Florida

Uptown Ambrus Investments Acquires Multifamily Community in Tampa for $23.5M

by Alex Tostado April 4, 2019

TAMPA, FLA. — Uptown Ambrus Investments LLC has acquired University Gardens, a 292-unit multifamily complex in Tampa’s University Square submarket, for $23.5 million. A local limited liability company sold the asset. The asset features studio, one-, two- and three-bedroom floor plans. Built in phases between 1969 and 1974, the property offers amenities such as a courtyard, swimming pool, playground, volleyball court, pet play area and a picnic area. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street represented both the buyer and seller in the transaction. Casey Siggins and Ben Miller of Franklin Street Capital Advisors provided acquisition financing for the buyer.

April 4, 2019

Development Florida Multifamily Southeast

Joint Venture Delivers 294-Unit Apartment Community in Miami

by Alex Tostado April 3, 2019

MIAMI — A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and just under 8,000 square feet of retail space. Located at 8400 S. Dixie Highway, the building is adjacent to Dadeland North Metrorail Station and the Dadeland Station retail center. Amenities at Motion Dadeland include a fitness center, swimming pool with poolside cabanas, media room and coworking space. The design team included general contractor Civic Construction and designer Corwil Architects. TD Bank and Santander Bank provided construction financing.

April 3, 2019

Acquisitions Florida Multifamily Southeast

Providence, Aegon Acquire Apartment Complex in Tampa Bay Area for $63M

by Alex Tostado April 2, 2019

BRANDON, FLA. — A joint venture between Providence Real Estate and Aegon Real Assets has acquired The Park at Via Rosa, a 390-unit apartment complex in Brandon, for $63 million, or $161,538 per unit. The asset spans 24 acres, 33 buildings and 400,140 square feet. The new owners plan to upgrade unit interiors, including new appliances, wood flooring, new laminate countertops, tile backsplashes and new cabinets. Located at 2211 Grand Isle Drive, about 10 miles east of downtown Tampa, the community offers one-, two-, three- and four-bedroom floor plans and amenities including a clubhouse, fitness center, business center, tanning salon, playground, pet play area, car care center, swimming pool and volleyball and tennis courts. Luis Elorza, Brad Capas and Michael Mulkern of Cushman & Wakefield represented the buyers in the transaction. Managed by Blue Roc Premier, Grand Rivage at Brandon Lakes Ltd. sold the property.

April 2, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $14.2M Sale of Retail Center in Southwest Florida

by Alex Tostado April 1, 2019

BONITA SPRINGS, FLA. — Marcus & Millichap has arranged the $14.2 million sale of North Bay Village, a 114,545-square-foot retail property in Bonita Springs. North Bay Village was 73 percent occupied at the time of the sale, and the buyer, a private investor through a 1031 exchange, signed long-term leases with Hertz, Emaint and Keller Williams Real Estate to bring the asset to 98 percent occupancy. Other tenants include Bonefish Grill, Mattress Firm and Edible Arrangements. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, a private investor, in the transaction.

April 1, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $34M Acquisition Loan for Affordable Housing Property in South Florida

by Alex Tostado March 29, 2019

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $34 million Freddie Mac acquisition loan for Waverley Place Apartments, a 300-unit affordable housing property in Naples. The asset consists of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80 percent of area median income. Fred Dockweiler of KeyBank’s Commercial Mortgage Group originated the non-recourse, fixed-rate loan with a seven-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

March 29, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Arranges $34.1M Sale of Tampa Multifamily Complex

by Alex Tostado March 28, 2019

TAMPA, FLA. — Marcus & Millichap has arranged the sale of 260 rental units and 78 of 108 condominiums at Lake Azzure in Tampa. A private real estate group based in New York City sold the 334 units for $34.1 million to a private family office. IPA Capital Markets, a division of Marcus & Millichap, arranged an equity loan totaling $24.8 million on behalf of the buyer. The 10-year, fixed-rate loan features five years of interest-only payments. Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres. Evan Kristol, Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap represented the buyer in the transaction.

March 28, 2019

Florida Industrial Leasing Activity Southeast

Logistics Company Renews 364,608 SF Industrial Lease in Miami

by Alex Tostado March 27, 2019

MIAMI — Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Ave. in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease transaction. Devin White of CBRE represented the tenant.

March 27, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 65,224 SF Self-Storage Facility in Tampa

by Alex Tostado March 26, 2019

TAMPA, FLA. — SkyView Advisors has arranged the sale of Seminole & Heights Self Storage, a 65,224-square-foot facility in Tampa. Located on a 2.1-acre site at 1011 E. Dr. Martin Luther King Jr. Blvd., the property offers nine non-climate-controlled units and 625 climate-controlled units. The buyer and sales price were not disclosed. Ryan Clark of SkyView Advisors represented the undisclosed seller.

March 26, 2019

Florida Loans Retail Southeast

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado March 26, 2019

MIAMI — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

March 26, 2019

Acquisitions California Florida Illinois Industrial Minnesota Top Stories Wisconsin

WPT Industrial REIT Acquires U.S. Logistics Portfolio for $226M

by John Nelson March 26, 2019

TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …

March 26, 2019

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