FERN PARK, FLA. — Marcus & Millichap has brokered the $25 million sale of The Palms at Magnolia Grove, a 352-unit apartment community located at 2174 Sharp Court in Fern Park, a suburb of Orlando. Built in 1972, the property features a dog park, sports court, business and fitness centers, picnic areas, clubhouse and a pool. Francesco Carriera and Michael Regan of Marcus & Millichap represented the seller and procured the buyer in the transaction.
PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).
TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.
FORT LAUDERDALE, FLA. — Stiles, a Fort Lauderdale-based real estate development firm established in 1951, has made new appointments to its senior management team. The moves will expand the company’s retail development platform. Stiles has promoted Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, to president of Stiles Retail Group. Karlin will build on the company’s portfolio of approximately 4 million square feet of grocery-anchored shopping centers and power centers and will oversee the group’s operations, strategy, development and redevelopment activities. In addition, several Stiles veteran development associates have transitioned to Stiles Retail Group and will be responsible for project execution. Stiles has also promoted Justin Siemens to vice president and development officer within the firm’s Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Siemens will be responsible for sourcing new opportunities and creating and proving feasibility of commercial development plans. Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment. In recent retail news for Stiles, the company recently completed two grocery-anchored retail developments in Florida and three in North Carolina. Stiles, along …
PRATTVILLE, ALA., AND ORMOND BEACH, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of seniors housing communities in Alabama and Florida. In the first transaction, SLIB arranged the sale of Green Springs, a 32-unit assisted living community in the Montgomery suburb of Prattville. The 4.5-acre site will allow future expansion of the community. In the second transaction, SLIB arranged the sale of Seasons by Riviera, a 36-unit memory care community in Ormond Beach, a coastal town located between Jacksonville and Orlando. The buyer intends to re-open the vacant community. Bradley Clousing of SLIB brokered both transactions. The sales prices were undisclosed.
MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.
JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.
JACKSONVILLE, FLA. — Tremont Realty Capital, a subsidiary of The RMR Group LLC, has arranged a $16.3 million loan for the refinancing of Jacksonville Medical Plaza, a 132,488-square-foot, multi-tenant medical office complex in Jacksonville. The non-recourse, CMBS loan features a 10-year term, fixed 5.26 percent interest rate and a 30-year amortization schedule. The name of the borrower wasn’t disclosed.
NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have teamed up to broker the $12.6 million sale of Northlake Promenade Shops, a nearly 83,000-square-foot shopping center located at the southwest corner of Northlake Boulevard and Federal Highway in North Palm Beach. Situated on 21 acres, the Publix-anchored shopping center includes outparcels occupied by CVS/pharmacy, Chase Bank and BP Gas. The property also features land available for development. Woolbright Development purchased Northlake Promenade Shops from a private investment firm based in Canada. Anthony Blanco of The Shopping Center Group and David Duckworth and A.J. Belt III of Avison Young represented the seller in the transaction.
ALTAMONTE SPRINGS, FLA. — CBRE has brokered the $31 million sale of Charter Pointe, a 312-unit apartment community located at the corner of Ballard Street and South Ronald Reagan Boulevard in Altamonte Springs, roughly 10 miles north of Orlando. Jacksonville-based Michaelson Group purchased the property from Sarasota, Fla.-based Insula Cos. Built in the 1970s, the newly renovated, 258,000-square-foot property sits on 19 acres near Eastmonte Park. In addition to recent upgrades including new signage and roofs, Charter Pointe features a clubhouse, fitness center, two pools, pet spa and an outdoor kitchen. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
