Florida

Griffin-American Healthcare REIT IV Acquires Nine-Property Seniors Housing Portfolio in Central Florida for $110M

by Katie Sloan November 7, 2017

TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville. The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years. The acquisition was completed via a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare owns approximately 98 percent of the joint venture. “The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior …

November 7, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $135M Sale of Multifamily Community in South Florida

by Camren Skelton November 2, 2017

DORAL, FLA. — Walker & Dunlop has arranged the $135 million sale of The Manor CityPlace Apartments, a 398-unit multifamily community in Doral, a city in South Florida roughly 14 miles west of Miami. Roberto Pesant and Chris Conklin of Walker & Dunlop arranged the transaction on behalf of the seller and property developer, The Related Group. TA Realty acquired the asset, which is situated on a 5.7-acre site within walking distance to CityPlace Doral, a 55-acre retail center that opened in March. Constructed in 2014, The Manor includes studio, one-, two- and three-bedroom floor plans with private patios and balconies. Community amenities include a waterfall Jacuzzi, pool with personal cabanas and daybeds, outdoor kitchen with a fireplace and barbeque area, game room, private movie theater, yoga studio, virtual spinning room and a fitness center.

November 2, 2017

Florida Industrial Southeast

Meridian Development Sells 200,000 SF Industrial Center in Tampa for $8.3M

by Camren Skelton November 1, 2017

TAMPA, FLA. — Meridian Development Group has sold Meridian East, a three-building, 200,000-square-foot industrial center in Tampa, for $8.3 million. Boston-based High Street Realty Co. acquired the asset. During ownership, Meridian invested $600,000 in the property to improve the appearance of the exteriors, construct additional parking and renovate the vacant interiors. At the time of sale, Meridian East was fully leased to tenants including Bailey Industries, which occupies 45,000 square feet.

November 1, 2017

Civic Florida Southeast

Skanska USA to Deliver 395,000 SF Academic Building at Water Street Tampa Development

by Camren Skelton October 31, 2017

TAMPA, FLA. — Skanska USA has broken ground on a research and academic tower for the University of South Florida’s Morsani College of Medicine and Heart Institute in downtown Tampa. The college of medicine will relocate from 12901 Bruce B. Downs Blvd. to the new 395,000-square-foot building within Water Street Tampa, a $3 billion mixed-use project from Strategic Property Partners. HOK is designing the 13-story tower, which will feature a 400-person auditorium, classrooms, study rooms and a series of spaces for informal collaboration and gathering. The new building will be located at South Meridian Avenue and Channelside Drive on an acre of land donated by Tampa Bay Lightning team owner Jeff Vinik. The building is slated for completion in fall 2019.

October 31, 2017

Florida Retail Southeast

Stan Johnson Co. Brokers $29.5M Sale of Retail Center Near Disney World

by Camren Skelton October 31, 2017

CELEBRATION, FLA. — Stan Johnson Co. has arranged the $29.5 million sale of the Shoppes at Celebration Place, a 44,095-square-foot retail center located at 6200-6296 W. Irlo Bronson Memorial Highway in Celebration, roughly 3 miles south of Walt Disney World. Joey Odom, Mike Sladich, K.B. Yabuku and Maggie Holmes of Stan Johnson Co. represented both the seller, South Florida-based Flagler Realty & Development, and the buyer, New York-based Ben Hur Investments. At the time of sale, the Shoppes at Celebration Place was fully leased to tenants including Walgreens, Applebee’s, Arby’s, Dunkin’ Donuts, Chipotle Mexican Grill and Five Guys Burgers & Fries.

October 31, 2017

Florida Multifamily Southeast

Interest Rates, Tax Uncertainty Help Slowdown of Multifamily Investment Sales, Says Franklin Street’s Darron Kattan

by John Nelson October 31, 2017

For the first time since 2009, the U.S. multifamily real estate sector’s annual sales volume is flirting with falling below the preceding year’s total. Through the first three quarters of 2017, U.S. multifamily investment sales totaled a little over $104 billion, according to Real Capital Analytics (RCA), which tracks sales of multifamily properties and portfolios that are $2.5 million and greater. Experts don’t anticipate sales activity in the last quarter of the year to be enough to surpass last year’s grand total of $160.6 billion in trade volume. As a follow up to the cover article “Coming Back Down to Earth” from the September issue of Southeast Real Estate Business, we caught up with Darron Kattan, managing director of Franklin Street’s Tampa office, to get his take on the U.S. multifamily market. The following is an edited interview: Southeast Real Estate Business: Thus far in 2017, multifamily investment sales are on track to be below 2016 totals. In your opinion, what is causing the decreasing volume? Kattan: A few factors are contributing to this trend. First, the slight increase in the interest rates have given the market pause. Many sellers that have owned for a long time are sitting squarely …

October 31, 2017

Florida Industrial Southeast

PREMIER Design + Build Breaks Ground on 221,542 SF Industrial Facility in Broward County

by Camren Skelton October 30, 2017

PLANTATION, FLA. — PREMIER Design + Build Group is leading the design and construction of a 221,542-square-foot warehouse located at the intersection of Interstate 95 and Broward Boulevard in Plantation. Bridge Development Partners LLC is the project developer. Upon completion, the warehouse will have the flexibility to accommodate multiple tenants from 40,000 square feet. The building will feature an ESFR sprinkler system, T-5 energy efficient warehouse lighting, 44 rear-loading dock doors and three drive-in doors. RLC Architects is providing architectural services for the project. Flynn Engineering Services is the civil engineer and DDA Engineers is the structural engineer. Colliers International will represent the building. Construction on the warehouse is slated for completion in the third quarter of 2018.

October 30, 2017

Florida Retail Southeast

Avison Young Arranges $23.8M Sale of Publix-Anchored Center Near Orlando

by Camren Skelton October 30, 2017

OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.

October 30, 2017

Florida Loans Retail Southeast

HFF Arranges $58M Refinancing of Nine-Property Retail Portfolio in Miami-Dade County

by Camren Skelton October 27, 2017

MIAMI — HFF has arranged the $58 million refinancing of a nine-property retail portfolio located throughout Miami-Dade County. Chris Drew, Nat Scarmazzi and Matthew McCormack of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower, MMG Equity Partners. The portfolio, which totals 275,979 square feet, includes Sunset Village Shopping Center, located at 10700 S.W. 72nd St. in Miami; Bird West Plaza, located at 14465 S.W. 42nd St. in Miami; Flagler Plaza, located at 5300 W. Flagler St. in Miami; Navarro Gables, located at 3949 S.W. 8th St. in Miami; Little River Retail, located at 8050-8100 N. Miami Ave. in Miami; Kendall Drive Retail, located at 9720 N. Kendall Drive in Miami; Navarro Miami Beach, located at 631 71st St. in Miami Beach; Colonial Shopping Center, located at 400 N.E. 125th St. in North Miami; and Navarro Sunny Isles, located at 18500 Collins Ave. in Sunny Isles Beach. Navarro Pharmacy anchors six of the properties, and President Supermarkets anchors two. The portfolio also includes one strip center. At the time of sale, the portfolio was 97 percent leased.

October 27, 2017

Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Brokers $27.5M Sale of Seniors Housing Community in St. Augustine

by Camren Skelton October 27, 2017

ST. AUGUSTINE, FLA. — Cushman & Wakefield has arranged the $27.5 million sale of Glenmoor, a 223-unit seniors housing community in St. Augustine. Allen McMurty, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller, Life Care St. John’s Inc., an affiliate of Life Care Pastoral Services Inc., in the disposition. Orlando-based Westminster Communities of Florida acquired the asset and will rename the property Westminster of St. Augustine. Constructed in 2001, the community is located at 235 Towerview Drive in St. Augustine’s World Golf Village. Westminster St. Augustine includes a mix of cottage homes, independent living apartments, assisted living units and skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and a fitness center. In addition, residents can enjoy benefits at World Golf Village, including access to two golf courses, a swimming pool, fitness center and social areas.

October 27, 2017

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