Florida

Bainbridge, Diamond Realty to Develop 492-Bed Student Housing Community Near University of Florida

by John Nelson November 15, 2018

GAINESVILLE, FLA. — The Bainbridge Cos. has acquired an 11-acre site in Gainesville located near the University of Florida for the development of a 492-bed student housing community. The property — to be named Campus Circle Gainesville — will be developed in a joint venture with Diamond Realty Investments Inc. The four-story, garden-style community will offer shared amenities including an outdoor lounge and study area; resort-style courtyards; swimming pool with private cabanas; 24-hour fitness center with a cardio theater and yoga studio; clubhouse featuring lounge space and a game room; 24-hour private study space with group study areas and a large conference room; and dog-walking trails. The property is set to open prior to the 2020-2021 academic year.

November 15, 2018

Company News Florida Southeast

Colliers International Acquires South Florida Brokerage Firm CREC

by John Nelson November 15, 2018

CORAL GABLES, FLA. — Colliers International has acquired Coral Gables-based Continental Real Estate Cos. Commercial Properties Corp. (CREC) and its portfolio of more than 12.6 million square feet of office, industrial and retail space; and more than 100 employees across three offices in Florida. Terms of the deal were not disclosed. Warren Weiser and Carol Greenberg Brooks founded CREC in 1989. “We are thrilled to join Colliers and be part of a team that is aligned with our entrepreneurial culture and focus on service excellence. We are now ideally positioned to accelerate our growth in the Florida market by leveraging the Colliers global brand, infrastructure and relationships,” says Greenberg Brooks. This is Colliers’ fifth acquisition in the U.S. this year, says Dylan Taylor, president and chief operating officer of Colliers.

November 15, 2018

Development Florida Mixed-Use Multifamily Southeast

Strategic Property Partners Breaks Ground on First Residential Building in $3B Water Street Tampa Project

by John Nelson November 13, 2018

TAMPA, FLA. — Strategic Property Partners, LLC (SPP) has broken ground on Water Street Tampa’s first residential building, 815 Water Street, in Tampa. In addition to 420 rental residences, the dual-tower project will feature new dining, grocery and shopping options. The two towers will rise 21 and 26 stories and each tower’s roof will include an outdoor pool, fitness center, community kitchen, bar and club lounge. 815 Water Street Tampa is expected to open in late 2020. The two-tower project is part of SPP’s $3 billion mixed-use redevelopment, which will include more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; two new hotels totaling more than 650 rooms, including the city’s first five-star hotel; and the University of South Florida’s Morsani College of Medicine and Heart Institute. SPP is a partnership between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC. The design team for 815 Water Street includes New York City-based architect Kohn Pedersen Fox Associates (KPF), Toronto-based interior designer Cecconi Simone and Miami-based landscape architect Raymond Jungles Inc. This is KPF’s fifth project in Florida, but first in Tampa.

November 13, 2018

Florida Industrial Leasing Activity Southeast

McCraney Property Signs UPS to Full-Building Industrial Lease in Central Florida

by John Nelson November 13, 2018

DAVENPORT, FLA. — McCraney Property Co. has signed Atlanta-based UPS to a full-building lease at 27 Logistics Park, a 207,676-square-foot, Class A industrial warehouse in Davenport, about 35 miles south of Orlando. The property is adjacent to McCraney’s Park 27, a 602,971-square-foot, Class A development. CBRE Orlando’s David Murphy and Monica Wonus represented McCraney Property, which has offices in West Palm Beach, Fla., and Charlotte.

November 13, 2018

Acquisitions Florida Multifamily Southeast

Mosaic Development Sells Newly Built Apartment Community in Fort Myers for $49.7M

by Amy Works November 12, 2018

FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.

November 12, 2018

Development Florida Multifamily Seniors Housing Southeast

Hunt Midwest, Integral Break Ground on Seniors Housing Project in Palm Beach County

by Amy Works November 12, 2018

ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.

November 12, 2018

Acquisitions Florida Office Southeast

Pacer Partners Acquires 151,479 SF Office Portfolio in Orlando

by Amy Works November 9, 2018

ORLANDO, FLA. — Pacer Properties has purchased a two-building office portfolio located within Orlando’s SouthPark Center, a suburban master-planned business center near Orlando International Airport. AEW Capital Management sold the asset for an undisclosed price. Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are 100 percent leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil. Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller in the transaction.

November 9, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Multifamily Community in Orlando for $43M

by Amy Works November 8, 2018

ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.

November 8, 2018

Miami-Industrial-Logistics-Center-Hialeah-Gardens-FL

Florida Industrial Leasing Activity Southeast

State Street Realty Arranges 90,103 SF Warehouse Lease in South Florida

by Amy Works November 6, 2018

HIALEAH GARDENS, FLA. — Miami-based State Street Realty has arranged the lease of industrial space at Miami Industrial Logistics Center, a Class A industrial park located at 14802 N.W. 107th Ave. in Hialeah Gardens, part of Miami’s Medley Industrial submarket. Tricorbraun Inc., a rigid packaging designer and distributor, will occupy 90,103 square feet at the 676,835-square-foot park. The property features built-to-suit offices, a shared 180-foot truck court, approximately 32-foot clear heights, four overhead doors per bay, 54-foot column spacing, a 60-foot staging bay, an ESFR fire safety system, LED energy-efficient lighting and ample vehicle parking and trailer parking/spotting areas. Frank Trelles and Brian Cabielles of State Street Realty represented the landlord, Duke Realty, while W. Stevens Schmid, Jeff Hartsook and Patrick Willis of CRESA South Florida represented the tenant.

November 6, 2018

Acquisitions Florida Industrial Southeast

Cabot Properties Acquires Industrial Portfolio in West Palm Beach for $25.8M

by Amy Works November 5, 2018

WEST PALM BEACH, FLA. — Cabot Properties has purchased a three multi-tenant warehouse and distribution portfolio located in Palm Beach County, Fla. McCraney Property Co. sold the asset for $25.8 million, or $148 per square foot. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in the transaction. Situated in West Palm Beach’s Vista Business Park, the 173,812-square-foot portfolio includes 2211, 2213 and 6935-6965 Vista Parkway. At the time of sale, all three buildings were fully leased. Notable tenants include Trane, Shred-It and United Subcontractors (USI). The buildings at 2211 and 2213 Vista Parkway span 44,234 square feet and 51,400 square feet, respectively, and feature 28 rear dock doors, two drive-in doors, 24-foot clear heights and an ESFR fire safety system. The two buildings share a 150-foot truck court and 106 car parking spaces. 6935-6965 Vista Parkway is a one-story, 77,177-square-foot light warehouse and distribution center, which was developed in 2008. The building features hurricane-impact glass, at least 18-foot clear heights, 10 rear-dock doors, seven drive-in doors, two ramps and an ESFR fire safety system.

November 5, 2018

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