Florida

Colliers Arranges $59M Sale of Office Building in Downtown Jacksonville

by Camren Skelton August 2, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.

August 2, 2018

Acquisitions California Company News Florida Healthcare South Carolina Southeast Top Stories Western

HCP Forms $605M Medical Office Joint Venture With Morgan Stanley

by Camren Skelton August 2, 2018

IRVINE, CALIF. — Irvine-based real estate investment trust HCP (NYSE: HCP) has entered into a definitive agreement to form a new $605 million joint venture with Morgan Stanley Real Estate Investment (MSREI) on a 2 million-square-foot medical office building portfolio. MSREI will provide cash to the joint venture for a 49 percent stake, while HCP will contribute nine wholly owned medical office buildings valued at approximately $320 million. These assets, located primarily in Texas and Florida, comprise 1.2 million square feet of leasable space and are 80 percent occupied. The joint venture will use the cash contributed by MSREI to fund the $285 million acquisition of a medical office portfolio in Greenville, S.C. Healthcare Trust of America Inc. (NYSE: HTA) has agreed to sell the Greenville portfolio, which includes 16 medical office buildings totaling approximately 856,000 square feet. HTA originally acquired the portfolio in 2009 for $163 million as part of a sale-leaseback transaction. HCP and MSREI will immediately market for sale three of the smaller assets within the Greenville portfolio, leaving the venture with a combined 832,000 square feet of leasable space. Greenville Health System, the largest health system in South Carolina, occupies 94 percent of the portfolio’s square …

August 2, 2018

Acquisitions Florida Retail Southeast

Franklin Street, CBRE Negotiate $23.2M Sale of Shopping Center in South Florida

by Camren Skelton August 1, 2018

CORAL SPRINGS, FLA. — Franklin Street and CBRE have arranged the $23.2 million sale of Magnolia Shoppes, a 114,118-square-foot shopping center in the South Florida community of Coral Springs. Bryan Belk and John Tennant of Franklin Street arranged the transaction on behalf of the buyer, a private investor based in Lexington, Ky. Casey Rosen and Dennis Carson of CBRE represented the seller, Regency Centers. In addition, Franklin Street arranged a $15.5 million acquisition loan through Citibank on behalf of the buyer. A recently renovated Regal Cinemas anchors Magnolia Shoppes, which was fully leased at the time of sale. Additional tenants include Dollar Tree, Ben & Jerry’s, Broward Health, Creative Child Learning Center, H&R Block and W Salon & Spa.

August 1, 2018

Acquisitions Florida Healthcare Southeast

Cushman & Wakefield Arranges $11.5M Sale of Medical Office Building in Broward County

by Camren Skelton July 31, 2018

HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Hollywood Medical Office Building, a 57,815-square-foot facility located on the Memorial Regional Hospital South campus in Hollywood. Scott O’Donnell, Greg Miller, Dominic Montazemi, Miguel Alcivar, Jason Hochman and Donna Kom of Cushman & Wakefield arranged the transaction on behalf of the seller, Miami-based SF Partners. A private real estate investor acquired the asset. The five-story building was constructed in 1975 and was 84 percent leased at the time of sale to tenants such as Oncology Associates of South Florida, Pinnacle Healthcare System, Reyes & Reyes MD, Internal Medicine Specialty and HealthCare Support Administrators.

July 31, 2018

Acquisitions Florida Industrial Southeast

HFF Arranges $180M Sale of 1 MSF Industrial Portfolio Near Miami

by Camren Skelton July 30, 2018

HIALEAH, FLA. — HFF has arranged the sale of three industrial buildings totaling approximately 1 million square feet within Hialeah’s Countyline Corporate Park. Luis Castillo, Adam Herrin, Manny de Zárraga, Rusty Tamlyn, Coleman Benedict and Tracey Goo of HFF arranged the transaction on behalf of the seller and developer, Flagler Global Logistics, a wholly owned subsidiary of Florida East Coast Industries LLC. Duke Realty Corp. acquired the assets for $180 million, according to local media reports. At full build-out, Countyline Corporate Park will include 8 million square feet of space on approximately 500 acres. The three buildings were fully leased at the time of sale to KLX Aerospace, CGI Windows & Doors and Hyde Shipping, among others.

July 30, 2018

Acquisitions Florida Office Southeast

Transwestern Arranges $24.5M Sale of Office Tower in Downtown Jacksonville

by Camren Skelton July 27, 2018

JACKSONVILLE, FLA. — Transwestern has arranged the $24.5 million sale of BB&T Tower, a 285,497-square-foot office building located at 200 W. Forsyth St. in downtown Jacksonville. John Bell of Transwestern arranged the transaction on behalf of the seller, special servicer LNR Partners. Talara Investment Group LLC acquired the 18-story tower through the Ten-X auction platform. The prior owners invested $3.9 million in property upgrades, including an elevator modernization program. BB&T Tower was 63 percent leased at the time of sale.

July 27, 2018

Acquisitions Florida Retail Southeast

CREC Acquires Tallahassee Shopping Center for $15.9M

by Camren Skelton July 27, 2018

TALLAHASSEE, FLA. —CREC has acquired Killearn Shopping Center in Tallahassee for $15.9 million. The 95,229-square-foot retail center is home to tenants such as Hobby Lobby, CVS/pharmacy, Bonefish Grill, Five Guys, Moe’s Southwest Grill, Hungry Howie’s and Firehouse Subs. The center was fully leased at the time of sale. Warren Weiser, Alan Esquenazi and Andrew Remick represented CREC internally in the transaction. Carson Good and Tarik Bateh of JLL represented the seller, a joint venture between DDR Corp. and Madison International Realty.

July 27, 2018

Florida Loans Office Southeast

CGI Merchant Group Receives $40.8M Refinancing of Four Office Buildings in South Florida

by Camren Skelton July 26, 2018

MIAMI — Miami-based CGI Merchant Group LLC has received $40.8 million in loans from Starwood Mortgage Capital LLC to refinance an office building in Coral Gables and three office properties in Palm Beach and Martin counties. According to its website, Starwood provided a $25 million loan for 55 Miracle Mile, a four-story, 65,242-square-foot office building in Coral Gables. The property was built in 2004 and is 96 percent leased to 19 tenants. Starwood also provided a $15.8 million loan to refinance The Nexus Portfolio, a three-building suburban office portfolio totaling 128,563 square feet in Lake Worth, West Palm Beach and Stuart. The portfolio operates as executive suites and is 93 percent leased to 350 tenants. CGI originally acquired the assets in 2013.

July 26, 2018

Acquisitions Florida Multifamily Southeast

ARA Newmark Brokers $65.8M Sale of Apartment Community in Orlando

by Camren Skelton July 25, 2018

ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.

July 25, 2018

Acquisitions Florida Retail Southeast

Stambul Acquires Historic Walgreens Building in Downtown Miami for $19.8M, Plans Redevelopment

by Camren Skelton July 25, 2018

MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.

July 25, 2018

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