Florida

SRS Arranges $5.9M Sale of Single-Tenant Healthcare Property in South Florida

by Alex Tostado August 6, 2020

GREENACRES, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens. The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach. ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019. Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.

August 6, 2020

Acquisitions Florida Multifamily Southeast

Kimball Key Sells Apartment Complex Near Tampa for $55.8M

by Alex Tostado August 5, 2020

CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.

August 5, 2020

Company News Florida Hospitality Southeast

Chatham Lodging Trust Reports 77 Percent Decrease in RevPAR in Second Quarter

by Alex Tostado August 5, 2020

WEST PALM BEACH, FLA. — Chatham Lodging Trust (NYSE: CLD) has reported its revenue per available room (RevPAR) declined 77 percent to $33 on a year-over-year basis in the second quarter due to the COVID-19 lockdown. The West Palm Beach-based hotelier also reported that its net income for the quarter dropped by $36.7 million to a net loss of $27.2 million. The company experienced month-over-month increases to occupancy and RevPAR within the second quarter. Portfolio-wide occupancy was 23.7 percent in April, 33.8 percent in May and stood at 43.8 percent in June. Additionally, RevPAR in April was $23.80, $30.90 in May and $44.80 in June. Chatham Lodging owns interest in 134 and wholly owns 40 hotels in 15 states and Washington, D.C. Chatham Lodging has the highest concentration of extended-stay rooms of any public lodging REIT.

August 5, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $41.2M Sale of Industrial Property in Central Florida

by Alex Tostado August 5, 2020

LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.

August 5, 2020

Company News Florida Retail Southeast

Publix Experiences 21.8 Percent Boost in Sales During Second Quarter

by Alex Tostado August 4, 2020

LAKELAND, FLA. — Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.

August 4, 2020

Acquisitions Florida Multifamily Southeast

Cortland Purchases Multifamily Community in South Florida for $73.9M

by Alex Tostado August 3, 2020

DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.

August 3, 2020

Acquisitions Florida Healthcare Southeast

IRA Capital Acquires Surgery Center in Fort Myers for $7M

by Alex Tostado July 31, 2020

FORT MYERS, FLA. — IRA Capital has acquired Paramount Surgery Center, a 9,000-square-foot surgery center in Fort Myers. The property is located at 2565 Cleveland Ave., across the street from Lee Memorial Hospital. The asset was completed in 2012 and features three operating rooms, step-down recovery, a nurse station, consultation room and a reception area. John Krzyminski and Max Krzyminski of JLL represented the seller, 8250 Realty LLC, in the transaction.

July 31, 2020

Acquisitions Florida Office Southeast

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163M

by Alex Tostado July 30, 2020

MIAMI — Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC acquired the two buildings. Two Brickell City Centre, located at 78 SW Seventh St., sold for $80.3 million. Three Brickell City Centre, located at 98 SW Seventh St., sold for $82.7 million. Each building comprises 130,000 square feet and tenants include WeWork, law firm Akerman LLP and consulting firm McKinsey & Co. The buildings were nearly fully leased at the time of sale, according to a Swire spokesperson. Hong Kong-based Swire, which developed Two and Three Brickell City Centre in 2016, will retain ownership of the open-air shopping center at Brickell City Centre. Swire intends to reinvest the capital into future developments, according to the company spokesperson.

July 30, 2020

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 92,550 SF Industrial Lease in Metro Miami

by Alex Tostado July 30, 2020

MEDLEY, FLA. — Cushman & Wakefield has arranged a 92,550-square-foot industrial lease at Medley 104 Industrial Center in Medley. The landlord, Lincoln Property Co., recently completed a $6.5 million renovation at the 263,131-square-foot property. Medley 104 is situated at 9400 NW 104th St., 10 miles northwest of Miami International Airport and 15 miles northwest of the Port of Miami. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord in the lease negotiations. Matt Maciag, Brian Smith and Audley Bosch of JLL represented the tenant, U.S. PLY Inc., a Fort Worth, Texas-based commercial roofing manufacturer. The multi-tenant property was formerly the distribution headquarters for CVS. Artefacto occupies 98,478 square feet at Medley 104 and the remaining 72,103 square feet is vacant.

July 30, 2020

Florida Leasing Activity Restaurant Retail Southeast Southeast Feature Archive Video Webinar

Webinar: South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?

by Sarah Daniels July 27, 2020

(Panelists, clockwise from top left) Adam Tiktin, Tiktin Real Estate Investment Services; Rod Castan, Courtelis Company; Lyle Stern, Koniver Stern Group; Philip Rosen, Becker (moderator); Duane Stiller, Woolbright Development. Last week, Shopping Center Business and Southeast Real Estate Business hosted “South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?” Listen as a panel of retail experts discusses their gameplans: working with tenants and their employees as the industry seeks to adapt. Hear about attitudes towards loans, rent reductions, property value, next steps and more. See a list of some topics covered and their timestamps below: (07:00): How are restaurants and experiential tenants faring? (09:29) Adapting for the challenges of COVID-19 (17:28) South Florida retail rent trends over the next 180 days? (24:32) What can owners do today to position themselves to succeed? (36:00) When might we start to see real loan defaults and real distressed assets? (42:55) Lessons learned from 2007-2008 financial crisis (53:56) Decisions made in the pre-COVID-19 world that have carried over well into our current environment Hear how South Florida retail professionals are approaching industry challenges and evolving to meet the needs of retailers. Panelists: Philip Rosen, Becker (moderator) Adam Tiktin, …

July 27, 2020

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