Florida

Marcus & Millichap Brokers $18M Sale of Shopping Center in Miami

by John Nelson August 29, 2016

MIAMI — Marcus & Millichap has arranged the $18 million sale of West Sunset Square, a 67,974-square-foot shopping center located on the corner of Sunset Drive and S.W. 157th Avenue in Miami. The buyer, Sabina 40 Street LLC/West Sunset Square Members LLC, is an affiliate of IMC Equity Group. Built in 2009, West Sunset Square was fully leased at the time of sale to tenants such as Dollar Tree, Planet Fitness, Valsan and a Taco Bell outparcel set to open in September. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and procured the buyer. Sabadell United Bank provided a $12.6 million acquisition loan on behalf of IMC Equity Group.

August 29, 2016

Florida Loans Multifamily Southeast

Capital One Closes $74M Refinancing of Apartment Community in South Florida

by John Nelson August 26, 2016

DORAL, FLA. — Capital One has provided a $74 million loan for the refinancing of The Manor CityPlace Doral, a 398-unit, Class A apartment community in Doral, a city in Miami-Dade County. Joshua Howes of Capital One originated the loan on behalf of the borrower, a joint venture between the Related Group of Florida and an investment fund managed by PGIM Real Estate (formerly known as Prudential Real Estate Investors). The joint venture used the loan to retire an existing construction loan. The apartment community is part of CityPlace Doral, a 48.3-acre master-planned development that will include retail, condominiums, multifamily and single-family homes.

August 26, 2016

Affordable Housing Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center to Develop Affordable Housing Community with Focus on Senior LGBT Renters

by John Nelson August 26, 2016

WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.

August 26, 2016

Florida Multifamily Southeast

Private Investor Purchases Two Apartment Communities in Tampa Area for $95.6M

by John Nelson August 25, 2016

TAMPA AND BRANDON, FLA. — An unnamed private investor has purchased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale included Columns at Brandon West, a 342-unit, Class A apartment community located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The one-, two- and three-bedroom units feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and a nature trail. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden-style property features one-, two- and three-bedroom units averaging 988 square feet. Units feature breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Community amenities include …

August 25, 2016

Florida Multifamily Southeast

Marcus & Millichap Arranges $63M Sale of Multifamily Portfolio in Central Florida

by John Nelson August 24, 2016

ORLANDO, FLA. — Marcus & Millichap has brokered the $63 million sale of a six-property, 1,244-unit apartment portfolio in Central Florida. The properties include the 200-unit Millennium Eagle in Orlando, the 344-unit Eagle Reserve in Orlando, the 248-unit Eagle Bay in Daytona Beach, the 232-unit Eagle Oaks in South Daytona, the 120-unit Eagle Park in Daytona Beach and the 100-unit Eagle Briar in New Smyrna Beach. The portfolio was 94 percent occupied at the time of sale. Michael Donaldson, Nicholas Meoli and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, a family partnership based in Daytona Beach. The team also procured the buyer, a private investor based in Miami.

August 24, 2016

Florida Office Southeast

Belle Amie Anthem Realty Buys 11-Story Office Building in Sarasota for $23M

by John Nelson August 24, 2016

SARASOTA, FLA. — Belle Amie Anthem Realty LLC has purchased the BMO Harris Bank Building, an 11-story, Class A office building in Sarasota, for $23 million. The 128,389-square-foot property is located at 240 S. Pineapple Ave. The building was 95 percent leased at the time of sale to tenants such as BMO Harris Bank, the Shumaker, Loop & Kendrick law firm, Kirk Pinkerton law firm and Brown & Brown Insurance. Michele Fuller of Ian Black Real Estate represented the buyer in the transaction. HFF and Jag Grewal, also with Ian Black Real Estate, represented the seller, 240 S. Pineapple Office-Sarasota LLC.

August 24, 2016

Florida Industrial Southeast

Monmouth REIT Buys Industrial Facility in Metro Orlando Leased to FedEx Ground for $37.8M

by John Nelson August 23, 2016

DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square-foot, newly built industrial building located at 5000 N. Ridge Trail in Davenport, a suburb of Orlando. Monmouth purchased the property from an undisclosed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet.

August 23, 2016

Florida Office Southeast

Colliers Arranges $24.5M Sale of Biscayne Building in Downtown Miami

by John Nelson August 23, 2016

MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.

August 23, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $10.4M Sale of Apartment Community in Tampa

by John Nelson August 23, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.

August 23, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Rents Continue to Rise, Create New Opportunities for Investment

by John Nelson August 22, 2016

Miami’s four major office submarkets — Brickell, Downtown, Coral Gables, and Airport West Dade — are enjoying record growth in Class A asking rental rates, an emerging trend that is further strengthening the city’s positioning as a highly desirable market for local, national and foreign investors. In the city’s Brickell/Downtown business district, Class A office rents have skyrocketed more than an average of 14 percent per square foot during the past year — a significant difference from the historic average annual increases of 2 to 3 percent per square foot. In fact, the disparity in Class A and B rents in the urban core, where Class A rents range from 40 to 70 percent higher per square foot than Class B rents, is much greater than in submarkets, where Class A rents are approximately 24 percent higher than Class B rents. This creates further incentive for Class B buildings in the urban core to raise asking rental rates and stay apace with Class A, making it a strong business case for investors who are looking for a long-term play with maximum ROI. The rent growth is attributed to several factors. While we have seen strong net absorption by local companies …

August 22, 2016

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