Florida

Marcus & Millichap Brokers $8.5M Sale of Affordable Housing Community in Cape Coral

by John Nelson May 26, 2016

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $8.5 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. The property was constructed and placed into the Low Income Housing Tax Credit program in 2000. The community comprises eight three-story buildings and a freestanding clubhouse. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, an institutional owner based in New York City, and the private, Florida-based buyer in the transaction.

May 26, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges 150,000 SF Industrial Lease in Metro Miami

by John Nelson May 26, 2016

MEDLEY, FLA. — Cushman & Wakefield has arranged a 149,980-square-foot industrial lease at Airport North Logistics Park, bringing Building One to full occupancy. The 45-acre industrial park is located at 8502 N.W. 80th St. in Medley, part of Miami’s Airport North submarket. The tenant, Eco Window Systems, is a privately owned manufacturer of affordable impact-resistant doors and windows. The company is relocating from Medley International Business Park and is doubling the size of its distribution center. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord, Airport North Industrial Inc., in the lease deal. Americas Commercial Real Estate LLC represented Eco Window Systems. Buildings Two and Three at Airport North Logistics Park are under construction and are expected to be delivered by mid-2017.

May 26, 2016

The Woodlands John Knox Village Pompano Beach

Florida Multifamily Seniors Housing Southeast

John Knox Village CCRC in Broward County Set to Open $34M Expansion

by John Nelson May 25, 2016

POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.

May 25, 2016

Florida Retail Southeast

Swire Properties Adds 11 New Retailers to Brickell City Centre in Miami

by John Nelson May 25, 2016

MIAMI — Swire Properties Inc., along with co-developers Whitman Family Development and Simon Property Group, has signed 11 new retailers as tenants of Brickell City Centre’s 500,000-square-foot shopping center in Miami. The new retailers joining the $1.05 billion development are Baldinini, Boglioli, Bruno Magli, Carmen Steffens, Hugo Boss, Lafayette 148, Samsonite, Sephora, SPARIS, Tommy Bahama and Violetas/ Baccarat. Set to open in November, the shopping center will comprise more than 70 retailers and eateries. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. The shopping center will also feature a two-story underground carpark that traverses streets in the lower level. Other components of Brickell City Centre opening this year include Reach, a condominium tower that opened in April; Rise, a condominium tower opening this summer; Three Brickell City Centre, a Class A office tower that opened in February; and Two Brickell City Centre, an office tower set to open this summer.

May 25, 2016

Caribbean Villas Apartment Homes West Palm Beach

Florida Multifamily Southeast

KeyBank Provides $12.1M Fannie Mae Loan for Apartment Complex in West Palm Beach

by John Nelson May 25, 2016

WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.

May 25, 2016

Florida Office Southeast Top Stories

Sumitomo Buys Iconic Miami Tower For $220M

by Haisten Willis May 25, 2016

MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million. LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction. LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.” Renowned architect I.M. Pei designed the building, which consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space. The building is well known for its unique exterior lighting system and boasts tenants including Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the …

May 25, 2016

Florida Office Southeast

Cisneros, Moss & Associates Lease Office Space at Two MiamiCentral

by John Nelson May 24, 2016

MIAMI — Cisneros, a media and entertainment advertising firm, and Moss & Associates, a construction firm based in Fort Lauderdale, have leased office space at Two MiamiCentral, part of the 11-acre MiamiCentral mixed-use development in downtown Miami. The two companies are joining Ernst & Young LLP, Regus and Florida East Coast Industries at the 10-story, 190,000-square-foot office building. Cisneros will occupy 30,000 square feet on the top two floors of the Class A office building, and Moss & Associates will occupy 4,000 square feet on the seventh floor. Set to open in 2017, the office building is now 60 percent pre-leased. In addition to the office component, MiamiCentral will be the future home of the Brightline train service. Designed by Skidmore, Owings & Merrill LLP, Two MiamiCentral’s office space will begin 120 feet above street level to accommodate the raised Brightline train platform and include a plaza level featuring a fitness facility, conference center and open-air terrace available for tenants and their guests. Blanca Commercial Real Estate is the leasing agent for the commercial space within MiamiCentral.

May 24, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $12.3M Sale of Retail Property in South Beach

by John Nelson May 24, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of Plaza 1600 South Beach, a 6,090-square-foot retail property located in Miami Beach’s South Beach neighborhood. The property is located at the intersection of 16th Street and Alton Road, roughly one block from Lincoln Road Mall. Built in 1959 and renovated in 2000, Plaza 1600 South Beach’s current tenants include Lyon Frères Petit Marché, Dunkin’ Donuts and Pizza Hut. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a partnership from Miami Beach, and the buyer, a limited liability company from Miami.

May 24, 2016

Florida Multifamily Southeast

CBRE Brokers $17.6M Sale of Apartment Community in Orlando

by John Nelson May 23, 2016

ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.

May 23, 2016

Florida Multifamily Southeast

Colliers Arranges $17M Sale of Apartment Complex in Jacksonville

by John Nelson May 23, 2016

JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.

May 23, 2016

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