Florida

C. Talanian Realty Acquires Office Development in Boca Raton for $59.8M

by Camren Skelton June 16, 2017

BOCA RATON, FLA. — C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million. The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure. The property is currently 97 percent leased and is anchored by Newell Brands. HFF, led by Chris Drew, Herman Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

June 16, 2017

Florida Multifamily Southeast

Cushman & Wakefield Negotiates $50M Sale of Cottage Cove Apartments in Miami

by Camren Skelton June 16, 2017

MIAMI — Cushman & Wakefield has arranged the $50 million sale of Cottage Cove, a 468-unit apartment complex located at 10 N.E. 188th St. in Miami. Marlin Spring Realty Limited purchased the asset. Cushman & Wakefield’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of the seller, TM Real Estate Group. Cottage Cove features studio, one- and two-bedroom units. Property amenities include a newly renovated laundry building, a swimming pool and an on-site leasing office. The property was 97 percent occupied at the time of sale.

June 16, 2017

Florida Retail Southeast

DDR, Madison International Realty Close $1.05B Recapitalization of DDR Domestic Retail Fund I

by John Nelson June 15, 2017

BEACHWOOD, OHIO — Beachwood-based DDR Corp. and an affiliate of Madison International Realty have closed the $1.05 billion recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I. Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80 percent of the common equity of the joint venture and an affiliate of DDR retained 20 percent. The portfolio, totaling 7 million square feet, consists primarily of grocery-anchored shopping centers located predominantly in Florida and the Southeastern U.S., and was originally formed in 2007. Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I, including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan secured by the 52 assets. DDR will continue to provide leasing and management services.

June 15, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $52.5M Sale of Multifamily Community in Tampa Bay Area

by John Nelson June 14, 2017

WESLEY CHAPEL, FLA. — ARA Newmark has brokered the $52.5 million sale of Enclave at Wesley Chapel, a 312-unit apartment community in the Tampa Bay town of Wesley Chapel. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the seller, Chicago-based Sherman Residential, in the transaction. Denver-based Valhalla Holdings purchased the asset as part of a 1031 exchange. Matt Williams of NGKF Capital Markets secured a $28.9 million Freddie Mac loan on behalf of Valhalla Holdings. The seven-year features a fixed interest rate. Community amenities at Enclave at Wesley Chapel include a resort-style pool, fitness center, dog park and a business center.

June 14, 2017

Florida Multifamily Southeast

Inland Private Capital Sells Tampa Bay Apartment Community for $50.5M

by John Nelson June 13, 2017

BRADENTON, FLA. — Inland Private Capital Corp. has sold the 272-unit Lost Creek Resorts at Lakewood Ranch Apartments in the Tampa Bay area. Inland sold the asset through an asset management subsidiary via a 1031 investment program for $50.5 million. Located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, the nine-building property features 92 one-bedroom units, 124 two-bedroom units and 56 three-bedroom units. Built in 2012, the community was fully occupied as of May 31, 2017. The buyer was undisclosed.

June 13, 2017

Florida Mixed-Use South Carolina Southeast

Partnership to Develop Two Latitude Margaritaville Projects in Daytona Beach, Hilton Head

by John Nelson June 12, 2017

DAYTONA BEACH, FLA. AND HILTON HEAD, S.C. — A partnership between Sutton Properties, Margaritaville Holdings and Minto Communities plans to develop two Latitude Margaritaville projects in Daytona Beach and Hilton Head. Both developments will feature Margaritaville restaurants, an island-inspired food and beverage concept that launched in 1987 in Key West, Fla. The Daytona Beach community is currently under construction with 3,000 residences, and a future proposed expansion of up to 7,000 homes catering to residents 55 years and up. Sutton Properties is preleasing a total of 200,000 square feet of retail space at the entrance to Latitude Margaritaville on LPGA Blvd, just west of Interstate 95. The first phase will include a supermarket, along with retailers and restaurants. At the Hilton Head development, Margaritaville Holdings and Minto have broken ground on more than 3,000 homes on 2,739 acres. Sutton Properties acquired 72 acres for a three-phase, mixed-use development. Phase I will be located on Highway 278 at the community entrance located in Hardeeville, between I-95 and Hilton Head Island. Phase I will include a supermarket and other retail and restaurant tenants, and Phase II includes a hotel opportunity, followed by a mixed-use town center. The first homes at both developments …

June 12, 2017

Florida Multifamily Southeast Student Housing

Preiss Acquires Student Housing Community Near University of Florida

by John Nelson June 12, 2017

GAINESVILLE, FLA. — The Preiss Company has acquired Cabana Beach Gainesville, a 1,488-bed student housing community located near the University of Florida in Gainesville. The property offers fully furnished units with bed-to-bath parity. Community amenities include a swimming pool, sand volleyball court, computer lab and study rooms. The new ownership, which also recently purchased the Cabana Beach San Marcos student housing community near Texas State University, intends to begin renovations on both properties’ units and common areas. The terms of the transaction and the seller were undisclosed.

June 12, 2017

Florida Office South Carolina Southeast

CCP Commercial Real Estate Buys Two Office Buildings in Metro Greenville, Jacksonville for $39.2M

by John Nelson June 9, 2017

MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.

June 9, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.7M Financing for Apartment Community in Florida Panhandle

by John Nelson June 9, 2017

LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.

June 9, 2017

Florida Multifamily Southeast

Cushman & Wakefield Negotiates $26.8M Sale of Active Adult Multifamily Community in Palm Beach County

by John Nelson June 9, 2017

JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.

June 9, 2017

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