MIAMI — Cushman & Wakefield has arranged the $11.4 million sale of Plaza 8, a 53,428-square-foot mixed-use center located in Miami. The two-story property consists of ground-floor retail with a mix of office and retail space on the second floor. Miguel Alcivar, Dominic Montazemi and Michael Mandel of Cushman & Wakefield and Bill Strauss of WCL Properties represented the seller, AD4 Group, in the transaction. The buyer was undisclosed.
JACKSONVILLE, FLA. — Lingerfelt CommonWealth Partners LLC has sold Riverplace Tower, a 441,000-square-foot office tower located at 1301 Riverplace Blvd. in downtown Jacksonville. The undisclosed buyer purchased the 28-story tower, which is situated along the St. Johns River, for $53.4 million. The new owner has retained Richmond, Va.-based Lingerfelt CommonWealth to operate the asset, which the company purchased in 2014 for $29 million. Ameris Bank has signage on the office tower and occupies the entire 26th floor. The bank also operates a branch in the lobby. Commonwealth Commercial Partners, Lingerfelt CommonWealth’s property management affiliate, will handle day-to-day asset and property management responsibilities at Riverplace Tower. JLL will continue to handle the leasing and marketing of Riverplace Tower on behalf of the new owner. Lingerfelt CommonWealth Partners is a full-service real estate investment management firm with additional offices in Nashville, Jacksonville, Tampa, Charlotte, Raleigh, Greensboro and Hampton Roads. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. In addition to Riverplace Tower, Lingerfelt CommonWealth recently sold the Bank of America Plaza, a …
NORTH PORT, FLA. — A joint venture between Passco Cos. and Perdew Investment Group has sold two Class A self storage facilities totaling 1,667 units in North Port for approximately $19 million. The joint venture developed both assets, Patriot Self Storage of Talon Bay and Patriot Self Storage of Bobcat Trail, in 2008. Life Storage purchased the Talon Bay property, and Southern Self Storage purchased the Bobcat Trail facility. Located about 8.4 miles apart, the two facilities were nearly fully leased at the time of sale. Michael Mele and Luke Elliot of Marcus & Millichap’s Mele Group represented Passco as the seller in the transactions.
WEST PALM BEACH, FLA. — NXT Capital has provided an $18.5 million acquisition loan for Centrepark West, a four-building office park totaling 175,000 square feet in West Palm Beach. The site is bordered by I-95 to the east and Palm Beach International Airport to the west. Christian Lee and Amy Julian of CBRE’s Miami office arranged the loan through NXT Capital on behalf of the undisclosed borrower.
DESTIN, FLA. — Memphis-based Dunavant Enterprises has opened its 170-room resort hotel in Destin known as The Henderson. Situated along the Gulf of Mexico and adjacent to a 208-acre state park, The Henderson features a spa, the Primrose restaurant, octagonal bar with panoramic Gulf views, rooftop terrace, two outdoor swimming pools with a lazy river, children’s club, 30,000 square feet of indoor and outdoor event space and private beach access. The Henderson is the anchor resort hotel of the still-developing Henderson Beach Resort, future phases of which include condominiums and villa-style resort accommodations. The existing beachfront Henderson Park Inn is also owned by Dunavant Enterprises. Salamander Hotels & Resorts manages The Henderson, which has created roughly 260 staff positions. The project team includes Atlanta-based architect Cooper Carry, Atlanta-based interior designer Kent Interior Design, Atlanta-based general contractor DPR Hardin and project manager Shannon Howell of Destin-based Devcon Services Group. Nightly rates for guest rooms range from $225 to $450 and from $595 to $1,250 for suites.
ORLANDO, FLA. — Hold-Thyssen Inc. has brokered the $3.7 million sale of Mid Point Plaza, a 21,816-square-foot retail strip center located at 6203 W. Sand Lake Road in Orlando. Built in 1999 at the northwest corner of West Sand Lake Road and Universal Boulevard, Mid Point Plaza’s tenant roster includes Wildside Clothing, Giordano’s Italian Restaurant and Light Bulbs Unlimited. The buyer, a private investor based in Orlando, purchased the property from the estate of the developer of the asset. Martin Forster and N. Joelle Forster of Hold-Thyssen represented both the buyer and seller in the transaction.
LAKE MARY, FLA. — Parmenter Realty Partners has received $84 million in financing to partially fund the company’s acquisition of Primera Towers I–V, a five-building office park in Lake Mary. The 772,000-square-foot park is located at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. just north of Orlando. Holliday Fenoglio Fowler (HFF) arranged the financing. Primera Towers is 89 percent leased to tenants like Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. The park features on-site fitness centers and a café with patio seating. The suburban mid-rise buildings were developed between 1997 and 2000 immediately east of Interstate 4. HFF’s Ed Coco and Matt Casey worked on behalf of Parmenter Realty Partners investment fund and an institutional equity partner to secure the funds through JPMorgan Chase Bank NA. Parmenter acquired Primera Towers for $130 million. The seller was a joint venture between Banyan Street Capital, Oaktree Capital Management and Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the JV in the sales transaction. This sale was the first time in the park’s history that ownership has ever been consolidated. Parmenter plans to expand the …
DORAL, FLA. — FirstBank Florida has provided a $13.5 million loan for the refinancing of a single-tenant retail property in Doral that is currently leased to Best Buy. The electronics and entertainment retailer’s lease at the store, located at 10760 N.W. 17th St., is up for renewal in 2019. Mahesh Pattabhiraman of FirstBank Florida originated the loan, which the borrower, Shops at 107th LLC, will use to refinance and cash out the store and other nearby commercial properties.
TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.
ORLANDO, FLA. — Equinox Development Properties Inc. plans to develop an $18 million retail project located at the corner of Kirkman Road and Raleigh Street in Orlando’s MetroWest area. Situated on a 9.5-acre parcel, the property will feature a new Wawa gas station and convenience store; a two-story, 38,000-square-foot 24-Hour Fitness location; a quick-service restaurant and 11,000 square feet of additional retail space. Equinox plans to break ground on the project in the first quarter of 2017.
