Florida

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

Development Florida Restaurant Retail Southeast

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami

by Alex Tostado March 20, 2019

SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Development Florida Retail Southeast

Sleiman Enterprises Signs Cinemark to Open 14-Screen Theater in Jacksonville

by Alex Tostado March 15, 2019

JACKSONVILLE, FLA. — Cinemark Holdings Inc. will open a 14-screen theater in summer 2020 as part of Phase II of Sleiman Enterprises’ Atlantic North shopping center. Each theater will feature electric-powered, oversized recliners with footrests and cupholders, reserved seating and wall-to-wall screens with enhanced sound systems. Belk, Earth Fare, Academy Sports + Outdoors and LA Fitness anchor Atlantic North. Phase II will also include 300,000 square feet of additional retail and restaurant space. As of Dec. 31, 2018, Cinemark operates 546 theaters in North and South America.

March 15, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

by Alex Tostado March 13, 2019

SWEETWATER, FLA. — Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended for double-wide homes and 36 percent are intended for single-family homes. Amenities include a swimming pool, management/maintenance office, mail facility, tennis courts and a playground. Lil’ Abner is situated less than two miles north of Florida International University and about 19 miles west of downtown Miami.

March 13, 2019

Development Florida Retail Southeast

Konover South Backfills Former Winn-Dixie in South Florida with Sprouts, Planet Fitness

by Alex Tostado March 13, 2019

JUPITER, FLA. — Konover South LLC has signed Sprouts Farmers Market and Planet Fitness to backfill a former Winn-Dixie at Admirals Crossing in Jupiter. Sprouts will span 30,900 square feet, and Planet Fitness will cover 17,800 square feet. Konover South CEO David Coppa expects Sprouts and Planet Fitness to open by the end of the year. Admirals Crossing, which is located at 3757 Military Trail, about three miles south of downtown Jupiter, totals 73,000 square feet. Other tenants include Berry Fresh Café, Inlet Liquors, Jimmy John’s Gourmet Sandwiches, Massage Envy and My Gym.

March 13, 2019

Development Florida Retail Southeast

City Council Approves Retail Redevelopment of Historic Building in Downtown Orlando

by Alex Tostado March 12, 2019

ORLANDO, FLA. — Orlando’s City Council has approved the retail redevelopment and reposition One South Orange Building, which was built in the early 1900s. One Orange Development will lead efforts on the redesign, which will focus on 7,000 square feet of the ground floor retail space and deliver an updated canopy and glass wall system and outdoor lighting and signage. The project will also maintain the historic brick detailing from the original building’s design, as well as bringing in a Taco Bell Cantina, which will offer an open kitchen, appetizers and alcoholic beverages. JLL will handle leasing efforts.

March 12, 2019

Florida Loans Multifamily Southeast

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

Acquisitions Florida Office Southeast

UBS Asset Management Sells Office Building in Broward County for $20.8M

by Alex Tostado March 11, 2019

SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.

March 11, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $125.7M Construction Loan for Mixed-Use Project in South Florida

by Alex Tostado March 8, 2019

BOCA RATON, FLA. — HFF has arranged a $125.7 million construction loan for Uptown Boca, a 38-acre mixed-use project in Boca Raton. Jutland Finance Inc. provided the floating-rate loan to the development team of Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital. Elliott Throne, Steven Klein and Jesse Wright led HFF’s debt placement team in the transaction. The developers broke ground in October 2018 and said Uptown Boca will comprise 456 residential units, which are expected to deliver in early 2020, and 171,086 square feet of retail space, which is expected to deliver this summer. Retail tenants include Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi. The development will be situated at the corner of Glades Road and 95th Avenue, about five miles west of downtown Boca Raton.

March 8, 2019

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