Florida

Xebec to Build $39.3M Logistics Facility in Central Florida

by Camren Skelton June 4, 2018

LAKELAND, FLA. — Dallas-based developer Xebec has acquired 60 acres in the Central Florida community of Lakeland with plans to develop a $39.3 million regional bulk logistics facility. The 533,000-square-foot building will be designed to meet demand from retailers, distributors and third-party logistics providers. Users will be able to reach 19 million consumers within a 200-mile radius of the project and be within an hour drive from three international airports. The facility will feature 40-foot clear heights, a 185-foot truck court with 114 docks, 367 car parking spaces and 102 container parking spaces. Xebec plans to break ground on the building in the fourth quarter, and wrap up construction in the third quarter of 2019.

June 4, 2018

Acquisitions Florida Multifamily Southeast

Carroll Organization Sells Two Multifamily Communities in Jacksonville, Orlando

by Camren Skelton June 4, 2018

JACKSONVILLE AND ORLANDO, FLA. — Carroll Organization has sold ARIUM Town Center in Jacksonville and Knightsbridge at Stoneybrook in Orlando for an undisclosed price. Carroll Multifamily Real Estate Fund III LP originally acquired ARIUM Town Center in June 2014. The 320-unit community is located within walking distance to St. Johns Town Center, a 1.5 million-square-foot outdoor shopping center. Community amenities include screened-in patios, a newly renovated swimming pool with barbecue grills, 24-hour fitness center, business center and a gated dog park. Knightsbridge at Stoneybrook in Orlando was acquired in 2015 as part of both Carroll Multifamily Real Estate Fund III LP and Carroll Multifamily Real Estate Fund IV LP. The 396-unit community features resort-style pools, a 24-hour fitness center, tennis and volleyball courts and a gated dog park. The name of the buyer was not disclosed.

June 4, 2018

Florida Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

by John Nelson June 4, 2018

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …

June 4, 2018

Company News Florida Healthcare Multifamily Seniors Housing Southeast Student Housing

Kayne Anderson Closes its Largest Real Estate Fund at $1.8B

by Camren Skelton June 1, 2018

BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

Acquisitions Florida Multifamily Southeast

American Landmark Acquires 1,212-Unit Multifamily Portfolio Across Three States

by Camren Skelton June 1, 2018

TAMPA, FLA. — American Landmark has acquired a four-property multifamily portfolio located in Florida, Georgia and South Carolina. In Florida, the Tampa-based multifamily owner and operator acquired Bella Apartment Homes, located at 3101 Segreto Lane in Kissimmee, roughly 22 miles south of Orlando. The 432-unit property was built in 2010 and was 96 percent occupied at the time of sale. American Landmark will rename the community The Aspect. In metro Atlanta, American Landmark acquired two properties: Arbor Terrace in Douglasville and Summerset in Conyers. The 300-unit Arbor Terrace, located at 1 Rocky Ridge Blvd., was built in 2003 and was 95 percent occupied at the time of sale. The community will be renamed One Rocky Ridge. Summerset, which will be renamed The Oxford, is located at 50 Greenleaf Road. The 240-unit property was constructed in 1999 and was 96 percent occupied at the time of sale. In Charleston, American Landmark acquired Arbor Village, a 240-unit community located at 10825 Dorchester Road. The community was built in 2014 and was 93 percent occupied at the time of sale. The name of the seller and sales price were not disclosed.

June 1, 2018

Development Florida Multifamily Southeast

Summit Contracting Group Starts Construction on $22.6M Apartment Community in St. Augustine

by Camren Skelton May 31, 2018

ST. AUGUSTINE, FLA. — Summit Contracting Group has started construction on Antigua Apartments, a $22.6 million multifamily community located in St. Augustine. The project team includes Atlanta-based developer Catalyst Development Partners and Dallas-based architect Humphreys & Partners Architects. The 249-unit community will be located adjacent to Antigua on Anastasia Island, a master-planned mixed-use development that Catalyst is also developing. Antigua Apartments will feature a resort-style pool, outdoor kitchen with grilling stations, clubhouse with media lounge, coworking spaces, dog grooming spa, dog park, fitness center and green spaces. The development team plans to wrap up construction on the community in summer 2019.

May 31, 2018

Florida Loans Office Southeast

Aztec Group Arranges $5.9M Acquisition Loan for Office Building in Tampa

by Camren Skelton May 31, 2018

TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.

May 31, 2018

Acquisitions Florida Office Southeast

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Florida Industrial Leasing Activity Southeast

JLL Secures 281,276 SF Industrial Lease for Outdoor Furniture Manufacturer in Southwest Florida

by Camren Skelton May 30, 2018

SARASOTA, FLA. — JLL has secured a 281,276-square-foot lease for Windward Design Group, a manufacturer of outdoor furniture, at an industrial facility in Sarasota. Located at 2150 Whitfield Ave., the property will allow Windward Design Group to expand and consolidate its seven locations into one manufacturing and distribution facility. The property was initially built in 1967 and expanded upon in stages beginning in 1990 specifically for outdoor furniture manufacturing. The building includes 18,000 square feet of office and showroom space and 200,000 square feet of manufacturing space. Approximately 65,0000 square feet of the warehouse is air-conditioned. Gary Godsey and Scott Altieri of JLL negotiated the lease with the property’s landlord, Daylion, on behalf of Windward Design Group. Originally known as Royal Patio Manufacturing, the company produces over 35 collections, a full line of replacement cushions and employs more than 130 people.

May 30, 2018

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