Florida

Campus First Acquires 661-Bed Student Housing Community Near University of Florida

by Camren Skelton February 21, 2018

GAINESVILLE, FLA. — Campus First Student Living has acquired The Ridge, a 661-bed student housing community located less than one mile from the University of Florida campus in Gainesville. The property offers two-, four- and five-bedroom, apartment- and townhome-style units. Shared amenities include a three-room fitness center, clubhouse, study lounges, a beach entry pool, hot tub and lazy river. Planned renovations for the community — set for completion this fall — include improvements to the clubhouse and the addition of private study areas, fire pits, outdoor game areas, a yoga studio and a dog park. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller in the transaction.

February 21, 2018

Florida Retail Southeast

GBT Unveils Tenant Roster, Plans for Shopping Center Redevelopment in Port Charlotte, Florida

by Camren Skelton February 21, 2018

PORT CHARLOTTE, FLA. — GBT Realty Corp. has unveiled the tenant lineup and renovation plans for Port Charlotte Marketplace, a shopping center redevelopment project in Port Charlotte, roughly 40 miles south of Sarasota. Located at Tamiami Trail/US Highway 41 and Cochran Boulevard, the nine-acre site formerly housed a vacant 108,500-square-foot Kmart. Brentwood, Tenn.-based GBT acquired the 75-year ground lease last fall. Redevelopment plans include a complete renovation of the former Kmart building with an updated façade, the addition of two small shop buildings and new signage, paving and landscape. Signed tenants include a 40,000-square-foot Burlington, a 20,000-square-foot HomeGoods and a 7,500 square foot national shoe store. The center is approximately 76 percent leased, with 15,000 square feet available. Tenants are expected to open at the development this fall. The second phase of the project will include an additional 62,000 square feet of retail and restaurant space on the parcel’s five acres.

February 21, 2018

Florida Multifamily Southeast

CBRE Brokers Sale of Newly Constructed Apartment Community Near Orlando

by Camren Skelton February 20, 2018

KISSIMMEE, FLA. — CBRE has brokered the sale of Lugano, a newly constructed, 288-unit apartment community located at 3021 Savosa Ave. in Kissimmee, roughly 20 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and developer, Fore Property Co. Cortland Partners acquired the property for an undisclosed price. Constructed in 2017, the LEED Silver-certified community features a resort-style pool, 24/7 fitness center, spinning room, yoga room, clubhouse, fishing pond, dog park, car care center, business center and barbecue grills. Individual units average 1,025 square feet.

February 20, 2018

Florida Restaurant Retail Southeast Tennessee

CBL Properties Signs New Restaurants to Mall Redevelopment Projects in Florida, Tennessee

by Camren Skelton February 20, 2018

DAYTONA BEACH, FLA. AND CHATTANOOGA, TENN. — CBL Properties has signed leases with five new restaurants at shopping malls in Daytona Beach and Chattanooga. The new dining options are part of the redevelopment of two former Sears Auto Centers, which CBL acquired in 2017. Bonefish Grill, Metro Diner and The Casual Pint will join the tenant mix at Volusia Mall in Daytona Beach. Tennessee-based Aubrey’s and Panda Express will open at Northgate Mall in Chattanooga. Construction on both mall redevelopments will begin in March, with an expected opening for all five eateries this fall.

February 20, 2018

Florida Office Southeast

IPA Brokers $43.2M Sale of Two-Building Office Portfolio in Broward County

by Camren Skelton February 19, 2018

PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square-foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 million. Douglas Mandel and Todd Everett of IPA arranged the transaction on behalf of the seller and procured the buyer, a joint venture between IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC. Both buildings are leased to Crawford & Co. through 2021, and Centerfield and Aetna Life Insurance Co. are subleasing at the property. Plantation Corporate Center I & II is located at 1600 and 1601 S.W. 80th Terrace, within one mile of two shopping malls, retail plazas and five golf courses.

February 19, 2018

Florida Loans Multifamily Seniors Housing Southeast

BMO Harris Provides $35.3M Construction Loan for 171-Unit Seniors Housing Asset in Jacksonville

by Camren Skelton February 19, 2018

JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.

February 19, 2018

Florida Multifamily Southeast

Phoenix Realty Acquires Multifamily Community in Tampa Bay Area for $28.2M

by Camren Skelton February 19, 2018

BRANDON, FLA. — Phoenix Realty Group (PRG) has acquired Tuscany Villas, a 248-unit apartment community in Brandon, for $28.2 million. PRG will invest in a capital improvement program and will rename the community Alvista Sterling Palms. Planned upgrades include new signage, an enhanced amenity package, installation of faux wood flooring in all common areas, new countertops, new kitchen cabinet doors, new hardware and stainless steel appliances. The community was originally constructed in 1997. Of the units, 20 percent are reserved for residents earning less than 50 percent of the area median income (AMI). The acquisition marks PRG’s third apartment community in Florida.

February 19, 2018

Florida Loans Multifamily Southeast

Trez Forman Provides $85M Construction Loan for Multifamily Project in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.

February 16, 2018

Florida Industrial Southeast

Bridge Development, Partners Break Ground on 221,542 SF Industrial Building in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The speculative industrial building will feature 32-foot clear heights, rear-dock loading, an ESFR sprinkler system and a 1.4 to 1,000 parking ratio. The building will have the flexibility to accommodate tenants starting at 40,000 square feet.

February 16, 2018

Florida Hospitality Southeast Top Stories

Ashford Prime to Acquire Ritz-Carlton Sarasota in Florida for $171M

by Kristin Harlow February 16, 2018

SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota features 31 suites. Amenities include a 26,000-square-foot beach club, private golf club, 15,000-square-foot spa, eight food and beverage outlets, 29,000 square feet of meeting space, two outdoor pools, fitness club, tennis courts and kids club. The property has received over $21 million in capital improvements during recent years. Ritz-Carlton will continue to manage the hotel after the sale. The seller was not disclosed. Ashford Prime expects a stabilized, unleveraged annual yield of approximately 8 percent on its investment. On a 12-month basis as of Dec. 31, 2017, the property achieved revenue per available room (RevPAR) of $284.38, occupancy of 78.1 percent and an average daily rate (ADR) of $364.04. Dallas-based Ashford Prime is a real estate investment trust focused on investing in luxury hotels …

February 16, 2018

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