Florida

The Praedium Group Acquires 300-Unit Multifamily Community in Jacksonville for $57M

by Katie Sloan August 8, 2017

JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills. The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed. The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average. “Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.” The Praedium Group is a privately …

August 8, 2017

Florida Market Reports Office Southeast Southeast Market Reports

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

by John Nelson August 7, 2017

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: • Steady, modest growth in office rents • Declining available office supply • New transit-oriented mixed-use developments that include office space in both Miami’s downtown urban core and other connected walkable neighborhoods such as Coconut Grove, Coral Gables and Wynwood • Tenants adopting new office design standards • Increased moves between submarkets and new-to-market companies positively impacting net absorption Office demand will continue to be fueled by vibrant population growth of young professionals and Miami’s appeal as a growing, global and entrepreneurial city. Miami-Dade County’s population has grown 8 percent in the past five years, making it the seventh-largest county in the United States. In 2016, more than 20,000 jobs were added in the county, predominately in the construction, real estate, professional services and financial services industries. This economic growth has fueled expansion activity in the office market and should hold steady in 2017. Miami’s focus on cultivating innovation and entrepreneurship has also positively impacted the office market. In …

August 7, 2017

Florida Hospitality Mixed-Use Southeast

Joint Venture Breaks Ground on 140-Room Hotel Indigo at Gainesville’s Celebration Pointe

by Camren Skelton August 4, 2017

GAINESVILLE, FLA. — Peachtree Hotel Group (PHG), in a joint venture with Celebration Pointe Holdings (CPH), has broken ground on a 140-room Hotel Indigo in Gainesville. Situated between S.W. 49th and S.W. 50th Terraces, the six-story hotel will be one of the anchor tenants of Celebration Pointe, a 150-acre mixed-use development, located along Interstate 75 and Archer Road. Hotel Indigo Gainesville will feature a neighborhood bar with seasonal and locally sourced food. Atlanta-based PHG will operate the property, which is slated to open in August 2018. In addition to the hotel, Celebration Pointe will feature 300,000 square feet of Class A office space; 400,000 square feet of retail, restaurants and entertainment, including Bass Pro Shops and a Regal RPX theater; and approximately 900 residential units.

August 4, 2017

Florida Healthcare Loans Southeast

Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach

by Camren Skelton August 4, 2017

JUPITER, FLA. — Berkadia has arranged a $31 million bridge loan for Jupiter Medical & Technology Park, a 186,000-square-foot medical office building and research facility located at 1701 Military Trail in Jupiter, roughly 20 miles north of West Palm Beach. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan on behalf of the borrower, Biscayne Atlantic, through Silverpeak Argentic. Constructed in 1990, Jupiter Medical & Technology Park houses tenants including Florida Turbine Technologies and Jupiter Medical Center.

August 4, 2017

Florida Multifamily Southeast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton August 3, 2017

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

August 3, 2017

Florida Industrial Southeast

Duke Realty to Develop New 170,428 SF Warehouse for PODS in Orlando

by Camren Skelton August 1, 2017

ORLANDO, FLA. — Duke Realty has unveiled plans to develop a 170,428-square-foot, build-to-suit warehouse for PODS Enterprises LLC at 7133 Municipal Drive in Orlando. PODS, a residential and commercial mover and portable storage container provider, will consolidate its operations from two other Orlando-area warehouses and expand by approximately 72,000 square feet. Alex Beacham of Cushman & Wakefield represented PODS in the transaction, and Tim Perry of Duke Realty represented the company internally. The new warehouse will be situated on a 12.5-acre site, roughly one mile from Interstate 4.

August 1, 2017

Florida Multifamily Southeast

Dominium Acquires 240-Unit Multifamily Community in Orlando

by Camren Skelton August 1, 2017

ORLANDO, FLA. — Dominium has purchased Lake Weston Point Apartments, a 240-unit multifamily community in Orlando. Constructed in 1999, the affordable housing community is located near Nassau Bay Apartments, another property owned by Dominium. The Minneapolis-based company has unveiled plans for renovations to the Lake Weston Point, including updates to the clubhouse, fitness room, swimming pool, playground equipment and sports court. Improvements to security equipment, exterior lighting, landscaping, roofing and sidewalks will also be made on an as-needed basis. The sales price and seller were not disclosed.

August 1, 2017

Florida Retail Southeast

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Miami Retail Market Faces Obstacles from E-Commerce, Declining Foreign Tourism

by John Nelson July 31, 2017

There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts to adapt to the new online reality. The American dollar is still very strong against Latin American and most foreign currency. This has created a downward spiral for hotel occupancy and retail sales in South Florida’s tourist driven areas such as South Beach and Lincoln Road. Miami-Dade County hotel occupancy was down 0.6 percent year-over-year to 83.5 percent in February/March 2017. This tourism decline has also created a shift in foreign investing. While large foreign investors are still active in the market, there has been a noticeable exit of smaller foreign investors. This has created an unusual twist in the South Florida market as now domestic (primarily from the Northeast) and Canadian investors are actively looking and purchasing retail opportunities given they …

July 31, 2017

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