Florida

Crescent Communities Opens 249-Unit Crescent Gateway in Florida

by John Nelson July 5, 2016

ALTAMONTE SPRINGS, FLA. — Crescent Communities has opened Crescent Gateway, a 249-unit apartment community located near the Maitland Boulevard exit on I-4 at 912 Innovation Way in Altamonte Springs. The property’s residences range from a 634-square-foot studio to a 1,476-square-foot, three-bedroom unit. Amenities include a clubhouse with Wi-Fi access, computer lounge with Macs and PCs and a poolside indoor/outdoor kitchen and lounge area. The community also has a yoga lawn, fire pit near the pool deck, bike storage, off-leash dog park and a media lounge with Xbox, PlayStation 4 and Apple TV. Unit interiors include granite countertops, stainless steel appliances, USB ports in the kitchen, walk-in closets and a washer and dryer in every residence.

July 5, 2016

Florida Hospitality Loans Southeast

Meridian Capital Arranges $15.4M Construction Loan for Wyndham Garden Hotel in Broward County

by John Nelson July 5, 2016

DANIA BEACH, FLA. — Meridian Capital Group has arranged $15.4 million in construction financing for a new Wyndham Garden hotel located in Dania Beach. The 142-room, seven-story hotel will be situated one-and-a-half miles from the beach and near Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center. Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the three-year, interest-only construction loan through BB&T. The loan converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term.

July 5, 2016

Florida Office Southeast

SunTrust Sells Namesake Office Complex in Fort Lauderdale to Steelbridge Capital for $90M

by John Nelson July 1, 2016

FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.

July 1, 2016

Florida Office Southeast

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Florida Hospitality Southeast

Atton Hotels to Open Atton Brickell Miami Hotel

by John Nelson July 1, 2016

MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.

July 1, 2016

Florida Hospitality Southeast

MSB Hotels III Buys Boutique Hotel in St. Augustine for $10.3M

by John Nelson June 30, 2016

ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.

June 30, 2016

The Enclave Shops at Coral Ridge Fresh Market Fort Lauderdale

Florida Retail Southeast

Stiles Completes Fresh Market-Anchored Shopping Center in Fort Lauderdale

by John Nelson June 29, 2016

FORT LAUDERDALE, FLA. — Stiles has completed The Enclave Shops at Coral Ridge, a 27,300-square-foot shopping center anchored by The Fresh Market. The property is located at the entrance of a single-family home community in east Fort Lauderdale near Oakland Park Boulevard and Fort Lauderdale Beach. The Fresh Market occupies 21,000 square feet of the shopping center, which will also feature inline retail shops and an outparcel leased to a bank. Stiles developed the project in a joint venture agreement with a group of local businessmen headed by Phil Smith. Stiles is leasing and managing the property.

June 29, 2016

Florida Mixed-Use Southeast

Cushman & Wakefield Brokers $21.3M Sale of Business Park in Metro Orlando

by John Nelson June 29, 2016

LAKE MARY, FLA. — Cushman & Wakefield has arranged the $21.3 million sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse park in Lake Mary, a suburb of Orlando. The single-story buildings are located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 250 and 255 were recently converted to Class A office space. The portfolio was 58 percent leased at the time of sale to tenants such as FARO Technologies and CuraScript. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Toronto-based Sun Life Assurance Co. of Canada, in the transaction. Colorado-based Real Capital Solutions purchased the portfolio for roughly $72 per square foot.

June 29, 2016

Florida Industrial Southeast

Cushman & Wakefield Brokers $103.6M Sale of Industrial Asset in Metro Tampa

by John Nelson June 28, 2016

RUSKIN, FLA. — Cushman & Wakefield has brokered the sale of a 1 million-square-foot distribution center located at 3350 Laurel Ridge Ave. in Ruskin, a suburb of Tampa. The transaction was the largest industrial sale in Tampa history in terms of both size and value, according to Cushman & Wakefield research. The price was undisclosed, but public records set the sale price at $103.6 million. USAA Real Estate Co. sold the LEED Silver-certified asset to Cole Office & Industrial REIT Inc., a non-listed REIT sponsored by Cole Capital, the investment management business of Phoenix-based VEREIT. Built in 2014, the property is fully leased to a Fortune 50 retailer and features 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54- by 50-foot column spacing, an ESFR sprinkler system and trailer parking. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented USAA Real Estate in the transaction.

June 28, 2016

Florida Multifamily Southeast

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

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