Florida

Cushman & Wakefield Arranges Sale of 334-Unit Multifamily Property in Tampa Bay Area

by Alex Tostado February 7, 2020

ST. PETERSBURG, FLA. — Cushman & Wakefield has arranged the sale of Promenade at Carillon, a 334-unit multifamily community in St. Petersburg. Promenade at Carillon comprises 13 three-story buildings offering a mix of one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, outdoor grilling area, dog park and a renovated clubhouse/leasing center with resident lounge, business center and a fitness facility. Furthermore, the property encircles a nature preserve. The property is situated on 15 acres at 540 Carillon Parkway, 15 miles west of downtown Tampa. Robert Given, Capas, Michael Mulkern, Nicholas Meoli, Michael Donaldson, Jay Ballard, Ken Delvillar, Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Toronto-based Starlight Investments. Further details of the transaction and financing were not disclosed.

February 7, 2020

Florida Loans Multifamily Southeast Student Housing

NorthMarq Provides $26.1M Fannie Mae Refinancing for Student Housing Community Near University of Florida

by Alex Tostado February 7, 2020

GAINESVILLE, FLA. — NorthMarq has provided a $26.1 million Fannie Mae refinancing loan for College Park at Midtown, a 300-bed student housing community serving the University of Florida in Gainesville. The property offers one-, two- and four-bedroom, fully furnished units. Lamar Sarra of NorthMarq originated the financing, which features a 10-year term with a 30-year amortization schedule, on behalf of the undisclosed borrower.

February 7, 2020

Development Florida Multifamily Southeast

DIX Developments Unveils Plans to Construct 120 Micro Apartment Units in Orlando

by Alex Tostado February 6, 2020

ORLANDO, FLA. — DIX Developments LLC has unveiled plans to develop Vive on Eola, a 12-story residential building that will feature 120 micro units averaging 400 square feet. The development, estimated at $32 million, will welcome its first residents in early 2022. Vive on Eola’s floor plans will be similar to a studio apartment and monthly rental rates are projected to start at $1,250. The tower will have a ground-level signature restaurant, coffee shop, three floors of parking and as much as 13,500 square feet of coworking space. The site is at the corner of South Eola Drive and Church Street, which currently has a 9,000-square-foot office building that will be operational with month-to-month and other short-term leasing while DIX Developments awaits a demolition permit and other governmental approvals. Once the existing building is taken down, construction of Vive on Eola is expected to take eight to 12 months.

February 6, 2020

Development Florida Multifamily Southeast

Morgan Group Starts Construction on 276-Unit Apartment Community in Fort Lauderdale

by Alex Tostado February 5, 2020

FORT LAUDERDALE, FLA. — Morgan Group has begun construction on Riverland Apartments, a planned 276-unit multifamily community in Fort Lauderdale. The gated property will span six four-story buildings offering studio to three-bedroom floor plans. Communal amenities will include coworking space, an internet lounge, clubroom, community kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda, pool pavilions, sun deck, dog park and a heated pool overlooking the property’s onsite lake. Morgan Group will oversee development, construction and property management of Riverland Apartments. The Houston-based company expects to welcome its first residents in the second half of 2021.

February 5, 2020

Acquisitions Florida Hospitality Southeast

Joint Venture Purchases Shelborne South Beach Hotel for $120M

by Alex Tostado February 4, 2020

MIAMI BEACH, FLA. — A joint venture between King Street Real Estate GP LLC, Westdale Properties and Cedar Capital Partners has purchased Shelborne South Beach Hotel, a 275-room hotel in Miami Beach, for $120 million. The beachside hotel opened in 1941 in the Art Deco district, seven miles from downtown Miami. The hotel offers a pool; pool deck; sky terrace; several meeting and event spaces; beachside services including beach chairs and towels, and waverunner, parasailing and paddleboard rentals; nightly happy hour; and live music on the weekends. The seller was not disclosed.

February 4, 2020

Florida Loans Retail Southeast

Aztec Group Arranges $17.4M Refinancing for Retail Center in Miami

by Alex Tostado February 3, 2020

MIAMI — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.

February 3, 2020

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s International Status Helps Sustain Office Development, Fundamentals

by Alex Tostado February 3, 2020

The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn Enterprises are leaving their traditional New York and New Jersey locations to come to Florida, one of just seven states that do not impose state income tax. Paired with favorable weather and a high quality of life, Miami is a desirable destination for businesses and its workforce. Entrepreneurial activity in the region is also helping to fuel the office market, as the number of foreign business owners who choose to relocate to Miami and set up shop continues to grow. Hot submarkets Miami’s Wynwood neighborhood has quickly earned the reputation as one of the city’s up-and-coming places to be. The district is poised to become the next 24/7 hotspot thanks to a healthy pipeline of residential development underway that will support office growth in …

February 3, 2020

Development Florida Multifamily Southeast

Moss Construction Completes 368-Unit Multifamily Community in Downtown St. Petersburg

by Alex Tostado January 30, 2020

ST. PETERSBURG, FLA. — Moss Construction has completed Icon Central, a 368-unit multifamily community in downtown St. Petersburg. The Related Group was the developer of the redevelopment project, which included updating the 94-year-old Union Trust Bank building. Moss Construction also added 15,000 square feet of retail space bringing the total to 19,000 square feet at the 15-story property. Unit sizes range from 542 to 1,470 square feet. Communal amenities include a pool, indoor fitness center, residence club, outdoor terrace on the eighth floor, spa and a virtual game simulator. Icon Central is situated at 855 Central Ave.

January 30, 2020

Development Florida Multifamily Southeast

Moss Construction Completes 19-Story Multifamily Property in Downtown Miami’s Brickell District

by Alex Tostado January 29, 2020

MIAMI — Moss Construction has completed Maizon at Brickell, a 19-story, 262-unit multifamily property in downtown Miami. The property offers apartments ranging from 490 square feet to 1,234 square feet. Maizon at Brickell also features an attached parking garage, 15,000 square feet of retail space and 3,400 square feet of amenity and leasing space. RD Jones designed the amenity and public spaces to include a pool, fitness center, dog run and smart package lockers. ZOM Living was the developer, and MSA Architects designed the building.

January 29, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

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