REBusinessOnline

Joint Venture Sells Motion at Dadeland Apartments in Miami for $114M

MIAMI — Adler Group and 13th Floor Investments, in partnership with Barings LLC, has sold Motion at Dadeland, a transit-oriented multifamily development in Miami. Maryland-based Lerner Enterprises purchased the 25-story property for $114 million. Located at 8400 South Dixie Highway, Motion at Dadeland features 294 market-rate rental apartments and approximately 8,000 square feet of retail space adjacent to the Dadeland North Metrorail station and the Dadeland Station retail center. Built …

Versity Investments Acquires Apartment Community in Central Florida for $89M

CELEBRATION, FLA. — Versity Investments LLC has acquired Astoria, a 306-unit multifamily property located in Celebration, for $89 million. CGI+ Real Estate Strategies sold the 306-unit community in a 1031 exchange. Astoria is the first multifamily acquisition for Versity and was 97.1 percent occupied at the time of sale, according to Blake Wettengel of Versity.Built in 2015, Astoria is situated on 14.4 acres and features one-, two- and three-bedroom units. Community amenities include a …

Foundry, Modlo Break Ground on 495,000 SF Modlo Air Logistics Center in Metro Miami

DORAL, FLA. — Foundry Commercial, in partnership with Modlo, the logistics platform of GLP Capital Partners, has broken ground on the Modlo Air Logistics Center, a three-warehouse property near Miami spanning over 495,000 square feet. The 23.7-acre site located at 7777 NW 41st St. in Doral once housed a PepsiCo bottling facility.The three structures include Building 1 with 171,254 square feet, Building 2 with 173,716 square feet and Building 3 with 150,103 square feet. The new warehouses …

Millennium Management Signs 74,000 SF Office Lease at 1111 Brickell in Miami

MIAMI — Millennium Management has signed a long-term lease for more than 74,000 square feet across three floors at 1111 Brickell, a 30-story office tower located in Miami’s Brickell submarket. CBRE represented the landlords, KKR and Parkway Property Investments LLC, in the lease transaction. Zach Wendelin and Tom Haughton of CBRE represented the tenant.The office building is a 524,000-square-foot waterfront office tower overlooking Biscayne Bay. Built in 2000, 1111 Brickell is part of a …

Arbah Capital, Hampshire Stateside Purchase 226,548 SF Office Building in Orlando

ORLANDO, FLA. — Arbah Capital, in partnership with Hampshire Stateside, has purchased a 226,548-square-foot office building in Orlando. Mike Davis, Rick Brugge, Zach Eicholtz and Rick Colon of Cushman & Wakefield arranged the sale on behalf of the buyer. CBRE represented the seller, Real Capital Solutions, in the transaction. The sales price was not disclosed.Jason Hochman and Ron Granite of Cushman & Wakefield secured $35.1 million in acquisition financing through a regional …

Berkadia Secures Acquisition Financing Totaling $28.3M for Two Multifamily Communities in Brandon, Florida

BRANDON, FLA. — Berkadia has secured $28.3 million in acquisition financing for two multifamily communities in Brandon. Mitch Sinberg and Brad Williamson of Berkadia secured a $15.7 million loan for Avenue at Creekbridge, a 112-unit apartment community, and a $12.6 million loan for Westwood at 60, an 88-unit apartment community. Berkadia is providing two Freddie Mac loans with seven-year terms, interest-only payment periods and fixed interest rates.Bayshore Investment Partners, a …

Joint Venture Acquires Fresh Market Village in South Florida for $25.5M

JUPITER, FLA. — A joint venture between JB Capital Management and Royce Properties has acquired Fresh Market Village, a shopping center in Jupiter, for $25.5 million. Justin Smith of Atlantic Retail represented the seller, an entity doing business as Adar Jupiter LLC, in the transaction.The Fresh Market Village is a 55,046-square-foot center that was 97 percent leased at the time of sale to tenants including The Fresh Market, 2 Vinez Restaurant & Wine Bar, Starbucks Coffee, Casa Mia …

Joint Venture Sells Apartment Community in Tarpon Springs, Florida for $65.7M

TARPON SPRINGS, FLA. — DDA Development, in partnership with Backstreets Capital and Atlantic American Partners, has sold Icaria on Pinellas, a 236-unit, Class A apartment complex in Tarpon Springs. The sales price was $65.7 million, or $278,179 per unit. Washington, D.C.-based RSE Capital Partners was the buyer. Walker & Dunlop represented the sellers.Located on 6.5 acres at 1185 South Pinellas Ave., Icaria on Pinellas offers a mix of one-, two- and three-bedroom units. The apartments …

CBRE Arranges $57.5M Sale of Offices at Plantation Walk in South Florida

PLANTATION, FLA. — CBRE has arranged the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot office building in Plantation, to Vision Properties. Christian Lee, José Lobón and Marcos Minaya of CBRE, along with Jay Adams of Newmark, represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.Offices at Plantation Walk is a seven-story office building located within the Plantation Walk, a $350 million, 27-acre …

Orlando Retail Market Experiencing Record Investor Demand and Pricing

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows.According to data from CoStar Group, the metro’s average rental rate of …

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