Florida

Cushman & Wakefield Arranges $62.3M Sale of Industrial Park in Broward County

by Alex Tostado January 17, 2019

POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $62.3 million sale of Powerline Business Park, a 443,720-square-foot, small-bay industrial park in Broward County. The park comprises 24 small-bay buildings on about 26.4 acres. The property features 16- 20-foot clear heights, air-conditioned office space and illuminated parking, as well as dock-high truck loading and grade-level, overhead 12-by-14-foot doors. The park was developed between 1983 and 1994 and was 96.8 percent leased at the time of the sale. Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller of Cushman & Wakefield represented the locally based seller, Industrial Development Co., in the transaction. San Francisco-based Stockbridge was the buyer.

January 17, 2019

Acquisitions Florida Hospitality Southeast

HFF Arranges $48.7M Sale of Pullman Miami Airport Hotel

by Alex Tostado January 15, 2019

MIAMI — HFF has arranged the $48.7 million sale of the Pullman Miami Airport Hotel, a 281-room hotel in Miami’s Blue Lagoon Office Park. The hotel was constructed in 1986 and underwent a multimillion-dollar renovation in 2016. Amenities include 18,500 square feet of indoor and outdoor meeting and event space; an outdoor pool; tennis courts; fitness center; business center; and two food and beverage outlets, La Riviera and Le Bar. The hotel is located about four miles from Miami International Airport. Alexandra Lalos, Tony Malk and Daniel Peek of HFF represented the undisclosed seller in the transaction. The buyer was London & Regional, a London-based real estate firm.

January 15, 2019

Acquisitions Florida Multifamily Southeast

Allen Morris Co. Sells Apartment Community in Downtown St. Petersburg for $107.6M

by John Nelson January 14, 2019

ST. PETERSBURG, FLA. — The Allen Morris Co., through an affiliate company named The Hermitage St. Pete LLC, has sold a 348-unit apartment community located at 151 7th St. South in downtown St. Petersburg. Toronto-based Brass Enterprises Inc. purchased the eight-story property, known as The Hermitage Apartment Homes, for $107.6 million. Walker & Dunlop represented The Allen Morris Co. in the transaction. Built in 2016, The Hermitage features a parking garage, rooftop terrace, sky lounge, resort-style swimming pool, fitness center, spa, package lockers, bike storage, business center, conference room, outdoor kitchen and fire pits, coffee bar and a pet grooming station. According to Apartments.com, monthly rental rates range from $1,565 for a studio apartment to $4,040 for a two-bedroom unit.

January 14, 2019

Development Florida Multifamily Southeast

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

by John Nelson January 14, 2019

MIAMI — CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move into their apartments, which range from studios to three-bedroom units. Amenities include a resort-style pool deck with downtown and ocean views, fitness center and a clubroom with a chef’s kitchen, as well as pet-focused facilities including a dog-walking lawn and a dog-wash area. CAOBA also includes more than 15,000 square feet of ground-floor retail space for shops and restaurants that will connect to Miami Worldcenter’s retail promenade and plaza currently under construction. The property is situated one block from Miami Central, downtown’s new transportation hub, and Brightline’s high-speed rail Miami terminal.

January 14, 2019

Development Florida Hospitality Southeast

IMG Academy, Woodbine Complete Boutique Hotel in Central Florida

by John Nelson January 11, 2019

BRADENTON, FLA. — IMG Academy and Woodbine have completed construction on The Legacy Hotel at IMG Academy in Bradenton. The 150-room hotel is situated just outside of the academy’s 600-acre campus. Amenities include a three-meal restaurant, lounge and bar in the lobby and a massage and fitness facility. The design team included general contractor Tandem Construction, Dallas-based architect 5G Studio, Salt Lake City-based interior designer Edge ID and landscape architect SWA. IMG Academy hosts clients and guests from around the world for boarding school, youth and adult camps, college and professional athlete training, team training and events.

January 11, 2019

Acquisitions Florida Hospitality Southeast

CitizenM Acquires Land in Downtown Miami, Plans to Break Ground on 348-Room Hotel

by Alex Tostado January 10, 2019

MIAMI — Netherlands-based citizenM has acquired 27 acres in downtown Miami to build a 348-room hotel. The land was purchased for $10.8 million from Miami Worldcenter Associates, the developers of Miami Worldcenter, a $2 billion mixed-use project that will include a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. Art Falcone and Nitin Motwani lead Miami Worldcenter Associates. citizenM plans to break ground on the 128,000-square-foot, 12-story hotel this year. San Francisco-based architecture firm Gensler is designing the building, which will include a 10th floor sun deck featuring a swimming pool and rooftop bar, along with a fitness center and gym on the 11th floor.

January 10, 2019

Development Florida Multifamily Southeast Student Housing Top Stories

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

by David Cohen January 9, 2019

CORAL GABLES, FLA. — The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub, meditation room and apartments for faculty and staff. The total project cost for the multi-phase development is estimated at $260 million. “The university will be providing the next generation of [students] a unique residential experience that will enhance and contribute more to their college success,” says Patricia Whitely, vice president for student affairs at the University of Miami. “We look forward to this project, which will complement the Student Housing Village currently under construction.” The first phase of development is scheduled to open in fall 2022 and will replace Stanford Residential College. Phase II will be delivered in fall 2024, and will replace Hecht Residential College. The university also plans to renovate an existing property, Easton Residential College, and incorporate it into Centennial Village in fall 2025. Design plans for the project have been submitted to the City of Coral …

January 9, 2019

Florida Loans Multifamily Southeast

Love Funding Secures $47.6M HUD Loan for Multifamily Project in Central Florida

by Alex Tostado January 8, 2019

SANFORD, FLA. — Love Funding has secured a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a 290-unit multifamily community in Sanford. Situated about 25 miles north of downtown Orlando, Allure on the Parkway will feature one- and two-bedroom floor plans. Amenities will include walking trails, a dog park, clubhouse, fitness center and a pool. Peter Wessel of Love Funding secured the loan through U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program. The borrower was not disclosed. The loan will cover the construction period and subsequent 40-year term.

January 8, 2019

Acquisitions Florida Office Southeast

Avison Young Arranges $33M Sale of Former Office Depot Headquarters in Palm Beach County

by Alex Tostado January 8, 2019

DELRAY BEACH, FLA. — Avison Young has arranged the sale of the former Home Depot headquarters in Delray Beach. The 42.7-acre site in Palm Beach County was sold on behalf of Investors Warranty of America in three transactions totaling $33 million. Three parcels were sold to three separate South Florida developers, and they have created a joint venture to turn the land into a mixed-use project. Centerpointe Delray Holdings, consisting of Miami-based firms 13th Floor Investments and Key International, along with Boca Raton-based CDS International Holdings, will build more than 600 multifamily units. CDS plans to also develop office and retail space on the site. The project will include a 1.8-acre park with trails connecting to the 25-acre Delray Natural Oaks Preserve. The Delray Beach City Commission has already unanimously approved the master plan.

January 8, 2019

Acquisitions Florida Georgia Office Southeast

Highwoods Properties Sells Two Office Buildings in Metro Atlanta, Tampa for $54.5M

by Alex Tostado January 7, 2019

ALPHARETTA, GA. AND TAMPA, FLA. — Highwoods Properties has sold Two Point Royal, a 124,000-square-foot building in Alpharetta, and Highwoods Preserve I, a 199,000-square-foot building in northeast Tampa, for a combined $54.5 million. The office buildings were 91 percent leased at the time of the sale. The undisclosed buyer has retained Highwoods as property manager of Highwoods Preserve I.

January 7, 2019

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