Florida

Pillar Originates $8M in Acquisition Financing for Two Multifamily Properties in Tampa Area

by Taylor Williams March 24, 2017

ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.

March 24, 2017

Florida Industrial Southeast

Cushman & Wakefield Negotiates $10.4M Sale of Industrial Property in Metro Orlando

by Taylor Williams March 24, 2017

SANFORD, FLA. — Cushman & Wakefield has closed the sale of North Park Commerce Center, a two-building, 117,600-square-foot distribution campus located at 3800 and 3830 Enterprise Way in Sanford, a northern suburb of Orlando. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Atlanta-based McDonald Development Co., in the transaction. Boston-based Cabot Properties acquired the Class A property, which was 90 percent leased at the time of sale, for $10.4 million.

March 24, 2017

Florida Retail Southeast

Tiktin Brokers $5.1M Sale of Grocery-Anchored Retail Center in Cocoa, Fla.

by Taylor Williams March 23, 2017

COCOA, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $5.1 million sale of Clearlake Square, an 85,522-square-foot shopping center in Cocoa, a city roughly 45 miles east of Orlando. Situated on 7.5 acres at 1066 Clearlake Road, the Winn Dixie-anchored property is also home to tenants such as Family Dollar, Metro PCS and Jackson Hewitt. Adam Tiktin and Cliff Weisner of TREIS represented the sellers, Cocoa Commercial Properties LLC and Top of the Ridge LLC, as well as the buyer, ATS Residential.

March 23, 2017

Florida Multifamily Southeast

Walker & Dunlop Structures $13.5M Acquisition Loan for Apartment Complex in Jacksonville

by Taylor Williams March 23, 2017

JACKSONVILLE, FLA. — Walker & Dunlop, a Maryland-based real estate finance firm, has structured a $13.5 million loan for the acquisition of Alexander Pointe, a Class B, garden-style apartment complex located at 2121 Burwick Ave. in the Jacksonville suburb of Orange Park. Andrew Tapley and Alexandra Huffman of Walker & Dunlop sourced the 10-year, fixed-rate, Fannie Mae loan on behalf of Capital Square Holdings LLC, a Virginia-based investment and management firm.

March 23, 2017

Florida Industrial Southeast

Beasley Negotiates $14.9M Sale of 775,864 SF Industrial Park in Greater Orlando

by Taylor Williams March 22, 2017

WINTER HAVEN, FLA. — Beasley Real Estate Services has completed the sale of Central Florida Business Park, a 775,864-square-foot industrial property located at 5300 Recker Highway in the Orlando suburb of Winter Haven. Situated on 52 acres, the property spans nine buildings ranging in size from 2,400 square feet to 297,000 square feet. Fred Beasley of Beasley Real Estate represented the seller, Legacy Capital Partners, a private equity investor based in Boulder, Colo., in the transaction. George Pjevach of Beasley procured the buyer, IS-CAN CFBP LO, a Montreal-based company. The buildings were 86 percent occupied at the time of sale.

March 22, 2017

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $65M Apartment Project in Orlando

by Taylor Williams March 21, 2017

ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Drake Midtown Apartments, a five-story, 263-unit apartment development in the Lake Mary submarket of Orlando. Unicorp National Developments Inc. is developing the $65 million project, which is slated for completion in June 2018. Goldman Sachs Bank USA provided financing for the property.

March 21, 2017

Florida Office Southeast

Meridian, Eightfold Real Estate Acquire 252,235 SF Office Park in Tampa for $18.5M

by Taylor Williams March 20, 2017

TAMPA, FLA. — Meridian Development Group and joint venture partner Eightfold Real Estate Capital have acquired Beaumont Business Center, an 11-building, 252,235-square-foot office park located at the intersection of Hillsborough Avenue and Veterans Expressway in Tampa. Meridian and Eightfold acquired the 20-acre property, which will be rebranded as Meridian 589, from Lone Star Real Estate Fund for $18.5 million.

March 20, 2017

Florida Office Southeast

CBRE Arranges $13.3M Sale of 107,419 SF Office Building in Metro Orlando

by Taylor Williams March 20, 2017

MELBOURNE, FLA. — CBRE Group Inc has negotiated the sale of Northrop Grumman Engineering Facility, a 107,4190 square-foot, single-tenant office building located at 3990 S. Babcock St. in the Orlando suburb of Melbourne. CBRE’s Ron Rogg and Chip Wooten represented the seller, BH Properties, in the transaction. California-based Rich Uncles NNN REIT acquired the property for approximately $13.3 million.

March 20, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $3.6M Sale of Apartment Community in Clearwater

by Taylor Williams March 20, 2017

CLEARWATER, FLA. — Marcus & Millichap has arranged the $3.6 million sale of New Towne at Glen Oaks, a multifamily property located at 311 S. Betty Lane in Clearwater, a city in the Tampa-St. Petersburg area. The community consists of 38 one-bedroom units averaging 570 square feet per unit, and eight two-bedroom units averaging 800 square feet per unit. Shawn Rupp and Casey Babb of Marcus & Millichap represented the undisclosed seller and procured the unspecified, California-based buyer.

March 20, 2017

Florida Industrial Office Southeast

Miller Construction Completes Second Phase of $25M Industrial Park in South Florida

by Taylor Williams March 17, 2017

HIALEAH, FLA. — Miller Construction Co. has completed the second phase of Centergate at Gratigny, a $25 million industrial development located at the intersection in Hialeah. Situated on 30 acres at the intersection of Gratigny Parkway and LeJeune Road, the new construction spans two buildings and 602,657 square feet. Fairchild Partners, a Miami-based brokerage firm, will oversee leasing of the property, which will feature Class A office, an air-conditioned mezzanine and security-controlled access for all bays. RLC Architects of Boca Raton designed the two 301,000-foot buildings that comprise the second phase of development.

March 17, 2017

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