Florida

Sembler, Forge Capital Purchase 185,000 SF Publix-Anchored Shopping Center in Gainesville

by Camren Skelton February 1, 2018

GAINESVILLE, FLA. — The Sembler Co., in partnership with Forge Capital Partners, has acquired Gainesville Shopping Center, a 185,000-square-foot retail center located at the northwest corner of North Main Street and N.W. 10th Avenue in Gainesville. The companies acquired the asset through their investment fund, Forge Real Estate Partners III (FREP). Other terms of the deal were not disclosed. At the time of sale, Gainesville Shopping Center was 91 percent leased to tenants including Publix, Beauty Max and Family Dollar. The Sembler Co. will manage the property and handle the center’s leasing assignment.

February 1, 2018

Florida Multifamily Southeast

Marcus & Millichap Brokers $30M Sale of Multifamily Community in Tampa Bay Area

by Camren Skelton January 31, 2018

BRANDON, FLA. — Marcus & Millichap has arranged the $30 million sale of Lakeside Apartment Homes, a 228-unit apartment community in the Tampa Bay suburb of Brandon. Ned Roberts, Nicholas Meoli and Michael Donaldson of Marcus & Millichap represented the seller and procured the buyer, both of which are Florida-based limited-liability companies. The new owner will upgrade the property’s common areas and unit interiors. Constructed in 1985, Lakeside Apartment Homes is located directly across from Brandon Regional Hospital. Community amenities include a swimming pool, sports courts, car-care center, storage units and a lakeside gazebo.

January 31, 2018

Florida Loans Office Southeast

NorthMarq Arranges $25M Sale of, Acquisition Financing for Office Building in Melbourne, Florida

by Camren Skelton January 31, 2018

MELBOURNE, FLA. — NorthMarq Capital has arranged the $25 million sale of a 191,500-square-foot office building located at 1990 NASA Blvd. in Melbourne. The building is home to General Electric Co. Dallas-based Reserve Cap Partners acquired the asset from an undisclosed seller, and Will James of NorthMarq brokered the sale. In addition, NorthMarq arranged a 10-year, CMBS acquisition loan on behalf of Reserve Cap Partners.

January 31, 2018

Florida Office Southeast

Cushman & Wakefield Brokers $20.3M Sale of Office Park in Tampa

by Camren Skelton January 30, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $20.3 million sale of Bay West, a 195,558-square-foot office park located at 5660 to 5840 W. Cypress St. in Tampa’s Westshore district. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based Equus Capital Partners Ltd. Greenville, S.C.-based RealOP Investments acquired the asset. Bay West includes eight office buildings, constructed between 1983 and 1985. At the time of sale, the office park was 95 percent leased to tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Paula Buffa and Lauren Coup of Cushman & Wakefield have been retained to handle the property’s leasing assignment.

January 30, 2018

Florida Loans Retail Self-Storage Southeast

HFF Secures $14.2M Loan for Retail, Self-Storage Property in South Florida

by Camren Skelton January 29, 2018

PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.

January 29, 2018

Florida Market Reports Retail Southeast Southeast Market Reports

Seller’s Market for Jacksonville Retail Creates Opportunities for Investors

by John Nelson January 29, 2018

The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors. What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable land still available. The rate of employment in Jacksonville is growing at double the national average. In addition, the city continues to attract back-office facilities for major banks and for Amazon, and its seaport is busier than ever. Housing also continues to boom in areas like Northern St. Johns County. According to third-quarter 2017 analyst reports, Jacksonville’s retail vacancy rate went down slightly from 4.6 percent in the previous quarter to 4.5 percent, or 93.5 million total square feet. Absorption totaled 710,101 square feet through the first three quarters of 2017, with about 590,000 square feet ready for occupancy or delivered, and 700,109 square feet under construction. Retail Tenant Shift Nationally, we saw stalled volume of sales during the downturn along with declining …

January 29, 2018

Florida Retail Southeast

Nike Factory Store to Open at Celebration Pointe in Gainesville

by Camren Skelton January 26, 2018

GAINESVILLE, FLA. — Representatives of Celebration Pointe have inked a new lease with Nike Factory Store. Celebration Pointe Holdings LLC — a partnership between RaCo Real Estate LLC and Viking Cos. — is leading the 160-acre mixed-use development, located at I-75 and Archer Road in Gainesville. At full build-out, Celebration Pointe will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues. Nike will join Bass Pro Shops, which opened in 2016, as an anchor tenant at the development. A 10-screen Regal RPX theater will open at Celebration Pointe this spring, and a 140-room Hotel Indigo will open in the summer.

January 26, 2018

Florida Retail Southeast

HFF Arranges $38.3M Sale of Bed Bath & Beyond-Anchored Center in South Florida

by Camren Skelton January 25, 2018

DORAL, FLA. — HFF has arranged the sale of Bed Bath & Beyond Plaza, a 97,456-square-foot shopping center in Doral, a city in South Florida’s Miami-Dade County. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, Retail Properties of America Inc. A joint venture between Schmier Property Group and Independencia Asset Management acquired the center. The sales price was not disclosed, but the South Florida Business Journal reports the property sold for $38.3 million. Nat Scarmazzi of HFF arranged a 10-year, fixed-rate loan through Goldman Sachs Mortgage Co. on behalf of the new owners. At the time of sale, Bed Bath & Beyond Plaza was fully leased to tenants including Bed Bath & Beyond, Office Depot, Petco, Party City, Pier 1 Imports, Moe’s Southwest Grill, Doral Dental Partners and Starbucks Coffee.

January 25, 2018

Florida Office Southeast

TerraCap Sells 260,900 SF Office Building in Tallahassee to CoreCivic

by Camren Skelton January 25, 2018

TALLAHASSEE, FLA. — TerraCap Management LLC has sold Capital Commerce Center, a 260,900-square-foot office building located at 2601 Blair Stone Road in Tallahassee. Nashville-based CoreCivic, a publicly traded REIT, acquired the asset for an undisclosed price. Joe Rossi and Bob Cottle of Colliers International arranged the transaction on behalf of TerraCap, which originally acquired the property, then vacant, in 2013. At the time of sale, Capital Commerce Center was 98 percent leased to tenants including the Florida Department of Business and Professional Regulation (DBPR), the Florida Department of Agriculture, CareerSource and TEKSystems. Constructed in 1990, the building underwent renovations during TerraCap’s ownership, with tenant improvements for DBPR continuing into this year. The property comprises three interconnected buildings, including a parking garage attached to the building by a covered walkway. In addition, the property is situated approximately two miles from the Florida State Capitol and three miles from Florida State University.

January 25, 2018

Florida Loans Office Southeast

Ready Capital Closes $6.4M Acquisition Loan for Office Building in Palm Beach County

by Camren Skelton January 24, 2018

BOYNTON BEACH, FLA. — Ready Capital Structured Finance has arranged a $6.4 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot office building located at 3301 Quantum Blvd. in Boynton Beach, a city in Palm Beach County. Ready Capital arranged the three-year, floating-rate loan with two extension options and flexible prepayment on behalf of the undisclosed borrower. Planned renovations include landscaping upgrades, HVAC replacement, parking lot repairs, common area modernization and roof replacement, followed by a re-tenanting of the property at market rental rates.

January 24, 2018

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