Florida

ZMR Capital Purchases Two Multifamily Properties in Metro Orlando Totaling 560 Units

by Julia Sanders April 12, 2022

APOPKA AND KISSIMMEE, FLA. — Orlando-based ZMR Capital has purchased two multifamily communities in metro Orlando totaling 560 units. The two properties include Laurel at Altamonte Apartments in Apopka (240 units) and Camila in Kissimmee (320 units). Shelton Granade and Luke Wickham of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2000, the Laurel at Altamonte features 11 two-story buildings spread over 14.5 acres. Unit features include quartz countertops, oversized closets, laundry rooms and wood-plank flooring. Community amenities include a fitness center, pool, private garages and a bark park with a pet washing station. Built in 1990, Camila has 14 three-story buildings spread over 27 acres. Unit features include granite countertops, walk-in closets, screened patios or balconies, large windows and washers and dryers in each residence. Community amenities include a pool, heated Jacuzzi, pool deck, fitness center and a clubhouse. Both properties feature one-, two- and three-bedroom floorplans. The common areas and exteriors at each property have all been upgraded. ZMR Capital plans to initiate a capital improvement plan at both properties designed to upgrade all unit interiors with modern features such as stainless …

April 12, 2022

Acquisitions Florida Retail Southeast

Current Capital Management Acquires Two Shopping Centers in South Florida for $12.8M

by Julia Sanders April 12, 2022

LAKE WORTH BEACH AND WEST PALM BEACH, FLA. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the transaction on an internal basis. Chatam Management was the seller. Benedict Gutierrez of Marcus & Millichap arranged the transaction, and South State Bank provided a $9 million acquisition loan for the buyer. The sold properties include Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 N Military Trail in West Palm Beach, and Shoppes of Lake Worth, a 38,530-square-foot retail center located at 6651 Lake Worth Road in Lake Worth Beach. Both properties were fully occupied at the time of sale. The new owners plan to implement minor upgrades such as fresh paint and the addition of LED lighting throughout, as well as landscaping and signage upgrades.

April 12, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $23M Sale of Retail Portfolio in Miami

by Julia Sanders April 11, 2022

MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.

April 11, 2022

Acquisitions Florida Industrial Southeast

Colliers Brokers $14.9M Sale of Two Industrial Buildings in Fort Lauderdale

by Julia Sanders April 11, 2022

FORT LAUDERDALE, FLA. — Colliers has brokered the $14.9 million sale of two industrial buildings in Fort Lauderdale. Mark Rubin, Bastian Laggerbauer, Jake Stauber, Steven Wasserman and Erin Byers of Colliers represented the seller, Apogee Investment Partners LLC, as well as the buyer, Elion Acquisitions LLC, in the transaction. The two buildings include a 60,000-square-foot repair facility that was renovated in 2019 and a 11,682-square-foot staging facility. The buildings are conjoined by a recently constructed covered walkway. The industrial buildings are currently occupied by CTS Engines, a turbine engine maintenance, repair and overhaul (MRO) company, with long-term leases in place. Located at 3000 & 3060 SW 2nd Ave. on 2.6 acres, the properties are adjacent to Fort Lauderdale-Hollywood International Airport and less than three miles from Port Everglades.

April 11, 2022

Acquisitions Florida Retail Southeast

Navarra Investments Sells Avenue Shoppes Retail Center in Orlando for $8.1M

by Julia Sanders April 11, 2022

ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.

April 11, 2022

Acquisitions Florida North Carolina Office Southeast Tennessee

CBRE Brokers $91M Sale of Eight-Building Medical Office Portfolio Across Southeast, Texas

by Julia Sanders April 8, 2022

DALLAS — Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas. A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction. The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.

April 8, 2022

Affordable Housing Florida Loans Multifamily Seniors Housing Southeast

Greystone Provides $17.5M HUD-Insured Loan for Affordable Seniors Housing Rehab Project in West Palm Beach

by Julia Sanders April 8, 2022

WEST PALM BEACH, FLA. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community located in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Located in Palm Beach County, Christian Manor includes four, three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income, which is classified as below 60 percent of area median income, and “extremely low-income” seniors (below 28 percent AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support. The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The non-recourse loan carries a 40-year term at a low, fixed interest rate. Paul Ponte of Phase Housing Corp. Inc., Jason …

April 8, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $5.6M Sale of Cypress Creek Business Park in Fort Lauderdale

by Julia Sanders April 7, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).

April 7, 2022

Florida Loans Multifamily Southeast

CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area

by Julia Sanders April 6, 2022

CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.

April 6, 2022

Acquisitions Florida Multifamily Southeast

Waterton Acquires 216-Unit Apartment Community in Boynton Beach, Florida

by Julia Sanders April 6, 2022

BOYNTON BEACH, FLA. — Chicago-based Waterton has acquired Verona at Boynton Beach, a 216-unit apartment community in Boynton Beach. The seller and sales price were not disclosed. Built in 2002, Verona at Boynton Beach offers 72 one-bedrooms, 108 two-bedrooms and 36 three-bedroom floorplans. The units average 1,097 square feet in size. Unit features include nine-foot ceilings, upgraded finishes and full-size washers and dryers in every unit. Community amenities include a clubhouse, business center, fitness center, dog park, pet wash station, playground, pool, package center, barbecue and picnic areas. The new owner plans to complete renovations on the property, including enhancements to the amenity package and refreshed residence finishes. Located at 1575 SW 8th St. on 14.2 acres, the property is 6.5 miles from Delray Beach and 11.2 miles from Boca Raton Airport.

April 6, 2022

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