Florida

Wendover Housing Partners Plans to Develop $15.9M Affordable Seniors Housing Community Near Orlando

by Alex Tostado March 12, 2020

SANFORD, FLA. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rental rates for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in LIHTC (Low-Income Housing Tax Credits) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy is the general contractor. Wendover expects construction to take 10 months.

March 12, 2020

Acquisitions Florida Office Southeast

Slate Office REIT Agrees to Acquire Cypress Financial Center in Fort Lauderdale for $45.5M

by Alex Tostado March 11, 2020

FORT LAUDERDALE, FLA. — Toronto-based Slate Office REIT has agreed to acquire Cypress Financial Center in Fort Lauderdale for $45.5 million. The 201,305-square-foot building is situated at 5900 N. Andrews Ave., adjacent to Cypress Creek Transit Station and Interstate 95 on the city’s north side. The property was 93 percent leased at the time of sale. The publicly traded REIT expects the deal to close in May. The seller was not disclosed.

March 11, 2020

Florida Leasing Activity Retail Southeast

Butler Enterprises Signs Anthropologie to Lease at Butler Town Center in Gainesville, Florida

by Alex Tostado March 11, 2020

GAINESVILLE, FLA. — Butler Enterprises has signed Anthropologie to an 8,750-square-foot lease within Butler Town Center in Gainesville. Butler expects the space to be ready by this fall. The store will be situated off Archer Road across from The Cheesecake Factory. Anthropologie has more than 200 stores in the United States, Canada and Europe, and, according to its website, caters to “sophisticated and contemporary women aged 28 to 45.” The retailer sells women’s apparel and accessories, home décor, furniture and gifts. The 450,000-square-foot Butler Town Center is situated on 267 acres adjacent to Butler Plaza and Butler North, which are both fully leased and combine to span 1.7 million square feet.

March 11, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates $67M Sale of New Multifamily Community in Central Florida

by Alex Tostado March 10, 2020

KISSIMMEE, FLA. — Cushman & Wakefield has negotiated the $67 million sale of Integra Sunrise Parc Apartments, a 300-unit multifamily community in Kissimmee. The property was delivered in 2019 and is situated at 4701 Luminous Drive, six miles east of Disney World and 23 miles south of downtown Orlando. The property comprises eight four-story buildings, a clubhouse and 10 garage buildings. The community, which was 83 percent occupied at the time of sale, offers one-, two- and three-bedroom floor plans averaging 972 square feet. Communal amenities include a zero-entry saltwater pool, outdoor yoga studio, dog park, grilling area, bocce ball court, hammocks, courtyard, Zen garden, 24-hour CrossFit gym, fitness studio, dog spa, coffee bar, business center, package receiving services, and a virtual golf and multi-sport simulator. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, a partnership between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners, in the transaction. Bluerock Value Exchange acquired the asset for $223,333 per unit.

March 10, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Provides Two Refinancing Loans Totaling $8.1M for Multifamily Properties in South Florida

by Alex Tostado March 9, 2020

BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.

March 9, 2020

Development Florida Office Southeast

Summit Consulting to Develop 135,000 SF Headquarters in Lakeland, Florida

by Alex Tostado March 6, 2020

LAKELAND, FLA. — Summit Consulting LLC will develop its planned 135,000-square-foot office headquarters in downtown Lakeland. The company closed on the land sale at 117 Massachusetts Ave. on Tuesday, March 3 and plans to begin construction later this month. Summit expects to deliver the new building in fall 2021. The property backs up to the shore of Lake Mirror. Summit, which was founded in Lakeland in the late 1970s, has approximately 750 employees, nearly 500 of whom will be located in the new facility. The company specializes in providing workers’ compensation insurance coverage in the Southeast.

March 6, 2020

Acquisitions Florida Multifamily Southeast

Carter Sells 23-Story High-Rise Apartment Community in Downtown Tampa to Blaze Partners

by Alex Tostado March 6, 2020

TAMPA, FLA. — Atlanta-based Carter has sold Nine15 Apartments, a 23-story, 362-unit community in downtown Tampa. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a 3,500-square-foot fitness center, sky lounge, pool, business center, clubhouse, car charging stations and 9,000 square feet of street-level retail space. Nine15 is situated on one acre within the Arts and Entertainment District, two blocks from the Tampa Riverwalk. Carter delivered the community in 2017. Walker & Dunlop represented the seller in the transaction. Charleston-based Blaze Partners LLC acquired the asset for an undisclosed price.

March 6, 2020

Acquisitions Florida Office Southeast

Bankers Healthcare Acquires 130,000 SF Office Building in South Florida

by Alex Tostado March 5, 2020

MIRAMAR, FLA. — Bankers Healthcare Group has acquired 3700 Lakeside Drive, a six-story, 130,000-square-foot office building in Miramar. Bankers Healthcare will relocate its headquarters to the new building in October after remodeling the space to include a fitness center with personal trainers, café, yoga room and a massage room. G. Alvarez Studio will serve as the architect of the renovation. The building is located 26 miles northwest of downtown Miami in Broward County. Bankers Healthcare will have 260 employees occupying the first three floors. Current tenants on the fourth through sixth floors will remain in place. Bankers Healthcare is currently in Davie, Fla., and will retain that space after the move to make it available for commercial lease. The company provides financial advice to licensed healthcare practitioners. Butters Realty & Management represented the buyer in the off-market transaction. Further details of the sale were not disclosed.

March 5, 2020

Florida Industrial Leasing Activity Southeast

Bridge Development Signs Grocer to 114,808 SF Industrial Lease in Metro Miami

by Alex Tostado March 4, 2020

MIAMI GARDENS, FLA. — Bridge Development Partners has signed HapCor, a grocer in the Caribbean and Latin America, to a 114,808-square-foot industrial lease within Bridge Point Commerce Center in Miami Gardens. Phase I of the industrial park was delivered in late 2019 and includes three buildings spanning 1.1 million square feet. The buildings feature 32-foot clear heights and are divisible by 40,000 square feet. At full build-out, the property will comprise 2.1 million square feet. The asset is situated on 185 acres at 3900 NW 215th St., 20 miles from both Miami International Airport and Fort Lauderdale-Hollywood International Airport. Tom O’Loughlin and David Albert of CBRE represented the landlord in the lease transaction. Tom Viscount and Wayne Schuchts of Avison Young represented the tenant.

March 4, 2020

Acquisitions Florida Office Southeast

Joint Venture Acquires 247,947 SF Office Complex in Downtown Sarasota

by Alex Tostado March 3, 2020

SARASOTA, FLA. — A joint venture between Feldman Equities LLC, Tower Realty Partners and Equity Street has acquired Sarasota City Center, a two-building, 247,947-square-foot office complex located at 1819 Main St. in downtown Sarasota. The complex was 82 percent leased at the time of sale. The buyers plan to renovate and lease-up the property over the next two years. Equity Street will finance an undisclosed amount for the acquisition. Bryan Clark and Daniel Pinkus of JLL arranged financing through NXT Capital on behalf of the joint venture for the acquisition and renovation plans. The asset comprises the 13-story North Tower, the three-story South Tower and a six-story parking garage with 611 spaces. The property features green floor-to-ceiling reflective glass, a tenant lounge, onsite restaurant, fitness center, hair salon and spa, shoe repair and landscaped courtyard with tables and chairs. Sarasota City Center was delivered in 1989 and renovated most recently in 2018. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, The Dilweg Cos., in the transaction.

March 3, 2020

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