Florida

Ytech International Buys Office Building in Miami’s Brickell District for $26.5M

by John Nelson January 23, 2017

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.

January 23, 2017

Florida Multifamily Southeast

Berkadia Brokers $12.8M Sale of Apartment Community in Jacksonville

by John Nelson January 23, 2017

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.

January 23, 2017

Florida Healthcare Loans Southeast

Tremont Realty Capital Structures $16.3M Refinancing for Medical Office Building in Jacksonville

by John Nelson January 20, 2017

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.

January 20, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Publix-Anchored Center

by John Nelson January 20, 2017

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.

January 20, 2017

Florida Multifamily Southeast

CBRE Brokers $31M Sale of Apartment Community in Metro Orlando

by John Nelson January 19, 2017

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.

January 19, 2017

Florida Retail Southeast

Marcus & Millchap Arranges $9.6M Sale of Shopping Center in Miami

by John Nelson January 19, 2017

MIAMI — Marcus & Millichap has arranged the $9.6 million sale of Flagler Station Shops, a 42,800-square-foot shopping center located in Flagler Station near the Florida Turnpike in Miami. Built in 2001 along 106th Street, the retail center was 95 percent leased at the time of sale. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a New York-based advisor, in the transaction. The buyer is a private investment group based in Miami.

January 19, 2017

Florida Hospitality Southeast

Wyndham Hotel Group Opens Wyndham Grand Clearwater Beach

by John Nelson January 18, 2017

CLEARWATER BEACH, FLA. — Wyndham Hotel Group has opened Wyndham Grand Clearwater Beach, a new 343-room hotel in Clearwater Beach, a beachfront town situated along the Gulf of Mexico in Pinellas County. The hotel features more than 22,000 square feet of meeting space, a full-service spa, outdoor pool, bar and Asian fusion restaurant, as well as a fitness center and business center open 24 hours a day. The hotel also includes two presidential suites, which feature three bedrooms, private elevator access, a balcony, dining area and living room.

January 18, 2017

Alabama Florida Retail Southeast

Plaza Advisors Brokers $51M Sale of Shopping Center Portfolio in Florida, Alabama

by John Nelson January 16, 2017

TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.

January 16, 2017

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $15.2M Construction Financing for Affordable Housing Community in Tampa Bay Area

by John Nelson January 16, 2017

HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.

January 16, 2017

Florida Retail Southeast

IRC Retail Centers, MAB American Retail to Develop Publix-Anchored Shopping Center in Metro Pensacola

by John Nelson January 13, 2017

GULF BREEZE, FLA. — IRC Retail Centers and joint venture partner MAB American Retail Partners LLC have purchased 16 acres along U.S. Highway 98 in the Pensacola suburb of Gulf Breeze for the development of a Publix-anchored shopping center. The 66,000-square-foot property, known as Tiger Point Pavilion, will feature a 45,600-square-foot Publix grocery store, 1,400-square-foot Publix Liquors store, additional inline retailers and three freestanding pad buildings on the site. The development will be situated adjacent to a Lowe’s Home Improvement store and a Walmart Supercenter. The IRC-MAB joint venture has developed other Publix stores in the Southeast, including Shoppes at Rainbow Landing in Rainbow City, Ala., Weaverville Plaza in Weaverville, N.C.; and Midtown Mobile in Mobile, Ala. Construction of Tiger Point Pavilion is expected to kick off in the next few weeks and wrap up in the first quarter of 2018.

January 13, 2017

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