Florida

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Florida Retail Southeast

Morgan Wiseman Arranges $9.5M Sale of 268,000 SF Shopping Center in Orlando

by John Nelson December 2, 2016

ORLANDO, FLA. — Morgan Wiseman CRE, an Orlando-based retail broker, has arranged the $9.5 million sale of Pine Hills Marketplace, a 268,000-square-foot shopping center located on West Colonial Drive in Orlando. Built in 1965, the property was 70 percent leased at the time of sale and includes three outparcels, which are ground leased. The buyer, a private investment group based in Asia, purchased the property from AIG Investments in an off-market transaction. Florida Bank of Commerce provided acquisition financing in the deal. Morgan Wiseman represented the buyer, and AIG Investments was self-represented in the transaction.

December 2, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $75.2M Refinancing of Multifamily Property in Palm Beach Gardens

by John Nelson December 1, 2016

PALM BEACH GARDENS, FLA. — NorthMarq Capital has arranged a $75.2 million loan for the refinancing of The Quaye at Palm Beach Gardens, a new 340-unit apartment community in Palm Beach Gardens. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through Fannie Mae’s Pre-Stabilization program on behalf of the borrower, The Housing Group, a development firm led by Charles Funk, Jeff Meehan and Rick Lococo.

December 1, 2016

Florida Hospitality Southeast

Helm Equities to Bring 21c Museum Hotel to HELM Miami Development

by John Nelson December 1, 2016

MIAMI — New York-based developer Helm Equities plans to bring a 21c Museum Hotel to HELM Miami, a mixed-use development in Miami’s Design District. The boutique hotel will feature 135 rooms, an art museum free of charge to the public, restaurant, rooftop pool terrace, bar and lounge and meeting spaces. Deborah Berke Partners will lead the design team for the new hotel. In addition to the hotel, HELM Miami will feature a sculpture garden, green space and 325,000 square feet of retail, dining and workspace for artists, as well as on-site parking. Thomas Citron and Mitchell Friedel of NGKF will lease HELM Miami’s retail component. Paul Faver of JB Real Estate Investment Group LLC advised Helm Equities on the transaction with Louisville, Ky.-based 21c Museum Hotels.

December 1, 2016

Florida Seniors Housing Southeast

Rookis, Gulf Coastal Development to Build Independent Living Community in Tampa

by John Nelson December 1, 2016

TAMPA, FLA. — Rookis Investment Partners and Gulf Coastal Development have broken ground on Arbor Terrace Senior Living, a 139-unit independent living community in Tampa. Atlanta-based The Arbor Co. will manage the community, which is slated for completion in spring 2018. Tampa-based Chancey Design Architects and Interiors designed the project. The company will also handle interior design. Gulf Coastal Development is a Tampa-based developer of residential properties. Rookis Investment Partners brings together architects, builders and real estate professionals to create residential and commercial developments, mainly in Florida.

December 1, 2016

Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $11.4M Sale of Mixed-Use Center in Miami

by John Nelson December 1, 2016

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.

December 1, 2016

Florida Office Southeast Top Stories

Lingerfelt CommonWealth Sells Riverplace Tower in Downtown Jacksonville for $53.4M

by John Nelson November 30, 2016

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 …

November 30, 2016

Florida Southeast

Passco, Perdew Sell Two Self Storage Facilities in Northwest Florida for $19M

by John Nelson November 29, 2016

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.

November 29, 2016

Florida Loans Office Southeast

NXT Capital Provides $18.5M Acquisition Loan for Office Park in West Palm Beach

by John Nelson November 29, 2016

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.

November 29, 2016

Florida Hospitality Southeast

Dunavant Enterprises Opens The Henderson Resort Hotel in Destin

by John Nelson November 28, 2016

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.

November 28, 2016

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