Florida

Berkadia Secures $46.9M Acquisition Loan for Mixed-Use Development in Miami

by Amy Works October 22, 2018

MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.

October 22, 2018

Development Florida Industrial Southeast

Foundry Commercial, Miller Construction to Develop Two Industrial Buildings in South Florida Totaling 318,043 SF

by Amy Works October 22, 2018

DORAL, FLA. — Foundry Commercial, with Miller Construction Co. as general contractor, is developing two new Class A industrial buildings totaling 318,043 square feet at Miami Central Commons, a business park located at 2301 N.W. 107th Ave. in Doral. Both buildings are scheduled for completion in mid-2019. The $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial distribution space with Building 2. Designed by Boca Raton, Fla.-based RLC Architects, the facilities will feature 32-foot clear heights, 54-foot column spacing and a 60-foot speed bay. Part of the construction process includes the relocation of the main entry and security check-in area, as well as the entire parking area around the existing buildings. Miller Construction is demolishing the park’s original 1980’s administration and security check-in building as the site is being reconfigured to accommodate Building 2.

October 22, 2018

Acquisitions Florida Multifamily Southeast

Taurus Investment Acquires 296-Unit Multifamily Property in Orlando for $47.9M

by Amy Works October 18, 2018

ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied. All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness …

October 18, 2018

Civic Florida Southeast

Hurricane Michael Wind, Storm Surge Causes Estimated $3B to $5B in Losses, CoreLogic Analysis Shows

by Amy Works October 17, 2018

MEXICO BEACH, FLA. — CoreLogic, a global property information, analytics and data-enabled solutions provider, has released updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to new data, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, while the storm surge losses, including losses covered by the National Flood Insurance Program, are slated to be an additional $500 million to $1 billion. The combined residential and commercial insured property loss for Florida is estimated to be between $2.5 billion to $4 billion, with damages in other states totaling $500 million to $1 billion. Hurricane Michael made landfall on Oct. 10 as the first Category 4 storm to make landfall near Mexico Beach in the Florida Panhandle, with the highest storm surges, up to 14 feet, extending from Mexico Beach to Apalachee Bay. According to the National Hurricane Center, Michael had the highest wind speeds — with sustained 155 mph winds at landfall — of any hurricane to hit the continental United States since 1992’s Hurricane Andrew. As the seventh hurricane of the year in the Atlantic Basin, the storm’s tropical storm-force wind speeds stretched …

October 17, 2018

Acquisitions Florida Multifamily Southeast

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

by Amy Works October 16, 2018

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.

October 16, 2018

Development Florida Multifamily Seniors Housing Southeast

Vestcor Opens 96-Unit Affordable Seniors Housing Community Near Jacksonville

by Amy Works October 15, 2018

MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median income.

October 15, 2018

Florida Market Reports Office Southeast Southeast Market Reports

New Office Developments Take Shape in Orlando’s Core Submarkets

by John Nelson October 15, 2018

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to fuel economic growth in Orlando with a rise in non-farm employment of 46,840 over the trailing 12 months ending in May. There has been a sustained decline in the unemployment rate as well, which stood at 3 percent in May. Spec, Mixed-Use Projects Development activity has been restrained over the last several years. However, a handful of key office projects have recently broken ground in high-demand areas. The most exciting development activity is occurring in the urban core, where a number of projects are moving forward. Speculative Class A office construction is once again rising with the $100 million Church Street Plaza going vertical after a slight construction delay. SunTrust Banks Inc. recently announced plans to relocate its Orlando headquarters from the SunTrust Center building into 90,000 square feet at …

October 15, 2018

Florida Southeast

Southeast Dominates ULI, PwC’s Markets to Watch in 2019

by Amy Works October 12, 2018

BOSTON — In their annual Emerging Trends in Real Estate report, Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) have emphasized their bullishness on the Southeast. Following the top two metros in the report’s “Markets to Watch in 2019″ list (Dallas-Fort Worth and Brooklyn) are three Southeastern markets: Raleigh-Durham, Orlando and Nashville, none of which qualify as traditional gateway cities. “Survey respondents favored markets with potential for more growth over the traditional gateway markets,” cites the report. “With the search for qualified labor intensifying, markets that can attract new residents have a definite advantage.” ULI and PwC rank Raleigh-Durham 14th in terms of investor demand, seventh in development/redevelopment opportunities, sixth in availability of debt and equity capital and fourth in its overall local economy. Survey respondents are attracted to the strong urban revitalization movement in both downtown Raleigh and Durham, as well as the market’s population growth, diversified economy and three top-tier research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. Orlando, the No. 4 overall market, provides value compared to other markets, strong population and job growth and a lucrative tourism base with Walt Disney World, Universal Studios and Sea World, among …

October 12, 2018

Acquisitions Florida Office Southeast

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

by Amy Works October 11, 2018

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.

October 11, 2018

Park-Central-Business-Park-Pompano-Beach-FL

Acquisitions Florida Industrial Southeast

Berkeley Partners Acquires Three-Building Industrial Portfolio in Broward County for $15M

by Amy Works October 11, 2018

POMPANO BEACH, FLA. — Berkeley Partners, an industrial real estate operator and investment manager, has purchased three buildings within Park Central Business Park, an industrial campus located in Pompano Beach. An undisclosed seller sold the portfolio in Broward County for $15 million. Douglas Mande of Institutional Property Advisors and Tyler Kuhlman of Marcus & Millichap represented the seller and advised the buyer in the transaction. This transaction is Berkeley’s third acquisition in the market in 2018. At the time of sale, the 114,391-square-foot portfolio was fully occupied. Located between Sample and Copans roads and Interstate 95, the buildings feature clear heights ranging from 16 feet to 28 feet.

October 11, 2018

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