Florida

Off to the Races: International Speedway Breaks Ground on ONE DAYTONA Mixed-Use Project

by John Nelson May 12, 2016

DAYTONA BEACH, FLA. — International Speedway Corp. (ISC), a motorsport event promoter and owner/operator of 13 motorsport entertainment facilities, has broken ground on ONE DAYTONA, a 300,000-square-foot mixed-use project in Daytona Beach. The development will be situated across from ISC’s Daytona International Speedway, which is home of the Daytona 500 NASCAR race. Set to open in fall 2017, ONE DAYTONA will feature retail, dining, entertainment and residential space, as well as two hotels. Development costs are estimated to total between $120 million and $150 million. ONE DAYTONA will be anchored by a 67,000-square-foot Bass Pro Shops Outpost and a 12-screen Cobb Theatre. Vertical construction has begun on the movie theater, and Bass Pro Shops will begin construction on its building in the coming weeks. Additionally, ISC has recently executed leases with first-to-market retailers such as Guitar Center, Tervis, It’Sugar, Jeremiah’s Italian Ice and Venetian Nail Spa. “We are very pleased to be announcing these five outstanding tenants,” says Jeff Boerger, vice president of corporate development at ISC. Kansas City, Mo.-based Legacy Development is managing the leasing efforts for ONE DAYTONA. “We are delivering an environment and mix of uses unlike any other in the country,” continues Boerger. Other components at …

May 12, 2016

Florida Loans Retail Southeast

Grandbridge Arranges $13M Refinancing of Retail Center in South Florida

by John Nelson May 11, 2016

HOLLYWOOD, FLA. — Grandbridge Real Estate Capital has arranged the $13 million refinancing of Stirling Square, a 95,000-square-foot retail center located in Hollywood. The property features 54,773 square feet of ground-level retail space, as well as office space. Stirling Square’s tenants include Walgreens and Bank of America. Philip Carroll of Grandbridge’s Miami office arranged the 10-year loan through an undisclosed bank. The loan features a 25-year amortization schedule and a fixed interest rate in the mid-3 percent range.

May 11, 2016

Florida Southeast

Franklin Street Opens New Office in Orlando

by John Nelson May 11, 2016

ORLANDO, FLA. — Tampa-based Franklin Street has opened an office at 390 N. Orange Ave., Suite 2300 in downtown Orlando. Kurt Keaton, president of real estate and management services at Franklin Street, will serve as the regional managing director of the firm’s Orlando office. In addition to Keaton, Melissa Hazlewood will serve as vice president of property management for the Orlando office. Hazlewood worked the previous 13 years at JLL. Franklin Street plans on adding all of its existing service lines in Orlando, including real estate investment sales, leasing, management, capital markets, insurance and valuation. In addition to its Tampa headquarters, Franklin Street has offices in Fort Lauderdale, Miami, Jacksonville and Atlanta.

May 11, 2016

Florida Retail Southeast

Weingarten Realty Acquires Deerfield Mall in South Florida for $92.8M

by John Nelson May 10, 2016

DEERFIELD BEACH, FLA. — Weingarten Realty Investors has acquired Deerfield Mall, a 394,248-square-foot, Publix-anchored shopping center located in the South Florida community of Deerfield Beach, for $92.8 million. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Scott Wadler of HFF represented the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD, in the transaction. Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A. The 84 percent occupied center is home to tenants including Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell.

May 10, 2016

Florida Office Southeast Top Stories

Dockerty Romer & Co. Arranges $105.3M Acquisition of Aventura Corporate Center in Suburban Miami

by Katie Sloan May 10, 2016

AVENTURA, FLA. — Dockerty Romer & Co. has arranged the $105.3 million acquisition of Aventura Corporate Center, a 242,244-square-foot office complex located in Aventura, roughly 18 miles outside of Miami. The Class A property, located along Biscayne Boulevard, comprises two five-story buildings, one six-story building and three parking garages with additional development rights. Major tenants at the complex include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs. Buildings I and II, located at 20801 and 20803 Biscayne Blvd., were constructed in 1987 and 1988, respectively, and underwent renovations in 2005. Building III, located at 20807 Biscayne Blvd., was built in 2007. Bob Dockerty of Dockerty Romer & Co. arranged the transaction on behalf of the 1031 exchange buyer, Renaissance Aventura LLC. HFF represented the seller, ACC/GP Development LLC and ACC/GP Investment LLC, in the transaction. The 1031 exchange buyer, which is affiliated with investors Kenneth and Robert Fishel, sold an asset located in Manhattan before acquiring Aventura Corporate Center. The investors primarily own multifamily and office assets across the New York City metro area. Dockerty Romer also secured a seven-year, $50 million acquisition loan on behalf of the buyer through Prudential Mortgage Capital Co. Since its inception in January 2000, …

May 10, 2016

Florida Hospitality Multifamily Southeast

Marcus & Millichap Brokers $13M Sale of ‘Apartment Hotel’ Property in Miami Beach

by John Nelson May 9, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $13 million sale of Sadigo Court South Beach, a historic 30-unit boutique “apartment hotel” building located at 334 20th St. in Miami Beach’s Collins Park neighborhood. Originally built in 1936 about two blocks from the Atlantic Ocean, Sadigo Court features five junior suites with kitchenettes and 25 fully furnished one-bedroom suites with full kitchens. The buyer, a private investor based in Bay Harbor Islands, Fla., has options to renovate and reposition the property as a 50-room hotel, as well as construct a new building on the south side of the property. Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller, a private investor based in Miami Beach, in the transaction.

May 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $12.1M Loan to Affordable Housing Community in Florida

by John Nelson May 6, 2016

VERO BEACH, FLA. — KeyBank Real Estate Capital has provided $12.1 million in FHA financing for Pemberly Palms Apartments, a 200-unit affordable housing community located in Vero Beach. Built in 1996, the 17-building complex was more than 95 percent occupied at the time of financing. Pemberly Palms operates under the Section 42 Low Income Housing Tax Credit and is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization that provides affordable rental housing throughout the U.S. John Gilmore IV and Jeff Rodman of KeyBank’s community development lending team arranged the financing, which was used to pay off an existing KeyBank bridge loan.

May 6, 2016

Florida Loans Retail Southeast

Meridian Capital Arranges $11M Loan to Refinance Retail Property in Miami

by John Nelson May 5, 2016

MIAMI — Meridian Capital has arranged an $11 million loan to refinance Village Portico, a 28,700-square-foot retail center located at 201-299 S.W. Eighth St. in Miami’s Brickell neighborhood. The property is anchored by a CVS/pharmacy, McDonald’s and Subway and is zoned for an additional 600,000 square feet of air rights. Eric Trombly of Meridian Capital’s Boca Raton, Fla., office arranged the seven-year loan through a regional balance sheet lender. The financing features a fixed interest rate and flexible prepayment terms.

May 5, 2016

Florida Multifamily Southeast

CIM Group, Falcone Group to Develop Miami Worldcenter’s Seventh Street Apartments

by John Nelson May 4, 2016

MIAMI — CIM Group and Falcone Group will co-develop Seventh Street Apartments, a 450-unit apartment high-rise located along northeast 7th Street in downtown Miami. The tower will be part of the $2 billion Miami Worldcenter and feature 20,000 square feet of ground-floor retail and restaurant space. The tower will connect Miami Worldcenter’s high-street retail promenade to the east with All Aboard Florida’s Central Station and MDM Group’s Marriott Marquis hotel and expo center to the west. The city of Miami has also approved an adjacent 413-unit apartment tower, bringing the total number of entitled units on the site to 863 apartment residences. Designed by Cohen & Friedman, Seventh Street Apartments will feature a pool deck, fitness center, covered parking garage and concierge services. Construction is set to begin in June and be completed in approximately two years.

May 4, 2016

Florida Industrial Southeast

Cite Partners Brokers $10.7M Sale of 300,000 SF Industrial Property in Orlando

by John Nelson May 4, 2016

ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.

May 4, 2016

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