Florida

Ready Capital Arranges $20.4M in Loans for Industrial, Mixed-Use Properties in Maryland, Florida

by Camren Skelton January 5, 2018

HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.

January 5, 2018

Florida Loans Multifamily Southeast

Canyon Provides $102.3M Bridge Loan for Multifamily Property in Miami

by Camren Skelton January 4, 2018

MIAMI — Canyon Partners Real Estate LLC has provided a $102.3 million senior bridge loan for the recapitalization of Shorecrest Club, a 467-unit, waterfront apartment community in Miami. Canyon arranged the transaction on behalf of the borrower, Upper East Side Miami LLC, an affiliate of ECI Group, an Atlanta-based real estate development, brokerage and management company. The property is located roughly 10 miles from Miami International Airport and eight miles north of Miami’s Brickell district. Shorecrest Club offers a mix of one- to three-bedroom units, with rents starting at $1,535 per month for a one-bedroom, according to Apartments.com. In addition, the property features a resort-style pool with lap lanes, outdoor cabanas, fitness center with saunas, tenant lounges, storage units and a movie theater. ECI Group plans to further enhance the property with the addition of 12 boat slips for the planned Biscayne Bay waterfront, landscaping and a dog park.

January 4, 2018

Florida Office Southeast

Cousins Properties Sells Three-Building Office Portfolio in Orlando for $208.1M

by Camren Skelton January 3, 2018

ORLANDO, FLA. — Atlanta-based Cousins Properties has sold a three-building, 1 million-square-foot office portfolio in Orlando for $208.1 million. The portfolio includes Bank of America Center, Citrus Center and One Orlando Centre. The seller was not disclosed, but The Real Deal reports San Diego-based Southwest Value Partners acquired the assets in a single transaction. In addition to the portfolio, Cousins Properties recently sold its 20 percent interest in Courvoisier Center, a 343,000-square-foot office building in Miami’s Brickell Key district, to its joint venture partner for $33.9 million, which included its share of joint venture debt.

January 3, 2018

Florida Industrial Southeast

Cushman & Wakefield Brokers $40.4M Sale of Industrial Park in Tampa

by Camren Skelton January 3, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $40.4 million sale of Tri-County Business Park, a 676,735-square-foot industrial park located at 13300 McCormick Drive in Tampa. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, True North Management Group. A joint venture between Birtcher Anderson and JCR Capital acquired the asset. Tri-County Business Park includes 20 buildings constructed between 1980 and 1988. The buildings feature varying clear heights and both grade-level and dock-high loading. At the time of sale, the property was 75 percent leased to tenants including Leader Tech, Seven Seas Water Corp. and Clextral Inc.

January 3, 2018

Florida Multifamily Southeast

Stroock Arranges $90M Sale of New Apartment Community in Broward County

by Camren Skelton January 2, 2018

HOLLYWOOD, FLA. — Stroock has arranged the $90 million sale of Parc Station Apartments, a newly built, 336-unit multifamily community in Hollywood. Ira Teicher and John-Paul Ovadia of Stroock arranged the transaction on behalf of the buyer, JPMorgan Asset Management. A joint venture between Ram Realty Services and Pinnacle Housing Group sold the asset, which was constructed in 2016. Parc Station Apartments includes 17 three-story buildings and features a swimming pool, fitness center and a playground.

January 2, 2018

Florida Loans Multifamily Southeast

Berkadia Closes $23.7M Green Freddie Mac Loan for Refinancing of Apartment Asset in Tampa Bay Area

by Camren Skelton January 2, 2018

ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

January 2, 2018

Florida Loans Multifamily Southeast

JV Receives $46.4M Construction Loan, Breaks Ground on Apartment Asset in Miami

by Camren Skelton December 22, 2017

MIAMI — Pinnacle Housing Group and Ascend Properties have received a $46.4 million construction loan for the development of Oasis at Blue Lagoon, a 272-unit apartment development located at 6650 N.W. 7th St. near Miami International Airport. IBERIABANK arranged the loan. In addition, the companies received a preferred equity investment from Arbor Realty Trust Inc. Oasis at Blue Lagoon will rise adjacent to the master-planned Blue Lagoon commercial park, home to more than 100 corporate office users including FedEx, Sony, Pepsi, Marriott Hotels & Resorts, Novartis, ConAgra Foods and Toyota. The community will include one-, two- and three-bedroom units and feature a two-story clubhouse, fitness center and an infinity pool overlooking Lake Mahar. PHG Builders LLC is the general contractor for the project, and Behar Font & Partners is the architect. The community is expected to open in mid-2019.

December 22, 2017

Florida Retail Southeast

Barneys New York to Anchor $400M Expansion of Bal Harbour Shops in South Florida

by Camren Skelton December 21, 2017

BAL HARBOUR, FLA. — Whitman Family Development LLC has signed a 53,000-square-foot lease with Barneys New York to anchor the $400 million expansion of Bal Harbour Shops, an upscale, open-air shopping center in South Florida’s Bal Harbour. The store will be the brand’s first Barney’s New York location in Florida, and will include Freds at Barneys New York, a European-inspired restaurant that serves contemporary American cuisine. Barneys New York, along with Freds, is scheduled to open in 2023 in conjunction with the 350,000-square-foot Bal Harbour expansion, which will add roughly 70 new retailers. The family-owned Bal Harbour Shops originally opened in 1965 and was the first all-luxury fashion center in the United States.

December 21, 2017

Florida Office Southeast

Cushman & Wakefield Arranges $42M Sale of Broward County Office Building

by Camren Skelton December 20, 2017

PEMBROKE PINES, FLA. — Cushman & Wakefield has arranged the sale of Pembroke Pointe 880, a 143,535-square-foot office building in Pembroke Pines, a city in Broward County. Public records show the building sold for $42 million. Scott O’Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Duke Realty. Jason Hochman of Cushman & Wakefield arranged a $22.7 million, long-term acquisition loan on behalf of the buyer, Pembroke Pointe Office LLC, an affiliate of Miami-based Midtown Capital Partners LLC. Pembroke Pointe 880 was constructed in 2015 and features 36,111-square-foot floor plates, a parking ratio of 5.5 per 1,000 square feet and Interstate 75 frontage. In addition, the property is located adjacent to the 400,000-square-foot Shops at Pembroke Gardens, an open-air retail center. At the time of sale, the building was 86 percent leased to tenants including Global Medical Management, Elizabeth Arden, CES Consultants Inc., Boxy Charm, Kronos Inc., Corestaff, Devry Education Group and Evolution Lighting LLC.

December 20, 2017

Florida Retail Southeast

GBT Realty Buys 108,500 SF Vacant Kmart Site in Southwest Florida

by Camren Skelton December 19, 2017

PORT CHARLOTTE, FLA. — GBT Realty Corp. has acquired a 75-year ground lease, including a 108,500-square-foot retail building and nine-acre land site, in Port Charlotte, roughly 40 miles south of Sarasota. The Brentwood, Tenn.-based real estate firm acquired the asset from 19400 Cochran Boulevard Holdings LLC for an undisclosed price. GBT Realty plans to renovate and upgrade the building, which currently houses a vacant Kmart. The firm will also expand the building with new structures to accommodate retail, services and restaurant tenants. Best Buy, Walmart and The Home Depot anchor the corridor, located at the intersection of Tamiami Trail/US Highway 41 and Cochran Boulevard.

December 19, 2017

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