Florida

Electra America, AKA Purchase Multifamily Building in West Palm Beach for $84M, Plan Hotel Conversion

by Julia Sanders April 19, 2022

WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.

April 19, 2022

Acquisitions Florida Industrial Southeast

Colliers Arranges $4M Sale of Industrial Complex in Fort Lauderdale

by Julia Sanders April 19, 2022

FORT LAUDERDALE, FLA. — Colliers has arranged the sale of a three-building warehouse and office complex totaling 20,820 square feet in Fort Lauderdale. Robert Listokin of Colliers represented the seller, an entity doing business as PRF Holdings LLC, and Levy Realty represented the undisclosed buyer. The sales price was $4 million. The property, dubbed the Southern Cross Portfolio, includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom/storage building and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage its business. The buildings are situated adjacent to Lockhart Stadium and Fort Lauderdale Executive Airport.

April 19, 2022

Florida Loans Multifamily Southeast

Greystone Provides $16.6M Refinancing for Multifamily Property in Tallahassee

by Julia Sanders April 18, 2022

TALLAHASSEE, FLA. — Greystone has provided a $16.6 million Fannie Mae loan to refinance Renaissance Apartments in Leon County, a 168-unit multifamily property in Tallahassee. Kyle Jemtrud of Greystone originated the financing on behalf of the borrower, Pax Properties LLC. The financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed interest rate and six years of interest-only payments. Built in 1974, Renaissance Apartments in Leon County is a garden-style community with 13 buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include an onsite pool, community center and laundry facilities. The property was 95 percent occupied at the time of sale. Located at 2959 Apalachee Parkway, the apartment community is situated 11 miles from the Tallahassee International Airport and 3.8 miles from Florida State University.

April 18, 2022

Acquisitions Florida Multifamily Southeast

Harbor Group International Acquires Multifamily Property in Miami for $50M

by Julia Sanders April 15, 2022

MIAMI — Norfolk, Va.-based Harbor Group International has acquired 275 FontaineParc, a 133-unit, Class A multifamily property in Miami. The sales price was $50 million, or about $379,939 per unit. The seller was not disclosed. Built in 2020, 275 FontaineParc offers one-, two- and three-bedroom floorplans. Unit features include walk-in closets, private balconies, stainless steel appliances and quartz countertops. Community amenities include a pool, fitness center, private bike storage, onsite maintenance and covered parking. The property was fully occupied at the time of sale. Located at 275 Fontainebleau Blvd., the property is situated 11.7 miles from downtown Miami and 7.4 miles from Miami International Airport.

April 15, 2022

Acquisitions Florida Southeast

Marcus & Millichap Brokers $22M Sale of Hoffner Commerce Center in Orlando

by Julia Sanders April 15, 2022

ORLANDO, FLA. — Marcus & Millichap has brokered the $22 million sale of Hoffner Commerce Center, a 93,749-square-foot property in Orlando. Salim Valiani and Andrew Jaworski of Marcus & Millichap represented the seller, an entity doing business as Hoffner Center LLC, and procured the buyer, Avanti Way Capital, in the transaction. Hoffner Commerce Center is a 53-suite building that was 93 percent occupied at the time of sale by tenants including Herbalife, Labcorp and State Farm Auto Insurance. The property includes ground-floor retail, as well as office and medical office space. The excess land is zoned for industrial. Located at 5449 S. Semoran Blvd., the property is situated 8.2 miles from downtown Orlando and 4.3 miles from Orlando International Airport.

April 15, 2022

Florida Loans Multifamily Southeast

JLL Secures $10.9M in Financing for Two Multifamily Communities in Florida

by Julia Sanders April 15, 2022

JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …

April 15, 2022

Acquisitions Florida Retail Southeast

Continental Realty Sells Shopping Center in Metro Orlando for $9.4M

by Julia Sanders April 15, 2022

CLERMONT, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Glenbrook Commons, a 64,707-square-foot, fitness-anchored shopping center in Clermont. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller in the transaction. Winter Park, Fla.-based CrossMarc Services acquired the property for $9.4 million. Originally constructed in 2009, Glenbrook Commons was 98.4 percent leased at the time of sale. Fitness CF anchors the center, which is also home to US Taekwondo, China Gourmet, Gametime Barber Shop, The Cat Garden, Clermont Family Dentistry and Suncoast Premier Medical. There were three additional undeveloped pads included in the transaction that can be developed for future retail uses. Located at 1714 US Highway 27 on a 15.6-acre site, the property is situated 34.3 miles from Orlando and 10 miles from Walt Disney World Resort.

April 15, 2022

Acquisitions Florida Retail Southeast

Franklin Street Brokers $12.3M Sale of Medical Retail Property in Metro Orlando

by Julia Sanders April 14, 2022

KISSIMMEE, FLA. — Franklin Street has brokered the sale of Southport Medical Center, a 37,454-square-foot, multi-tenant retail strip center in Kissimmee. Greg Matus, Adam Tiktin, Alex Lazo and Jonathan de Maa of Franklin Street represented the undisclosed seller in the transaction. Mark Shellabarger and Ari Ravi of CBRE represented the buyer, Stanley Properties, which acquired the property as part of a 1031 exchange. Southport Medical Center was fully occupied at the time of sale to Quest Diagnostics, IMA Medical Group, Cora Physical Health Services, Domino’s Pizza and a nail salon. All 10 tenants at Southport Medical Center have triple-net leases, many of which have over five years remaining on their terms. Built in phases between 2006 and 2012, the property has undergone significant capital improvements by some of the tenants over the years. Located at 3350 W. Southport Road on a 3.9-acre site, the property is situated 35.4 miles south of Orlando and 20.1 miles from Walt Disney World Resort.

April 14, 2022

Development Florida Multifamily Southeast

AHS Residential Opens 420-Unit Oak Enclave Apartments in Miami Gardens, Florida

by Julia Sanders April 14, 2022

MIAMI GARDENS, FLA. — AHS Residential has opened Oak Enclave, a 420-unit multifamily community in Miami Gardens. Oak Enclave offers one-, two- and three-bedroom floorplans in five buildings. Unit features includes a private balcony or patio, high ceilings, granite countertops and stainless-steel appliances. Community amenities include a resort-style pool, fitness center, clubhouse and private parking. According to Apartments.com, rents range from $1,961 to $3,636 a month. Located at 2301 N.W. 167th St., the property is 13.4 miles from downtown Miami and 12.1 miles from Miami International Airport.

April 14, 2022

Acquisitions Florida Office Southeast

JLL Arranges $35M Sale of Two Office Buildings in Palm Beach, Florida

by Julia Sanders April 13, 2022

PALM BEACH, FLA. — JLL Capital Markets has arranged the $35 million sale of 340 and 350 Royal Palm Way, two adjacent Class A office buildings totaling 44,625 square feet in Palm Beach. Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis of JLL represented the seller, Chicago-based Pearlmark, and procured the buyer, CS Ventures. One of the properties, 340 Royal Palm Way, features 20,813 square feet of office space in a four-story building. The other property, 350 Royal Palm Way, has five stories and 23,812 square feet of office space. The 350 Royal Palm Way building is fully leased. In total, the properties offer 146 parking spaces in a mix of covered and surface spaces. The buildings are situated 5.3 miles from Palm Beach International Airport and 27.5 miles from Boca Raton. The assets are also close to Florida’s Turnpike and Interstate 95.

April 13, 2022

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