REBusinessOnline

Hurricane Michael Wind, Storm Surge Causes Estimated $3B to $5B in Losses, CoreLogic Analysis Shows

MEXICO BEACH, FLA. — CoreLogic, a global property information, analytics and data-enabled solutions provider, has released updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to new data, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, while the storm surge losses, including losses covered by the National Flood Insurance Program, are slated to be an additional $500 …

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom …

Vestcor Opens 96-Unit Affordable Seniors Housing Community Near Jacksonville

MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median

New Office Developments Take Shape in Orlando’s Core Submarkets

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to …

Southeast Dominates ULI, PwC’s Markets to Watch in 2019

BOSTON — In their annual Emerging Trends in Real Estate report, Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) have emphasized their bullishness on the Southeast. Following the top two metros in the report’s "Markets to Watch in 2019" list (Dallas-Fort Worth and Brooklyn) are three Southeastern markets: Raleigh-Durham, Orlando and Nashville, none of which qualify as traditional gateway cities. “Survey respondents favored markets with potential for more growth over the …

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million …

Berkeley Partners Acquires Three-Building Industrial Portfolio in Broward County for $15M

POMPANO BEACH, FLA. — Berkeley Partners, an industrial real estate operator and investment manager, has purchased three buildings within Park Central Business Park, an industrial campus located in Pompano Beach. An undisclosed seller sold the portfolio in Broward County for $15 million. Douglas Mande of Institutional Property Advisors and Tyler Kuhlman of Marcus & Millichap represented the seller and advised the buyer in the transaction. This transaction is Berkeley’s third acquisition …

DIX Sells 53-Acre Mixed-Use Development Site in Ormond Beach, Florida

ORMOND BEACH, FLA. — Lake Mary, Fla.-based DIX Developments has completed the sale of Halifax Town Center, a mixed-use development site located in Ormond Beach. Dixie 95 OBD, a company related to O2G Capital of Ontario, Canada, purchased the 53-acre site for an undisclosed price. Situated in the southeast quadrant of Interstate 95 and Old Dixie Highway, the fully developed site is ready for immediate construction with storm water retention, surfaced roadways and utilities. Halifax Town …

Cushman & Wakefield Brokers $7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove

MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. …

HREC Negotiates Sale of St. Petersburg Marriott Clearwater Hotel

ST. PETERSBURG, FLA. — HREC has arranged the sale of St. Petersburg Marriott Clearwater. Menna Development & Management sold the Tampa Bay property for an undisclosed price. Located at 12600 Roosevelt Blvd. in Northeast St. Petersburg, the hotel features 209 guest rooms, 22,832 square feet of meeting space, a 1,600-square-foot fitness center and The Crafted Plate, a farm-fresh American restaurant. Scott Stephens and Jaimin Patel of HREC’s Tampa office represented the seller in the …

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