Florida

HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood

by Camren Skelton June 13, 2018

MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.

June 13, 2018

Acquisitions Florida Office Southeast

HFF Arranges $23.7M Sale of Five-Story Office Building in South Florida

by Camren Skelton June 12, 2018

BOCA RATON, FLA. — HFF has arranged the $23.7 million sale of 900 Broken Sound Parkway, a 115,986-square-foot office building in Boca Raton. The property is located within The Park at Broken Sound, a 700-acre mixed-use community. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Cos. HFF also procured the buyer, a partnership between local investors and a national investment fund. Originally constructed in 1989, the five-story building was renovated in 2015 and was 79.4 percent leased at the time of sale to tenants including CSL Plasma and Geosyntec. NAI Merin Hunter Codman will manage the property and handle the building’s leasing assignment.

June 12, 2018

Florida Hospitality Loans Southeast

DSH Hotel Advisors Secures $4.8M Sale of Wyndham-Branded Hotel in Central Florida

by Camren Skelton June 12, 2018

KISSIMMEE, FLA. — DSH Hotel Advisors has arranged the $4.8 million sale of Baymont Inn & Suites by Wyndham, a 130-room hotel in the Central Florida town of Kissimmee. Dennis Hopper of DSH Hotel Advisors represented the seller, Maingate East Development Inc., in the transaction, and George Jimenez of Multifamily Real Estate Group Inc. represented the buyer, J.E. System Service Corp. The hotel features a business center, outdoor pool and complimentary breakfast.

June 12, 2018

Acquisitions Florida Industrial Southeast

HFF Negotiates $22.8M Sale of Leasehold Interest in Industrial Property Near Miami Airport

by Camren Skelton June 11, 2018

MIAMI — HFF has arranged the $22.8 million sale of the leasehold interest in a two-building, 211,852-square-foot industrial property located roughly one mile from Miami International Airport. Manuel de Zárraga, Tracey Goo and Luis Castillo of HFF arranged the transaction on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil. Safety, Income & Growth Inc., managed by iStar, will hold the fee-simple land position in its portfolio of ground leases. The property is triple-net-leased for 99 years to LSG Sky Chefs, a company owned by Deutsche Lufthansa AG that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport. The two-story buildings feature refrigerated areas, commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices. A land parcel used as a vehicle maintenance facility was also included in the sale.

June 11, 2018

Florida Market Reports Office Property Type Southeast Southeast Market Reports

Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals

by John Nelson June 11, 2018

Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment base are significant factors when analyzing the tightening office market. Miami-Dade County ended the first quarter with an overall office vacancy rate of 9.67 percent, a 106-basis point decline from the previous year. Also, net absorption was positive with suburban areas such as Airport/Doral, Coral Gables and South Gables/South Miami remaining primary contributors to the county’s growing office sector. The trend continued from 2017, as the year ended strong with nearly 1.5 million square feet of total net absorption countywide. As overall vacancy declines and rental rates rise, development in Miami-Dade remains active with 717,000 square feet under construction, 657,000 square feet of which is being developed within the top five most in-demand submarkets for corporate growth. Projects such as Two MiamiCentral, Giralda Place and Mary Street are redefining South Florida’s office landscape as mixed-use environments become more ubiquitous. Record-Low Vacancy …

June 11, 2018

Acquisitions Florida Multifamily Southeast Student Housing

Inland Subsidiary Sells 894-Bed Student Housing Property Near University of Central Florida

by Camren Skelton June 8, 2018

ORLANDO, FLA. — Orlando Student Housing DST, an entity related to Inland Real Estate Group of Cos. Inc., has sold the Retreat at Orlando, an 894-bed student housing property located roughly two miles southwest of the University of Central Florida (UCF) in Orlando. Inland Private Capital Corp. (IPC) facilitated the sale of the property on behalf of one of its 1031 investment programs. The name of the buyer and the sales price were not disclosed, but the Orlando Business Journal reports the company originally acquired the off-campus asset in 2015 for $72.5 million, or $80,376.94 per bed. Constructed in 2014 by Athens, Ga.-based Landmark Properties, the Retreat at Orlando includes 143 apartment buildings with a mix of two- to six-bedroom floor plans. Units feature private bathrooms, nine-foot ceilings, full-size washer and dryer units and a front porch or back patio. Community amenities include a resort-style, multi-tiered swimming pool with cabanas and hammocks, 24-hour fitness center, clubhouse with catering kitchen, computer lab, pool tables, golf simulator, sand volleyball court, tennis court, picnic area with barbecue grills and shuttle service to the UCF campus. At the time of sale, the community was 99.6 percent occupied.

June 8, 2018

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $18.4M Sale of Retail Center in West Palm Beach

by Camren Skelton June 8, 2018

WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $18.4 million sale of Okee Square, a 124,000-square-foot retail center located at 2021-2031 Okeechobee Blvd. in West Palm Beach. The center includes 103,690 square feet of inline retail space, two outparcels, a 16,010-square-foot Rooms To Go Kids and a 4,300-square-foot PDQ restaurant. Douglas Mandel, Barry Wolfe, Alan Lipsky and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership. Konover South procured the buyer, Myron Vogel.

June 8, 2018

Florida Loans Multifamily Southeast

Melo Group Receives $85M Construction Loan for Two-Tower Apartment Project in Downtown Miami

by Camren Skelton June 7, 2018

MIAMI — Melo Group has received an $85 million loan for the construction of Art Plaza Apartments, a 667-unit apartment community located at 58 N.E. 14th St. in downtown Miami. Construction is underway on the transit-oriented development, which is located one block from the Miami-Dade Metromover School Board Station. The community will include two 34-story towers with a mix of one- and two-bedroom apartments units, as well as 11,764 square feet of ground level retail and restaurant space. Community amenities will include a resort-style pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room for residents. Florentino Gonzales of Shutts & Bowen represented Melo Group in the loan transaction, and Elena Otero of Holland & Knight LLP represented Ocean Bank. Melo Group expects to wrap up construction on Art Plaza Apartments in mid-2019.

June 7, 2018

Florida Hospitality Loans Southeast

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Acquisitions Florida Hospitality Southeast

Tishman Acquires Three Orlando Hotels for $81M

by Camren Skelton June 6, 2018

ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.

June 6, 2018

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