Florida

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

by John Nelson October 22, 2021

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 pool, clubhouse, elevator access and a fitness studio.

October 22, 2021

Development Florida Industrial Southeast

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

by Julia Sanders October 21, 2021

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 will feature insulated glass, R-20 roofs, LED lighting, 36-foot clear heights, 54-foot column spacing and electric car charging stations. The project is slated for completion by the summer of 2022. The site is located within two miles of Miami International Airport’s cargo entrance and is also near major expressways and PortMiami. In addition to Foundry Commercial, which is serving as the fee developer for the build, project collaborators include Miller Construction, Puga & Associates International, DDA Engineers and Kimley-Horn.

October 21, 2021

Florida Leasing Activity Office Southeast

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

by Julia Sanders October 20, 2021

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 mixed-use project that includes the adjacent JW Marriot Hotel on Brickell Avenue. Since purchasing the property in 2018, KKR and Parkway have completed upgrades including redesigning the entrance and renovating the lobby, as well as adding multiple points of fiber entry and cellphone signal technology. The property’s meeting and entertainment spaces, as well as its 26,000-square-foot amenity deck with space for fitness classes, have been transformed to deliver a modern work environment centered on hospitality, community and wellness. Millennium plans to staff the office with investment professionals and technology teams. WorldQuant, a global quantitative investment firm, will occupy a section of the Millennium space for its employees. Wordquant is an affiliate of Millennium. Other tenants include Banco Sabadell, Industrious, Telefonica and Baker McKenzie.

October 20, 2021

Acquisitions Florida Office Southeast

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

by Julia Sanders October 19, 2021

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 bank. Located at 11842 Corporate Blvd., the four-story building features open floor plates, a full kitchen with seating, multiple breakrooms, conference and training rooms, lake views and access to hotels, restaurants, retail and housing. Built in 2003, the property is currently fully leased.

October 19, 2021

Florida Loans Multifamily Southeast

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

by Julia Sanders October 19, 2021

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 Miami-based private equity firm, acquired Avenue at Creekbridge for $22.5 million and Westwood at 60 for $18.1 million. The seller(s) was not disclosed. Built in 1987, Avenue at Creekbridge offers two- and three-bedroom apartments ranging from 950 to 1,175 square feet. Units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a fitness center, bark park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock. Located at 1002 Creekbridge Road, the property is situated 3.7 miles from downtown Brandon and about 13.3 miles from Tampa. Avenue at Creekbridge was rebranded to Creekbridge Crossing Apartments. Built in 1986, Westwood at 60 offers one-, two- and three-bedroom apartments ranging from 1,120 …

October 19, 2021

Acquisitions Florida Retail Southeast

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

by Julia Sanders October 19, 2021

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 and Gretchen Scott Designs. Located at 311 E. Indiantown Road, the center is about 2.6 miles from Jupiter Beach, approximately 16.3 miles from West Palm Beach and about 20.7 miles from Palm Beach International Airport.

October 19, 2021

Acquisitions Florida Multifamily Southeast

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

by Julia Sanders October 18, 2021

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 feature nine-foot ceilings, granite countertops, hardwood-style flooring, walk-in closets and stainless steel appliances. Community amenities include a clubhouse, outdoor grilling stations, pool with lounge and veranda spaces, 24-hour emergency maintenance, fitness center, bike storage and poolside yoga lawn and a fire pit. Built in October 2020, the property is fully leased.

October 18, 2021

Acquisitions Florida Office Southeast

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

by Julia Sanders October 18, 2021

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 mixed-use development that includes a hotel, approximately 131,000 square feet of retail space and 404 multifamily units. Offices at Plantation Walk, which was 92 percent leased at the time of sale, has a five-story parking structure with a parking ratio of five spaces per 1,000 square feet. The office building recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

October 18, 2021

Florida Life Sciences Market Reports Retail Southeast Southeast Market Reports

Orlando Retail Market Experiencing Record Investor Demand and Pricing

by John Nelson October 18, 2021

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 $15.84 per square foot in the second quarter is more than 7 percent higher than the pre-pandemic peak. And occupancy rates are 40 basis point higher than the pre-COVID-19 peak, currently standing at 96.4 percent. With escalating land prices and shortages in raw materials and labor, we anticipate overall construction costs will continue to increase, stalling deliveries and further advancing rental and occupancy rates. Last year, some retail owners (sellers) and investors (buyers) focused on asset management within their portfolios and reevaluated the perceived investment risk due to the pandemic, which caused a sharp dropoff in 2020 investment activity, despite an abundance of capital available to invest. After a couple quarters of fundamentals bottoming out, owners and investors had confidence in their …

October 18, 2021

Florida Hospitality Loans Mixed-Use Multifamily Retail Southeast Top Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

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