Florida

Melo Real Estate Arranges $22M Sale of Apartment Complex in Broward County

by John Nelson August 8, 2016

TAMARAC, FLA. — Miami-based Melo Real Estate has brokered the $22 million sale of Jasmine at Tamarac, a residential community comprising 222 apartment residences and 69 privately owned condominiums in Tamarac, a city in South Florida’s Broward County. Only the rental apartments were included in the transaction. JAT Owner LLC purchased the rental residences from Elandis for $99,099 per unit. Elandis previously purchased the rental units in December 2012 for $15 million. Built in 1987, Jasmine at Tamarac underwent a condominium conversion program in 2006. Ronald Meyerson of Melo Real Estate and Tyler Minix of Avison Young brokered the transaction.

August 8, 2016

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami’s Industrial Market Poised to Benefit from Panama Canal Expansion, Cuba

by John Nelson August 8, 2016

Given a handful of macro-factors in the Miami industrial market including the Panama Canal expansion nearing completion, PortMiami expansion, strong American dollar, and improving relations with Cuba coupled with the country’s new mega-port project, it is a unique time to be an industrial real estate service provider. To succeed in this environment, it takes deep local knowledge and a global understanding of how Miami, the Caribbean and Latin American economies and infrastructure are intertwined into global commerce. The first macro-factor is the Panama Canal expansion, its first major renovation since the 1914 opening. The expansion is set to have a major impact on global trade; specifically, the way cargo will be handled and transported throughout the Western Hemisphere. The larger canal will accommodate the new line of Post-Panamax vessels — supertankers, container and passenger ships too large to previously pass through the canal. Miami is a prime location for these vessels and offers a tremendous expansion opportunity for the local industrial market provided the vessels have a port to dock. In response to the Panama Canal expansion, PortMiami completed a deep dredge project to allow the Post-Panamax vessels full access, which is the second macro-factor affecting Miami’s industrial market. The …

August 8, 2016

Florida Retail Southeast

Bass Pro Shops Begins Vertical Construction at ONE DAYTONA Development in Daytona Beach

by John Nelson August 5, 2016

DAYTONA BEACH, FLA. — International Speedway Corp., the developer of the 300,000-square-foot ONE DAYTONA mixed-use project in Daytona Beach, has announced the beginning of vertical construction for Bass Pro Shops’ 67,000-square-foot Outpost store at the development. Chattanooga, Tenn.-based EMJ Construction recently raised 30 panels that represent the walls of the store using a 200-ton track crane. International Speedway plans to deliver the Bass Pro Shops Outpost in early 2017. The property will front International Speedway Boulevard near Daytona International Speedway, home of the Daytona 500 NASCAR race. In addition to the usual outdoor recreation merchandise, the Bass Pro Shops Outpost will feature a 12,000-gallon freshwater aquarium situated in a “Florida sinkhole” setting, as well as hand-painted murals and a boat preview center. ONE DAYTONA’s development costs are estimated to total between $120 million and $150 million. Other components of the mixed-use development include a 12-screen Cobb Theatres, two hotels, a luxury apartment community and several retail and dining tenants.

August 5, 2016

Florida Multifamily Southeast

Brasfield & Gorrie Completes Construction of The Sevens in Orlando

by John Nelson August 4, 2016

ORLANDO, FLA. — Brasfield & Gorrie’s Orlando office has completed construction on The Sevens, a 360,000-square-foot apartment building situated on a 2.5-acre lot between Park Lake Street and Colonial Drive in Orlando’s North Quarter district. The property features 333 luxury units, a seven-level parking garage and 8,000 square feet of ground-floor retail space. The Sevens’ amenities include a rooftop pool deck with a lounge and bar, fitness center and a ninth-floor clubhouse. Units feature granite and quartz countertops, stainless steel appliances and balconies in select units. The project team includes developer and owner The Pizzuti Cos. and architect Charlan Brock & Associates.

August 4, 2016

Florida Retail Southeast Top Stories

Office Depot to Close 300 Stores Over Three Years

by Katie Sloan August 4, 2016

BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …

August 4, 2016

Florida Southeast Student Housing

CollegePlace Partners Acquires Student Housing Portfolio Near FSU for $22.7M

by John Nelson August 3, 2016

TALLAHASSEE, FLA. — Real estate investment firm CollegePlace Partners has acquired The District, a 311-bed student housing portfolio located adjacent to Florida State University in Tallahassee. The company purchased the portfolio in an off-market transaction for $22.7 million. The District comprises eight townhome and flat-style buildings, featuring 90 three-, four-, five- and six-bedroom units. Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP represented CollegePlace Partners in the acquisition. CollegePlace Partners has engaged Asset Campus Housing, the nation’s largest third-party student housing management company, to manage the portfolio.

August 3, 2016

Florida Multifamily Southeast

Waterton Buys Apartment Community in West Miami for $57.4M

by John Nelson August 2, 2016

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

August 2, 2016

Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $19.5M Refinancing of Apartment Community in North Miami Beach

by John Nelson August 2, 2016

NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.

August 2, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $11M Sale of Apartment Building in Fort Lauderdale

by John Nelson August 2, 2016

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $11 million sale of Harbour Pointe, a 34-unit luxury apartment building located at 2201 S.E. 18th St. in Fort Lauderdale’s Harbour Inlet neighborhood. Situated south of the 17th Street Causeway, the property features 350 of water frontage with rental boat slips. Marcus & Millichap brokered the sale of Harbour Pointe in 2010 for $8.1 million and again in 2013 for $9.2 million. The property was renovated by a previous owner in 2010. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between entities based in New York and California.

August 2, 2016

Florida Multifamily Southeast

KeyBank Arranges $13.5M Loan for Apartment Community in Jacksonville

by John Nelson August 1, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

August 1, 2016

Newer Posts

Older Posts