Florida

Bull Realty Brokers $10.6M Sale of Medical Office Building in Florida

by John Nelson June 6, 2016

THE VILLAGES, FLA. — Atlanta-based Bull Realty has brokered the $10.6 million sale of the TLC Medical Arts building, a 32,000-square-foot medical office building located in The Villages. The property’s anchor tenant is TLC ASC, a surgical center joint venture between National Surgery Center Holdings Inc., a subsidiary of Tenet Healthcare and a group of regional physicians. Other tenants include The Orthopedic Institute, Olcott Spine Institute and Spine Intervention Specialists. Stage Acquisitions, an affiliate of Skokie, Ill-based Stage Equity Partners, purchased the property from Stanmore Development LLC. Michael Bull and Paul Zeman of Bull Realty represented the seller in the transaction.

June 6, 2016

Florida Retail Southeast

Terranova Affiliate Sells Shopping Center in Metro Miami for $66.5M

by John Nelson June 3, 2016

PINECREST, FLA. — Suniland Associates Ltd., an affiliate of Terranova Corp., has sold the 82,000-square-foot Suniland Shopping Center to a Denver-based REIT for $66.5 million. The asset is located on 7.1 acres along U.S. 1 in Pinecrest, a southern suburb of Miami. The property’s tenant roster includes Flanigans, SunTrust Bank, Citicorp, the U.S. Post Office, CVS/pharmacy, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West. Mark Gilbert of Cushman & Wakefield brokered the transaction.

June 3, 2016

Florida Hospitality Southeast

ARTIC Buys Viceroy Miami Hotel from Pebblebrook Hotel Trust for $64.5M

by John Nelson June 3, 2016

MIAMI — Pebblebrook Hotel Trust has sold the Viceroy Miami, a 148-room, upscale hotel in Miami’s Brickell district, for $64.5 million. The buyer, Qatar-based investment firm Al Rayyan Tourism Investment Co. (ARTIC), purchased the property with plans to convert the hotel into Starwood Hotels and Resort’s W brand. The new W Miami features a rooftop lounge on the 50th floor, a 28,000-square-foot spa and a 300-foot rooftop pool, Florida’s longest infinity pool that overlooks Biscayne Bay. The property also features five commercial units and 38 condominium hotel units that are part of a hotel rental program. As of April 30, the 50-story hotel had a 12-month trailing net operating income of $2.7 million, making the cap rate roughly 4.2 percent. Pebblebrook, a hospitality REIT, purchased Viceroy Miami in May 2011 for $36.5 million.

June 3, 2016

Johns Hopkins Medicine All Children’s Hospital St. Petersburg

Florida Healthcare Southeast

Skanska USA to Build $62.7M Medical Research, Education Facility in St. Petersburg

by John Nelson June 2, 2016

ST. PETERSBURG, FLA. — Skanska USA has signed a $62.7 million contract to build a 230,000-square-foot research and education facility on the Johns Hopkins Medicine All Children’s Hospital campus in St. Petersburg. Designed by HDR, the new property will include 30,000 square feet of research and laboratory spaces and 30,000 square feet of educational space, which will feature a 400-seat auditorium. The project will also have 50,000 square feet of offices and administrative spaces, a 20,000-square-foot collaboration space and a “biorepository” — a repository of biological materials. More than 200 professionals will occupy the building, which will house the hospital’s Maternal, Fetal & Neonatal Institute; Heart Institute; Cancer & Blood Disorders Institute and the Institute for Brain Protection Sciences. Skanska USA expects to deliver the new property in 2018.

June 2, 2016

Florida Retail Southeast

EMPI Buys Lauderdale Marketplace in Broward County for $27M

by John Nelson June 1, 2016

LAUDERDALE LAKES, FLA. — Exclusive Management and Properties Inc. (EMPI) has purchased Lauderdale Marketplace, a 265,000-square-foot retail center in Lauderdale Lakes, for $27 million. EMPI bought the property from Austin Forman and William Murphy of Lauderdale Marketplace Investments LLC. Lloyd Berger and Joe Byrnes of Berger Commercial Realty represented the seller in the transaction. Located on a 30-acre lot at the southeast corner of Oakland Park Boulevard and North State Road 7, Lauderdale Marketplace’s tenant roster includes Broward Health, YouFit Health Club, Davita Dialysis, Papa John’s, Broward Sheriff’s Office, the Department of Veteran Affairs and the Department of Highway Safety and Motor Vehicles. EMPI has retained Berger Commercial Realty to lease and manage Lauderdale Marketplace.

June 1, 2016

Florida Office Southeast

Ivy Realty Sells Office Building in Palm Beach for $16.8M

by John Nelson June 1, 2016

PALM BEACH, FLA. — Ivy Realty has sold The Royal Palm, a three-story boutique office building along “Bankers Row” in Palm Beach, for $16.8 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Ivy Realty in the transaction and procured the buyer, EPIC. The 23,362-square-foot property is located at 250 Royal Palm Way and was 88 percent leased at the time of sale to tenants such as Deutsche Bank and Northern Trust. The Royal Palm features a two-level, 79-space parking garage and seasonal valet and doorman services.

June 1, 2016

Florida Multifamily Southeast Student Housing

Pierce Education Properties Acquires Student Housing Community Near the University of Florida

by John Nelson May 31, 2016

GAINESVILLE, FLA. — Pierce Education Properties LP has acquired The Pavilion on 62nd, a 990-bed student housing community located just west of the University of Florida (UF) campus in Gainesville. The 312-unit, garden-style community offers two-, three- and four-bedroom, fully furnished units with bed to bath parity, full-sized appliances, washers and dryers and balconies. Community amenities include two resort-style pools, a 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed internet access. In addition to UF, The Pavilion also serves Santa Fe College students. KeyBank Real Estate provided acquisition financing for the transaction.

May 31, 2016

Florida Loans Multifamily Seniors Housing Southeast

Capital One Provides $11M Refinancing for Assisted Living Community in Metro Tampa

by John Nelson May 31, 2016

HOMOSASSA, FLA. — Capital One has provided an $11 million, fixed-rate Fannie Mae loan to refinance Sunflower Springs Assisted Living Community, a 72-unit facility in Homosassa, approximately 60 miles north of Tampa. The property was built in 2009. Allison Holland of Capital One originated the12-year loan on behalf of the undisclosed borrower.

May 31, 2016

Florida Multifamily Seniors Housing Southeast

Brookdale Plans $8M Expansion to Seniors Housing Community in Florida

by John Nelson May 27, 2016

DELAND, FLA. — Brookdale Senior Living has announced plans to add 32 memory care units and 42 assisted living units to Brookdale DeLand, the company’s community in DeLand, approximately 40 miles north of Orlando. The cost of the expansion will be $8 million. In addition to the new units, the project will add an onsite therapy gym to the community. Brookdale is the largest owner and operator of seniors housing properties in the United States.

May 27, 2016

Florida Multifamily Southeast

Berkadia Arranges $24.6M Sale of Multifamily Portfolio in Orlando

by John Nelson May 26, 2016

ORLANDO, FLA. — Berkadia has brokered the $24.6 million sale of a two-property multifamily portfolio in southeast Orlando. Located across Curry Ford Road from one another, the portfolio includes the 210-unit Pendelton Park Villas and the 100-unit Carlyle Court Apartments. At the time of sale, Pendelton Park Villas was 97 percent occupied and Carlyle Court was 94 percent occupied. Both properties have undergone capital improvements totaling more than $1.2 million since 2012. Cole Whitaker and Hal Warren of Berkadia represented the seller, West Springfield, Mass.-based Florida Pendelton LP, in the transaction. The buyer was Miami-based Lloyd Jones Capital LLC.

May 26, 2016

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