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FloridaMultifamilySoutheast

Melo Group Tops Off Transit-Oriented Apartment Towers in Downtown Miami

by Camren Skelton

MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …

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FloridaMultifamilySoutheast

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

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FloridaIndustrialSoutheast

JLL Brokers $22.5M Sale of Industrial Portfolio in Tampa

by Camren Skelton

TAMPA, FLA. — JLL has brokered the $22.5 million sale of a 334,279-square-foot industrial portfolio located at 5802-5912 Breckenridge Parkway within Breckenridge Park in Tampa. John Dunphy, Ryan Vaught and Robyn Hurrell of JLL represented the seller, Triangle Capital Group, in the transaction. MLG Capital acquired the asset. The 51-acre Breckenridge Park is located at the intersection of Highway 301 and Interstate 4 and is home to tenants including Swagelok, Rosetta Technologies and Audio Fidelity Holdings. The property features a garden, ample parking, on-site property management and grade-level and dock-high loading options.

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FloridaLoansMultifamilySoutheast

Hunt Mortgage Closes $15.2M in Acquisition Financing for Multifamily Portfolio in Boca Raton

by Camren Skelton

BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.

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FloridaIndustrialSoutheast

JV Secures $16.6M in Financing for Development of Industrial Asset in Fort Lauderdale

by Camren Skelton

FORT LAUDERDALE, FLA. — A joint venture between Bridge Development Partners, Akard Street Partners LP (an investment partnership operated by Banner Oak Capital Partners LP) and Elion Partners has secured a $16.6 million construction loan for the development of Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. Steve Roth of CBRE arranged the loan through Webster Bank. The seller was not disclosed. The joint venture originally acquired the 12-acre property, located at the intersection of Interstate 95 and Broward Boulevard, in July for $10.4 million. Bridge Point Riverbend will feature 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, a 1.4 to 1,000 parking ratio and the flexibility to accommodate tenants from 40,000 square feet to 221,542 square feet.

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FloridaIndustrialSoutheast

Cushman & Wakefield Arranges $14.9M Sale of Manufacturing Facility in Broward County

by Camren Skelton

CORAL SPRINGS, FLA. — Cushman & Wakefield has brokered the $14.9 million sale of 4520 Coral Ridge Drive, a 245,000-square-foot manufacturing facility in Coral Springs. Richard Etner Jr., Christopher Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the buyer, Philadelphia-based Exeter Property Group. Hoerbiger Corp. of America sold the asset. Formerly known as the Alliance Building, 4520 Coral Ridge Drive is situated on 38.4 acres within Corporate Park of Coral Springs. Of that land, 17.6 acres is developable. Constructed in 1981 and fully renovated in 1995 to meet Category 5 hurricane safety standards, the building features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of office space, a data room, auditorium-style theater and 537 parking spaces. In addition, 4520 Coral Ridge Drive offers ceilings heights ranging from 24 to 35 feet, nine dock-high doors and one drive-in door.

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FloridaMultifamilySoutheast

BRT Capital Purchases Apartment Community in Tallahassee for $30.4M

by Camren Skelton

TALLAHASSEE, FLA. — BRT Apartments Corp. has acquired Jackson Square Apartments, a 242-unit multifamily community located at 1767 Hermitage Blvd. in Tallahassee. The New York-based firm acquired the asset through Miami-based Lloyd Jones Capital, a joint venture in which it has an 80 percent equity interest, for $30.4 million. Constructed in 1996, Jackson Square offers one- to three-bedroom units and features a swimming pool, fitness center, clubhouse and racquetball court.

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FloridaRetailSoutheast

Publix Buys Shopping Center Near Pensacola for $18.6M

by Camren Skelton

GULF BREEZE, FLA. — Publix Super Markets Inc. has acquired Sea Shell Collections, an 87,125-square-foot shopping center in the Pensacola community of Gulf Breeze, for $18.6 million. Publix anchors the center, which was 90.5 percent leased at the time of sale to tenants including Publix Liquor, Super Cuts, RE/MAX on the Coast, Coastal Paddle Co. and Pizzaz Personalized Gifts. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the undisclosed seller in the transaction.

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ArizonaFloridaMultifamilySoutheastTop StoriesWestern

Investcorp Acquires Six-Property Multifamily Portfolio in Florida, Arizona for $350M

by Katie Sloan

ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …

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FloridaSoutheast

CBRE: Florida Real Estate Withstands Hurricane Irma Due to Long-Term Preparation

by Camren Skelton

ORLANDO, FLA. — Hurricane Irma made landfall in the Florida Keys on Sept. 10 as a Category 3 storm, and later that day made a second landfall at Marco Island on Florida’s west coast before barreling north through the state. Cities on both coasts experienced storm surges and high winds, but both short- and long-term preparations significantly minimized Irma’s impact on commercial properties, according to a recent report from CBRE. In the short term, evacuation plans, emergency fuel and power supply arrangements, as well as contingency plans, were critical preparedness factors. Roughly 6.3 million people were asked to evacuate in the days leading up to the storm. Long-term preparation including enhanced building codes and infrastructure readiness was critical to the state’s ability to both withstand damage and assess how quickly infrastructure and power losses could be restored. Except for the Florida Keys and certain parts of Jacksonville, flood and wind damage to retail properties was minimal. Approximately one-third of the 240 office buildings managed by CBRE’s Asset Services division were impacted by Irma, according to the report. Of those, the majority only experienced power loss, and less than 5 percent sustained water and wind damage. While retail and hotel properties …

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