Florida

Passco Acquires Apartment Community in Florida’s Space Coast for $53.5M

by John Nelson May 19, 2017

WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

May 19, 2017

Florida Office Southeast

DRA Advisors Sells Office Portfolio in Metro Orlando to Brookdale Group for $130M

by John Nelson May 18, 2017

LAKE MARY, FLA. — A fund advised by DRA Advisors LLC has sold Colonial Center at TownPark, a four-building, 662,320-square-foot office portfolio located at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. An affiliate of Atlanta-based Brookdale Group purchased the metro Orlando complex. The sales price was undisclosed, but the South Florida Business Journal reports the portfolio sold for over $130 million. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. The portfolio was 96.9 percent leased at the time of sale to tenants such as Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.

May 18, 2017

Florida Healthcare Southeast

Cleveland Clinic, Rendina Break Ground on $32M Medical Office Building in Broward County

by John Nelson May 18, 2017

CORAL SPRINGS, FLA. — A joint venture between Cleveland Clinic and Rendina Healthcare Real Estate has broken ground on Family Health Center, a $32 million medical office building located at the intersection of University Drive and Sawgrass Expressway in Coral Springs, a town in South Florida’s Broward County. Situated on 5.3 acres, the three-story property will span 72,000 square feet and feature clinical space, diagnostic imaging and an ambulatory surgery center. Cleveland Clinic will fully occupy Family Health Center, which is expected to open in 2018.

May 18, 2017

Florida Restaurant Retail Southeast Top Stories

Whitman Family Development Wins Approval for $400M Enhancement Plan of Bal Harbour Shops

by John Nelson May 18, 2017

BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald. Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.) Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center. “We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which …

May 18, 2017

Florida Multifamily Southeast

Franklin Street Brokers $22M Sale of Apartment Community in Orlando

by John Nelson May 17, 2017

ORLANDO, FLA. — Franklin Street has brokered the $22 million sale of 195 units at Grand Reserve at Kirkman Parke, a 390-unit multifamily community located at 3301 S. Kirkman Road in Orlando. The gated property is a “fractured” condominium community, with half of the units for-sale. Built in 2000 on 22 acres, the property features one- to four-bedroom layouts with resort-style amenities including a pool, clubhouse, heated spa, movie room, fitness center and a business center. ESG Equities purchased the units from Miami-based Argenpart LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street’s Tampa office represented the buyer in the transaction.

May 17, 2017

Florida Retail Southeast

SVN | South Commercial Arranges $7.6M Sale of Retail Center in South Florida

by John Nelson May 17, 2017

SINGER ISLAND, FLA. — SVN | South Commercial Real Estate Advisors has brokered the $7.6 million sale of Ocean Mall, an approximately 67,000-square-foot retail center located at 2401 N. Ocean Drive on Singer Island in South Florida’s Palm Beach County. Built in 2010, the center was 53 percent leased at the time of sale. The buyer is Boca Raton, Fla.-based Rosehill Group, a joint platform between Duncan Hillsley Capital and PEBB Capital. Mark King of SVN | South Commercial Real Estate Advisors represented the seller, New York-based Garrison Investment Group.

May 17, 2017

Florida Mixed-Use Multifamily Southeast

Lojeta Group Unveils Plans for $70M Multifamily Community, $10M Renovation of Weston Hills Country Club

by John Nelson May 16, 2017

WESTON, FLA. — Weston Hills Resort Group LLC, an affiliate of Hollywood, Fla.-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club in Weston. The organization has submitted an application to develop a $70 million apartment community at the resort called the Lodge at Weston Hills. The five-story, 274-unit property would comprise all one- and two-bedroom residences. The City of Weston will review the development team’s application and site plan in the coming months. Weston Hills Resort Group LLC also has a contract to purchase the club and invest more than $10 million in improvements, including upgrades to the resort’s two golf courses and clubhouse facility. The renovation will also include building a resort-style swimming pool, poolside bar and restaurant, five new tennis courts, two pickle ball courts, a fitness center and a kids play area. A team led by Fort Lauderdale-based Adache Group is working on the design for the new improvements and additions, and golf course architect Tom Fazio II is consulting on the golf course improvements.

May 16, 2017

Florida Multifamily Southeast

Berkadia Arranges $25.5M Sale of Apartment Community on Florida’s East Coast

by John Nelson May 16, 2017

PALM COAST, FLA. — Berkadia has arranged the $25.5 million sale of Pine Lake Apartments, a 184-unit multifamily community located at 121 Pine Lakes Parkway North in Palm Coast, a city on Florida’s east coast about 25 miles south of St. Augustine. Built in 2005, the property features one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool, poolside fire pit, hammock lounge, grilling areas, a fitness center, detached garages and a dog park. Pine Lake Apartments is adjacent to the Indian Trails Sports Complex and roughly five miles from the Atlantic Ocean. Cole Whitaker, Mary Beale, Jason Stanton and Greg Rainey of Berkadia represented the seller, Massachusetts-based Palm Coast Waterchase LLC, in the transaction. The buyer was Missouri-based Pine Lake Acquisitions LLC.

May 16, 2017

Florida Loans Retail Southeast

CIT Group Provides $46M Loan to Menin for Shopping Center in Palm Beach Gardens

by John Nelson May 15, 2017

PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.

May 15, 2017

Florida Southeast

Tower Commercial Arranges 84,364 SF of Leases at Downtown Miami Office Tower

by John Nelson May 15, 2017

MIAMI — Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000 square feet of lease renewals for tenants including Apex Brasil, Black Srebnick Korspan Stumpf, Six Continents and Solowsky & Allen. Jonathan Kingsley and Stephen Rutchik of Colliers International represented Harvard Maintenance, which is relocating from One Biscayne Tower, and Clarissa Willis and Ryan Ackerman of CBRE represented Kobre & Kim. Citigroup Center’s owner, Crocker Partners, is underway on a $20 million makeover and rebranding of the building. Formerly known as Miami Center, Citigroup Center is the second largest Class A office tower in Florida.

May 15, 2017

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