Florida

CBRE Brokers $8.3M Sale of Office Park in Royal Palm Beach

by John Nelson January 26, 2015

ROYAL PALM BEACH, FLA. — CBRE has brokered the $8.3 million sale of Royal Office Park, a 28,656-square-foot mixed-use office and retail complex in Royal Palm Beach. The property is located at 420 S. State Road 7 adjacent to a 350,000-square-foot retail power center and Wellington, an international equestrian center. The Mediterranean-styled mixed-use complex features a landscaped perimeter and central courtyard with cobblestone walkways and hurricane-resistant glass storefronts and doors. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Jason Hochman of CBRE represented the seller, Royal Office Park Ltd., in the transaction. Judge Moss of Banyan Realty Partners and Scott Weprin of Michael Falk & Co. represented the undisclosed buyer.

January 26, 2015

Citra at Windermere Florida NorthMarq Capital

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges Acquisition Financing for Florida Apartment Community

by John Nelson January 26, 2015

WINDERMERE, FLA. — NorthMarq Capital has arranged acquisition financing for Citra at Windermere, a 360-unit apartment community located at 11353 Citra Circle in Windermere. Greg Duvall of NorthMarq Capital has arranged the 10.5-year loan with five years of interest-only payments and a 30-year amortization schedule. Duvall arranged the Freddie Mac loan on behalf of the undisclosed borrower.

January 26, 2015

Florida Hospitality Loans Southeast

HFF Arranges Financing for Three-Hotel Portfolio in Orlando

by John Nelson January 23, 2015

ORLANDO, FLA. — HFF has arranged financing for a three-property, 414-room hotel portfolio in Orlando. The properties include the 124-room Residence Inn Orlando Convention Center at 8800 Universal Blvd.; the 167-room SpringHill Suites Orlando Convention Center at 8840 Universal Blvd.; and the 123-room Hampton Inn Orlando International Airport at 5767 T.G. Lee Blvd. Each of the hotel properties were either renovated in 2013 or 2014. Michael Weinberg and Anthony Frogameni of HFF arranged the financing on behalf of the borrower, JHM Hotels.

January 23, 2015

Florida Retail Southeast

Morgan Property Group to Develop Florida Community Bank Branch in Fort Lauderdale

by John Nelson January 23, 2015

FORT LAUDERDALE, FLA. — Morgan Property Group (MPG) has purchased two adjacent land parcels totaling 19,560 square feet at the northeast corner of South Federal Highway and Southeast 7th Street in Fort Lauderdale. Through its affiliate Rio Vista Financial LLC, MPG purchased a 14,760-square-foot parcel of land from Caryl L. Henry Exempt Trust and the adjacent 4,800-square-foot parcel from Rio-Vista Saloon LLC. Bill Rotella of The Rotella Group Inc. represented Caryl L. Henry Exempt Trust, and Kimberly Barbar of Stiles Realty represented Rio-Vista Saloon. MPG plans to develop a freestanding, 3,500-square-foot branch of Florida Community Bank, which will feature a single-lane drive thru and a 24-hour ATM. Construction is expected to commence in April, and the bank is slated to open in October.

January 23, 2015

Florida Industrial Southeast

Prologis Signs Two Lease Agreements in Orlando Totaling 257,540 SF

by John Nelson January 22, 2015

ORLANDO, FLA. — Prologis Inc. has signed two lease agreements with tenants in Orlando totaling 257,540 square feet. UPS Supply Chain Solutions Inc. has signed a new lease for 112,000 square feet at Prologis Orlando Corporate Center, which features cross loading, extended truck courts and expanded trailer parking. Additionally, an undisclosed tenant has expanded an existing lease to occupy an entire 145,540-square-foot building at Prologis Beltway Commerce Center. As of Sept. 30, 2014, Prologis owns approximately 4 million square feet of logistics and distribution space in 33 buildings in the Orlando area.

January 22, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $6.2M Sale of Orlando Shopping Center

by John Nelson January 22, 2015

ORLANDO, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Rosemont Plaza, a 99,103-square-foot shopping center located at 5800 N. Orange Blossom Trail in Orlando. The property was 79 percent occupied at the time of sale to tenants such as dd’s Discounts, Save-A-Lot, Dollar Tree and Hungry Howies. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, an affiliate of Ram Realty Services, in the transaction. Jason Yukins, also with Marcus & Millichap’s Fort Lauderdale office, secured and represented the buyer, a partnership based in Opa Locka, Fla.

January 22, 2015

Sun Lake Apartments Lake Mary Florida CBRE

Florida Multifamily Southeast

CBRE Brokers $66.3M Sale of Luxury Apartment Community in Metro Orlando

by John Nelson January 21, 2015

LAKE MARY, FLA. — CBRE Capital Markets has brokered the $66.3 million sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community located at 420 Sun Lake Circle in Lake Mary, a northern suburb of Orlando. Ecoventures Capital Fund LLC purchased the asset from Harbor Group International (HGI). An affiliate of HGI bought the apartment community in 2012. Sun Lake features a clubhouse with a fitness center and business center, as well as lakefront access that allows residents to fish, kayak and paddle board. The apartment community was built in 1988 and was 96 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE Capital Markets represented HGI in the transaction.

January 21, 2015

Cedar Hollow Apartments Pinellas Park Florida

Florida Multifamily Southeast

Marcus & Millichap Brokers $2M Sale of Apartment Community in Pinellas Park

by John Nelson January 20, 2015

PINELLAS PARK, FLA. — Marcus & Millichap has brokered the $2 million sale of Cedar Hollow Apartments, a 42-unit apartment community located in Pinellas Park. Casey Babb of Marcus & Millichap’s Tampa office represented the buyer, a limited liability company based in Tel Aviv, Israel. Cedar Hollow Apartments, which was constructed in the mid-1980s, was 88 percent occupied at the time of sale.

January 20, 2015

Canyon Ranch Hotel Spa Miami Beach Florida

Florida Hospitality Southeast

CBRE Brokers $21.6M Sale of Miami Beach Hotel & Spa

by John Nelson January 19, 2015

MIAMI BEACH, FLA. — CBRE’s hotel and capital markets multifamily divisions have brokered the $21.6 million sale of Canyon Ranch Hotel and Spa at 6801 Collins Ave. in Miami Beach. Z Capital Partners LLC purchased the asset via a bankruptcy auction. The United States Bankruptcy Court Southern District of New York approved Z Capital Partners as the buyer. The private equity firm plans to reposition the asset into a five-star hotel called the Carillon Hotel and Spa, which will consist of 150 rooms. The hotel features 750 feet of beachfront and is located adjacent to L’Atelier, a 20-story condominium tower currently under construction. The new hotel will be managed by a new joint venture consisting of Z Capital; Adrian Zecha, founder of Amanresorts and GHM Hotels Ltd.; and Jonathan Breene, developer and creator of The Setai, South Beach.

January 19, 2015

Cove at Parrot's Landing North Lauderdale Florida

Florida Multifamily Southeast

IPA Brokers Sale of Multifamily Community in Broward County

by John Nelson January 19, 2015

NORTH LAUDERDALE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Cove at Parrot’s Landing, a 152-unit multifamily community located at 7575 Hampton Blvd. in North Lauderdale, a city in Broward County. CFH Group purchased the asset from Brass Enterprises for an undisclosed amount. Constructed in 1997, units at The Cove at Parrot’s Landing include separate laundry rooms with full-size washer and dryer, walk-in closets, track lighting and balconies with storage closets. Still Hunter III of IPA represented the seller in the transaction.

January 19, 2015

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