Florida

Investcorp Acquires Six-Property Multifamily Portfolio in Florida, Arizona for $350M

by Katie Sloan September 26, 2017

ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …

September 26, 2017

Florida Southeast

CBRE: Florida Real Estate Withstands Hurricane Irma Due to Long-Term Preparation

by Camren Skelton September 26, 2017

ORLANDO, FLA. — Hurricane Irma made landfall in the Florida Keys on Sept. 10 as a Category 3 storm, and later that day made a second landfall at Marco Island on Florida’s west coast before barreling north through the state. Cities on both coasts experienced storm surges and high winds, but both short- and long-term preparations significantly minimized Irma’s impact on commercial properties, according to a recent report from CBRE. In the short term, evacuation plans, emergency fuel and power supply arrangements, as well as contingency plans, were critical preparedness factors. Roughly 6.3 million people were asked to evacuate in the days leading up to the storm. Long-term preparation including enhanced building codes and infrastructure readiness was critical to the state’s ability to both withstand damage and assess how quickly infrastructure and power losses could be restored. Except for the Florida Keys and certain parts of Jacksonville, flood and wind damage to retail properties was minimal. Approximately one-third of the 240 office buildings managed by CBRE’s Asset Services division were impacted by Irma, according to the report. Of those, the majority only experienced power loss, and less than 5 percent sustained water and wind damage. While retail and hotel properties …

September 26, 2017

Florida Market Reports Office Southeast Southeast Market Reports

Orlando’s Suburban Office Sector is Ready for its Time to Shine

by John Nelson September 25, 2017

The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though. Notable projects in the urban core include the University of Central Florida’s downtown campus at Creative Village for 10,000 students, the 650,000-square foot Orlando Magic mixed-use entertainment complex adjacent to the Amway Center, and the new $450 million second phase expansion to the Dr. Phillips Center for the Performing Arts. All of these new urban core projects are creating a true live-work-play dynamic in downtown Orlando. The suburban market is also seeing significant activity. For example, the Health & Wellness cluster at Lake Nona; the $3.1 billion redevelopment at Orlando International Airport; the $43 million improvement of the Orlando Sanford International Airport; and the $1 billion West Orange County mixed-use community all showcase that new investment is not centered in one part …

September 25, 2017

Florida Hospitality Loans Southeast

Axilla Capital Arranges $15.5M Loan for Hotel Near Orlando

by Camren Skelton September 22, 2017

KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.

September 22, 2017

Florida Industrial Southeast

TH Real Estate Buys Two Industrial Assets in Broward County for $54M

by Camren Skelton September 21, 2017

DAVIE AND TAMARAC, FLA. — TH Real Estate, an affiliate of Nuveen, has acquired two industrial properties in South Florida for $54 million. Principal Global Investors sold the properties, which include Pointe West in Davie and Westpoint in Tamarac. Constructed between 2001 and 2004, the warehouses were 93 percent leased at the time of sale to tenants including Daikin and Kapco Global.

September 21, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Regeneration of Retail Spurring New Development, Investment Activity in Orlando

by John Nelson September 20, 2017

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in the market, such as Luckys Market, Earth Fare, Orchard Supply, Ollie’s, 24 Hour Fitness and At Home. The activity is both resulting in and benefitting from exciting new developments and infrastructure improvements in the market. Development, Infrastructure Current development activity in Orlando is in direct response to considerable consumer demand, with many major retail projects recently completed or under construction. Lake Nona Landings, a 53-acre development in Tavistock’s master-planned Lake Nona community, opened in early 2017 with the area’s first Walmart Supercenter and Sam’s Club, and will serve as an anchor for the growing Narcoossee corridor south of State Road 417. Horizons West/Four Corners is a thriving residential area encompassing parts of western Orange and north Osceola counties where retail, restaurant and multifamily …

September 20, 2017

Florida Industrial Self-Storage Southeast

Jernigan Capital Invests $14.7M for Self-Storage Project in Miami

by Camren Skelton September 19, 2017

MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of 2018, with completion slated for the second quarter of 2019. Jernigan Capital and Self Storage Associates have co-invested in four other self-storage development projects.

September 19, 2017

Florida Retail Southeast

Marcus & Millichap Brokers $12.8M Sale of Retail Center Near Fort Lauderdale

by Camren Skelton September 19, 2017

DEERFIELD BEACH, FLA. — Marcus & Millichap has arranged the $12.8 million sale of the Shoppes of Hillsboro, a 61,465-square-foot retail center located at 2201-2265 W. Hillsboro Blvd. in Deerfield Beach, roughly 18 miles north of Fort Lauderdale. Douglas Mandel and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the sellers, BREF Hillsboro LLC, managed by Butters Construction and Development Partners, and Dhanya of Miami, managed by Sukrit Agrawal. The team also procured the buyer, a private investor based in Hallandale Beach, Fla. At the time of sale, the Shoppes of Hillsboro was leased to tenants including Bank United, Sage Dental, Optimum Bank and JByrd’s Muddy Waters.

September 19, 2017

Features Florida Industrial Southeast Top Stories

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

by John Nelson September 14, 2017

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida division. “We ended up having some Category 2 force winds, but we feel fortunate that the storm changed course.” Despite being out of Irma’s direct path, parts of Miami were flooded and most of the region experienced power outages, with many residences remaining without power as of this writing. Irma was the worst storm to hit South Florida since Hurricane Andrew in 1992, but the destruction caused by the storm 25 years ago was much worse, specifically for the industrial sector. “Hurricane Andrew was the worst this market experienced,” says Walter Byrd, senior managing director of Transwestern’s industrial team. “It blew through entire floors on projects in the southern part of Miami-Dade County.” Byrd says that the difference this go-around …

September 14, 2017

Florida Multifamily Southeast Student Housing

Arrimus Capital Acquires 264-Unit Student Housing Property Near Florida State University

by Camren Skelton September 12, 2017

TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with granite countertops, stainless steel appliances, wood plank flooring and in-unit washers and dryers. Community amenities include a clubhouse, two-story fitness center, business center, study lounges, swimming pool and an outdoor grilling station. The property qualifies as a certified green property through Fannie Mae’s Green Globes program. At the time of sale, the property was 99 percent occupied.

September 12, 2017

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