Florida

JLL Arranges 22,000 SF in Leases at Office Building in Fort Lauderdale

by John Nelson April 24, 2017

FORT LAUDERDALE, FLA. — JLL has arranged two lease deals totaling 22,000 square feet at Cypress Financial Center, a 198,528-square-foot, Class A office building located at 5900 N. Andrews Ave. in Fort Lauderdale. Long-time tenant TD Bank renewed its 16,675-square-foot lease, and Allied Integrated Marketing signed a new lease for 5,325 square feet on the eighth floor. Sandra Anderson of JLL represented the landlord, Steelbridge Capital, in both lease deals. Mathew Saker, John Jaspert and Caroline Barone of CBRE represented TD Bank, and Bob Orban and Tyler Wyant of Savills Studley represented Allied Integrated Marketing.

April 24, 2017

Florida Multifamily Southeast

Butler Enterprises to Develop Two Apartment Communities at Butler Town Center in Gainesville

by John Nelson April 21, 2017

GAINESVILLE, FLA. — Butler Enterprises plans to develop two apartment communities totaling more than 200 residences at Butler Town Center, an open-air lifestyle center in Gainesville. The properties, known as The Residences and The Terraces at Butler Town Center, will feature studio, one-, two- and three-bedroom residences, as well as a pool, hot tub, pet grooming station and a fitness and yoga studio. The Residences will be a six-story structure with five levels of apartments atop ground-level retail space, which will be home to Stengel Field Food Hall, the first food hall in north Florida. Scheduled to open in fall 2018, Butler Town Center will feature a Whole Foods Market, newly renovated 14-screen Regal Cinema theater and P.F. Chang’s, among other retail and restaurant tenants. Butler Town Center is one of three developments by Butler Enterprises at Interstate 75 and Archer Road, known collectively as the Neighborhoods of Butler.

April 21, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $94.7M in Acquisition Financing for Multifamily Community in North Miami

by John Nelson April 21, 2017

NORTH MIAMI, FLA. — Walker & Dunlop has arranged two loans totaling $94.7 million for the acquisition of Avesta Biscayne, a 402-unit multifamily community located in North Miami. Situated on 11 acres, the Class B property features two pools, a newly renovated fitness center, tennis court and a dog park. Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa office arranged the financing on behalf of the borrower, Avesta Communities. The financing included a six-month, $48.4 million, floating-rate bridge loan followed by a 10-year, $46.3 million, floating-rate loan through Freddie Mac’s Green Up program. Avesta Communities is planning major interior and exterior renovations at Avesta Biscayne for both maintenance and common area amenity upgrades.

April 21, 2017

Florida Office Southeast

Marcus & Millichap Brokers $10.2M Sale of Office Building in Tampa Bay Area

by John Nelson April 21, 2017

CLEARWATER, FLA. — Marcus & Millichap has brokered the $10.2 million sale of a 59,514-square-foot office building located at 15950 Bay Vista Drive in Clearwater, part of the Tampa Bay metro area. The office building serves at the corporate headquarters of Vology Inc., an IT service provider for healthcare, education and government clients. Douglas Mandel and Nicholas Hanson of Marcus & Millichap represented the seller, Ryan Cos., in the transaction. Mike James and Ryan Sobel of Marcus & Millichap’s Encino, Calif., office procured the 1031-exchange buyer.

April 21, 2017

Florida Loans Multifamily Southeast Top Stories

CMC Group Receives $236M Financing to Develop Luxury Condominium Tower in Miami

by Kristin Harlow April 21, 2017

MIAMI — CMC Group has received $236 million in financing for the development of Brickell Flatiron, a 549-unit luxury condominium tower in Miami’s Brickell financial district. The 64-story building will be located at 1001 S. Miami Ave., across from The Shops at Mary Brickell Village and near the Brickell City Centre mixed-use development. Upon completion in mid-2019, the project will be the tallest residential tower south of New York City, according to CMC. Amenities will include a rooftop deck with spa, fitness center and pool, private movie theater, meeting rooms, wine cellar and concierge service. Revuelta Architecture designed the property. Jim Dockerty of HFF arranged the loan on behalf of CMC Group. HFF secured a $138.3 million senior loan and a $98 million mezzanine loan, which will be used to complete the project and market the remaining units. Bank of the Ozarks provided the senior loan, while RFR provided the mezzanine loan. Sales to date at Brickell Flatiron are in excess of $300 million. Miami-based CMC Group is a real estate development company focused on luxury residential, commercial and retail properties. — Kristin Hiller

April 21, 2017

Florida Retail Southeast

Cushman & Wakefield Brokers $29.6M Sale of Publix-Anchored Center in Broward County

by John Nelson April 20, 2017

POMPANO BEACH, FLA. — Cushman & Wakefield has brokered the $29.6 million sale of Pompano Plaza, a 126,928-square-foot grocery-anchored shopping center located at 1405 S. Federal Highway in Pompano Beach. Echo Realty purchased the property from Pompano Plaza Ltd. Originally developed in 1973, the shopping center was redeveloped in 2006 when a portion of the original structure was demolished to make way for a new Publix store. Pompano Plaza was fully leased at the time of sale to tenants including Marshalls, Office Depot and Tuesday Morning. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield’s Miami office represented the seller in the transaction.

April 20, 2017

Florida Multifamily Southeast

Pollack Shores to Break Ground on Apartment Community in Central Florida

by John Nelson April 19, 2017

MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.

April 19, 2017

Florida Retail Southeast

Earth Fare Opens at RD Management’s Shady Oaks Shopping Center in North Florida

by John Nelson April 19, 2017

OCALA, FLA. — Earth Fare has opened its newest store today at Shady Oaks Shopping Center, a 260,419-square-foot retail center located at 2401-2499 S.W. 27th Ave. in Ocala. The Fletcher, N.C.-based organic grocer operates the 29,618-square-foot store, which features more than 4,000 non-GMO items and the Heirloom Organic Café, an organic salad bar, hot food bar and ready-to-go packaged meals. The Ocala store is the fifth Earth Fare in Florida and its 40th nationwide. RD Management recently wrapped up a $2.2 million renovation of the shopping center, which is situated on 25.5 acres.

April 19, 2017

Florida Retail Southeast

Konover South to Develop Grocery-Anchored Shopping Center in Orlando

by John Nelson April 18, 2017

ORLANDO, FLA. — Konover South LLC plans to build Landstar Marketplace, a 62,222-square-foot, grocery-anchored shopping center located at 13891 Landstar Blvd. in Orlando. Designed by architect Cuhaci & Peterson, the property will be anchored by a 43,865-square-foot Walmart Neighborhood Market. David Lipp of Atlantic Commercial Group represented Walmart Neighborhood Market in its long-term lease. Other project team members include civil engineer Kimley-Horn and general contractor R.A. Rogers Construction Co. Konover South purchased the 18-acre site from Rodolfo Stern and David Serviansky for $3.3 million. Steve DeWitt of Shorecrest Retail Partners represented the sellers in the transaction. Konover South plans to deliver the shopping center in the first quarter of 2018.

April 18, 2017

Florida Multifamily Southeast

Federal Capital Partners Buys Two Apartment Communities in Tampa for $21M

by John Nelson April 17, 2017

TAMPA, FLA. — Federal Capital Partners has purchased two apartment communities in Tampa totaling 293 units for a combined $21 million. The properties include Poplar Park Terrace, a 165-unit community at 4111 N. Poplar Ave. that will soon be rebranded as The Flats at Seminole Heights, and Fernwood Grove, a 128-unit property located at 4900 N. MacDill Ave. Jason Stanton of Berkadia’s Tampa office represented the undisclosed seller in the transaction.

April 17, 2017

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