DELRAY BEACH, FLA. — The Shopping Center Group (TSCG) has signed the initial tenants for Delray Square, a 150,000-square-foot shopping center situated at the intersection of West Atlantic Avenue and South Military Trail in Delray Beach. Constructed in the 1970s, the property is undergoing a redevelopment led by The Keith Corp. The shopping center will be anchored by a 45,600-square-foot Publix that is slated to open in the fourth quarter of 2018. The grocer will take the place of a former movie theater. In addition to Publix, the property is leased to Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill. As part of the redevelopment, Keith Corp. will add 17,000 square feet of retail space and will modernize the existing space. Approximately 85,000 square feet of retail space is available to lease, including a 51,700-square-foot anchor box. Michael Fetherston of TSCG and Knox Cambell of Keith Corp. will handle the property’s leasing assignment. The redevelopment is slated for completion in mid-2018.
MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.
The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond the usual period as immense demand from investors is causing an incredible scarcity of Class A product, and the lifestyle preferences of millennials are intersecting with the luxury condo boom. Opportunities, Challenges In 2005 and 2006, adequate inventory kept the multifamily market in balance. Today, buyers are plentiful, capital is available and interest rates are affordable. What we don’t have is product, a phenomenon not exclusive to Miami and Fort Lauderdale. Why? Sellers have few options. They’re thinking, “If I sell at a premium and I want to stay in a similar market, I’m going to pay a premium. So, what’s the point of selling?” Therefore, owners are putting properties on the market …
MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.
TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.
DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports. Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty. Upon completion, Dania Pointe will be a 1 million-square-foot, open-air lifestyle community incorporating over 100 retail tenants and restaurants. Future phases will include up to 500,000 square feet of Class A office space, 1,000 luxury apartment and condominium units and two hotels. Dania Pointe is located near the Fort Lauderdale-Hollywood International Airport and adjacent to Oakwood Plaza, which Kimco also owns. Hoar Construction and locally based developer Salzman Real Estate Advisors also make up the project team. New York-based Kimco is a real estate investment trust focused on owning and operating open-air shopping centers. As of June of this year, the company’s portfolio spanned 510 shopping centers and 84 million square …
FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa, fitness center, dog park, basketball court, tennis court, sand volleyball court and a jogging trail. TruAmerica will update the apartment units with stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts. HFF secured a seven-year, floating-rate loan through Freddie Mac’s Green Up program for the acquisition. Yitzi Karasick and Ido Gelerman of New Jersey-based Liquid Real Estate Capital were investors in the transaction.
PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …
TRINITY, FLA. — Sleiman Enterprises has purchased Shoppes at Trinity Lakes, a shopping center located at 12500 State Road 54 and Community Drive in Trinity, roughly 30 miles north of Tampa, for $18 million. Cushman & Wakefield represented the Jacksonville-based buyer in the transaction. The Sembler Co. sold the asset. Constructed in 2016, Shoppes at Trinity Lakes comprises 67,334 square feet of retail space and is anchored by Publix. At the time of sale, the property was 96 percent leased to other tenants including GNC, Hair Cuttery, Heartland Dental, Mathnasium, Moe’s Southwest Grill, Nail Dior and Orangetheory Fitness.
OAKLAND PARK, FLA. — Marcus & Millichap has brokered the $13.5 million sale of The Oasis, a 141-unit apartment community located at 3860 N. Andrews Ave. in Oakland Park, roughly four miles north of Fort Lauderdale. Daniel Cunningham, Derek Gibbs and Evan Richardson of Marcus & Millichap arranged the transaction on behalf of the seller, an undisclosed limited liability company, and procured the buyer, an individual/personal trust. The Oasis comprises seven buildings situated on five individual parcels totaling 3.7 acres. The property features two swimming pools.