Florida

Continental Realty Buys Apartment Community in Tampa from PGIM Real Estate for $65.5M

by John Nelson December 20, 2016

TAMPA, FLA. — Continental Realty Corp. has purchased The Grand Reserve at Tampa Palms, a 390-unit apartment community located at 16616 Palm Royal Drive in Tampa. The Baltimore-based real estate investment firm acquired the asset from PGIM Real Estate for $65.5 million on behalf of Continental Realty Fund IV LP, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. Constructed in 1999 on approximately 41 acres, The Grand Reserve is a gated community comprised of 15 three-story garden buildings that feature one-, two-, three- and four-bedroom floorplans ranging from 890 to 1,800 square feet. The property is located within the master-planned community of Tampa Palms and features a clubhouse with a health and fitness facility and resident lounge; an outdoor pool, sundeck and Jacuzzi; screened outdoor kitchen area; sand volleyball pit; lighted tennis and basketball courts and a children’s playground. Individual storage units and a car care center are also integrated within the residential community. Greg Engler, Pat Jones and Chris Chadbourne of Walker & Dunlop Investment Sales represented PGIM Real Estate in the sale.

December 20, 2016

Florida Loans Multifamily Southeast

CBRE Arranges $49.1M in Financing for Four-Property Multifamily Portfolio in Tallahassee

by John Nelson December 20, 2016

TALLAHASSEE, FLA. — CBRE Capital Markets has secured $49.1 million in permanent financing for a four-property, 630-unit multifamily portfolio in Tallahassee. The properties in the refinancing include the 104-unit Arbor Station II, the 132-unit Azalea Place, the 274-unit Arbor View and the 120-unit Eagles Landing. Glenn Housman of CBRE’s Orlando office arranged the financing on behalf of the borrower, Arbor Properties Inc. The financing included four separate non-recourse loans originated via CBRE’s Fannie Mae DUS program. The loans featured 10-year terms and fixed interest rates below 4 percent.

December 20, 2016

Florida Industrial Southeast

Bridge Development, Premier Design + Build to Construct 255,846 SF Industrial Facility in Metro Miami

by John Nelson December 19, 2016

HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.

December 19, 2016

Florida Multifamily Southeast

ZOM Breaks Ground on Apartment Community in Tampa

by John Nelson December 19, 2016

TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.

December 19, 2016

Florida Office Southeast

Citi Purchases 672,500 SF Citibank Center Office Campus in Tampa

by John Nelson December 15, 2016

TAMPA, FLA. — Citi, a global bank based in New York, has purchased Citibank Center, a 672,500-square-foot, six-building office campus located at 3800 Citibank Center in Tampa. Citi is the sole occupant of the Class A development, which was built in 1998 on a 92-acre site within Sabal Park, a 1,000-acre master-planned development. The sales price was undisclosed, but court documents show the sales price as $116 million. Citi purchased the campus from an affiliate of Zurich Alternative Asset Management. Situated near I-75 and I-4, Citibank Center features a full-service cafeteria, fitness center and wellness center. Christian Lee, Dale Peterson, Jose Lobon, Marcos Minaya, Andrew Chilgren and Amy Julian of CBRE represented the seller in the transaction. Lou Varsames, David Harris, James Garvey and Ryan Reynolds of Cushman & Wakefield represented Citi.

December 15, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $20M Sale of Office Building in Central Florida

by John Nelson December 15, 2016

LAKE MARY, FLA. — Cushman & Wakefield has brokered the $20 million sale of Northpoint III, a 108,499-square-foot, Class A office building located within Northpoint Center Office Park in Central Florida. Built in 2001, the four-story property is located at 2200 Exchange Place in Lake Mary. Charlotte, N.C.-based Duke Energy, Northpoint III’s sole tenant, purchased the asset from Gramercy Property Trust, a New York-based investment firm. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield’s Capital Markets team represented Gramercy in the sale.

December 15, 2016

Florida Multifamily Southeast

ARA Newmark Arranges $28.7M Sale of Apartment Community in Metro Orlando

by John Nelson December 14, 2016

WINTER PARK, FLA. — ARA Newmark has brokered the $28.7 million sale of Cranes Landing, a 252-unit, garden-style apartment community located in Winter Park, a suburb of Orlando. New York-based White Eagle Property Group purchased the asset from the undisclosed seller for $113,690 per unit. Cranes Landing features one-, two- and three-bedroom layouts and amenities such as an indoor racquetball court, fitness center, tennis court, sand volleyball court and two swimming pools. Scott Ramey, Kevin Judd, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller in the transaction.

December 14, 2016

Florida Seniors Housing Southeast

Watermark Starts Construction of 89-Unit Memory Care Community Near Orlando

by John Nelson December 14, 2016

WINTER SPRINGS, FLA. — Watermark Retirement Communities has started construction of The Watermark at Vistawilla, an 89-unit memory care community in the Orlando suburb of Winter Springs. Watermark, The Freshwater Group and development partners Rookis Investment Partners and Gulf Coastal Development Inc. broke ground on the community earlier in December. The project is slated for completion in the fourth quarter of 2017. Tampa-based Chancey Design Partnership designed the project. Watermark will both own and operate the community. Watermark Retirement Communities, based in Tucson, Ariz., is the 13th largest operator of seniors housing communities in the United States, managing 6,713 units across 36 communities, according to the American Seniors Housing Association’s 2016 calculations.

December 14, 2016

Florida Industrial Southeast

Meridian Development Group Sells 907,237 SF Distribution Center in Sarasota for $51M

by John Nelson December 9, 2016

SARASOTA, FLA. — Meridian Development Group has sold Meridian Distribution Center, a 907,237-square-foot warehouse situated on 50 acres in Sarasota. Toronto-based Agellan Capital Partners Inc. purchased the property for $51 million and will retain Meridian Management Group to serve as the property manager. The asset is fully leased to four tenants — United Natural Foods International occupies 460,000 square feet of dry and refrigerated space, Bealls occupies 200,000 square feet, Access USA leases 163,000 square feet and Albert’s Organics occupies 80,000 square feet of cooler/freezer space. Meridian purchased the former Winn Dixie distribution facility in 2006 for $30 million. In 2009, Meridian developed a two-story, 55,000-square-foot charter school on the site for Imagine Schools and sold it earlier this year for $10.2 million. Kevin Heiss of Largo Real Estate Advisors represented Meridian in the sale of Meridian Distribution Center.

December 9, 2016

Florida Retail Southeast

Miller Construction Underway on New Fort Lauderdale MINI Dealership

by John Nelson December 9, 2016

FORT LAUDERDALE, FLA. — Miller Construction Co. has begun converting a two-story former auto rental building at 2125 S. Federal Highway in Fort Lauderdale into a new MINI dealership. The new 55,507-square-foot Lauderdale MINI is Miller Construction’s fifth project for Holman Automotive, which will move the existing Lauderdale MINI dealership from its current location a few blocks north on Federal Highway. Holman Automotive will display the new MINI cars on the ground floor of the new property and house certified pre-owned MINI cars on the second floor. Miller Construction plans to deliver the new glass and metal-faced auto dealership in spring 2017.

December 9, 2016

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