Florida

Cushman & Wakefield Arranges $9.2M Sale of Office Building in South Florida

by Camren Skelton October 19, 2017

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $9.2 million sale of 231 Royal Palm Way, an 11,576-square-foot, freestanding office building on Palm Beach’s Banker’s Row. Michael Osiecki and Mark Pateman of Cushman & Wakefield arranged the transaction on behalf of the seller, 231 Royal Palm Way LLC. Primary Properties Inc., a subsidiary of Procaccianti Properties, acquired the asset. Constructed in 1973, 231 Royal Palm Way features 29 on-site, covered parking spaces and was 67 percent leased at the time of sale to PNC Bank and Private Wealth Management.

October 19, 2017

Florida Multifamily Southeast

CBRE Arranges $47.7M Sale of Multifamily Community in Orlando

by Camren Skelton October 18, 2017

ORLANDO, FLA. — CBRE has arranged the $47.7 million sale of Arium Falcon Pines, a 300-unit apartment community in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, a joint venture between Carroll Organization and Goldman Sachs Asset Management Private Real Estate, in the transaction. Los Angeles-based TruAmerica Multifamily acquired the asset. Located at 10200 Falcon Pine Blvd., Arium Falcon Pines is situated between Lake Nona’s Medical City, the Central Florida Research Park and the University of Central Florida. The property includes one- to three-bedroom units and features a pool, sundeck, outdoor kitchen and grill, fitness studio, walking trail, dog park and a business center. The community was 94 percent occupied at the time of sale.

October 18, 2017

Florida Loans Multifamily Southeast

HFF Arranges $35M Refinancing for Multifamily Asset in Broward County

by Camren Skelton October 18, 2017

POMPANO BEACH, FLA. — HFF has arranged $35 million in refinancing for Overlook Pointe, a 249-unit apartment community located at 4611 N. Federal Highway in Pompano Beach. John Brownlee and Elliott Thorne of HFF arranged the three-year, floating-rate loan with two one-year extension options through a life insurance company on behalf of the borrowers, M-M Properties and its institutional partner. Constructed in 2015 in South Florida’s Broward County, Overlook Pointe’s residences feature stainless steel appliances, granite countertops, in-unit washers and dryers and patios or balconies. Community amenities include a swimming pool, grilling areas, rooftop amenity deck, fitness center, game room, playground, billiards and a coffee bar.

October 18, 2017

Florida Office Southeast

JV Starts Construction of 55,000 SF Office Building Near University of Florida

by Camren Skelton October 17, 2017

GAINESVILLE, FLA. — Concept Cos., in partnership with Gateway Development Services and Harvest Capital Group, has broken ground on 800 Second at Innovation Square, a 55,000-square-foot office building located adjacent to the University of Florida in Gainesville. The first floor of the building will include a bistro and coffee shop, as well as a work studio with a variety of spaces, including individual office suites, co-working/shared offices and conference rooms. The top three floors will contain office space. The building will be part of Innovation Square, a 25-acre mixed-use project that will support the technology and research ventures of the University of Florida and the greater Gainesville community. The project is being developed in a public-private partnership. 800 Second is slated for completion in the third quarter of 2018.

October 17, 2017

Florida Retail Southeast

HFF Brokers $25M Sale of Fitness-Anchored Shopping Center in South Florida

by Camren Skelton October 16, 2017

PALM BEACH GARDENS, FLA. — HFF has arranged the $25 million sale of LA Fitness Plaza, a 105,453-square-foot fitness- and food-anchored shopping center in the South Florida city of Palm Beach Gardens. Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores of HFF represented the seller, an institutional investor of Barings Real Estate Advisers. Fondo Atlas acquired the retail center. Located at 7100 Fairway Drive, LA Fitness Plaza is situated near the entrance of the PGA National Resort & Spa.

October 16, 2017

Florida Industrial Southeast

Warehomes Precisions Acquires 150,000 SF Industrial Building Near Miami for $8.8M

by Camren Skelton October 16, 2017

HIALEAH, FLA. — Warehomes Precisions LLC, an affiliate of Rok Acquisitions, has acquired a 150,000-square-foot industrial building in Hialeah for $8.8 million. The property is located at 15801 N.W. 49th Ave. in the Palmetto Lakes submarket, roughly 16 miles northwest of downtown Miami. Lee Katsikos of The Katsikos Group represented the seller in the transaction, Precision Trading Corp. Ted Konigsberg of Infinity Commercial Real Estate represented Warehomes Precisions. The building features a divisible configuration and IU-2 zoning, allowing for a number of manufacturing and technology uses outside of basic logistics and warehousing.

October 16, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Florida Multifamily Seniors Housing Southeast

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Florida Multifamily Southeast

Pollack Shores Buys 512-Unit Multifamily Asset in Broward County for $119.8M

by Camren Skelton October 11, 2017

MIRAMAR, FLA. — Pollack Shores Real Estate Group has acquired Solano at Miramar, a 512-unit apartment community in the South Florida city of Miramar. South Florida Business Journal reports the Atlanta-based firm acquired the asset from TPF Equity REIT for $119.8 million. Constructed in 2008, Solano at Miramar comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet, with rents ranging from $1,961 to $3,185 per month. Community amenities include a resort-style pool with a sundeck, business center and a lakeside jogging trail. Pollack Shores will implement capital improvements including new granite countertops, vinyl plank wood flooring, white shaker cabinets and new plumbing and light fixtures. Amenity enhancements will include a full renovation to the clubhouse, conversion of an indoor basketball court into a fitness center and the addition of an outdoor lounge to the pool area. ARA Newmark brokered the transaction. Matrix Residential, a subsidiary of Pollack Shores, will manage the property.

October 11, 2017

Florida Loans Multifamily Southeast

Berkadia Secures $98.9M in Acquisition Financing for Two Apartment Assets in Florida

by Camren Skelton October 10, 2017

COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.

October 10, 2017

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