Florida

PCCP Provides $53.5M Recapitalization Loan for Hotel in Tampa

by Alex Tostado March 6, 2019

TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.

March 6, 2019

Acquisitions Florida Industrial Southeast

Dalfen Industrial Acquires 201,491 SF Warehouse in Metro Miami

by Alex Tostado March 6, 2019

MIAMI GARDENS, FLA. — Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not disclosed.

March 6, 2019

Acquisitions Florida Industrial Southeast

GCP Acquires Industrial Building in Jacksonville for $49M

by Alex Tostado March 1, 2019

JACKSONVILLE, FLA. — Graham Commercial Properties (GCP) has acquired Northport Logistics Center, an 872,627-square-foot industrial building in Jacksonville, for $49 million. The asset is situated less than three miles from the Jacksonville Port Authority (JAXPORT) and is leased to Gildan Activewear and Grimes Logistics. Wells Fargo provided acquisition financing. Colorado-based Real Capital Solutions was the seller.

March 1, 2019

Florida Loans Office Southeast

New York Life Real Estate Investors Provides $34.4M Acquisition Loan for Office Property in Fort Lauderdale

by Alex Tostado March 1, 2019

FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $34.4 million acquisition loan for Trade Centre South, a 10-story, 216,038-square-foot office property in Fort Lauderdale. The floating-rate loan has a four-year term plus an extension option with interest-only payments. The asset is situated about six miles north of downtown Fort Lauderdale, HFF arranged the loan on behalf of the borrower, a joint venture between Cardinal Point Management and Halstatt Real Estate Partners.

March 1, 2019

Civic Development Florida Southeast

Skanska USA, HOK Complete $154M Expansion, Renovation of Tampa International Airport’s Main Terminal

by Alex Tostado February 28, 2019

TAMPA, FLA. — Construction and development firm Skanska USA and design firm HOK have delivered the $154 million expansion and renovation of Tampa International Airport’s main terminal. The project includes improved sight lines across the terminal floor, additional seating areas and four outdoor terraces accessible to passengers and employees. The project added 98,000 square feet of usable space and 69 concessions spaces. The work also included the installation of 32 new escalators and renovation of all 24 public elevators in the main terminal. Additionally, privacy glass was installed in restaurant and event spaces to allow for more natural light. Construction began in 2014 and is the first of a three-phase renovation. At full build-out, Tampa International Airport expects to accommodate more than 34 million passengers annually, up from 21 million in 2018.

February 28, 2019

Acquisitions Florida Industrial Southeast

Bridge Development Acquires Industrial Warehouse in South Florida for $38M

by Alex Tostado February 28, 2019

MIRAMAR, FLA. — Bridge Development Partners has acquired a 304,428-square-foot industrial warehouse situated at 15501 SW 29th St. in Miramar. Sherm Realty Corp. sold the facility for $38 million, according to public records. Bridge plans to significantly renovate the property and rebrand it as Bridge Point Miramar. Details of the renovation and a timeline were not disclosed. Located about 26 miles north of Miami, Bridge Point Miramar sits on a 20-acre lot within Miramar Centre Business Park, a more than 1.1 million-square-foot master planned park that is home to tenants including Comcast, Bunzl, Stanley Black & Decker, Johnson Controls and Nestle Waters. Mike Davis, Chris Metzger and Rick Etner Jr. of Cushman & Wakefield represented the seller in the transaction.

February 28, 2019

Acquisitions Florida Industrial North Carolina South Carolina Southeast Top Stories

Graham Commercial Properties Acquires 16 Distribution Centers in Southeast for $194M

by Alex Tostado February 28, 2019

BIRMINGHAM, ALA. — Graham Commercial Properties (GCP) has acquired a distribution center portfolio that encompasses 16 facilities, 2.7 million square feet and three states in the Southeast for $194 million. The assets are located in Spartanburg, S.C.; Charlotte and Winston-Salem, N.C.; and Tampa and Orlando, Fla. The exact locations were not disclosed, but a press release stated the properties average 170,000 square feet and are situated near interstates, airports, rail and both inland and sea ports. The portfolio was 98 percent leased at the time of the sale and the portfolio has a combined 1.5 million square feet of expansion and development capabilities, according to Birmingham, Ala.-based GCP. “The Southeast distribution portfolio improves GCP’s overall portfolio in every category: quality of tenants, building metrics, geography and lease rollover,” says Taylor Graham, vice president of investments for GCP. “We are excited to increase our holdings in the Carolinas to over 30 percent of the total portfolio.” CBRE represented the privately owned buyer in the transaction. The seller was not disclosed. Wells Fargo provided acquisition financing. GCP’s portfolio now spans 11.7 million square feet across Alabama, Georgia, Florida and North and South Carolina. — Alex Tostado

February 28, 2019

Development Florida Hospitality Loans Southeast

Meridian Capital Arranges $41.8M Construction Loan for Dual Hotel Project in Orlando

by John Nelson February 27, 2019

ORLANDO, FLA. — Meridian Capital Group has arranged $41.8 million in construction financing to AD1 Global for a two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and Element Hotel. Located at 5730 Central Florida Parkway on the corner of International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will have 144 rooms. A balance sheet lender provided the 36-month loan that features a LIBOR-based floating interest rate, two one-year extension options and full-term, interest-only payments. Shared amenities will include a saltwater swimming pool, laundry and valet services and fitness and business centers. The property will be located approximately one mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe It or Not and Epcot. A timeline for construction was not released. Noam Kaminetzky of Meridian Capital Group represented the borrower in the transaction.

February 27, 2019

Acquisitions Alabama Florida Michigan Midwest Multifamily Northeast Pennsylvania Southeast Student Housing Texas Top Stories

Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M

by David Cohen February 27, 2019

MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …

February 27, 2019

Acquisitions Florida Hospitality Southeast

Joint Venture Purchases Historic Miami Hotel for $103M

by Alex Tostado February 26, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the asset, which it has owned since 2014. The joint venture bought the asset in all cash in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (BVK), Germany’s largest manager of public pension schemes.

February 26, 2019

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