Florida

City Office REIT Begins Renovation of Park Tower in Downtown Tampa

by John Nelson June 9, 2017

TAMPA, FLA. — City Office REIT has begun the multimillion-dollar renovation of Park Tower, a 475,000-square-foot office building in downtown Tampa. The overhaul will include a new façade, upgraded entrance and facelift to the building’s amenities. Gensler is the designer for the renovations, which will include a new lobby café with seating, tenant lounge on the sixth floor, new fitness center with yoga room and bike stations, shared tenant conference room, new concierge desk and renovated parking garage with LED lighting. City Office REIT expects to wrap up the renovations in the first quarter of 2018. The REIT purchased Park Tower in November 2016 in a joint venture with Feldman Equities LLC and Tower Realty Partners for $79.8 million.

June 9, 2017

Florida Multifamily Southeast

Rockefeller Group, Stiles Sell Apartment Tower in Downtown Fort Lauderdale for $133.6M

by John Nelson June 8, 2017

FORT LAUDERDALE, FLA. — A joint venture between Rockefeller Group and Stiles has sold Amaray Las Olas, a newly built, 30-story apartment tower located at 215 S.E. 8th Ave. in downtown Fort Lauderdale. An entity known as Amaray Las Olas by Windsor, which is managed by Boston-based GID Investment Advisers, purchased the asset for $133.6 million, according to the South Florida Business Journal. The outlet also reported that TH Real Estate, the real estate investment arm of TIAA, provided a $65 million loan to the buyer. Rockefeller and Stiles completed the 254-unit tower in 2016, marking the first joint venture project between the two firms. The property comprises studio, one-, two- and three-bedroom residences with balconies and high-quality finishes. Community amenities include an elevated pool surrounded by private cabanas, an entertainment pavilion and deck, fitness center, saunas and massage/treatment room, clubroom, beverage lounge, conference and business center, bike storage, outdoor lanai with fire pit, dog spa and a park. Robert Given, Zach Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield placed the debt for the buyer.

June 8, 2017

Florida Industrial Southeast

Amazon to Open Tenth Florida Fulfillment Center in Miami

by John Nelson June 8, 2017

MIAMI — Amazon plans to expand its Florida presence with a new 800,000-square-foot fulfillment center in Miami. Situated within Carrie Meek International Business Park, a speculative industrial development at the Miami-Opa Locka Executive Airport, the project will be Amazon’s 10th facility in Florida. Foundry Commercial and Clarion Partners executed the lease with Amazon, which expects to employ more than 1,000 workers at the new facility. Carrie Meek International Business Park is a public-private partnership between the Carrie Meek Foundation, Foundry Commercial and Miami Mayor Carlos Gimenez’s office. 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 7,500.

June 8, 2017

Florida Multifamily Southeast

Development Partnership Sells Apartment Community in West Miami for $61M

by John Nelson June 8, 2017

WEST MIAMI, FLA. — A partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group has sold Soleste Club Prado, a 196-unit apartment community located at 950 Red Road in West Miami. Grand Peaks purchased the property for $61 million. The development partnership recently delivered the asset, which comprises one-, two- and three-bedroom units commanding rental rates from $1,680 to $3,475 per month. Community amenities include a pool with spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and a parking garage. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction.

June 8, 2017

Florida Retail Southeast

CREC, Lubert Adler Sell 115,000 SF Shopping Center in Broward County for $48M

by John Nelson June 7, 2017

CORAL SPRINGS, FLA. — A joint venture between CREC and Lubert Adler, known as CPAC Royal University LLC, has sold Royal University Plaza in Broward County for $48 million. Located at 2556 N. University Drive in Coral Springs, the shopping center’s tenant roster includes Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club. The CREC-Lubert Adler partnership purchased the asset in February 2015 for $26 million and improved the shopping center’s occupancy rate from 45 percent to 97 percent. During its ownership, the joint venture executed a 25,000-square-foot lease with Total Wine & More and a 37,000-square-foot lease with Orchard Supply Hardware.

June 7, 2017

Florida Hospitality Southeast

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

by John Nelson June 6, 2017

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.

June 6, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Arranges $11M Loan for Mixed-Use Building in Miami

by John Nelson June 6, 2017

MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.

June 6, 2017

Florida Industrial Southeast

Bluescope Breaks Ground on 441,117 SF Industrial Park Near Orlando

by John Nelson June 5, 2017

OCOEE, FLA. — Bluescope Buildings North America Inc. has broken ground on two industrial buildings within The Park @ 429 spanning 441,117 square feet. The industrial park is situated in Ocoee, roughly 12 miles west of Orlando. The two rear-load buildings feature 30- and 32-foot clear heights, dock doors, drive in doors, truck courts and ESFR sprinkler systems. The park has immediate access to the Western Beltway, Florida’s Turnpike, the East-West Expressway and State Route 50. Cite Partners is marketing The Park @ 429 on behalf of the owner, The 429 LLC, according to the Orlando Business Journal.

June 5, 2017

Florida Multifamily Southeast

Truamerica, Investcorp Purchase Orlando Multifamily Portfolio for $98M

by John Nelson June 2, 2017

ORLANDO, FLA. — A joint venture between Truamerica Multifamily and Investcorp has purchased a two-property multifamily portfolio totaling 708 units in Orlando for $98 million. The communities include the 360-unit Montevista at Windermere and the 348-unit Highpoint Club. Each community features a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The joint venture plans to launch a value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves. Other improvements will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors. Richard Jordan of CBRE’s Atlanta office arranged a seven-year, floating-rate, agency loan on behalf of the joint venture. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction.

June 2, 2017

Florida Multifamily Southeast

Robbins Electra Acquires Multifamily Community in South Florida for $61.2M

by John Nelson June 2, 2017

MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.

June 2, 2017

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