WEST PALM BEACH, FLA. — Berkadia has brokered the $36.4 million sale of Viera of the Palm Beaches, a 300-unit apartment community located at 4860 Sandstone Lane in West Palm Beach. Nashville, Tenn.-based Palm Beach Multifamily Partners LLC sold the asset to a partnership between two unnamed companies based in San Francisco and New York. Built in 1987, the pet-friendly property features one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Community amenities include a clubhouse, fitness center, business center, swimming pool, tennis courts, barbecue area and trails for running, hiking and biking. Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia’s Boca Raton office, along with Cole Whitaker of the firm’s Orlando office, brokered the sale. Viera of the Palm Beaches was 93 percent occupied at the time of sale.
MIAMI — Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development. CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.
TAMPA, FLA. — Cushman & Wakefield has acquired Taylor & Mathis of Florida LLC, a Tampa-based commercial real estate company specializing in agency leasing and property management. Over the past six years, Taylor & Mathis of Florida has developed more than 600,000 square feet of office and retail product valued in excess of $250 million. The firm currently manages and leases a portfolio of office and industrial properties totaling 12.5 million square feet for both private and institutional property owners. The acquisition makes Cushman & Wakefield the second largest property management firm in Florida. The company currently manages nearly 32 million square feet in the state. The Taylor & Mathis of Florida acquisition creates a combined portfolio of 41 million square feet, employing 270 property management professionals throughout Florida.
Miami is coming into its own as an increasingly international city that continues to attract new residents, visitors and investment and development activity. The city’s urban core is flourishing, with residents gravitating toward a downtown area that allows them to live, work and play in the same neighborhood. The Miami retail market is experiencing a development surge to accommodate the city’s growth. Through the end of the first quarter of 2016, about 2.3 million square feet of retail space was under construction, according to CoStar. The developments are bringing a new class of retailers to the market. Major projects include Brickell City Centre, a 500,000-square-foot shopping center with a roster of tenants that includes Armani Collezioni, anchor tenant Saks Fifth Avenue and Valentino. North of downtown Miami, the $1.7 billion Miami Worldcenter project will introduce a high-street retail concept that is similar to the popular Lincoln Road open-air mall in Miami Beach. In Miami’s Design District, the $1 billion redevelopment of the neighborhood is attracting luxury retailers like Hermès, Louis Vuitton and Cartier. Downtown residents will have easy access to all of these retail destinations. Retail operating fundamentals remain strong in the Miami market. Vacancies closed the first quarter of …
KISSIMMEE, FLA. — The Hampshire Cos. has acquired The Crosslands, a 529,300-square-foot power center located in Kissimmee, for $121 million. The 98 percent leased center is home to tenants including The Fresh Market, Hobby Lobby, Ross Dress For Less, Marshall’s, Home Goods, Forever 21, Burlington Coat Factory, 24 Hour Fitness and Academy Sports + Outdoors. The property was acquired from a partnership between O’Connor Capital Partners and Tupperware Brands Corp. O’Connor recently completed development on The Crosslands, and will retain an interest in the center as well as leasing and property management responsibilities.
MIAMI — Canyon Partners Real Estate LLC has provided a $24.3 million construction loan for Design 41, a seven-story, 46,000-square-foot mixed-use building in Miami’s Design District. Designed by Enrique Norten of Ten Arquitectos, the project will feature ground-floor retail, parking on the second and third floors, showroom space, offices with 14-foot ceilings and a rooftop restaurant. Canyon provided the loan to the developer, Design District Development Partners (DDDP). Construction of Design 41 is 70 percent completed, and DDDP plans to deliver the project in December.
FORT LAUDERDALE, FLA. — Bridge Development Partners LLC has selected PREMIER Design + Build LLC to construct two warehouses in Fort Lauderdale totaling 306,855 square feet. The assets will be located at Sunrise Boulevard and I-95 and offer nearly 400 parking spaces. Both warehouses will feature 32-foot clear heights, 58 truck dock positions, three drive-in doors, ESFR sprinkler systems and TPO roofing systems. Ytiel Lopez is the project manager and Chuck Rugila is the field superintendent from PREMIER Design + Build Group, and RLC Architects is providing architectural services. Samantha Cristiano, Tony Hoover and Larry Genet of CBRE are the leasing agents for the project. Flynn Engineering is the civil engineer, and DDA is providing structural engineering services. PREMIER Design + Build plans to deliver the projects in the spring of 2017.
ORLANDO, FLA. — IRC Retail Centers has purchased Phase II of Goldenrod Marketplace, a community shopping center located at the intersection of Narcoossee and Goldenrod roads in Orlando, for $6 million in cash. Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty. IRC Retail Centers previously acquired the 97,500-square-foot Phase I of Goldenrod Marketplace in December 2013.
MIAMI — Hilton Worldwide and Baptist Health South Florida have signed a franchise license agreement to open Hilton Miami/Dadeland, a 184-room hotel located on the Baptist Hospital campus in Miami. Interstate Hotels and Resorts will operate the hotel, which is slated to open at 9100 N. Kendall Drive in late 2018. CallisonRTKL Inc. designed the hotel, which will feature Cuban tile and pineapple-themed wall art and textiles, which complements the motifs of the Baptist Hospital campus. The hotel will feature a 6,200-square-foot ballroom, 2,000 square feet of meeting space, 24/7 business center and a health and wellness center with a fitness room and heated outdoor pool.
GAINESVILLE, FLA. — Wal-Mart Stores Inc. has relocated its Walmart Supercenter store from Butler Plaza to Butler North, a power shopping center that Butler Enterprises is developing along Clark Butler Boulevard in Gainesville. The new Walmart Supercenter is one of several retailers opening at Butler North this month. Butler North is currently 92 percent leased to tenants such as Sam’s Club, Dick’s Sporting Goods, Five Below, Lowes Home Improvement, Marshalls, Orangetheory Fitness and Longhorn Steakhouse. Butler Enterprises is also underway on Butler Town Center, an adjacent 350,000-square-foot pedestrian-oriented mixed-use project along Archer Road and I-75. Upon completion in 2018, the entire Butler development will span nearly 2 million square feet on 267 acres.