Florida

Cushman & Wakefield Secures $33.8M in Financing for Two Harbour Place Office Building in Downtown Tampa

by Julia Sanders June 23, 2021

TAMPA, FLA. — Cushman & Wakefield has secured $33.8 million in financing for Two Harbour Place, a Class A office building located in downtown Tampa. Cushman & Wakefield also arranged the sale for the property. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Dominic Montazemi of Cushman & Wakefield represented the seller, a joint venture between CP Group and CenterSquare Investment Management, in the transaction. Farley White Interests, a Boston-based commercial real estate owner, acquired the property for an undisclosed price. Jason Hochman, Brian Linnihan, Mike Ryan and Ron Granite of Cushman & Wakefield secured the long-term, fixed-rate acquisition loan through Metropolitan Life Insurance Co. Located at 302 Knights Run Avenue, the 12-story building was 92 percent leased at the time of sale. Property amenities include 3.7 per 1,000-square-foot parking ratio via an attached structured garage, as well as an onsite coffeehouse, concierge services, a full-time day porter, auto detailing and dry-cleaning pick-up and delivery. CP Group, formerly Crocker Partners, is a Boca Raton, Fla.-based owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States. CenterSquare is a global investment manager based in Philadelphia.

June 23, 2021

Acquisitions Development Florida Mixed-Use Southeast

Berkadia Arranges $31M Sale of Mixed-Use Development Site in Miami

by Julia Sanders June 23, 2021

MIAMI — Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales and Jose Mota of Berkadia’s Miami office represented the seller, Northwood Investors, in the transaction. David Martin is the developer’s CEO, and Terra is the buyer for the development site. Martin says the plans for 1177 Kane Concourse include a mixed-use development with a residential component, Class A office and retail space and food and beverage options at the street level. Bay Harbor Islands is a community situated roughly two miles north of Miami Beach, just above Indian Creek Island. The islands are accessible to Interstate 95 via N.E. 123rd Street.

June 23, 2021

Acquisitions Florida Multifamily Southeast

Fundrise Acquires Lake Shadow Apartments in Metro Orlando for $83M

by Julia Sanders June 22, 2021

MAITLAND, FLA. — Fundrise has acquired Lake Shadow Apartments, a 300-unit, Class A multifamily property in metro Orlando. Bainbridge Cos. sold the community to Fundrise for $83.1 million. Located on a 16-acre site at 2200 Flagler Promenade Way in Maitland, the property will be renamed Luna at Lake Shadow. The 330,000-square-foot community features one-, two- and three-bedroom apartments. Regions Bank provided an undisclosed amount of acquisition financing to Fundrise, a Washington, D.C.-based real estate investment platform. Bainbridge Cos. LLC is a Wellington, Fla.-based owner, developer and manager of multifamily apartment communities in the Eastern United States and Texas.

June 22, 2021

Development Florida Multifamily Southeast

Watermark Residential to Develop 214-Unit Build-to-Rent Community in Port St. Lucie, Florida

by Julia Sanders June 22, 2021

PORT ST. LUCIE, FLA. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, will develop Boardwalk at Tradition, a 214-unit build-to-rent multifamily community in Port St. Lucie. Watermark acquired 17.5 acres of land to develop the property, which will be a residential community featuring one- and two-story paired villa-style homes. The project is slated for completion in December 2022. Boardwalk at Tradition will be located at the southeast corner of SW Stockton Place and SW Community Boulevard. The property will offer a mix of one-, two- and three-bedroom layouts that average 1,100 square feet. Community amenities will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, full-size washers and dryers, private backyard patios, resort style pool, professionally design and appointed clubhouses, a pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center. Boardwalk at Tradition is part of the 8,200-acre master planned Tradition community, which has $365 million in new development in the works. The apartment community is situated close to Cleveland Clinic Tradition Hospital and sits one mile west of Interstate 95.

June 22, 2021

Acquisitions Company News Florida Midwest Ohio Seniors Housing Southeast Top Stories

Holiday Retirement Sells Operations Business to Atria, 86 Communities to Welltower for $1.6B in Megadeal

by John Nelson June 22, 2021

LOUISVILLE, KY., WINTER PARK, FLA., AND TOLDEO, OHIO — In a massive blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages for slightly less than $1.6 billion. Holiday currently manages 240 communities in 43 states, largely in the independent living sector. The combined company will employ more than 19,000 staffers to serve over 45,000 residents. The new firm will manage 447 communities across 45 states and seven Canadian provinces. The newly combined entity will be the second-largest seniors housing operator in the country, behind only Brookdale Senior Living. After the transaction, Atria will manage more than 250 “nearly identical” communities and higher end properties such as the recently opened Atria Newport Beach in Southern California, as well as luxury urban properties that Atria is co-developing in a joint venture with …

June 22, 2021

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Brokers Sale of Microtel Inn & Suites Hotel in Brooksville, Florida

by Julia Sanders June 21, 2021

BROOKSVILLE, FLA. — DSH Hotel Advisors has brokered the sale of a 57-room Microtel Inn & Suites by Wyndham hotel in Brooksville. Dennis Hopper of DSH represented the seller, an entity doing business as L&H LLC, and the buyer, Aarush Hospitality LLC. The sales price was not disclosed. The Microtel Inn & Suites by Wyndham is located at 6298 Nature Coast Blvd. near Interstate 75 and State Route 98. The hotel is located adjacent to Croom ATV Park, which has 2,600 acres of trails. According to its website, the hotel offers free breakfast and complimentary Wi-Fi, as well guest laundry services, an onsite gym and an outdoor pool. DSH Hotel Advisors is a Tampa-based hotel brokerage and advisory firm.

June 21, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Negotiates $4.4M Sale of Towne Plaza Medical Office in Tamarac, Florida

by Julia Sanders June 21, 2021

TAMARAC, FLA. — Marcus & Millichap has negotiated the $4.4 million sale of Towne Plaza, a 28,600-square-foot medical office property located at 7443-7495 N University Drive in Tamarac. Quinn Sousa and Ryan Shaw of Marcus & Millichap represented the seller, John Loeffler Trustee of Lillian Loeffler Trust, in the transaction. The buyer, a private doctor doing business in the sale as Evergreen 3 LLC, plans to occupy 10,000 square feet of the property and lease out the remaining space. Built in 1988, Towne Plaza has frontage on North University Drive and is accessible from the Florida Turnpike and Sawgrass Expressway. The multi-tenant medical office property is located next to the University Hospital and Medical Center. The property was 43 percent leased at the time of sale.

June 21, 2021

Acquisitions Florida Retail Southeast

Limestone, Orion Real Estate Purchase 27-Property Walgreens Portfolio for $133M

by Julia Sanders June 18, 2021

MIAMI, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased a 27-property portfolio of Walgreens-occupied assets for $133 million. Wells Fargo provided financing for the acquisition. Kevin Sanz of Orion Real Estate Group led the buyer group. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the properties were not disclosed. Miami-based Limestone Asset Management is a real estate investment firm and an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Orion Real Estate Group is a Miami-based provider of commercial real estate services.

June 18, 2021

Acquisitions Florida Office Southeast

Dilweg Cos. Sells Lakewood Ranch Office Property for $20.3M

by Julia Sanders June 18, 2021

LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida. Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing. NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by …

June 18, 2021

Acquisitions Florida Industrial Southeast

Woodmont Industrial Partners, Butters Construction Acquire 6.1-Acre Industrial Development Site in Pompano Beach, Florida

by Julia Sanders June 18, 2021

POMPANO BEACH, FLA. — Woodmont Industrial Partners and joint venture partner Butters Construction and Development have acquired a 6.1-acre industrial site in Pompano Beach. Located at 1698 Andrews Ave. in Broward County, the company plans to build an 84,000-square-foot Class A distribution building, known as Andrews Logistics, on the site. The seller and price for the land acquisition were not disclosed. The planned distribution park will feature 32-foot clear heights, loading docks, two ramps and frontage on Andrews Avenue. The property is situated near Interstate 95, Florida Turnpike and the Dixie Highway. In addition, the distribution park is proximal to nearby landmarks and transit hubs including Boca Raton Airport, Fort Lauderdale Airport, Port Everglades and the Sawgrass Expressway. Construction of the distribution site is slated for completion in fourth-quarter 2022 and will be available for lease in the summer of 2022. Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties, a real estate development and management firm. Coconut Creek, Fla.-based Butters Construction and Development is a real estate service firm engaged in construction, development, leasing and property management.

June 18, 2021

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