DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.
GAINESVILLE, FLA. — Arcis Capital Partners LLC has provided a $70 million revolving facility for the development of Celebration Pointe, a more than 1 million-square-foot mixed-use project in Gainesville. Arcis Capital funded the facility on behalf of the borrower, Gainesville-based Celebration Pointe Holdings LLC, the sponsor and owner of Celebration Pointe. The 125-acre development is located along I-75 at Archer Road and features a newly built multi-modal bridge over the interstate. The developer, Celebration Pointe Development Partners, opened a new Bass Pro Shops at Celebration Pointe on Wednesday, Nov. 9. Anchoring the next phase, which is scheduled to open in November 2017, is a Regal Cinemas theater, a second Class A office building and over 350 luxury apartments. Additionally, a 137-room Hotel Indigo and the final phase of the main street retail are slated for a 2018 opening.
ORLANDO, FLA. — CBRE has arranged the $8.5 million sale of Baldwin III, a three-story office building located on New Broad Street within Village City Center in east Orlando’s Baldwin Park submarket. Owens Realty Capital purchased the 44,478-square-foot property from Baldwin III LLC. Built in 2008 by Lincoln Property Co., Baldwin III is the newest of four office buildings within Village City Center and has averaged 93 percent occupancy over the last five years. Ron Rogg and Chip Wooten of CBRE represented the seller in the transaction.
JACKSONVILLE, FLA. — Trillium Capital Resources has arranged a $4.1 million acquisition loan for Southside Square Apartments, a 108-unit community located in Jacksonville. Trillium Capital arranged the 10-year, fixed-rate loan through one of the company’s affiliate Freddie Mac Small Balance Lenders on behalf of the New York-based borrower. The loan features 80 percent loan-to-value and three years of interest-only payments.
JACKSONVILLE, FLA. — Jacksonville-based Regency Centers Corp. (NYSE: REG) has agreed to acquire Equity One Inc. (NYSE: EQY), creating one of the largest shopping center REITs in the U.S. The all-stock merger will convert each share of Equity One stock into 0.45 shares of Regency stock. Based on Regency’s closing stock price on Monday, Nov. 14, that equates to $31.44 per share, for a total acquisition price of nearly $5 billion, according to the Wall Street Journal. At the close of the deal, Regency shareholders are expected to own approximately 62 percent of the combined company’s equity, and former Equity One shareholders are expected to own approximately 38 percent. The company will retain the Regency name and will continue to trade under the ticker symbol REG. The headquarters will also remain in Jacksonville. The combined company is expected to have a total market capitalization of $15.6 billion, making it the largest REIT by equity value in the shopping center index. The merger will create a national portfolio of 429 properties encompassing more than 57 million square feet. Regency’s Board of Directors will be increased from nine to 12 members, including two directors designated by Equity One and one director designated …
MIAMI GARDENS, FLA. — CREC has brokered the $36.2 million sale of The Ellington, an apartment and condominium residential property located on County Line Road in Miami Gardens. Included in the sale were 260 apartments and 87 condominiums with the 412-unit community, which was built in 1974. Peter Mekras represented the undisclosed seller, a repeat client of CREC’s. The buyer, a private investor, was self-represented in the transaction.
The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion. According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and mixed-use development planned for downtown Orlando. This is largely thanks to Tremont Plaza, a 28-story mixed-use development being built by Lincoln Property Co. and Tremont Realty Capital. The $81 million development will have seven floors of office space totaling over 200,000 square feet, along with a 180-room hotel, making it the first large-scale Class A office project for Orlando in 10 years. With several other major multi-use commercial projects on the drawing board, the EDC calculates that more than 1 million additional square feet of construction is planned for Orlando’s downtown business district. There are several factors contributing to the office market’s prosperity, including Florida’s improving economy and business-friendly atmosphere. The state offers a favorable business tax structure, pro-business legislature and access to …
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
WESTON, FLA. — Cushman & Wakefield has arranged the sale of Weston Commerce Park, a 134,400-square-foot warehouse and distribution building located at 1951 N. Commerce Parkway in Weston. The sales price was undisclosed, but Broward County records show the asset sold for $14.3 million. Mike Davis, Rick Brugge, Michael Lerner and Christopher Metzger of Cushman & Wakefield represented the seller, Founders Properties, in the transaction. The buyer was EastGroup Properties. Situated on an eight-acre parcel, the rear-load Weston Commerce Park features 30-foot clear heights, an ESFR sprinkler system, T5 lighting, 40- by 40-foot column spacing and a 118-foot truck court.