Florida

Lindemann Multifamily Acquires New Apartment Community Near Orlando’s Mall at Millenia for $63.7M

by Amy Works October 29, 2018

ORLANDO, FLA. — Lindemann Multifamily Management has purchased The Addison on Millenia, a Class A multifamily property located at 4673 Garden Park Blvd. in Orlando. A partnership between Contravest, Case Pomeroy and BBX Capital sold the asset for $63.7 million. Completed in 2017, Addison on Millenia features 292 apartments equipped with high-end finishes, including nine- and 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliance and full-sized washers and dryers. The community is located 3.7 miles from downtown Orlando and adjacent to Mall at Millenia, a 1.2-million-square-foot upscale retail destination. CBRE’s Shelton Granade, Luke Wickman and Justin Basquill represented the seller in the transaction. Paul Ahmed, Erin Efstahion and Mackenzie Fry of CBRE arranged a $38.2 million, 10-year loan with Fannie Mae on behalf of the buyer.

October 29, 2018

Acquisitions Florida Retail Southeast

Transwestern Brokers $16.6M Sale of Retail Center in Orlando’s Tourist Corridor

by Amy Works October 29, 2018

ORLANDO, FLA. — Transwestern has closed the $16.6 million sale of Sand Lake Corners North, a community shopping center located at 8115-8379 S. John Young Parkway in Orlando’s tourist corridor. Situated on 15 acres, the retail center features 151,487 square feet of retail space. At the time of sale, the property was 95.3 percent occupied by a variety of tenants, including Old Time Pottery, PetSmart and Dollar Tree. The property is also shadow-anchored by Walmart and Lowe’s Home Improvement Warehouse. John Bell of Transwestern represented the undisclosed seller in the deal. The name of the buyer was not released.

October 29, 2018

Development Florida Multifamily Southeast Student Housing

Capstone Delivers 1,300-Bed Student Housing Project at University of South Florida

by Amy Works October 26, 2018

TAMPA, FLA. — Birmingham, Ala.-based Capstone Development Partners has completed the second phase of the Village, an on-campus student housing development at the University of South Florida in Tampa. The second phase of the 2,171-bed mixed-used community features 1,300 beds in three residential buildings. Community amenities include living-learning and activity spaces, classrooms, study rooms and community kitchens, as well as retail space occupied by Starbucks Coffee and BurgerFi. The Village primarily serves first-year students.

October 26, 2018

Florida Loans Mixed-Use Southeast

Berkadia Arranges $46.5M in Refinancing for Mixed-Use Development in North Miami

by Amy Works October 26, 2018

NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing. Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.

October 26, 2018

Development Florida Retail Southeast

West Villages, Sembler Break Ground on Publix-Anchored Shopping Center in Southwest Florida

by Amy Works October 26, 2018

NORTH PORT, FLA. — A joint venture between West Villages and The Sembler Co. has broken ground on West Villages Marketplace, a grocery-anchored neighborhood shopping center at the corner of West Villages Parkway and U.S. 41 in North Port, a city in south Sarasota County. A 47,000-square-foot Publix will anchor the 105,000-square-foot retail plaza, which is slated to open in fall 2019. Additional tenants will include a mix of services and restaurants. The shopping center is the first retail node to be integrated into the West Villages Florida, a master-planned community that features single-family neighborhoods, schools, State College of Florida-Venice, a wastewater treatment plant and the new $125 million spring training facility for the Atlanta Braves.

October 26, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

Florida Loans Multifamily Southeast

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Acquisitions Florida Industrial Office Southeast

Savlan Capital Buys Flex Property in Jacksonville for $18.3M

by Amy Works October 23, 2018

JACKSONVILLE, FLA. — Savlan Capital has purchased Exchange South, a multi-tenant flex business property on Philips Highway in Jacksonville’s Southside. An undisclosed seller sold the property for $18.3 million, or $94 per square foot. Built from 1990 through 1996, the 194,400-square-foot building features 16 dock-high doors and 35 drive-in doors. At the time of acquisition, the property was 75 percent leased to 25 tenants, including Omnicare, Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp. and LendingTree. Savlan Capital plans to invest $2 million in upgrades to the property to improve the interiors of vacant units, exterior repainting and upgraded landscaping and curb appeal. Keith Goldfaden and Christian Harden of NAI Hallmark were retained to lead the leasing initiative for the property.

October 23, 2018

Acquisitions Florida Loans Mixed-Use Retail Southeast

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

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