Florida

MMG Equity Partners Acquires Mixed-Use Property in South Florida for $9.7M

by Amy Works October 4, 2018

PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.

October 4, 2018

Acquisitions Florida Office Southeast Top Stories

Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M

by Katie Sloan October 4, 2018

FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants. The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP. NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural …

October 4, 2018

Florida Loans Office Southeast

CBRE Arranges $46M Refinancing for 278,713 SF Office Tower in Downtown Orlando

by Amy Works October 3, 2018

ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.

October 3, 2018

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Closes on $231M Bond Financing for Student Housing Project Near Florida International University

by Amy Works October 2, 2018

MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …

October 2, 2018

Esperante-Corporate-Center-West-Palm-Beach-FL

Florida Loans Office Southeast

RedSky Capital, JZ Capital Receive $115M Loan for 20-Story Office Tower in West Palm Beach

by Amy Works October 2, 2018

WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.

October 2, 2018

Acquisitions Florida Retail Southeast

The Shopping Center Group Brokers $12.2M Sale of Grocery-Anchored Retail Center in Southwest Florida

by Amy Works October 1, 2018

FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.

October 1, 2018

Acquisitions Florida Multifamily Southeast

Redwood Capital Sells 220-Unit Apartment Complex in Orlando

by Amy Works October 1, 2018

ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.

October 1, 2018

Acquisitions Florida Industrial Southeast

Charles Wayne Properties Acquires Five-Building Industrial Property in Sanford, Florida for $9.6M

by Amy Works October 1, 2018

SANFORD, FLA. — Charles Wayne Properties has purchased Monroe CommerCenter South, a five-building industrial/flex campus located on 8.5 acres in Sanford, a Florida town in north Seminole County. Miami-based Monroe South RE LLC sold the asset for $9.6 million. Totaling 116,500 rentable square feet, the five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court. Built in 2013, Monroe CommerCenter South features office and warehouse space with grade-level roll-up doors. Ron Rogg and Chip Wooten of CBRE represented the seller in the deal. Charles Wayne Investment Management will handle asset and investment management functions for the property and its investors.

October 1, 2018

Acquisitions Florida Georgia Retail Southeast

Colliers Brokers $55M Sale of 10 Walgreens Stores in Florida, Georgia

by Camren Skelton September 28, 2018

TAMPA, FLA. — Colliers International has brokered the $55 million sale of 10 single-tenant retail properties in Florida and Georgia that are net-leased to Walgreens. Mike Milano, Sean Glickman, Donald Jennewein, Nathan Lynch and Tara Paronto of Colliers arranged the transaction on behalf of the seller, Olympia Development Group. A California-based real estate investment company acquired six of the locations, while private investors purchased the other four locations as part of a 1031 exchange. The sales prices ranged from $2.7 million to $8.2 million. Two of the Walgreens stores are located in Naples, and the other Florida locations are in Sarasota, Temple Terrace, Bradenton, Merritt Island, Seminole, Dunedin and Oldsmar. The one Georgia property is located in Lawrenceville. Each building ranges between 15,000 and 17,000 square feet.

September 28, 2018

Florida Healthcare Loans Office Retail Southeast

Mission Capital Arranges $16.8M Refinancing of Mixed-Property Portfolio in Central Florida

by Camren Skelton September 28, 2018

NEW YORK — New York-based Mission Capital Advisors has arranged a $16.8 million loan for the refinancing of 10 office, medical and retail properties located across Central Florida. Matt Polci, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Deutsche Bank on behalf of the borrower, DMCC Holdings. The assets are located in the greater Orlando, Tampa and Altamonte Springs markets. The portfolio was 97.7 percent leased at the time of sale. DMCC acquired the properties over the past four years, and has made significant property improvements.

September 28, 2018

Newer Posts

Older Posts