and a pickup counter for items ordered online. Wal-Mart Stores had more than $473 billion in sales in fiscal year 2014 in its 11,202 stores and online. The company employs more than 2 million associates worldwide.
ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and founder of the Glickman Retail Group has brokered the $9.3 million sale of Colonial Town Center in Orlando. The shopping center was 90 percent leased at the time of sale to tenants such as HH Gregg, Mattress One and Interamerican Medical Centers. The asset is shadow-anchored by a Walmart Neighborhood Market and Sam’s Club. Glickman Retail Group represented the undisclosed seller in the transaction. The buyer was an international company.
MIAMI — CBRE has brokered the $140 million sale of 777 Brickell Ave., a 288,485-square-foot office tower located in Miami’s Brickell neighborhood at the intersection of Brickell Avenue and S.E. 8th Street. The 13-story asset also features an adjacent five-story parking garage. An unnamed private investment group from South America purchased the waterfront office tower from an institutional investor advised by CBRE Global Investors. The office building is currently 93 percent leased to 29 tenants. Christian Lee, Charles Foschini, Christopher Apone, Amy Julian and Jose Lobon of CBRE Capital Markets represented the seller in the transaction. Brian Gale and Andrew Trench of Taylor & Mathis helped the CBRE Capital Markets team market 777 Brickell Ave.
CLEARWATER, FLA. — The RADCO Cos. has purchased the 228-unit Bay Park Apartments in Clearwater for $29.6 million. This is the first transaction for the Atlanta-based multifamily investor in 2015, as well as the company’s first asset in Florida. RADCO financed the acquisition with a mixture of private capital and Freddie Mac financing arranged by Walker & Dunlop. Constructed in 1990 by Atlanta-based REIT Post Property, the apartment units average 1,010 square feet and the property’s amenities include a pool, putting green, dog park, lake, tennis courts, movie theater, meeting rooms and a fitness center. RADCO plans to invest $2.1 million to upgrade the complex, which will be rebranded as City Park Clearwater.