Florida

Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

by John Nelson November 26, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in …

November 26, 2019

Acquisitions Florida Retail Southeast

IPA Brokers $12.5M Sale of Mango Plaza Shopping Center in Suburban Tampa

by John Nelson November 26, 2019

SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.

November 26, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

Development Florida Industrial Southeast

Prologis to Build 1 MSF Amazon Fulfillment Center in Auburndale, Florida

by John Nelson November 22, 2019

AUBURNDALE, FLA. — San Francisco-based industrial developer Prologis plans to build a 1 million-square-foot fulfillment center in Auburndale for e-commerce giant Amazon. Situated in the Lakeland MSA about 50 miles east of Tampa, the new facility will house 500 full-time employees who will pick, pack and ship large customer items including sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and large household goods. Amazon currently employs more than 13,500 full-time associates throughout Florida. Earlier this week, Amazon announced a similar sized fulfillment center that Hillwood will develop in the metro Memphis town of Olive Branch, Miss. A timeline for construction of the Auburndale facility was not disclosed. The Tampa Bay Business Journal reported in August that the new center will sit on a 146-acre site near the Interstate 4-State Road 559 interchange.

November 22, 2019

Development Florida Multifamily Southeast

Mesa to Break Ground on $50M Panama City Beach Apartment Community

by Alex Tostado November 21, 2019

PANAMA CITY BEACH, FLA. — Mesa Capital Partners will break ground in December on The Tyde, a new $50 million multifamily project in Panama City Beach. The Tyde will feature 300 one-, two-, and three-bedroom apartments with varying construction layouts, including two-story carriage homes, three-story walk-ups and four-story, elevator-serviced buildings. The community will be situated at the intersection of Clara Avenue and U.S. Highway 98, less than a mile from the Gulf of Mexico and near retail and local employers Bay Medical Center and Tyndall Air Force Base. The Tyde will include a clubhouse, fitness center, community space, pool, outdoor fireplaces and grill stations. Atlanta-based Mesa Capital Partners plans to have the units available to lease in late 2020. The project team includes architect Gary B. Coursey & Associates Architects Inc. and engineer Robert Carroll, and Mesa Capital Partners is in the process of selecting a general contractor.

November 21, 2019

Development Florida Leasing Activity Retail Southeast

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

by John Nelson November 20, 2019

DORAL, FLA. — Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42 percent preleased, including restaurant tenants World of Beer and Panda Express. The project is scheduled to break ground by the end of this year, with delivery expected in 2021. Terra’s other projects in Doral include the nearby Doral Commons retail center and in-progress retail developments Atrium Doral and District 79.

November 20, 2019

Acquisitions Florida Industrial Southeast

Avison Young Negotiates $70M Sale-Leaseback of Transformco Distribution Center in Central Florida

by John Nelson November 19, 2019

OCALA, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the sale-leaseback of the approximately 1.9 million-square-foot Transformco Distribution Center located at 655 S.W. 52nd Ave. in Ocala. HFZ-Reich, a partnership between HFZ Capital Group and Reich Brothers, purchased the asset for $70 million. Michael Fay, Jay Ziv, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais of Avison Young negotiated the sale on behalf of the seller and tenant, Transform Holdco (Transformco). With the sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center supporting Sears, Kmart and Hometown stores in the Southeast United States. The 10-year lease agreement includes a 10-year renewal option for Transformco. In conjunction with the sale of 126,336-square-foot Sears store at 9409 U.S. Highway 19 in Port Richey, Fla., the Transformco deal marks $300 million in sales for Avison Young’s Florida Capital Markets Group in the past two months.

November 19, 2019

Development Florida Multifamily Southeast

Related Group Breaks Ground on Phase II of $650M River Parc Project in Miami’s Little Havana

by Alex Tostado November 15, 2019

MIAMI — The Related Group, along with the Department of Public Housing and Community Development and SunTrust Bank, has broken ground on Phase II of River Parc in Miami’s Little Havana neighborhood. Phase II consists of the 150-unit Gallery at River Parc, an affordable and workforce housing community. Of the property’s 40 studios, 70 one-bedroom units and 40 two-bedroom apartments, 80 percent will be reserved for workforce housing and 20 percent will be set aside for affordable housing. Communal amenities will include a swimming pool, fitness center, multi-purpose room and a business center. Justin Ginsberg, Donna Kelce and Rebecca Cox of SunTrust arranged financing on behalf of Related Group for the 22-acre River Parc, which is situated across from Marlins Park. The site currently has 800 units across three properties: Robert King High, Haley Sofge and Martin Fine Villas. River Parc is slated to also include an additional 1,800 units of affordable and workforce housing units will be added, bringing the total housing count to 2,600.

November 15, 2019

Acquisitions Affordable Housing Florida Multifamily Southeast Virginia

Avanath Purchases Two Affordable Housing Communities in Alexandria, Orlando for $99.2M

by Alex Tostado November 15, 2019

ALEXANDRIA, VA. AND ORLANDO, FLA. — Avanath Capital Management LLC has purchased tow affordable housing communities for a combined $99.2 million. The first property, Alexandria Station Apartments, is located in Alexandria and sold for $52.7 million. The 290-unit community was built in 1965 and renovated in 1998 and 2010. The property comprises 25 three-story buildings that were 97 percent occupied at the time of sale. Alexandria Station is a 251,579 square-foot property consisting of studio, one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling and picnic areas, playground, on-site-laundry facilities and a clubhouse. The other property is Brooke Commons, a 288-unit complex in Orlando that sold for $46.5 million. Built in 2000 and comprising 36 two-story buildings, Brooke Commons was 99 percent occupied at the time of sale. Five percent of the community’s units serve those making 55 percent of the area median income (AMI), while 50 percent are reserved for residents earning 60 percent AMI and 45 percent of the units are for residents earning 60 to 80 percent AMI. The property is located three miles from the University of Central Florida campus and 12 miles northeast of downtown Orlando. Communal amenities include a business …

November 15, 2019

Acquisitions Florida Retail Southeast

New Market Properties Buys 99,441 SF Publix-Anchored Center in Metro Orlando

by Alex Tostado November 15, 2019

DAVENPORT, FLA. — New Market Properties, a subsidiary of Preferred Apartment Communities (PAC), has bought Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center in Davenport. Berry Town Center is located at the intersection of U.S. Highway 27 and Sand Mine Road, 29 miles southwest of downtown Orlando and 10 miles southwest of Walt Disney World. John Hancock provided the buyer with acquisition financing. Further details of the sale were not disclosed.

November 15, 2019

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