Florida

Tiktin Brokers $43M Sale of Office, Retail Portfolio in Broward County

by Camren Skelton September 27, 2018

CORAL SPRINGS, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $43 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs. The Broward County portfolio includes Waterway Shoppes, a 40,258-square-foot retail center; Heron Bay III, a 45,344-square-foot, Class A office building; and Heron Bay IV, a 45,383-square-foot, Class A office building. Adam Tiktin and Alejandro Snyder of TREIS arranged the transaction on behalf of the sellers, RM-NA HB Three Office Building LLC, RM-NA HB Four Office Building LLC and RM-NA HB Waterway Shoppes LLC. Asuman 57th Street LLC acquired the assets. The sellers constructed the three buildings in 2006 and 2008. The portfolio is fully occupied by a mix of national, regional and local tenants.

September 27, 2018

Acquisitions Florida Office Southeast

Innovatus Capital Buys Five-Building Office Campus in Orlando

by Camren Skelton September 27, 2018

ORLANDO, FLA. — Innovatus Capital Partners LLC has acquired Westwood Corporate Center, a five-building, 343,331-square-foot office campus in Orlando. The name of the seller and sales price were not disclosed. The complex was built in three phases between 1988 and 1999. Phase I included three single-story buildings and Phases II and III are both five-story, Energy Star-certified buildings. Westwood Corporate Center was 97 percent leased at the time of sale to 25 tenants. The largest tenant — Marriott Vacations Worldwide — opened its global headquarters at the property in 1996 and has since more than tripled its footprint, expanding eight times to its current operations at 157,400 square feet. The property features a four-story, 1,463-space parking garage, and is situated on 21 acres, roughly 12 miles from Orlando International Airport.

September 27, 2018

Development Florida Office Southeast

Kaufman Lynn Breaks Ground on $150M Headquarters Expansion for South Florida-Based Automotive Company

by Camren Skelton September 26, 2018

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction (KL) has broken ground on a $150 million headquarters renovation and expansion for JM Family Enterprises in Deerfield Beach. JM Family Enterprises is a privately owned automotive company whose subsidiaries include Southeast Toyota Distributors, JM&A Group and JM Lexus. The renovation will take place over the next three years. KL will demolish seven of the campus’ existing buildings, and will build eight new structures, including three office buildings, a two-story dining hall, 20,000-square-foot sports complex, 55,000-square-foot conference/training center and a 900-car parking garage. Three of the campus’ existing buildings will remain. Other features in the renovated, open-style campus will include a café, collaboration space, outdoor central plaza, fountains and walkways. Jacksonville-based architect Robert Broward, former apprentice to Frank Lloyd Wright, designed the campus’ master plan. KL is working with Boca Raton-based PGAL Architects to complete the project.

September 26, 2018

Acquisitions Florida Multifamily Southeast

Camden Property Trust Acquires New Apartment Community in Orlando for $90M

by Camren Skelton September 26, 2018

ORLANDO, FLA. — Camden Property Trust has acquired a newly constructed apartment community in downtown Orlando for $90 million. The nine-story property, formerly known as 420 East, includes 299 units and features a pool, 24-hour concierge, retail space and a three-story parking garage. Camden will rename 420 East as Camden Thornton Park. The community includes a mix of one- to three-bedroom units with monthly rents ranging from $1,741 to $3,369, according to Apartments.com.

September 26, 2018

Florida Loans Mixed-Use Southeast

TREO Group Receives $33M Construction Loan for Mixed-Use Waterfront Project in Miami’s Coconut Grove

by Camren Skelton September 25, 2018

MIAMI — The TREO Group has received a $33 million loan from FirstBank Florida for the construction of Regatta Harbour, a mixed-use waterfront development located in Miami’s Coconut Grove neighborhood. The project will be located at Dinner Key, a marina complex situated along the shore of Biscayne Bay. Upon completion, the 100,000-square-foot development will include retail space, three waterfront restaurants and a rooftop event space, dubbed Harbour Terrace. Historic airplane hangars dating back to the early 1900s will be used to create approximately 40,000 square feet of space for a food hall, specialty market, fitness or entertainment concept. In addition, Regatta Harbour will include marina services with dry storage slips for more than 400 vessels, an upgraded and relocated fueling station and 700 feet of transient floating docks. Architecture firm Arquitectonica is designing the project, which will be delivered in multiple phases. The new dry-storage marina is scheduled for completion in November, the retail component in the summer of 2019 and the waterfront restaurants in 2020. Lyle Stern and Sara Wolfe of Koniver Stern Group are handling the project’s leasing assignment.

September 25, 2018

Acquisitions Florida Office Southeast

Transwestern Arranges $14.7M Sale of Two-Building Flex/Office Portfolio in Tampa Bay Area

by Camren Skelton September 24, 2018

RIVERVIEW, FLA. — Transwestern has arranged the $14.7 million sale of a two-building flex/office portfolio located at 2600 and 2700 Falkenburg Road in the Tampa Bay area of Riverview. John Bell and Walter Byrd of Transwestern arranged the transaction on behalf of the seller, a special servicer, through the Ten-X online auction platform. The name of the buyer was not disclosed. The buildings, which total 134,00 square feet, are situated at the gateway to First Park @ Brandon office park. Transwestern assumed management and leasing of the portfolio when it was 35 percent occupied. Working with Hain Commercial Realty, Transwestern repositioned the buildings and raised occupancy to 86 percent at the time of sale.

September 24, 2018

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Negotiates $12.6M Sale of Hampton Inn in Tampa

by Camren Skelton September 24, 2018

TAMPA, FLA. — Marcus & Millichap has arranged the $12.6 million sale of the 86-room Hampton Inn Tampa-Airport North. Jonathan Ruprai of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the buyer, a Canadian investment group. The five-story hotel, located seven miles from Tampa International Airport, features complimentary breakfast, a business center, meeting space, fitness center and a free airport shuttle.

September 24, 2018

Acquisitions Florida Healthcare Southeast

ESJ Capital Sells Medical Office Building in Tampa for $18M

by Camren Skelton September 21, 2018

TAMPA, FLA. — ESJ Capital Partners LLC has sold University Park Business Center, a 99,154-square-foot medical office building in Tampa, for $18 million. The building is located at 4001 E. Fowler Ave., directly across from the University of South Florida (USF) campus and within one mile of four major hospitals. The property is home to tenants including Quest Diagnostics, Moffit Cancer Center and USF. The name of the buyer was not disclosed.

September 21, 2018

Acquisitions Florida Retail Southeast

SRS Real Estate Partners Brokers $8.1M Sale of Vacant Retail Building in Southeast Florida

by Camren Skelton September 21, 2018

JUPITER, FLA. — SRS Real Estate Partners has arranged the $8.1 million sale of a vacant, freestanding retail building in Jupiter, a city on Florida’s southeastern coast. Home Depot USA acquired the 38,000-square-foot asset and will use the site as an expansion and redevelopment of the Home Depot store currently onsite. Sports Authority previously occupied the property. Matthew Mousavi, Patrick Luther, John Artope and Michael Weiss of SRS arranged the transaction on behalf of the seller, Indiantown Road LLC. Corporate Property Dispositions and The Rotella Group Inc. represented Home Depot. Walgreens, PetSmart, Winn-Dixie and Pep Boys neighbor the property.

September 21, 2018

Development Florida Office Southeast

Bromley Cos. Unveils Plans for First Office Building Within $500M Midtown Tampa Project

by Camren Skelton September 20, 2018

TAMPA, FLA. — Bromley Cos. has unveiled plans for the first office building within the $500 million Midtown Tampa project in Tampa. The 140,000-square-foot, seven-story office building — dubbed Midtown One — will be the first of three office projects within the development. Midtown One will feature valet service, a full-service concierge and a pedestrian sky bridge connecting the building to Midtown Tampa’s retail and residential components. At full build-out, Midtown Tampa will include 1.8 million square feet of retail, residential, office, entertainment and hospitality space. Whole Foods Market will anchor the retail portion of the project. Cushman & Wakefield is overseeing the office leasing for the development. Bromley will break ground on Midtown One in early 2019, with completion scheduled for late 2020.

September 20, 2018

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