Florida

CBRE Arranges $36.7M Financing for Apartment Community in Florida Panhandle

by John Nelson June 9, 2017

LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.

June 9, 2017

Florida Multifamily Southeast

Cushman & Wakefield Negotiates $26.8M Sale of Active Adult Multifamily Community in Palm Beach County

by John Nelson June 9, 2017

JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.

June 9, 2017

Florida Office Southeast

City Office REIT Begins Renovation of Park Tower in Downtown Tampa

by John Nelson June 9, 2017

TAMPA, FLA. — City Office REIT has begun the multimillion-dollar renovation of Park Tower, a 475,000-square-foot office building in downtown Tampa. The overhaul will include a new façade, upgraded entrance and facelift to the building’s amenities. Gensler is the designer for the renovations, which will include a new lobby café with seating, tenant lounge on the sixth floor, new fitness center with yoga room and bike stations, shared tenant conference room, new concierge desk and renovated parking garage with LED lighting. City Office REIT expects to wrap up the renovations in the first quarter of 2018. The REIT purchased Park Tower in November 2016 in a joint venture with Feldman Equities LLC and Tower Realty Partners for $79.8 million.

June 9, 2017

Florida Multifamily Southeast

Rockefeller Group, Stiles Sell Apartment Tower in Downtown Fort Lauderdale for $133.6M

by John Nelson June 8, 2017

FORT LAUDERDALE, FLA. — A joint venture between Rockefeller Group and Stiles has sold Amaray Las Olas, a newly built, 30-story apartment tower located at 215 S.E. 8th Ave. in downtown Fort Lauderdale. An entity known as Amaray Las Olas by Windsor, which is managed by Boston-based GID Investment Advisers, purchased the asset for $133.6 million, according to the South Florida Business Journal. The outlet also reported that TH Real Estate, the real estate investment arm of TIAA, provided a $65 million loan to the buyer. Rockefeller and Stiles completed the 254-unit tower in 2016, marking the first joint venture project between the two firms. The property comprises studio, one-, two- and three-bedroom residences with balconies and high-quality finishes. Community amenities include an elevated pool surrounded by private cabanas, an entertainment pavilion and deck, fitness center, saunas and massage/treatment room, clubroom, beverage lounge, conference and business center, bike storage, outdoor lanai with fire pit, dog spa and a park. Robert Given, Zach Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield placed the debt for the buyer.

June 8, 2017

Florida Industrial Southeast

Amazon to Open Tenth Florida Fulfillment Center in Miami

by John Nelson June 8, 2017

MIAMI — Amazon plans to expand its Florida presence with a new 800,000-square-foot fulfillment center in Miami. Situated within Carrie Meek International Business Park, a speculative industrial development at the Miami-Opa Locka Executive Airport, the project will be Amazon’s 10th facility in Florida. Foundry Commercial and Clarion Partners executed the lease with Amazon, which expects to employ more than 1,000 workers at the new facility. Carrie Meek International Business Park is a public-private partnership between the Carrie Meek Foundation, Foundry Commercial and Miami Mayor Carlos Gimenez’s office. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 7,500.

June 8, 2017

Florida Multifamily Southeast

Development Partnership Sells Apartment Community in West Miami for $61M

by John Nelson June 8, 2017

WEST MIAMI, FLA. — A partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group has sold Soleste Club Prado, a 196-unit apartment community located at 950 Red Road in West Miami. Grand Peaks purchased the property for $61 million. The development partnership recently delivered the asset, which comprises one-, two- and three-bedroom units commanding rental rates from $1,680 to $3,475 per month. Community amenities include a pool with spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and a parking garage. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction.

June 8, 2017

Florida Retail Southeast

CREC, Lubert Adler Sell 115,000 SF Shopping Center in Broward County for $48M

by John Nelson June 7, 2017

CORAL SPRINGS, FLA. — A joint venture between CREC and Lubert Adler, known as CPAC Royal University LLC, has sold Royal University Plaza in Broward County for $48 million. Located at 2556 N. University Drive in Coral Springs, the shopping center’s tenant roster includes Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club. The CREC-Lubert Adler partnership purchased the asset in February 2015 for $26 million and improved the shopping center’s occupancy rate from 45 percent to 97 percent. During its ownership, the joint venture executed a 25,000-square-foot lease with Total Wine & More and a 37,000-square-foot lease with Orchard Supply Hardware.

June 7, 2017

Florida Hospitality Southeast

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

by John Nelson June 6, 2017

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.

June 6, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Arranges $11M Loan for Mixed-Use Building in Miami

by John Nelson June 6, 2017

MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.

June 6, 2017

Florida Industrial Southeast

Bluescope Breaks Ground on 441,117 SF Industrial Park Near Orlando

by John Nelson June 5, 2017

OCOEE, FLA. — Bluescope Buildings North America Inc. has broken ground on two industrial buildings within The Park @ 429 spanning 441,117 square feet. The industrial park is situated in Ocoee, roughly 12 miles west of Orlando. The two rear-load buildings feature 30- and 32-foot clear heights, dock doors, drive in doors, truck courts and ESFR sprinkler systems. The park has immediate access to the Western Beltway, Florida’s Turnpike, the East-West Expressway and State Route 50. Cite Partners is marketing The Park @ 429 on behalf of the owner, The 429 LLC, according to the Orlando Business Journal.

June 5, 2017

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