Florida

Madison Realty Provides $102M Construction Loan for Two Multifamily Communities in South Florida

by Alex Tostado April 30, 2020

POMPANO BEACH AND PLANTATION, FLA. — Madison Realty Capital has provided a $102 million construction loan to Invesca Development Group for two planned multifamily projects in South Florida’s Broward County. Invesca will use some of the loan to complete a 214-unit property at 452 E. Atlantic Blvd. in Pompano Beach. Construction is 98 percent complete, and Invesca expects to start lease-up in the next two months. The yet-to-be-named property will also include 12,000 square feet of ground-floor retail space. The asset will feature two buildings connected by a sky bridge and will offer studio to three-bedroom floor plans. Invesca will use the other portion of the loan to begin construction on a 330-unit project at 4350 W. Sunrise Plantation Blvd. in Plantation. The planned development includes an additional 30,000-square-foot commercial building, office space and 10 townhomes with 37 townhome lots on a 12-acre site. The property will comprise eight nine-story buildings offering studio, one- and two-bedroom floor plans. The two communities are situated 11 miles from each other. Josh Zegan of Madison Realty Capital originated the loan.

April 30, 2020

Florida Southeast

Florida to Begin Reopening Stores and Restaurants on Friday, Service Retailers to Remain Closed

by Alex Tostado April 30, 2020

TALLAHASSEE, FLA. — In the midst of the ongoing COVID-19 crisis, Florida Gov. Ron DeSantis has outlined Phase I of the state’s plan to slowly start reopening. Phase I, which will be enacted tomorrow, includes allowing retailers and restaurants to reopen, though they’re advised to operate at 25 percent capacity to comply with social distancing protocols. Schools will continue to do online learning. Visiting senior living facilities will still be prohibited. Gyms, bars and personal services such as hair salons will also remain closed. To help with testing demand, the state will open five more drive-thru testing sites, bringing the total number of state-supported sites to 13. The new testing sites will be in Broward, Escambia, Lee, Sarasota/Manatee and Miami-Dade counties. The governor’s office reports that to date, the testing sites have conducted 88,000 tests. The governor’s office sought advice from several organizations and those in leadership roles to roll out the parameters, including speaking with healthcare system executives, elected officials, law enforcement, small business owners and unemployed residents.

April 30, 2020

Development Florida Industrial Office Southeast

Aerion Supersonic to Develop $300M Research and Development Campus on Florida’s Space Coast

by Alex Tostado April 29, 2020

MELBOURNE, FLA. — Aerion Supersonic has unveiled plans to develop Aerion Park, a future $300 million office campus in Melbourne. The property will span 60 acres at the Orlando Melbourne International Airport and form a new global headquarters and integrated campus for research, design, build and maintenance of the company’s supersonic aircraft. The company is relocating from Reno, Nev., and will break ground later this year. Aerion expects to create 675 jobs by 2026. At the new site, Aerion will build the AS2, the world’s first privately built supersonic jet.

April 29, 2020

Company News Florida Southeast

Charles Wayne Properties to Donate Commercial Space to Combat COVID-19

by Alex Tostado April 28, 2020

DAYTONA BEACH, FLA. — Charles Wayne Properties Inc. will donate vacant space at its properties to individuals, businesses and organizations that need the space to help combat the COVID-19 outbreak. The Daytona Beach-based company plans to offer this program at its office, retail, flex industrial and warehouse properties in Altamonte Springs, Daytona Beach, Lake Mary, Orlando, Ormond Beach, Port Orange and Sanford, Fla. Charles Wayne Properties can accommodate manufacturers (including people making masks), testing sites and labs, storage and distribution of medicine and supplies, according to Ted Lightman, principal at Charles Wayne Properties. Lightman added the initiative is new and the company is “still learning about who is out there helping and what they might need.” Groups qualifying for space under this program will be provided short-term leases during which they only pay their share of utilities, insurance, taxes and costs of maintaining the space.

April 28, 2020

Florida Loans Retail Southeast

NorthMarq Arranges $14M Refinancing for Village Square Shopping Center Near Miami

by Alex Tostado April 28, 2020

PEMBROKE PINES, FLA. — NorthMarq has arranged a $14 million refinancing for Village Square Shopping Center, an 88,529-square-foot property in Pembroke Pines. The property features a Publix and two outparcels leased to Bank of America and McDonald’s. Village Square is situated at 1601-1697 N. Hiatus Road, 25 miles north of downtown Miami. An undisclosed life insurance company provided the loan, which features one year of interest-only payments followed by a 20-year amortization schedule. Michael Balan of NorthMarq represented the undisclosed borrower in the transaction.

April 28, 2020

Company News Florida Retail Southeast Top Stories

CMX Cinemas Parent Company Files for Chapter 11 Bankruptcy Amid Theater Closures

by John Nelson April 28, 2020

MIAMI — Cinemex Holdings USA Inc., parent company of CMX Cinemas, CineBistro and Cobb Theatres, has filed for Chapter 11 bankruptcy protection. The Miami-based company operates 41 movie theaters that have been temporarily closed since mid-March amid the outbreak of COVID-19. In a written statement, an undisclosed Cinemex Holdings USA spokesman said the Chapter 11 filing will help protect the company’s business viability and employees if and when the company’s movie theaters reopen. The spokesperson said that it’s impossible to forecast if and when ticket sales would ever reach pre-crisis levels. In the state of Georgia, movie theaters were allowed to reopen on Monday, April 27, and movie theaters in Texas can open at limited capacity on Friday, May 1. The spokesperson said that during its “total suspension of business” that landlords and creditors have proven unwilling to work out temporary solutions in terms of rent relief or repayment of debt obligations. The company spokesperson also said that the bankruptcy is a result of an uneven playing field as movie studios typically collect 60 percent of every ticket sold. The person said an equitable long-term “rebalancing” for movie theater operators would be for movie studios to cut their maximum revenue …

April 28, 2020

Development Florida Multifamily Seniors Housing Southeast

Moorings Park Institute, London Bay Complete Phase I of Seniors Housing Community in Naples

by Alex Tostado April 27, 2020

NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.

April 27, 2020

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Fort Lauderdale Multifamily Sector Offers Investors Shelter from the Viral Storm

by Sarah Daniels April 27, 2020

Many multifamily real estate investors have moved to the sidelines until price transparency returns and the trajectory of property performance becomes clearer. It is a prudent strategy. Indeed, this period of forced inactivity is, perhaps, better used to reflect on the future and consider which U.S. apartment markets will offer the most attractive opportunities when the moment arrives to test the waters again. Conventional wisdom holds that markets with significant reliance on leisure travel employment will be hardest hit by the pandemic, particularly those with outsized exposure to the cruise industry. It’s hard to refute the logic. But investors who interpret it too literally may miss potentially attractive options. Take Fort Lauderdale, for example. The Broward County labor market has one of the highest exposures in the country to the leisure, hospitality and cruise sectors. More than 3.9 million cruise passengers embarked from the port last year, generating direct employment for about 15,000 residents and indirect employment for tens of thousands more in the lodging, dining and entertainment, air transportation and retail sectors. With the cruise industry taking on water surely investors would be well advised to steer clear of the Gold Coast? Perhaps not. In fact, the statistical impact …

April 27, 2020

Company News Florida Retail Southeast

Park Pizza & Brewing Partners with Self-Driving Shuttle Company to Deliver Food to VA Hospital in Orlando

by Alex Tostado April 24, 2020

ORLANDO, FLA. — In an effort to limit contact and feed frontline healthcare workers, Park Pizza & Brewing Co. has partnered with Beep, a company operating self-driving shuttles, to deliver food to the Orlando VA Medical Center in the city’s Lake Nona neighborhood. To limit contact with the delivery, each pizza box is sealed, put onto a cart, loaded into the shuttle by Park Pizza & Brewing restaurant employees and the onboard shuttle attendant, and personnel at the medical center are then able to roll the cart into the hospital. The shuttles typically operate on a fixed route, but that has been paused due to the COVID-19 crisis. Park Pizza & Brewing opened within Lake Nona in November 2018. The VA hospital opened in 2015 and provides acute care, complex specialty care, advanced diagnostic services, a large multispecialty outpatient clinic, and administrative and support services to more than 100,000 veterans in the area. Beep and Lake Nona developer Tavistock Development Co. are exploring other opportunities to utilize the autonomous shuttles to serve the community during COVID-19.

April 24, 2020

Acquisitions Florida Georgia Retail Southeast

SRS Arranges $13M Sale of Nine Retail Properties in Florida, Georgia Leased to Hydraulic Supply Co.

by Alex Tostado April 24, 2020

DALLAS — SRS Real Estate Partners has arranged the $13 million sale of nine retail properties leased to Hydraulic Supply Co. The locations are in Fort Lauderdale, Pompano Beach, Riviera Beach, Fort Myers, Orlando, Tampa, Florida City and Belle Glade, Fla.; as well as Forest Park, Ga. Each location has nine years remaining on the lease. The assets range from 7,000 to 12,000 square feet and double as last-mile distribution and storage properties for the retailer. Motion Industries Inc., a subsidiary of Genuine Parts Co., owns Hydraulic Supply Co. Hydraulic Supply carries a selection of more than 20,000 hydraulic, pneumatic and industrial products. Patrick Nutt, Kyle Fant and Britt Raymond of Dallas-based SRS represented the seller, Florida-based SunCap Investment Fund, in the transaction. There were eight undisclosed, individual buyers for the assets.

April 24, 2020

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