Florida

Cushman & Wakefield Secures $108.6M Refinancing for 2.2 MSF Industrial Portfolio Across U.S.

by Camren Skelton March 27, 2018

ATLANTA — The Atlanta office of Cushman & Wakefield has secured the $108.6 million refinancing of a 2.2 million-square-foot, eight-property industrial portfolio located across the United States. Mike Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, Industrial Properties America III LLC, a joint venture between IDI Logistics and institutional investors advised by J.P. Morgan Asset Management. The portfolio includes 2124 Skyview Drive in Lithia Springs, Ga.; 11600 Miramar Parkway in Miramar, Fla.; 2501 S.W. 160th Ave. in Miramar; and 8425 Airways Blvd. in Southhaven, Miss. The other properties are located in Illinois, Ohio, Texas and California. At the time of sale, the portfolio was fully leased to 23 tenants.

March 27, 2018

Acquisitions Florida Multifamily Southeast

Michaelson Acquires Apartment Community in Tampa for $20.7M

by Camren Skelton March 27, 2018

TAMPA, FLA. — Michaelson Real Estate Group LLC has acquired St. Moritz Apartments, a 168-unit multifamily community in Tampa, for $20.7 million. The name of the seller was not disclosed. The property is located at 13835 Heritage Club Drive, less than two miles from the University of South Florida. St. Moritz Apartments offers two-bedroom/two-bath townhomes and features a swimming pool, lakefront picnic and barbecue areas, fitness center and a clubhouse. The community was built in 1984 and has undergone renovations over the last two years.

March 27, 2018

Acquisitions Florida Retail Southeast

TREIS Arranges $5.2M Sale of Retail Center in Tampa

by Camren Skelton March 27, 2018

TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.

March 27, 2018

Development Florida Multifamily Seniors Housing Southeast

Studio+ to Design $31M Seniors Housing Community in Southwest Florida

by Camren Skelton March 26, 2018

CAPE CORAL, FLA. — Studio+ will provide architecture and interior design services for Thrive at Four Mile Cove, a 140-unit seniors housing community in Cape Coral, located on the Gulf of Mexico near Fort Myers. Fortress Ventures is developing the community on 11 acres. Development costs are estimated at $31 million. The community will offer 60 independent living units, 48 assisted living units and 32 memory care units. The project is scheduled for completion in January 2019.

March 26, 2018

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers Sales of Two Apartment Communities in Miami Beach Totaling $32.2M

by Camren Skelton March 21, 2018

MIAMI BEACH, FLA. — Cushman & Wakefield has brokered the sales of two apartment communities in Miami Beach totaling $32.2 million. The first transaction was for a six-story, 52,133-square-foot redevelopment property located at 550 9th St. ADME Real Estate LLC sold the property to 550 9th LLC for $17.6 million. The second transaction was for a 23,260-square-foot community located at 250 Collins Ave. Drago Capital Miami LLC acquired the 27-unit property from TwoFifth Collins LLC for $14.6 million. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the sellers in both transactions. The property at 550 9th St. was constructed in 1966 and previously operated as a 196-bed seniors housing community. The property has redevelopment potential for multiple uses including a hotel, apartments, office and medical space. The property at 250 Collins Ave. includes a mix of one- to three-bedroom units and features a rooftop pool and terraces or balconies in each unit.

March 21, 2018

Acquisitions Florida Loans Multifamily Southeast

Berkadia Closes $40.5M Acquisition Loan for Multifamily Community in Orlando

by Camren Skelton March 20, 2018

ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.

March 20, 2018

Development Florida Loans Multifamily Southeast

HSF Provides $35.5M Construction Loan for Apartment Community in Tampa Bay Area

by Camren Skelton March 20, 2018

ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.

March 20, 2018

Florida Loans Office Southeast

HFF Arranges $23M Refinancing for WeWork-Anchored Office Building in Miami Beach

by Camren Skelton March 20, 2018

MIAMI BEACH, FLA. — HFF has arranged a $23 million loan for the refinancing of Fifth and Lenox, a 43,500-square-foot office building located at 429 Lenox Ave. in Miami Beach. Paul Stasaitis and Maxx Carney of HFF arranged the floating-rate loan through Granite Point Mortgage Trust Inc. on behalf of the borrower, an affiliate of Goddard Investment Group. The five-story building is fully leased to WeWork on a triple-net basis through 2031. Fifth and Lenox features common lounge areas, soundproof phone booths, conference rooms, printing stations, a coffee bar with baristas and a dog-friendly workspace.

March 20, 2018

Acquisitions Florida Retail Southeast

Phillips Edison Acquires 135,437 SF Shopping Center in Central Florida

by Camren Skelton March 20, 2018

LEESBURG, FLA. — Phillips Edison & Co. has acquired Shoppes of Lake Village, a 135,437-square-foot shopping center in the Central Florida community of Leesburg. The name of the seller and sales price were not disclosed. Publix anchors the center, which is also home to tenants such as Advance Auto Parts, Dollar Tree, H&R Block, Bon Worth, Wells Fargo Bank and Wireless Unlimited.

March 20, 2018

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