Florida

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

Development Florida Loans Mixed-Use Southeast

Aztec Group Arranges $14.7M in Land Acquisition Loans for Mixed-Use Project in Palm Beach County

by Camren Skelton July 25, 2018

ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.

July 25, 2018

Acquisitions Florida Multifamily Southeast

Cedano, UrbaniZa Realty Broker $56M Sale of Apartment Community in Broward County

by Camren Skelton July 23, 2018

HOLLYWOOD, FLA. — Cedano Realty Advisors and UrbaniZa Realty have arranged the sale of Park Colony Apartments, a 316-unit multifamily community located at 812 S. Park Road in Hollywood, roughly 11 miles south of downtown Fort Lauderdale. Ronald Meyerson of Cedano, along with Ray Jourdain of UrbaniZa, represented the buyer, Asset Development & Management Group LLC, an entity owned by American Landmark. RSE Capital provided joint venture equity for the acquisition. Dallas Wharton of Dalmar Real Estate Group LLC represented the undisclosed seller. Constructed in 1987, Park Colony Apartments includes a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, dog park, business center and gated access.The new ownership will invest $3.5 million to upgrade the property’s common areas and amenities, rebranding the community as The EnV. The renovation will include the addition of granite countertops, new plumbing and lighting fixtures, plank flooring, landscaping and improvements to the clubhouse, fitness center and swimming pool.

July 23, 2018

Development Florida Industrial Southeast

Exeter Property Group to Develop Four New Industrial Buildings in South Florida

by Camren Skelton July 23, 2018

CORAL SPRINGS, FLA. — Exeter Property Group will break ground on four new industrial buildings along the Sawgrass Expressway in South Florida’s Coral Springs. The Pennsylvania-based development company is finishing work on 4030 N.W. 126th St., a 215,486-square-foot, cross-dock facility that is fully preleased to a private flooring company. Exeter has started construction on the second building at the park, which will complete build-out of Coral Springs Commerce Center Phase I. The 215,486-square-foot building is located at 4050 N.W. 126th St. and is scheduled to deliver in January 2019. Less than a mile away, Exeter will break ground on the second phase of Coral Springs Commerce Center. The 40-acre site on Coral Ridge Drive will include three speculative buildings. Exeter acquired the site in 2017 from Swiss manufacturer Hoerbiger. The sale included an existing 193,211-square-foot building that Exeter plans to remodel with a new roof and modern tilt-wall front. Exeter will break ground on Phase II of the project this summer.

July 23, 2018

Development Florida Mixed-Use Southeast Top Stories

NP International to Construct 1.3 MSF Mixed-Use Development Near Miami

by Kristin Harlow July 20, 2018

CORAL GABLES, FLA. — NP International (NPI) has selected Balfour Beatty to construct the 1.3 million-square-foot Gables Station mixed-use development in Coral Gables, a suburb of Miami. Comprised of three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the Miami Metrorail, providing easy access to the Miami International Airport. The project will be directly connected to the Underline Park, a 10-mile park and urban trail. The development’s two apartment buildings will include a combined 450 units. Facing the Underline Park on the ground level, one of the residential buildings will feature 19,000 square feet of retail space, while the second will include 18,000 square feet of retail space. Gables Station’s third building will be home to a limited-service hotel, which will house 68,000 square feet of retail space for lifestyle and wellness tenants. Early this year, NPI received a $158.4 million construction loan for the project and negotiated a lease for Life Time Fitness at the development, according to the South Florida Business Journal. The project, designed to achieve LEED Silver certification, is slated for completion …

July 20, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $68.8M Sale of Retail Portfolio in Miami Beach

by Camren Skelton July 19, 2018

MIAMI BEACH, FLA. — HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located at 1900, 1916 and 1930 Bay Road; 1787, 1929 and 1919 Purdy Ave.; and 1935 West Ave. The portfolio was fully leased at the time of sale to tenants such as NaiYaRa, Lucali, DIRT, SHIFT, Barry’s Bootcamp and Flywheel Sports.

July 19, 2018

Florida Loans Retail Southeast

Ocean Bank Provides $60M Loan for Refinancing of Shopping Center in Miami

by Camren Skelton July 19, 2018

MIAMI — Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center located at the intersection of Kendall Drive and S.W. 124th Avenue in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports and Duffy’s Sports Grill. Kendall Village was constructed in 2000 and renovated in 2005. The next phase of the project, which will include an 82,311-square-foot Floor & Décor, is currently under construction and scheduled for completion in the first quarter of 2019.

July 19, 2018

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