Florida

NKF Arranges $66M Sale of Apartment Community in Orlando

by Alex Tostado October 15, 2020

ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $66 million sale of CODA Apartments, a 296-unit multifamily community in Orlando. The four-story property features studio, one- and two-bedroom floor plans. Communal amenities include a business center, 24-hour fitness center, clubhouse, conference room, pool, sundeck and a game room. CODA Apartments is located at 13645 E. Colonial Drive, 13 miles east of downtown Orlando. Scott Ramey, Erik Bjornson and Patrick Dufour of NKF represented the sellers, Catalyst Multifamily Management and The Carlyle Group, in the transaction. Long Beach, Calif.-based RK Properties acquired the asset, which the sellers delivered in 2019.

October 15, 2020

Florida Leasing Activity Office Southeast

Cresa Negotiates 10,566 SF Office Sublease Within Brickell City Centre in Miami

by Alex Tostado October 15, 2020

MIAMI — Cresa has negotiated a 10,566-square-foot office sublease for Pillsbury Winthrop Shaw Pittman LLP (Pillsbury) in Miami’s Brickell City Centre. Pillsbury, which focuses on the technology and media, energy, financial services, and real estate and construction sectors, has occupied the space at 600 Brickell Ave. since 2017 and will now lease the space until at least 2025. The office space, which is located on the 31st floor, features private restrooms, a conference room, break room with kitchen and a large multipurpose interior with workstations. Bob Orban of Cresa represented the subtenant in the transaction. Nick Wigoda, Clay Sidner and Brandon Shores of Newmark Knight Frank (NKF) represented the tenant, Global Specialty Metals Inc., in the transaction. Brickell City Centre features a 500,000-square-foot, open-air shopping center; a 40,000-square-foot food hall; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

October 15, 2020

Development Florida Multifamily Southeast

Bainbridge Cos. to Manage 297-Unit Multifamily Development in Metro Orlando

by Alex Tostado October 14, 2020

MINNEOLA, FLA. — The Bainbridge Cos. has been selected to manage Minneola Hills, a multifamily community that is under construction in Minneola. VRM Cos. and Skorman Development Corp. are the developers of the asset, which spans 16.5 acres at 450 Hillside Park St., 25 miles west of downtown Orlando. Upon completion, the property will feature 297 units with a mix of one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, fitness center, cyber café, dog park and a car washing area. The co-developers expect to deliver the community this winter. Bainbridge Cos. is based in Wellington, Fla., and operates 57 communities in five states and Washington, D.C.

October 14, 2020

Development Florida Multifamily Southeast

Altman Cos. Delivers 350-Unit Apartment Community in Metro Tampa

by Alex Tostado October 13, 2020

ODESSA, FLA. — The Altman Cos. has opened Altis Grand at the Preserve, a 350-unit multifamily community in Odessa. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, pool, spa, playground, laundry facilities and a sundeck. Rents range from $1,245 per month to $2,248 per month. The asset is situated at 2130 Leather Fern Drive, 24 miles north of downtown Tampa. Boca Raton, Fla.-based Altman Cos. manages the property.

October 13, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Negotiates Sale of 562,758 SF Industrial Facility in Metro Orlando

by Alex Tostado October 12, 2020

LAKE MARY, FLA. — Cushman & Wakefield has negotiated the sale of Innovation Center at Lake Mary, a 562,758-square-foot industrial facility in Lake Mary. The property is located at 2452 Lake Emma Road, 18 miles north of downtown Orlando and three miles from Interstate 4. The asset features 28-foot clear heights, ESFR sprinklers, 50 dock-high doors and a 50-slip trailer parking lot. Innovation Center was 97 percent leased at the time of sale to tenants including recycling center A1 Assets Inc., Alliance Building Material Supply, Orlando Wedding & Party Rentals and Dream Maker Spas. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins, David Perez and Jared Bonshire of Cushman & Wakefield represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. ATCAP Partners acquired the asset. Jason Hochman and Mike Ciadella of Cushman & Wakefield arranged acquisition financing on behalf of the buyer. Terms of the loan and the sale were not disclosed.

October 12, 2020

Florida Market Reports Retail Southeast Southeast Market Reports

Pandemic May Lead to Opportunities for Orlando’s Most Resilient Retailers

by Alex Tostado October 12, 2020

For the Orlando retail market, which relies heavily on Central Florida’s $75 billion tourism industry, the impact of the COVID-19 pandemic has been twofold. Not only has the local consumer base begun relying more heavily on online shopping and home-cooked meals, but the number of out-of-state and international visitors who typically travel to Central Florida for its renowned theme parks and attractions has plummeted. Statewide, Florida’s tourism industry suffered an estimated 60.5 percent drop in visitors during the year’s second quarter, with international travel down more than 90 percent, according to Visit Florida. Submarkets built around Walt Disney World, the Orange County Convention Center and Universal Orlando, such as International Drive, the U.S. Highway 192 Corridor and Celebration, have taken an especially hard hit. Many restaurants designed around a sit-down experience will not recover. Although creative solutions are in action, sidewalk seating and ghost kitchens can only generate so much revenue to recover restaurants’ already razor-thin margins. But out of the slump have come opportunities for some retailers to shine, whether they’ve adapted their business model or already happened to have pandemic-resistant infrastructure in place. Further, as the winners and losers of COVID-19-era retail become clear, retailers and restaurants that …

October 12, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $74M Refinancing Loan for Multifamily Community in Northeast Orlando

by Alex Tostado October 9, 2020

ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.

October 9, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Chicago Pacific Founders Acquires 118-Unit Seniors Housing Community in Southwest Florida

by Alex Tostado October 8, 2020

ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.

October 8, 2020

Florida Leasing Activity Office Southeast

Heritage Insurance Signs 88,643 SF Headquarters Lease in Tampa’s Westshore District

by Alex Tostado October 8, 2020

TAMPA, FLA. — Heritage Insurance has signed a 10-year, 88,643-square-foot office lease to move its headquarters to Westshore City Center in Tampa. The company will fully occupy the building, which is situated in the Westshore District at 1401 N. Westshore Blvd., five miles west of downtown Tampa. The tenant expects to move in in the second quarter of 2021. Heritage Insurance is currently headquartered in nearby Clearwater. Heritage Insurance plans to house 350 employees at the property upon move-in, with plans to expand to 700 employees in the next five years. Tampa-based Ally Capital Group acquired Westshore City Center in 2019 and is currently implementing a $10 million renovation program. Matt Alexander and Chad Rupp of Franklin Street represented the landlord in the lease negotiations.

October 8, 2020

Development Florida Loans Multifamily Southeast

Principal Real Estate Investors Provides $53.5M Construction Loan for Apartment Complex in Metro Miami

by Alex Tostado October 5, 2020

HIALEAH, FLA. — Principal Real Estate Investors has provided a $53.5 million construction loan for the residential portion of Pura Vida Hialeah. The borrower, Coral Rock Development Group, is developing the property, which also features 40,000 square feet of adjacent retail space. The apartment community, dubbed The Residences at Pura Vida, will feature 260 units spanning three eight-story buildings. One of the buildings will offer 11,000 square feet of ground-floor retail. The property will offer studio through three-bedroom floor plans, ranging from 538 to 1,099 square feet. Communal amenities will include a pool, gym, barbecue area, dog park, a biking center and 24-hour security staff. The developer expects to break ground in November and deliver the asset in early 2022. KAST Construction is the general contractor. The asset will be situated at 3051 W. 16th Ave., 13 miles northwest of downtown Miami. Pura Vida Hialeah began opening earlier this summer when Dollar Tree opened. InnovaCare Health will soon open in a 20,000-square-foot space. Construction of the retail portion began in April 2019.

October 5, 2020

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