JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.
Florida
MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.
NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.
DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.
JACKSONVILLE, FLA. — NAI Hallmark has brokered the $12.4 million sale of Baymeadows Business Center, a two-building, 132,102-square-foot office and industrial campus in Jacksonville. The property was 87 percent leased at the time of sale to tenants including UPS, ADP and Breakthru Beverage Group. The buyer, Miami-based Adler Real Estate Partners, has retained NAI Hallmark to provide leasing and management services at the property. Baymeadows Business Center is situated at 8226 Philips Highway, 11 miles south of downtown Jacksonville. Keith Goldfaden and Daniel Burkhardt of NAI Hallmark, along with David Ellis and Alex Waddey of NAI Global, represented the seller, Woodside Capital Partners, in the transaction.
MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.
MIAMI — Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying residents will range from $401 to $1,443. The three-story building will feature 11,388 square feet of retail space on the ground level, and its community amenities will include a clubroom with a kitchen and lounge seating, fitness center, business/computer room, community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas. Construction is expected to begin immediately with delivery slated for April 2021, and pre-leasing scheduled to start in the fourth quarter. Modis Architects and HSQ Engineers designed the community, and Gomez Construction Co. is the general contractor. HTG received $14.5 million in 9 percent Low Income Housing Tax Credit equity (LIHTC) provided by City Real Estate Advisors, a $5.5 million loan from KeyBank Real Estate Capital and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March 2019 for $2.8 million.
Hall Structured Finance Provides $140M Construction Loan for Four Hotels Near Walt Disney World
by Alex Tostado
ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.
Cushman & Wakefield Negotiates $76.6M Sale of 10-Property Seniors Housing Portfolio in Metro Miami
by Alex Tostado
MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …
MIAMI — Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls. Further details of the property were not disclosed.