Florida

Hall Structured Finance Provides $29.4M Refinancing for Serena Hotel in Aventura, Florida

by Julia Sanders March 17, 2022

AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …

March 17, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 57,790 SF Office Property in Metro Miami

by Julia Sanders March 17, 2022

CORAL GABLES, FLA. — CBRE has arranged the sale of 2990 Ponce, a 57,790-square-foot office building in Coral Gables, about six miles from Miami. Black Diamond Equities LLC, an affiliate of Mexico-based BEA Equities, purchased the property for an undisclosed price. Christian Lee, Amy Julian and Tom Rappa of CBRE Capital Markets represented the undisclosed sellers. 2990 Ponce is a six-story building with 6,617 square feet of ground-floor retail space. Built in 2012, the property features contemporary finishes, a floor-to-ceiling curved glass curtain wall and a rooftop lounge offering views of Coral Gables and downtown Miami. The property’s tenants include Zubi Advertising, FirstBank Puerto Rico, Hunt Mortgage Group, Mas Group, Altermark and Collection Hair Studio. Located at 2990 Ponce De Leon Blvd., the property is situated 13 miles from Miami Beach, 2.5 miles from the University of Miami and 5.5 miles from Miami International Airport.

March 17, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, Related Fund Acquire Las Olas Square Office, Retail Complex in Fort Lauderdale for $144.5M

by Taylor Williams March 17, 2022

FORT LAUDERDALE, FLA. — A partnership between locally based office owner-operator CP Group and New York City-based investment manager Related Fund Management has acquired Las Olas Square, an office and retail complex in Fort Lauderdale. The sales price was $144.5 million, according to The South Florida Business Journal. The local news outlet also reports that the seller was a partnership between Steelbridge Capital, Square2 Capital and Apollo Global Management. Las Olas Square consists of a 17-story office building and a three-story office and retail building. Combined, the two buildings total 267,000 square feet. The larger office building features structured parking, meeting and conference facilities, and newly created outdoor amenity spaces. The previous owner recently completed a multimillion-dollar renovation of the lobby, common areas and restrooms. Suites are equipped with motion-activated lighting systems and floor-to-ceiling windows. Retail tenants at Las Olas Square include restaurant Del Frisco’s Grille, Truist Bank and Spaces, a coworking concept. Part of the appeal of Las Olas Square is the strong pipeline of multifamily developments that are underway in the area, as well as the location at a “main and main” intersection within the city’s urban core, according to Brett Reese, senior vice president at CP Group. …

March 17, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Arranges Sale of 276-Unit Apartment Property in Fort Lauderdale

by Julia Sanders March 16, 2022

FORT LAUDERDALE, FLA. — Berkadia has arranged the sale of Riverland Apartments, a 276-unit, garden-style apartment community located in Fort Lauderdale. Roberto Pesant, Jaret Turkell, Omar Morales and Jose Mota of Berkadia represented the Houston-based seller, Morgan, in the transaction. The buyer and sales price were not disclosed. Developed by Morgan in 2021, Riverland Apartments features six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Community amenities include a business center, internet lounge, clubroom for gatherings, entertaining kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and a heated pool that overlooks a lake. Located at 420 SW 27th Ave., the property is situated close to Interstate 95 and the Tri-Rail Station. Additionally, the property is situated two miles from downtown Fort Lauderdale and 7.8 miles from Fort Lauderdale-Hollywood International Airport.

March 16, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

by Kristin Harlow March 16, 2022

MIAMI — Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development is perched directly above MiamiCentral, a transportation hub spanning six city blocks that connects to four major transit lines. “The ParkLine Miami investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes,” says Richard Litton, president of HGI. ParkLine Miami consists of two apartment towers rising 44 and 47 stories. Connecting the two towers is a two-acre amenity deck set 150 feet above street level. Offerings include pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track and a business center with coworking spaces. HGI, a privately owned international real estate investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI on the transaction. Cammeby’s, which …

March 16, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers $265M Sale of Three Multifamily Properties in Fort Myers, Florida

by Julia Sanders March 15, 2022

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $265 million sale of three multifamily properties in Fort Myers totaling 775 units. The three properties include Las Palmas, Drift at The Forum and Estero Oaks. Built in 2021 by The NRP Group, Las Palmas is a 300-unit, Class A apartment property with townhome-style units and attached two-car garages. Unit features include espresso flat-panel cabinets, vinyl flooring and kitchen islands with maple white quartz countertops. Community amenities include home office space, a fitness center, two resort-style saltwater pools and a volleyball court. PassiveInvesting.com purchased the property. Developed in 2021 by the Garrett Cos., the Drift at The Forum is a 195-unit apartment community that offers one-, two- and three-bedroom floorplans with in-unit washers and dryers and an elevator. Community amenities include a resort-style pool with shaded cabanas, a 1,500-square-foot fitness center, theater room, arcade and putting green. Situated at 3419 Forum Blvd., the property is located adjacent to The Forum shopping center, a Target-anchored power center. Miami-based Momentum Real Estate Partners purchased the property. Estero Oaks, a 280-unit apartment community, was completed in 2017. Unit features include granite countertops, walk-in closets, island kitchens and an in-unit washers and dryers. …

March 15, 2022

Acquisitions Florida Industrial North Carolina Southeast Tennessee

Atlanta Property Group Acquires Three Industrial Facilities Totaling 545,000 SF Across Southeast

by Julia Sanders March 14, 2022

ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.

March 14, 2022

Florida Loans Multifamily Southeast

JLL Arranges $60M Construction Financing for Multifamily Development in Miami

by Julia Sanders March 14, 2022

MIAMI — JLL Capital Markets has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multifamily development in Miami. Melissa Rose and Michael DiCosimo of JLL represented the borrower, Miami-based Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital. The Kavista will feature one-, two- and three-bedroom floorplans. Community amenities will include a pool and deck, barbeque grilling area with outdoor seating, coworking lounge, theater, fitness center and electric vehicle charging stations. Located at 495 N.E. 83rd St. in Miami’s El Portal neighborhood, The Kavista is situated close to Biscayne Boulevard, State Road 934 and Interstate 95. The property is also located close to Biscayne Medical, Miami Beach and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage totaling 62,000 square feet of active commercial uses.

March 14, 2022

Acquisitions Florida Retail Southeast

Brickell Station Partners Sells Retail Building in Downtown Miami for $20.1M

by Julia Sanders March 11, 2022

MIAMI — Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli, Talkin’ Tacos, CBD American Shaman and Stanzione 87 pizzeria. Located at 83-97 Southwest Eighth St. along The Underline linear park, the building is situated close to Brickell City Centre and Metromover and Metrorail stops.

March 11, 2022

Development Florida Office Retail Southeast

Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Metro Miami

by Julia Sanders March 10, 2022

CORAL GABLES, FLA. — Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace and modernizing the conference centers. Patrinely Group assumed property management operations at the property in 2020. The firm also oversees leasing, along with Maggie Kurtz, Kevin Gonzalez and Jake Freeman of CBRE. Located at 1 Alhambra Plaza, Columbus Center is situated 5.3 miles from downtown Miami, 3.1 miles from the University of Miami and 4.7 miles from Miami International Airport. The property is also situated 11.9 miles from Miami Beach.

March 10, 2022

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