Florida

Regions Bank Provides $54M Construction Loan for Townhouse Community in South Florida

by Alex Tostado August 1, 2019

MIRAMAR, FLA. — Regions Bank has provided a $54 million construction loan to FCI Residential Corp. for Miramar Phase II, which will include Catalina at Miramar. Catalina at Miramar will be a 300-unit rental townhouse development spanning 33 acres. Delivery is expected for January 2022. The project will consist of 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings of two types. The first type will consist of a traditional two-story townhome with one- and two-car garage options. The second building type will consist of two-stories without a garage with front patio, back-to-back units including spacious public courtyards and pedestrian walkways between buildings. Communal amenities will include a two-story clubhouse, fitness center, yoga room, virtual fitness, business center, swimming pool with outdoor kitchen and café-style lounge area.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges Sale, Financing of Office Building in West Palm Beach

by Alex Tostado August 1, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.

August 1, 2019

Acquisitions Florida Retail Southeast

Katz Properties Acquires 174,037 SF Shopping Center in Metro Jacksonville

by Alex Tostado July 31, 2019

ORANGE PARK, FLA. — Katz Properties Retail has acquired Bolton Plaza, a 174,063-square-foot shopping center in Orange Park. Bolton Plaza was built in 1988, then redeveloped and expanded between 2015 and 2017. The center was 99 percent leased at the time of the sale to tenants including Aldi, Marshalls, LA Fitness and Academy Sports + Outdoors. Bolton Plaza is situated at 661 Blanding Blvd., 20 miles south of downtown Jacksonville. The seller and sales price were not disclosed.

July 31, 2019

Acquisitions Florida Multifamily Southeast

JLL Brokers $30.3M Sale of Multifamily Community in Broward County

by Alex Tostado July 31, 2019

DAVIE, FLA. — JLL has arranged the $30.3 million sale of The Gardens of Nova, a 140-unit value-add multifamily community in Davie. The Gardens of Nova offers 16 garden-style buildings with two-bedroom floor plans averaging 1,173 square feet. Communal amenities include a business center, fitness center, coffee bar, swimming pool, outdoor kitchen and sun deck. The property is located at 6857 College Court, directly across the street from the 545-acre South Florida Education Center (SFEC). Maurice Habif, Simon Banke and Victor Garcia of JLL represented the seller, Grand Peaks Properties Inc., in the transaction. Robbins Property Associates purchased the asset.

July 31, 2019

Florida Loans Retail Southeast

Aztec Group Arranges $18.5M Refinancing for Retail Center in South Florida

by Alex Tostado July 31, 2019

PEMBROKE PINES, FLA. — The Aztec Group has arranged an $18.5 million refinancing of an existing construction loan for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.

July 31, 2019

Development Florida Mixed-Use Southeast

Roger B. Kennedy Construction Delivers $75M Town Center Project in Central Florida

by Alex Tostado July 30, 2019

LAKE MARY, FLA. — Roger B. Kennedy Construction has delivered Griffin Farm at Midtown Town Center, a mixed-use property that includes 263 apartment units and 50,000 square feet of retail space. This marks the fourth time the Florida-based general contractor has worked with developer Unicorp National Developments Inc. to deliver a project. The apartments, called Drake Midtown Apartments, include two five-story buildings and are valued at more than $65 million. The retail portion includes seven single-story buildings that are valued at $10 million. Retail tenants include Dunkin’, First Watch, Hand & Stone, Mattress One and Tipsy Nail & Salon Bar.

July 30, 2019

Acquisitions Florida Multifamily Southeast

Epoch Residential Sells 293-Unit Apartment Complex in Metro Orlando

by Alex Tostado July 30, 2019

MAITLAND, FLA. — Epoch Residential has sold Maitland Station Apartments, a 293-unit apartment complex located adjacent to the Maitland SunRail station in Maitland. The transient-oriented community offers one-, two- and three-bedroom floor plans averaging 942 square feet. Communal amenities include a swimming pool, fire pit, outdoor kitchen with gas grills, 24-hour fitness facility with separate CrossFit studio, cyber café, media room, game room, community kitchen, conference room, business center and a pet park with a dog washing station. Maitland Station Apartments is located at 801 Orlando Ave., nine miles north of downtown Orlando. Brett Moss and Elliott Throne of JLL represented the seller in the transaction. Nicol Investment Co. acquired the property for an undisclosed price.

July 30, 2019

Acquisitions Florida Retail Southeast

JLL Arranges $10.3M Sale of Four Retail Properties in Downtown Sarasota

by Alex Tostado July 30, 2019

SARASOTA, FLA. — JLL has arranged the sale of four retail properties in downtown Sarasota totaling 30,188 square feet. The four properties, which are situated on Main Street and Lemon Avenue, sold for $10.3 million. The properties were 89 percent leased at the time of sale to tenants including Sur La Table, Bluemercury, Eileen Fisher, Hyde Park Prime Steakhouse, Boca Kitchen, J. McLaughlin and Sara Campbell. Eric Williams, Daniel Finkle and Luis Castillo of JLL represented the seller, Lemon Avenue Partners LLC, in the transaction. The buyer was not disclosed.

July 30, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $7.7M Sale of Office Building in Miami

by Alex Tostado July 30, 2019

MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.

July 30, 2019

Newer Posts

Older Posts