For the first time since 2009, the U.S. multifamily real estate sector’s annual sales volume is flirting with falling below the preceding year’s total. Through the first three quarters of 2017, U.S. multifamily investment sales totaled a little over $104 billion, according to Real Capital Analytics (RCA), which tracks sales of multifamily properties and portfolios that are $2.5 million and greater. Experts don’t anticipate sales activity in the last quarter of the year to be enough to surpass last year’s grand total of $160.6 billion in trade volume. As a follow up to the cover article “Coming Back Down to Earth” from the September issue of Southeast Real Estate Business, we caught up with Darron Kattan, managing director of Franklin Street’s Tampa office, to get his take on the U.S. multifamily market. The following is an edited interview: Southeast Real Estate Business: Thus far in 2017, multifamily investment sales are on track to be below 2016 totals. In your opinion, what is causing the decreasing volume? Kattan: A few factors are contributing to this trend. First, the slight increase in the interest rates have given the market pause. Many sellers that have owned for a long time are sitting squarely …
PLANTATION, FLA. — PREMIER Design + Build Group is leading the design and construction of a 221,542-square-foot warehouse located at the intersection of Interstate 95 and Broward Boulevard in Plantation. Bridge Development Partners LLC is the project developer. Upon completion, the warehouse will have the flexibility to accommodate multiple tenants from 40,000 square feet. The building will feature an ESFR sprinkler system, T-5 energy efficient warehouse lighting, 44 rear-loading dock doors and three drive-in doors. RLC Architects is providing architectural services for the project. Flynn Engineering Services is the civil engineer and DDA Engineers is the structural engineer. Colliers International will represent the building. Construction on the warehouse is slated for completion in the third quarter of 2018.
OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.
MIAMI — HFF has arranged the $58 million refinancing of a nine-property retail portfolio located throughout Miami-Dade County. Chris Drew, Nat Scarmazzi and Matthew McCormack of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower, MMG Equity Partners. The portfolio, which totals 275,979 square feet, includes Sunset Village Shopping Center, located at 10700 S.W. 72nd St. in Miami; Bird West Plaza, located at 14465 S.W. 42nd St. in Miami; Flagler Plaza, located at 5300 W. Flagler St. in Miami; Navarro Gables, located at 3949 S.W. 8th St. in Miami; Little River Retail, located at 8050-8100 N. Miami Ave. in Miami; Kendall Drive Retail, located at 9720 N. Kendall Drive in Miami; Navarro Miami Beach, located at 631 71st St. in Miami Beach; Colonial Shopping Center, located at 400 N.E. 125th St. in North Miami; and Navarro Sunny Isles, located at 18500 Collins Ave. in Sunny Isles Beach. Navarro Pharmacy anchors six of the properties, and President Supermarkets anchors two. The portfolio also includes one strip center. At the time of sale, the portfolio was 97 percent leased.
ST. AUGUSTINE, FLA. — Cushman & Wakefield has arranged the $27.5 million sale of Glenmoor, a 223-unit seniors housing community in St. Augustine. Allen McMurty, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller, Life Care St. John’s Inc., an affiliate of Life Care Pastoral Services Inc., in the disposition. Orlando-based Westminster Communities of Florida acquired the asset and will rename the property Westminster of St. Augustine. Constructed in 2001, the community is located at 235 Towerview Drive in St. Augustine’s World Golf Village. Westminster St. Augustine includes a mix of cottage homes, independent living apartments, assisted living units and skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and a fitness center. In addition, residents can enjoy benefits at World Golf Village, including access to two golf courses, a swimming pool, fitness center and social areas.
MIAMI GARDENS, FLA. — Bridge Development Partners has acquired a 185-acre site in Miami Gardens, located 15 miles north of Miami, for $28.2 million. The site is the future home of Bridge Point Commerce Center, a Class A industrial development that will total more than 2 million square feet at full build-out. Phase I of the project spans 90 acres and will include three buildings. The first two buildings on the site will total 286,875 square feet and feature 32-foot clear heights. The third building will be a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Phase II of the project will be developed on the western half of the property, situated on the site of a former landfill. In addition, 13 acres on the site will be preserved as green space. Located with direct frontage along the Florida Turnpike, Bridge Point Commerce Center is equidistant to Fort Lauderdale-Hollywood International Airport and Miami International Airport.
CLEARWATER, FLA. — Maverick Commercial Mortgage has arranged a $22 million construction loan for The Strand, a 132-unit apartment building located at 1100 Cleveland St. in downtown Clearwater. The Chicago-based firm secured the two-year, non-recourse loan with one 12-month extension option through an undisclosed lender on behalf of the borrower, 1000 Cleveland LLC. Originally constructed as an office building, the 15-story property was gutted in 2016 in preparation for conversion into condominiums. The borrower will use the loan — which totals 65 percent of the project cost — to finish the conversion into apartment units. Kimmich Smith Architects is designing the apartment building, and GlenStar Properties is the development manager. Situated within the Tampa Bay region, The Strand will feature a pool, hot tub, kitchen, workshop with tools and equipment, business center and covered parking. In addition, The Strand will include ground-floor retail space.
PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.
WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables II, a 221-unit apartment community located at 2001 Ludlam Road in West Miami. Estate Investments Group (EIG), in partnership with Fortune Capital Partners and Mattoni Group, sold the asset to Waterton for $59 million. Completed in September, the community features studio, one- and two-bedroom units. Community amenities include a pool, resident lounge, movie theater, fitness center and a community park with a children’s playground. Waterton acquired the adjacent sister community Soleste West Gables in August 2016. Both properties have been renamed District West Gables.
DAVENPORT, FLA. — CBRE has arranged the $31.5 million sale of Village at Town Center, a 240-unit multifamily community in the Central Florida town of Davenport. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Chicago-based VennPoint Real Estate, in the transaction. New York-based Beachwold Partners LP acquired the property. Village at Town Center features a clubhouse, resort-style pool, fitness center, tennis court and water views. At the time of sale, the community was more than 90 percent occupied.