Florida

Watercrest to Build 128-Unit Assisted Living Community in Florida

by John Nelson July 27, 2016

PORT ST. LUCIE, FLA. — Watercrest Senior Living Group plans to construct Watercrest of St. Lucie West Assisted Living and Memory Care Community, a 128-unit seniors housing community in Port St. Lucie, located along the east coast of Florida midway between Orlando and Miami. D2 Architecture designed the luxury community, which Walker & Co. is building. The facility is scheduled to open in fall 2017. When completed, there will be 102 assisted living units and 26 memory care units in a 112,000-square-foot building. Watercrest, the developer, will operate the community.

July 27, 2016

Florida Loans Southeast Student Housing

Walker & Dunlop Arranges $22M Refinance for Student Housing Portfolio in Gainesville

by John Nelson July 26, 2016

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.

July 26, 2016

Florida Multifamily Southeast

Phoenix Realty, Park Row Equity Buy Apartment Community in Orlando for $34.9M

by John Nelson July 25, 2016

ORLANDO, FLA. — A joint venture between Phoenix Realty Group and Park Row Equity Partners has purchased The Element, an apartment community located at 2207 Lake Debra Drive in Orlando’s Metrowest master-planned neighborhood. The Element includes 27 independently owned condos, which were not included in the $34.9 million sale. Phoenix Realty Group will operate the apartment community and help administer the Homeowner’s Association. Built in 1996, The Element sits on 20.2 acres adjacent to the Metrowest golf course. Unit interiors include nine-foot ceilings and full-size washers and dryers. Community amenities include a resort-style swimming pool, sundeck and spa and a tennis court. The new ownership plans to renovate The Element’s amenities and interiors through a value-add investment program. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged a $26.3 million, fixed-rate, Fannie Mae acquisition loan through Capital One on behalf of Phoenix Realty Group.

July 25, 2016

Florida Multifamily Southeast

Berkadia Arranges $23.3M Sale of Apartment Community in Central Florida

by John Nelson July 25, 2016

WINTER SPRINGS, FLA. — Berkadia has arranged the $23.3 million sale of Columns at Winter Springs, a 208-unit apartment community situated on more than 16 acres at 1020 Chatham Pines in Winter Springs, roughly 16 miles northeast of Orlando. Built in 1991-1992, the property was 95 percent occupied at the time of sale. Hal Warren, Cole Whitaker and Jason Stanton of Berkadia represented the seller, Atlanta-based Seminole-Winter Springs Associates LLC, in the transaction.

July 25, 2016

Florida Industrial Office Southeast

Skanska Tops Out $71.4M Research Center in Metro Orlando

by John Nelson July 22, 2016

KISSIMMEE, FLA. — Skanska has topped out the Florida Advanced Manufacturing Research Center (FAMRC), a 109,000-square-foot advanced research and development laboratory facility in Kissimmee, an Orlando suburb in Osceola County. The total contract value for the design and construction of FAMRC is $71.4 million, according to Skanska. Situated on 20 acres near the intersection of U.S. 192 and Florida’s Turnpike, the project will provide semiconductor research and manufacturing of advanced products for the healthcare, transportation, agriculture and consumer products industries. The new center will partner with the University of Central Florida and the International Consortium for Advanced Manufacturing Research (ICAMR), a consortium for advanced sensors, phototonics and optics. The design team for FAMRC includes HOK and Abbie Gregg Inc., a global consultant to the advanced high technology industry sector. The Osceola County Board of Commissioners is helping lead the development of FAMRC, which Skanska plans to deliver in March 2017.

July 22, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $42.8M Sale of Apartment Community in Central Florida

by John Nelson July 21, 2016

OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.

July 21, 2016

Florida Retail Southeast

NAI Miami Negotiates NightLife Brewing’s Lease at Shops of Marlins Park in Miami

by John Nelson July 21, 2016

MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.

July 21, 2016

Florida Mixed-Use Southeast

Miami-Dade County Approves $464M Mixed-Use Project at Douglas Road Metrorail Site

by John Nelson July 20, 2016

MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.

July 20, 2016

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Breaks Ground on Affordable Housing Community in Metro Tampa

by John Nelson July 20, 2016

HOLIDAY, FLA. — Housing Trust Group (HTG) has broken ground on Phase I of Park at Wellington, a $37.9 million affordable housing community located at 4369 Sunray Drive in Holiday, roughly 30 miles north of Tampa. Phase I of the 220-unit property will span 110 units, and HTG plans to open the complex in late 2017. The units will be reserved for renters earning at or below 40 percent to 60 percent of area median income (AMI). Rents will range from $367 to $783 per month. Construction of Phase II is expected to start in November 2016. Phase I development funding sources include $16 million in 9 percent Low Income Housing Tax Credit Equity provided by Indianapolis-based City Real Estate Advisors and a $15.5 million construction loan provided by KeyBank, which converts to a $3.5 million permanent loan after completion. HTG has five affordable housing communities currently under construction in Florida. The project team for Park at Wellington includes architect Fugleberg Koch PLLC; civil engineer High Point Engineering Inc.; and general contractor HTG Hennessy LLC.

July 20, 2016

Florida Industrial Southeast

McCraney Buys 70 Acres in Florida for 1.3M SF Spec Industrial Development

by John Nelson July 20, 2016

PLANT CITY, FLA. — McCraney Property Co. has purchased 70 acres of a strawberry farm located at the intersection of County Line and Rice roads in Plant City. The West Palm Beach, Fla.-based industrial developer will build a 1.3 million-square-foot spec industrial development at the site known as County Line Logistics Center at Fancy Farms. The development will include Building 100 (131,200 square feet); Building 200 (168,480 square feet); Building 300 (173,600 square feet); and Building 400 (876,240 square feet), all being developed with 36-foot clear heights. Lisa Parks Abberger of Hauger-Bunch Inc. represented the seller in the land transaction, and Bruce Erhardt of Cushman & Wakefield represented McCraney Property.

July 20, 2016

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