Florida

Passco Acquires Apartment Complex in Florida’s Panhandle for $63.5M

by Alex Tostado June 20, 2019

DESTIN, FLA. — Passco Cos. has acquired Legacy on the Bay, a 300-unit apartment complex in Destin, for $63.5 million. Legacy on the Bay is situated on U.S. Highway 331 near U.S. Highway 98. The property offers one- through four-bedroom floor plans and amenities including a swimming pool, 24-hour fitness center, tennis court, basketball court, clubhouse, business center, playground and a dog park. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller, Carter-Haston Real Estate Services, in this transaction. KeyBank provided acquisition financing on behalf of Passco. In December, Passco acquired Sea Glass, a 288-unit multifamily complex in Destin.

June 20, 2019

Florida Loans Multifamily Southeast

SunTrust Provides $139M Loan to Refinance New High-Rise Apartment Project in Fort Lauderdale

by John Nelson June 19, 2019

FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.

June 19, 2019

Acquisitions Florida Hospitality Property Type Southeast

Hunter Hotel Advisors Brokers Sale of Beachfront Hotel in Panama City, Florida

by John Nelson June 19, 2019

PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.

June 19, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $52M Sale of Office Building in Tampa

by Alex Tostado June 18, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of Westshore Center, a 217,022-square-foot office building in Tampa’s Westshore district. The Tampa Bay Business Journal reports the building traded for $52 million. The seller was Roseview-PMRG Fund I, a fund managed by Boston-based Roseview Investment Advisors. America’s Capital Partners acquired the nine-story building, which is situated at 1715 N. Westshore Blvd., five miles west of downtown Tampa and three miles south of Tampa International Airport. The building was originally delivered in 1984 and has undergone more than $2.5 million in renovations and upgrades over the past several years. The building was 84 percent leased at the time of sale to tenants including Reynold Smith & Hill, United Soccer Leagues and USI Insurance Services. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller in the transaction.

June 18, 2019

Development Florida Leasing Activity Restaurant Retail Southeast

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

by Alex Tostado June 18, 2019

MIAMI BEACH, FLA. — Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved back into its original location on Lincoln Road. Lulu Laboratorium is situated on the corridor’s 1100 block. Two food halls also opened earlier this year on Lincoln Road. Time Out Market features 17 eateries, a demo kitchen and three bars serving craft cocktails. Lincoln Eatery spans 9,600 square feet and includes 16 fast-casual, artisan and grab-and-go concepts. In addition to food and retail, the Lincoln Road BID sponsors free events that range from farmers markets to concerts to fitness classes.

June 18, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 314-Unit Apartment Complex in Orlando

by Alex Tostado June 17, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, cabanas, media center/game room and an outdoor hammock garden. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, Atlanta-based Wood Partners, in the transaction. The sales price was not disclosed.

June 17, 2019

Acquisitions Florida Retail Southeast

Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida

by Alex Tostado June 17, 2019

ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not …

June 17, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges $63.4M Sale of Multifamily Community in Jacksonville

by Alex Tostado June 14, 2019

JACKSONVILLE, FLA. — CBRE has arranged the $63.4 million sale of Steele Creek Apartments, a 300-unit multifamily community situated in Jacksonville’s Butler Corridor submarket. RST Development acquired the property for $211,333 per unit, which marks the highest ever per-unit price for a suburban multifamily site in Northeast Florida, according to CBRE. Steele Creek offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool with a cabana, grill area, clubhouse, fitness center, car wash area and a pet washing station. Additionally, Steele Creek offers technological finishes such as car charging stations, smart thermostats in each unit, USB ports and a tech-centric business center. Joe Ayers, Cliff Taylor and Shelton Granade of CBRE represented the seller, AC Parker West, in the transaction.

June 14, 2019

Florida Industrial Leasing Activity Southeast

Tobacco Company Renews 238,437 SF Industrial Lease in Tampa

by Alex Tostado June 14, 2019

TAMPA, FLA. — ITG Brands LLC, the third largest tobacco company in the United States, has renewed its 238,437-square-foot industrial lease at East Meadow Distribution in Tampa for 10 years. The company has occupied the entire facility for the past 15 years. East Meadow is located within five miles of Interstates 75 and 4, and is near the Port of Tampa and Port Manatee. Rick Narkiewicz and John Esposito of Newmark Knight Frank represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, UBS Financial Services Inc.

June 14, 2019

Development Florida Multifamily Southeast Student Housing

Haven Campus Communities to Break Ground on 702-Bed Student Housing Community Near Florida State University

by Alex Tostado June 13, 2019

TALLAHASSEE, FLA. — Haven Campus Communities is set to break ground on Haven17, a 702-bed student housing community located near Florida State University in Tallahassee. The development, set to open in fall 2021, will be located within walking distance of the university’s main campus and athletic facilities. The property will offer fully furnished two- and four-bedroom units with bed-to-bath parity. Community amenities will include smart thermostats, smart ceiling fans and an Amazon Echo in each unit; a cyber lounge with charging stations; a coffee bar; fitness center; yoga studio; tanning room; sauna; gaming area; private study areas; a computer center; package lockers; a smart market; a swimming pool with a sundeck featuring built-in grilling stations, a putting green, hammock garden, cornhole and ping pong; and fire pits.

June 13, 2019

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