Florida

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

Florida Loans Retail Southeast

KeyBank Arranges $13.7M CMBS Loan for Retail Center in Tampa Bay Area

by John Nelson December 9, 2016

NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.

December 9, 2016

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

Florida Hospitality Southeast Top Stories

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Florida Seniors Housing Southeast

Bayshore Retirement Sells Seniors Housing Property in Tampa to Allegro for $74M

by John Nelson December 7, 2016

TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.

December 7, 2016

Florida Industrial Southeast

Transwestern Arranges 93,000 SF Industrial Lease for Clarion Partners in Metro Miami

by John Nelson December 7, 2016

DORAL, FLA. — Transwestern has arranged a 93,000-square-foot industrial lease at Westpointe Business Park, a 285,000-square-foot, Class A industrial park located at 8901 N.W. 33rd St. in Doral, a suburb of Miami. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern’s South Florida industrial team represented the landlord, New York-based Clarion Partners, in the lease deal. Clarion is acting on behalf of a commingled fund managed by the firm. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group Inc. represented the tenant, Colour Republic, a flower distributor.

December 7, 2016

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