Florida

Amazon to Open 850,000 SF Fulfillment Center in Orlando’s Lake Nona Development

by Camren Skelton July 10, 2017

ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.

July 10, 2017

Florida Loans Mixed-Use Southeast

Terra Secures $32M Construction Loan for Mixed-Use Development in Miami

by Camren Skelton July 10, 2017

MIAMI — Miami-based development firm Terra, in partnership with Mayfair Real Estate Advisors, has secured a $32 million construction loan from BB&T Bank for the development of Mary Street, a Class A office and retail complex in Miami’s Coconut Grove neighborhood. Designed by Touzet Studio, the project will transform a parking garage into 78,000 square feet of office space with 18,000 square feet of ground-level retail space. The building will feature 24-hour security, above ground public and office parking, electric car charging stations, bicycle stations and bicycle storage. Construction is expected to begin next month, with completion slated for late 2018.

July 10, 2017

Florida Retail Southeast

American Commercial Realty Acquires Shops at World Golf Village in St. Augustine

by Camren Skelton July 10, 2017

ST. AUGUSTINE, FLA. — American Commercial Realty Corp. (ACR) has acquired the Shops at World Golf Village, the retail component of World Golf Village in St. Augustine, located roughly 30 miles south of Jacksonville. The property, which includes five buildings totaling roughly 80,000 square feet, was occupied by two long-term tenants at the time of sale— Murray Brothers’ Caddy Shack Restaurant and the World Golf Foundation. The sales price was not disclosed. In addition to the commercial component acquired by ACR, World Golf Village is home to the World Golf Hall of Fame, a Renaissance Hotel, the St. Johns County Convention Center and the PGA of America’s national production center.

July 10, 2017

Florida Mixed-Use Southeast

CBRE Global Investors, Universal-Investment Purchase Mixed-Use Property in Miami Beach for $283M

by Camren Skelton July 7, 2017

MIAMI BEACH, FLA. — CBRE Global Investors and German investment company Universal-Investment have purchased 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The sales price was not disclosed, but the South Florida Business Journal reports BVK paid $283 million for the asset. Designed by Herzog & de Meuron Architects, 1111 Lincoln includes 94,488 square feet of office space, 51,839 square feet of retail space and a 300-space parking garage and event space. The property was fully leased at the time of sale to tenants including Viacom International, public relations firm JeffreyGroup and Rosa Mexicano South Beach restaurant.

July 7, 2017

Florida Industrial Southeast

Fifteen Group Sells Industrial Property in Downtown Miami for $37.3M

by Camren Skelton July 7, 2017

MIAMI — Fifteen Group has sold 200 South Miami Avenue, a 110,000-square-foot logistics facility in downtown Miami, for $37.3 million. The sales price was nearly double what the Miami-based investment firm paid in July 2014, when it purchased the asset for $19 million. The building is net-leased to FedEx until 2029 with a five-year renewal option, according to The Real Deal.

July 7, 2017

Florida Multifamily Southeast

Berkshire Group Acquires Multifamily Property in Miami for $100M

by Camren Skelton July 6, 2017

MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.

July 6, 2017

Florida Multifamily Southeast

TruAmerica Multifamily Acquires Apartment Community in South Florida for $49M

by Camren Skelton July 6, 2017

BOYNTON BEACH, FLA. — TruAmerica Multifamily has purchased Ashley Lake Park, a 300-unit apartment community located in Boynton Beach, for $49 million. Richard Donnellan, Marc de Baptiste, Hampton Beebe and Avery Klann of ARA Newmark marketed the property on behalf of the seller, a joint venture between Robbins Electra and LEM Capital. Berkeley Point Capital’s Mitch Clarfield arranged financing for the acquisition through Freddie Mac’s Green Rewards program. Ashley Lake Park includes a mix of one-, two- and three-bedroom units and features a clubhouse, fitness center, internet café, two pools, dog park and picnic areas. TruAmerica’s renovation plans include updated interiors, upgraded appliances and improvements to the pool, clubhouse and fitness center.

July 6, 2017

Florida Retail Southeast

Avison Young Brokers $20M Sale of Retail Center in Daytona Beach

by Camren Skelton July 6, 2017

DAYTONA BEACH, FLA. — Avison Young has brokered the $20 million sale of Volusia Marketplace, a 131,361-square-foot shopping center located at 2400 W. International Speedway Blvd. in Daytona Beach, across from the Daytona International Speedway. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young arranged the sale to Festival Properties Inc. on behalf of the undisclosed seller. Volusia Marketplace’s tenant roster includes Big Lots, Cost Plus World Market, T-Mobile, Panera Bread, Chipotle Mexican Grill, Ashley Furniture HomeStore, Jo-Ann Stores and Batteries + Bulbs. The property was 100 percent occupied at the time of sale.

July 6, 2017

Florida Retail Southeast

Franklin Street Arranges $23.4M Sale of Shopping Center in Central Florida

by Camren Skelton July 5, 2017

DAVENPORT, FLA. — Franklin Street has brokered the $23.4 million sale of Ovation Town Center, a 96,750-square-foot, Publix-anchored shopping center located at 7800 Lake Wilson Road in Davenport, roughly 35 miles south of Orlando. Publix Super Markets purchased the property. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Armstrong Development, in the transaction. McDonald’s, Wells Fargo, Tropical Smoothie and Anytime Fitness round out the shopping center’s tenant roster.

July 5, 2017

Florida Loans Multifamily Southeast

KeyBank Secures $19.7M Acquisition Loan for Multifamily Asset in Pensacola

by Camren Skelton June 30, 2017

PENSACOLA, FLA. — KeyBank Real Estate Capital has closed a $19.7 million adjustable-rate loan for Marcus Pointe Grande Apartment Homes, a 248-unit multifamily property located in Pensacola. Timothy Weldon of KeyBank arranged the 10-year financing through Fannie Mae with a two-year interest-only period and a 30-year amortization schedule. The borrower was not disclosed. Marcus Pointe Grande features a fitness center, swimming pool, heated spa and clubhouse.

June 30, 2017

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