Florida

CBRE Brokers $49.8M Sale of Office Portfolio in Orlando

by John Nelson July 19, 2016

ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.

July 19, 2016

Florida Georgia Loans Retail Southeast

Ready Capital Closes Two Loans in Florida, Georgia Totaling $31M

by John Nelson July 19, 2016

JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …

July 19, 2016

Florida Office Southeast

Ivy Realty Buys Two Office Buildings in Miami Beach for $48.8M

by John Nelson July 18, 2016

MIAMI BEACH, FLA. — Ivy Realty has purchased Miami Beach Towers, a two-building, Class A office portfolio in Miami Beach, for $48.8 million. Ivy Realty acquired the assets from Beach Tower LLC, an affiliate of South Florida-based Terranova Corp., which has owned the assets since 2004. Situated 400 feet from Miami Beach’s famous Lincoln Road, the properties are located at 1674 and 1688 Meridian Road and total nearly 120,000 square feet. The office buildings were 69 percent leased at the time of sale to tenants such as Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF and Merchant Data Systems. With this purchase, Ivy Realty’s South Florida office portfolio spans roughly 1.7 million square feet. Terranova is currently constructing two neighboring three-story retail buildings that will be anchored by Marshalls and Antropologie. New York City-based design firm James Corner Field Operations plans to overhaul the Lincoln Road District using roughly $32 million from the Community Redevelopment Agency to redevelop the street’s pedestrian-only promenade, as well as Meridian Road and other side streets. Ivy Realty believes the facelift will help boost the visibility and occupancy of Miami Beach Towers.

July 18, 2016

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

by John Nelson July 14, 2016

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.

July 14, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $27.4M Sale of Office Building in Metro Tampa

by John Nelson July 14, 2016

TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.

July 14, 2016

Florida Loans Multifamily Southeast

KeyBank Arranges $12.3M Loan for Apartment Complex in Jacksonville

by John Nelson July 14, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

July 14, 2016

Florida Industrial Southeast

Clarion Partners Purchases Industrial Complex in Broward County for $77.3M

by John Nelson July 13, 2016

POMPANO BEACH, FLA. — Clarion Partners has purchased Pompano Business Center, a four-building, 624,531-square-foot industrial complex in Broward County’s Pompano Beach. Clarion purchased the asset on behalf of a commingled fund advised by the firm for $77.3 million. The Class A industrial park is located near the Florida Turnpike and I-95. The project features clear heights ranging from 24 to 28 feet, parking and T5 lighting. Pompano Business Center was 95 percent leased at the time of sale.

July 13, 2016

Florida Retail Southeast

American Commercial Realty Acquires Publix-Anchored Center in Jacksonville for $22.7M

by John Nelson July 12, 2016

JACKSONVILLE, FLA. — American Commercial Realty Corp. (Amcom Realty) has purchased Highland Square, a 277,000-square-foot, Publix-anchored shopping center located along I-95 and Dunn Avenue in Jacksonville. Amcom Realty purchased the asset for $22.7 million. The property’s tenant roster includes CVS/pharmacy, dd’s Discounts, Family Dollar, Bealls Outlet, Baileys Powerhouse Gym, Rainbow, Starbucks Coffee, Chase Bank and BBVA Compass. Ironstone Partners advised Amcom Realty in the transaction.

July 12, 2016

Florida Industrial Loans Southeast

JP Morgan Arranges $22.6M Construction Loan for Spec Industrial Facility in Fort Lauderdale

by John Nelson July 12, 2016

KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.

July 12, 2016

Florida Southeast

Ocean Reef Club Sells Plaza Building in Key Largo for $21.2M

by John Nelson July 12, 2016

July 12, 2016

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