Florida

Cushman & Wakefield Brokers $47.9M Sale of Industrial Park Near Orlando International Airport

by John Nelson October 31, 2016

ORLANDO, FLA. — Cushman & Wakefield has brokered the $47.9 million sale of LeeVista Business Center, a 479,100-square-foot, three-building warehouse and distribution park adjacent to Orlando International Airport. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Atlanta-based McDonald Development Co., in the transaction. Los Angeles-based Colony Capital purchased LeeVista Business Center, which was developed between 2009 and 2016 and was 84.4 percent leased at the time of sale to tenants such as Thales USA, ThyssenKrupp Industrial Services, Siemens Corp., Carrier and DHL Global Mail. The $100 per square foot price tag makes the transaction the record high per-square-foot sale of a multi-tenant warehouse and distribution project in Orlando.

October 31, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Broward County’s Office Sector is Operating at Peak Performance

by John Nelson October 31, 2016

Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages. “Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity to Latin America and the Caribbean, and access to three international airports and three seaports,” says Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s public/private partnership for economic development. Broward County’s office sector performance is a big story in an area of very positive commercial real estate headlines. It can be argued that South Florida trails only the two Bay Area bellwethers, San Francisco and the Silicon Valley, in property performance nationwide. Office rental rates in the county — CoStar reported that the market’s average rate increased 1.4 percent during first quarter to $25.14 per square foot — are most likely reaching the top of the arc in the present economic cycle. “Some of our strongest job growth has been in high-wage …

October 31, 2016

Florida Seniors Housing Southeast

Greystone Arranges $21.5M Sale of Seniors Housing Community in Jacksonville

by John Nelson October 28, 2016

JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.

October 28, 2016

Florida Loans Multifamily Seniors Housing Southeast Top Stories

Capital One Provides $162.5M Credit Facility for Palm Garden Healthcare

by Katie Sloan October 25, 2016

SARASOTA, FLA. — Capital One Financial Corp. has provided a $162.5 million senior secured credit facility for Palm Garden Healthcare. The Sarasota-based company owns a total of 1,931 beds across 14 skilled nursing facilities and an assisted living facility. The company also operates home care agencies and provides outpatient therapy. Palm Garden locations can be found in cities throughout Florida, including Aventura, Clearwater, Gainesville, Jacksonville, Largo, Ocala, Sun City Center, Orlando, Pinellas, Port St. Lucie, Tampa, Vero Beach, West Palm Beach and Winter Haven. The credit facility consists of a real estate term loan, a capital expenditure line of credit and an asset-based revolver. Palm Garden will use the proceeds to refinance existing debt and provide capital to expand and improve its facilities. Mclean, Va.-based Capital One is a leading provider of financial services to the healthcare industry, with over $11 billion in total outstanding balances. — Katie Sloan

October 25, 2016

Florida Mixed-Use Retail Southeast

Madison Capital Purchases Retail, Parking Development in South Beach for $57.3M

by John Nelson October 24, 2016

MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.

October 24, 2016

Florida Multifamily Southeast

IPA Brokers $29M Sale of Multifamily Community in Metro Orlando

by John Nelson October 24, 2016

WINTER PARK, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $29 million sale of Calibre Bend Apartments, a 212-unit multifamily community located at 3924 Calibre Bend Lane in Winter Park, a suburb of Orlando. Built in 1987, Calibre Bend features a clubhouse and leasing center, business center, resort-style swimming pool, a lighted tennis court and a car wash station. Units include built-in bookcases, full-size washers and dryers and private balconies or patios. Steve Witten, Frank Carriera, Victor Nolletti and Michael Regan of IPA represented the seller and procured the buyer, which plans to upgrade the property’s interiors.

October 24, 2016

Affordable Housing Florida Loans Multifamily Southeast

Greystone Helps Preserve 1,058 Affordable Housing Units in Florida in $130.8M Transaction

by John Nelson October 20, 2016

NEW YORK — Greystone Affrodable Housing Initiatives LLC has closed a $130.8 million transaction to help preserve 1,058 affordable housing units in Florida. The 24 aged properties are located in 12 counties throughout the state. Completed on behalf of owner and operator The Hallmark Cos. Inc., the financing included $41.6 million in tax-exempt bonds by Osceola County; Boston Financial purchasing $28.1 million in 4 percent Low-Income Housing Tax Credits; HUD’s assumption of $26.7 million of original USDA Section 515 debt, which provides subsidized financing to developers of affordable housing in rural markets; $29.9 million in senior debt; and $4.5 million in additional capital. Greystone worked closely with the USDA’s Rural Housing Service, as well as Osceola County Housing Finance Authority and Florida Housing Finance Corp. in the transaction. Hallmark will use the funds to rehabilitate the interior and exterior of the 24 properties over the next 12 months at an average of $32,000 per unit. The redevelopment team includes Columbia, Mo.-based architect Wallace Architects LLC and Roswell, Ga.-based general contractor Formula Construction Group.

October 20, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $113M Sale of Trophy Office Building in Fort Lauderdale

by John Nelson October 20, 2016

FORT LAUDERDALE, FLA. — Cushman & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale’s CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team represented the seller, Dallas-based Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, a car wash, wraparound outdoor terrace, ballroom and conference facilities. The previous owner invested $15 million in capital improvements at 110 Tower in 2011.

October 20, 2016

Florida Loans Multifamily Southeast

BB&T Provides $103M Construction Loan to Melo Group for Square Station High-Rises in Miami

by John Nelson October 19, 2016

MIAMI — BB&T Bank has provided a $103 million construction loan to Miami-based Melo Group for Square Station, a multifamily development located at 1424 N.E. Miami Place in downtown Miami’s Arts and Entertainment district. Set for completion in 2018, the property will include two 34-story high-rise towers comprising 710 apartment residences and 15,000 square feet of ground-level retail and restaurant space. Situated adjacent to the Miami-Dade Metromover School Board Station, the apartment project will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month. Interiors will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile and full-size washer and dryers in all units. Community amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room for residents.

October 19, 2016

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $28.4M Sale of Affordable Housing Portfolio in Tampa Bay Area

by John Nelson October 18, 2016

WESLEY CHAPEL AND PLANT CITY, FLA. — Marcus & Millichap has arranged the $28.4 million sale of two affordable housing communities in the Tampa Bay metro area. The properties include Pasco Woods Apartments, a 200-unit community in Wesley Chapel, and Park Springs, a 200-unit community in Plant City. The assets sold for cap rates of 5.9 percent and 5.34 percent, respectively. Both properties were built in 2000 under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and both properties were 100 percent occupied at the time of sale and have long histories of high occupancy. Ray Turchi, Chris Travis and Kristin Boekhoff of Marcus & Millichap’s Orlando office represented the seller, a private investor, in the transaction. The trio also secured the out-of-state institutional buyer.

October 18, 2016

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