Florida

Snell Properties Purchases Arcos Apartments in Sarasota, Florida for $80M

by Julia Sanders April 28, 2021

SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …

April 28, 2021

Florida Leasing Activity Office Southeast

Thoma Bravo Signs 36,500 SF Office Lease at 830 Brickell in Miami

by Julia Sanders April 28, 2021

MIAMI — Thoma Bravo, a private equity firm focused on the software sector, has signed a long-term lease at 830 Brickell, a 55-story, Class A office building in Miami’s Brickell district. The founder of Thoma Bravo, Orlando Bravo, relocated to Miami late last year, and partner Chip Virnig and other existing members of the Thoma Bravo team have already moved to the Miami region. OKO Group and Cain International are co-developing 830 Brickell, which is currently under construction and expected to be delivered in 2022. Thoma Bravo will occupy roughly 36,500 square feet on the two top floors and establish a flexible workspace to accommodate the firm’s growing employee base. Thoma Bravo expects to open its office at 830 Brickell in the fourth quarter of 2022. Thoma Bravo’s Miami-based employees have already begun working from a temporary office space. Cushman & Wakefield represented the developers in the lease negotiations, and CBRE represented Thoma Bravo.

April 28, 2021

Acquisitions Florida Industrial Southeast

O’Connor Capital Partners Sells Tupperware Headquarters Campus in Central Florida for $43M

by Julia Sanders April 27, 2021

KISSIMMEE, FLA. — New York-based O’Connor Capital Partners has sold the Tupperware Brands corporate headquarters campus in Kissimmee Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $43 million sale of the 43-acre property. The buyer was Spirit Realty. The campus is 100 percent triple-net leased to Tupperware Brands, as it relocated its headquarters to the area in 1951. In 2020, Tupperware Brands executed a new 11-year lease with options enabling them to remain on the campus for up to 25 years. The eight-building campus is located on Orange Blossom Trail, just west of the Florida Turnpike and 10 miles south of Orlando International Airport. Douglas Mandel and Barry Wolfe of IPA represented O’Connor Capital Partners in the sale. The duo also procured the buyer, an unnamed investor based in Dallas. O’Connor is currently developing a mixed-use project on the land surrounding the Tupperware campus that will include residential, medical office and retail space.

April 27, 2021

Florida Loans Retail Southeast

Aztec Group Secures $7.6M Refinancing for South Florida Shopping Center Leased to Aldi, 7-Eleven

by Julia Sanders April 27, 2021

DANIA BEACH, FLA. — Aztec Group Inc. has arranged a $7.6 million loan for the refinancing of Stirling Square, a 25,515-square-foot shopping center located in Dania Beach. Located at 700 Stirling Road, Stirling Square is ground-leased to Aldi and 7-Eleven. The 22,000-square-foot Aldi was built in 2018, and the 3,515-square-foot 7-Eleven will be completed in May. The 4.1-acre property is situated at the northwest corner of Stirling and Phippen Waiters roads. Howard Taft and Joel Zusman of Aztec Group originated the financing through an unnamed life insurance company based in Idaho on behalf of the borrower, an affiliate of Salzman Real Estate Advisors. The 15-year loan featured a fixed interest rate below 3.8 percent and was structured at 60 percent loan-to-value.

April 27, 2021

Acquisitions Florida Industrial Self-Storage Southeast

Ackerman, Trout Daniel Broker Sale of CubeSmart Self Storage Facility in West Melbourne, Florida

by Julia Sanders April 27, 2021

WEST MELBOURNE, FLA. — Ackerman & Co. and Trout Daniel & Associates have arranged the sale of a CubeSmart Self Storage facility located at 1060 Polo Drive in West Melbourne. Missouri-based StorageMart acquired the facility, which features 397 climate-controlled storage units and 288 drive-up units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co. and Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates represented StorageMart, which plans to rebrand the self-storage property into a StorageMart. The seller and sales price were not disclosed. The new StorageMart spans more than 70,000 rentable square feet. Planned upgrades to the property include improvements to loading accessibility and enhancements to security systems.

April 27, 2021

Acquisitions Florida Multifamily Southeast

Sentinel Real Estate Purchases Miami Beach Multifamily Portfolio for $96.6M

by Julia Sanders April 26, 2021

MIAMI BEACH, FLA. — Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Located between 7th and 16th Streets, the South Beach properties are close to Lincoln Road, Ocean Drive, Collins and Washington Avenues and the Miami Beach Convention Center. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor. The previous ownership had invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature high-quality finishes, and drive up rent growth. The portfolio will be rebranded as Helios Apartments Miami Beach. Sentinel Real Estate Corp. is an independently owned real estate investment management firm based in New York City.

April 26, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida

by Julia Sanders April 26, 2021

PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.

April 26, 2021

Acquisitions Florida Industrial Southeast

Boutique National Arranges Sale of 407,500 SF Industrial Facility in Winter Haven, Florida

by Julia Sanders April 26, 2021

WINTER HAVEN, FLA. — Boutique National has arranged the sale of a 407,500-square-foot industrial facility in Winter Haven. The property is situated on 22.3 acres and includes an adjacent 15.1 acres. Bobby Sampson with Boutique National represented the undisclosed buyer. David Murphy with CBRE represented the undisclosed seller.

April 26, 2021

Acquisitions Florida Office Retail Southeast

Tricera Capital, LNDMRK Acquire Cube Wynwd Office Building in Miami for $28M

by Julia Sanders April 23, 2021

MIAMI — Tricera Capital, a Miami-based real estate investment firm, and LNDMRK Development have acquired Cube Wynwd, a newly constructed office building with ground-floor retail space in Miami’s Wynwood neighborhood. RedSky Capital sold the property to the buyers for $28 million. Scott Wadler and Michael Basinski of Berkadia arranged the $27.5 million loan for the sale. Developed by RedSky Capital LLC, Cube Wynwd is an eight-story building with approximately 100,000 square feet of office and retail space with a rooftop terrace. Located at 222 NW 24th St., the property is close to area attractions including Wynwood Walls, Panther Coffee, Salty Donut, KYU and Bar Taco. Coworking operator Spaces occupies about 30 percent of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Other retail tenants include a Rome-based Bonci Pizza and Mini Market. Tricera and LNDMRK obtained acquisition financing from South Florida-based Amerant . Glacier Credit Strategies provided a mezzanine loan to the buyers as well. Law firm Polsinelli represented Tricera and LNDMRK in the transaction.

April 23, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $19.9M Sale of Publix-Anchored Shopping Center in Gulf Breeze, Florida

by Julia Sanders April 23, 2021

GULF BREEZE, FLA. — JLL Capital Markets has arranged the $19.9 million sale of Tiger Point Pavilion, a 66,279-square-foot neighborhood shopping center anchored by Publix in the coastal Pensacola-area community of Gulf Breeze. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, a joint venture between MAB American and DRA Advisors, in the transaction. Pasadena, Calif.-based ExchangeRight is the buyer. Completed in 2018, the 98 percent-leased Tiger Point Pavilion has national and local tenants, including Aspen Dental, AT&T, Dickey’s Barbeque Pit, Great Clips and Select Physical Therapy. With an attached drive-thru pharmacy, the Publix and the adjacent Publix Liquors store account for approximately 57 percent of the rental income at the property, according to JLL. The retail center is located at 1430 Tiger Park Lane.

April 23, 2021

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