Florida

HFF Arranges $23M Refinancing for WeWork-Anchored Office Building in Miami Beach

by Camren Skelton March 20, 2018

MIAMI BEACH, FLA. — HFF has arranged a $23 million loan for the refinancing of Fifth and Lenox, a 43,500-square-foot office building located at 429 Lenox Ave. in Miami Beach. Paul Stasaitis and Maxx Carney of HFF arranged the floating-rate loan through Granite Point Mortgage Trust Inc. on behalf of the borrower, an affiliate of Goddard Investment Group. The five-story building is fully leased to WeWork on a triple-net basis through 2031. Fifth and Lenox features common lounge areas, soundproof phone booths, conference rooms, printing stations, a coffee bar with baristas and a dog-friendly workspace.

March 20, 2018

Acquisitions Florida Retail Southeast

Phillips Edison Acquires 135,437 SF Shopping Center in Central Florida

by Camren Skelton March 20, 2018

LEESBURG, FLA. — Phillips Edison & Co. has acquired Shoppes of Lake Village, a 135,437-square-foot shopping center in the Central Florida community of Leesburg. The name of the seller and sales price were not disclosed. Publix anchors the center, which is also home to tenants such as Advance Auto Parts, Dollar Tree, H&R Block, Bon Worth, Wells Fargo Bank and Wireless Unlimited.

March 20, 2018

Acquisitions Florida Georgia Property Type Retail Southeast

Publix Super Markets Buys Shopping Center Portfolio in Florida, Georgia from Madison, DDR

by John Nelson March 19, 2018

LAKELAND, FLA. — Lakeland-based Publix Super Markets has purchased a portfolio of nine Publix-anchored shopping centers from Madison International Realty and DDRM Properties, an affiliate of DDR Corp. The sales price was not disclosed. The portfolio totals 732,000 square feet, with eight shopping centers located throughout Florida and one located in McDonough, Ga. In 2017, Madison and DDR recapitalized a 52-property portfolio of grocery-anchored shopping centers that DDR Corp. previously owned with other partners for $1.05 billion. Following the nine-property sale, DDRM Properties now has 43 assets spanning 6.3 million square feet left from the original portfolio.

March 19, 2018

Florida Industrial Leasing Activity Property Type Southeast

Cushman & Wakefield Secures 257,074 SF Industrial Lease with Nestlé Waters in Miami-Dade County

by John Nelson March 19, 2018

MEDLEY, FLA. — Cushman & Wakefield has arranged a 257,074-square-foot lease with Nestlé Waters North America at Airport North Logistics Park in Medley, roughly 15 miles northwest of Miami. The master-planned logistics park totals 900,000 square feet, and the first phase of the project comprises four buildings. Nestlé Waters will occupy all of Building 3, located at 8501 N.W. 80th St. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield arrangaed the transaction on behalf of the landlord, Dallas-based L&B Realty Advisors LLP. CBRE’s Tom O’Loughlin, Marineh Dermovsesian and Larry Genet represented Nestlé Waters. The industrial park features up to 32-foot clear heights and a 190-foot concrete truck court. In addition, the park is located roughly 10 miles from Miami International Airport and 15 miles from Port Miami. Building 1 at the park is fully leased to Neutralogistics and Eco Windows.

March 19, 2018

Acquisitions Florida Multifamily Southeast

HFF Arranges $110.5M Sale of Waterfront Apartment Asset in Tampa Bay Area

by Camren Skelton March 16, 2018

BRADENTON, FLA. — HFF has arranged the $110.5 million sale of Carlton Arms of Bradenton, a 900-unit apartment community located at 5200 Riverfront Drive in the Tampa Bay community of Bradenton. The property is located on a peninsula overlooking the Braden and Manatee rivers. Matt Mitchell and Zach Nolan of HFF arranged the transaction on behalf of the seller, a joint venture between The Mahaffey Apartment Co. and Brighthouse Life Insurance Co. MetLife Investment Management advised Brighthouse on the acquisition. Elliott Thorne of HFF arranged a $76 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, FLF Holdings. Constructed in 1980, Carlton Arms of Bradenton includes a mix of studio to three-bedroom units averaging 880 square feet. The property is also home to 12,519 square feet of fully leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness center, dog park, guest suites, covered parking and five boat docks. The community was 99.7 percent occupied at the time of sale.

March 16, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $59.6M Sale of Distribution Center in Tampa Bay Area

by Camren Skelton March 16, 2018

LAKELAND, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of CenterState Logistics Center, a 605,412-square-foot distribution facility located at 8060 State Road 33 in Lakeland, roughly halfway between Tampa and Orlando. The facility was completed in 2017, and is fully triple-net-leased to Quaker Sales & Distribution, a wholly owned subsidiary of PepsiCo. The company uses the building to distribute its sports drink, Gatorade. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller and developer, a partnership between Brennan Investment Group and Greenfield Partners. Los Angeles-based Griffin Capital Essential Asset REIT Inc. acquired the asset. The building features tilt-wall construction, 36-foot clear heights and cross-dock loading.

March 16, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 300-Unit Apartment Community in Orlando

by Camren Skelton March 16, 2018

ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.

March 16, 2018

Acquisitions Florida Multifamily Southeast

IPA Brokers $37.5M Sale of Multifamily Community in Tampa Bay Area

by Camren Skelton March 15, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.

March 15, 2018

Florida Georgia Hospitality Southeast Virginia

Hampton by Hilton Opens Three New Hotels in Southeast

by Camren Skelton March 15, 2018

MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.

March 15, 2018

Florida Multifamily Seniors Housing Southeast

Ryan Cos., Grand Living Start Construction of $50M Seniors Housing Community in Sarasota, Florida

by Camren Skelton March 14, 2018

SARASOTA, FLA. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota. The community is the third Florida partnership between the two companies. Development costs are estimated at $50 million. Grand Living at Lakewood Ranch will be located within the Lakewood Ranch master-planned development, near a new supermarket and a polo club. Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. A sales center is scheduled to open at the site in the fall. A construction timeline was not released.

March 14, 2018

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