Florida

Related Group Acquires Interest in Wynwood 25 Project in Miami from East End Capital

by John Nelson May 12, 2017

MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.

May 12, 2017

Florida Multifamily Southeast

Wood Partners Sells New Apartment Community in Metro Tampa for $52.9M

by John Nelson May 11, 2017

LAND O’LAKES, FLA. — Wood Partners has sold Alta at Terra Bella, a 311-unit multifamily community located at 23700 Viento Drive in Land O’Lakes, about 19 miles north of Tampa. Northland Investment Corp. purchased the Class A asset from Wood Partners for nearly $52.9 million. Matt Mitchell, Brett Moss and Zach Nolan of HFF represented Wood Partners in the transaction. Built in 2016, Alta at Terra Bella features a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge; game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and dog park; and breezeway-access garages. The community’s one-, two- and three-bedroom units average 1,091 square feet.

May 11, 2017

Florida Loans Southeast

KeyBank Secures $52M CMBS Loan for Self-Storage Portfolio in Florida

by John Nelson May 10, 2017

CLEVELAND — KeyBank Real Estate Capital has arranged a $52 million CMBS loan for a five-property self-storage portfolio in Florida. Built between 1979 and 2001, the portfolio, known as SST II Self Storage Portfolio, spans 586,849 square feet and 3,916 units. Randy Martin of KeyBank arranged the non-recourse, 10-year refinancing with a five-year interest-only period and a 30-year amortization schedule.

May 10, 2017

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $11.9M Loan for Office Building in Fort Lauderdale

by John Nelson May 9, 2017

FORT LAUDERDALE, FLA. — Ready Capital Structured Finance has closed an $11.9 million acquisition loan for Courthouse Place, a 66,260-square-foot, eight-story office building located at 12 S.E. 7th St. in Fort Lauderdale’s central business district. Built in 2007 near the 20-story Broward County Courthouse, the office building features three stories of office space atop a five-story parking garage. The asset was 88 percent leased at the time of financing to tenants such as Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Jason Hochman of Cushman & Wakefield arranged the fixed-rate, three-year loan through Ready Capital Structured Finance. HRE/SEFIREA Courthouse Place LLC purchased the office building from an affiliate of West Palm Beach, Fla.-based Morning Calm Management LLC known as Courthouse Place Building Owner LLC for $13.7 million. Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring of Cushman & Wakefield represented the seller in the transaction.

May 9, 2017

Florida Office Southeast

JLL Arranges Office Relocation in Miami’s Brickell District for Banco do Brasil Americas

by John Nelson May 9, 2017

MIAMI — JLL has arranged a 17,000-square-foot lease on behalf of Banco do Brasil Americas, the U.S. branch of the Brasilia, Brazil-based bank, for its new corporate headquarters at 1221 Brickell Ave. in Miami’s Brickell district. The bank has leased the entire 22nd floor for its relocation from One Biscayne Tower in downtown Miami. Gavin Macphail and Randy Carballo of JLL represented Banco do Brasil Americas in the lease negotiations.

May 9, 2017

Florida Multifamily Southeast

Eden Multifamily Breaks Ground on $87M Apartment Community in North Miami Beach

by John Nelson May 5, 2017

NORTH MIAMI BEACH, FLA. — Eden Multifamily has broken ground on NOMA North Miami Beach, an $87 million apartment community located at 2145 N.E. 164th St. in North Miami Beach. The 354-unit property will be situated on a 2.6-acre site near Biscayne Boulevard, Laurenzo’s Italian Market, Snake Creek Canal and the City of North Miami Beach greenway. The eight-story project is a joint venture between Eden Multifamily and Florida Value Partners. The joint venture will finance the development with debt from JPMorgan Chase and preferred equity from Related Real Estate Debt Strategies LLC. NOMA North Miami Beach will feature studio, one-, two- and three-bedroom units, as well as an inner courtyard pool, community rooms, fitness center, cyber café, gathering areas and fiber-connected Wi-Fi throughout the community. NOMA will also include seven adjacent two- and three-bedroom townhomes along the greenway and commercial space along N.E. 164th Street. The project is the first component of a mixed-use development that will serve as the new urban town center for the eastern part of North Miami Beach. The design team includes general contractor Coastal Construction, architect MSA Architects, landscape architect Bruce Howard Associates and interior designer IDDI Design International. Eden Multifamily expects to deliver …

May 5, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $82.4M Sale of Multifamily Community in Metro Tampa

by John Nelson May 5, 2017

PALM HARBOR, FLA. — ARA Newmark has brokered the $82.4 million sale of Lansbrook Village, a 774-unit apartment community located in the Tampa suburb of Palm Harbor. The property features 152 individually owned units that weren’t part of the transaction. Pritzker Realty Group developed Lansbrook Village in three phases — Windsor in 1998, Cambridge in 2002 and Hampton in 2004. The development’s amenities include three swimming pools, two expansive clubhouses and gathering areas, a fitness center, business center, three new outdoor kitchens, two tennis courts, volleyball court, pet playground and a car-care station. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, in the transaction, which involved a loan assumption. Carroll Organization decided to buy back into the acquisition by replacing Bluerock as the equity. The company will continue to pursue buying Lansbrook Village’s individually owned units.

May 5, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Southwest Florida for $53.5M

by John Nelson May 4, 2017

ESTERO, FLA. — Passco Cos. has purchased Springs at Estero, a 260-unit, Class A apartment community located at 11221 Everblades Parkway in Estero, a town in southwest Florida near Fort Myers. Passco acquired the newly built property from Continental Properties for $53.5 million with plans to rebrand the community as Longitude 81. Built in 2016, the property features a 24-hour fitness center, resort-style swimming pool with a sundeck and poolside summer kitchen and a community clubhouse featuring Wi-Fi, coffee bar, fireplace and a catering kitchen. James May of JBM Institutional Multifamily Advisors represented the seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco.

May 4, 2017

Florida Retail Southeast

Crossman Adds Toys “R” Us to Tenant Lineup at The LOOP in Central Florida

by John Nelson May 3, 2017

KISSIMMEE, FLA. — Crossman & Co. has added Toys “R” Us at The LOOP, an open-air shopping destination located at 3208 N. John Young Parkway in Kissimmee. Toys “R” Us will join The LOOP’s existing tenants including Kohl’s, Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Old Navy, CVS/pharmacy, Famous Footwear, LensCrafters, T-Mobile, Kay Jewelers, Chili’s Bar & Grill, Chick-fil-A, Noodles & Co., Ben & Jerry’s, Chipotle Mexican Grill and Regal Stadium 16. Katherine Rush of Crossman & Co. represented the landlord in the lease transaction, and Steve Friedman of Strategic Retail Advisors represented Toys “R” Us. The new lease brings The LOOP’s occupancy rate to 96 percent. Toy “R” Us operates 879 Toys “R” Us and Babies “R” Us stores in the United States, Puerto Rico and Guam, as well as 810 international stores and 255 licensed stores in 37 countries and jurisdictions.

May 3, 2017

Florida Multifamily Southeast

Marcus & Millichap Secures $24M Sale of Multifamily Community in Central Florida

by John Nelson May 2, 2017

WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.

May 2, 2017

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