Florida

Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Acquisitions Florida Hospitality Southeast

Impulsive Group Purchases Beachfront Hotel in South Florida for $44M

by Alex Tostado September 25, 2019

POMPANO BEACH, FLA. — The Impulsive Group has purchased the Residence Inn by Marriott Fort Lauderdale Pompano Beach in Pompano Beach for $44 million. The 106-room hotel offers beach access and features a swimming pool, fitness center, business center, two meeting rooms and The Sandbar Restaurant. The seller was not disclosed.

September 25, 2019

Florida Leasing Activity Office Southeast

Lennar Homes Signs 156,000 SF Office Lease for New Headquarters in Miami

by Alex Tostado September 25, 2019

MIAMI — Lennar Homes LLC has signed a 16-year lease to occupy 156,000 square feet of office space for its new headquarters in Miami. Lennar Homes will move into Franklin Street Properties’ Blue Lagoon property, which is a nine-story, 213,000-square-foot building located seven miles west of downtown Miami.

September 25, 2019

Florida Georgia Industrial Loans Self-Storage Southeast

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado September 24, 2019

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

September 24, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Retail Southeast

Generation Income Properties Acquires Walgreens-Occupied Retail Building in Space Coast for $4.5M

by Alex Tostado September 23, 2019

COCOA, FLA. — Generation Income Properties Inc. (GIP) has acquired a Walgreens-occupied retail building in Cocoa for $4.5 million. The 15,000-square-foot building is located at 1106 Clearlake Road, 19 miles west of the Kennedy Space Center. American Momentum Bank provided acquisition financing. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 1,001-Unit Self-Storage Facility in Naples, Florida

by Alex Tostado September 19, 2019

NAPLES, FLA. — SkyView Advisors has arranged the sale of a 1,001-unit self-storage facility in Naples. The 99,713-square-foot property is located on 4.3 acres at 3807 White Lake Blvd. Cameron Vale and Ryan Clark of SkyView Advisors represented the undisclosed seller in the transaction. Public Self Storage acquired the facility for an undisclosed price.

September 19, 2019

Florida Industrial Loans Southeast

Ready Capital Provides $13.4M Acquisition Loan for Industrial Building in Tampa

by Alex Tostado September 19, 2019

TAMPA, FLA. — Ready Capital has provided a $13.4 million acquisition loan to an undisclosed borrower for a 365,000-square-foot industrial building in Tampa. The borrower plans to renovate the property, including various interior repairs, HVAC replacement, roof repairs, fresh paint and parking lot maintenance. The non-recourse, floating-rate loan features a 36-month term, one extension plan and flexible prepayment options. Further details of the transaction were not disclosed.

September 19, 2019

Development Florida Multifamily Southeast Student Housing

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

by Alex Tostado September 17, 2019

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building is located at the corner of West Livingston Street and North Terry Avenue in downtown Orlando, which grants access to both University of Central Florida and Valencia College students. Five of the six ground-floor retail locations in UnionWest are leased. Tenants include Vera Asian, Addition Financial, Subway, Dunkin’ and Qdoba Mexican Grill. The student housing portion opened in time for the fall 2019 semester at 97 percent occupancy.

September 17, 2019

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