Florida

HFF Negotiates Sale of 171,352 SF Shopping Center Near Daytona Beach

by Alex Tostado May 21, 2019

PALM COAST, FLA. — HFF has negotiated the sale of Palm Coast Landing, a 171,352-square-foot retail center in Palm Coast. Palm Coast Landing is shadow-anchored by Target and was 97 percent leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty and Dollar Tree. The property is situated within an opportunity zone about 23 miles north of downtown Daytona Beach. Brad Peterson, Daniel Finkle, Whitaker Leonhardt and Ryan Stoffer of HFF represented the seller, an undisclosed, publicly traded REIT, in the transaction. Acadia Realty Trust acquired the center for an undisclosed amount.

May 21, 2019

Development Florida Office Southeast

Related Cos. Breaks Ground on 300,000 SF Office Building in West Palm Beach

by Alex Tostado May 20, 2019

WEST PALM BEACH, FLA. — Related Cos. has broken ground on 360 Rosemary, a planned 300,000-square-foot office building within West Palm Beach’s Rosemary Square neighborhood. The new office building will stand 20 stories and offer 10,000 square feet of amenity space, two indoor/outdoor terraces, seven levels of parking, shared car parking, onsite bike racks, a fitness center and an onsite conference facility. Rosemary Square is undergoing a $550 million transformation from a retail and entertainment center to a vibrant community and destination featuring commercial office space, green spaces, residences, experiential retail and culinary offerings. Rosemary Square sits on 72 acres and is located three miles from Palm Beach International Airport, and adjacent to the West Palm Beach Virgin Trains USA high-speed rail station, which connects West Palm Beach to Miami and Fort Lauderdale. Elkus Manfredi Architects and Leo A. Daly designed 360 Rosemary, which is expected to be complete by early 2021.

May 20, 2019

Florida Loans Multifamily Southeast

Berkadia Funds $79.5M Refinancing Loan for Apartment Community in South Florida

by Alex Tostado May 20, 2019

PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.

May 20, 2019

Florida Loans Multifamily Southeast

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property

by Alex Tostado May 17, 2019

DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.

May 17, 2019

Florida Hospitality Loans Southeast

HFF Arranges $42.3M CMBS Acquisition Loan for Hotel in Fort Lauderdale

by Alex Tostado May 16, 2019

FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.

May 16, 2019

Acquisitions Florida Office Southeast

Joint Venture Sells Adjacent South Florida Office Campuses for $33M

by Alex Tostado May 16, 2019

NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.

May 16, 2019

Florida Leasing Activity Office Southeast

WeWork Signs Three-Floor Lease in Downtown Orlando Office Building

by Alex Tostado May 15, 2019

ORLANDO, FLA. — WeWork has signed a three-floor lease within downtown Orlando’s SunTrust Center. This is the first Orlando location for the New York-based coworking giant, which will occupy more than 70,000 square feet and accommodate more than 1,000 members who will have access to the onsite fitness center and conference center. The landlord, Piedmont Office Realty Trust, recently unveiled plans for upgrades at SunTrust Center, which is located at 200 Orange Ave. Renovations will include upgrading the lobby and adding a rooftop terrace and food hall. Terms of WeWork’s lease were not disclosed.

May 15, 2019

Florida Loans Multifamily Southeast

Berkadia Provides $323M Refinancing Loan for Multifamily Portfolio in Seven States

by Alex Tostado May 14, 2019

BOCA RATON, FLA. — Berkadia has provided a $323 million Freddie Mac refinancing loan for 13 multifamily properties in seven states totaling 3,911 units. Mitch Sinberg, Matt Robbins and Jared Hill of Berkadia’s Boca Raton office worked on behalf of the borrower, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust called STAR Real Estate Ventures, to provide the seven-year, fixed-rate loan. The properties include Tuscany Pointe Boca and Savannah Place Apartments in Boca Raton; Melrose on the Bay Apartments in Clearwater, Fla.; Park at Northside, Rivoli Run and The Manchester at Wesleyan in Macon, Ga.; The Grove at Stonebrook in Norcross, Ga.; Traditions at Augusta Apartments in Augusta, Ga.; Verandas on the Green in Aiken, S.C.; Summerlin at Concord in Concord, N.C.; Avalon at Northbrook in Fort Wayne, Ind.; Windsor Lakes in Woodridge, Ill.; and Legacy of Cedar Hill in Cedar Hill, Texas.

May 14, 2019

Florida Leasing Activity Office Southeast

Colliers Negotiates 37,856 SF Office Lease in South Florida for Medtech Firm

by Alex Tostado May 14, 2019

AVENTURA, FLA. — Colliers International has negotiated an office lease for Biorasi to occupy two stories and 37,856 square feet of space at Harbour Centre in Aventura. Harbour Centre is a 217,000-square-foot office building situated at 18851 N.E. 29th Ave., 20 miles north of downtown Miami. Biorasi, a global research organization that partners with pharmaceutical, medical device and biotech companies to navigate clinical trials and bring products and treatments to market faster, signed a 10-year, $20 million lease at the office building. The lease required the early termination of two other tenants in order to accommodate Biorasi’s requirements. This lease brings the building’s occupancy to 93 percent. Jonathan Kingsley and Stephen Rutchik represented the landlord, C-III Capital Partners, and tenant in the transaction. Debborah Frank of Chicago-based Golub Cos. was a consultant to Biorasi in the transaction.

May 14, 2019

Florida Loans Multifamily Southeast

Regions Provides $54M Construction Loan for New Tampa Bay Apartment Development

by Alex Tostado May 13, 2019

BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.

May 13, 2019

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