Florida

Pets Supermarket Leases 97,200 SF of Industrial Space in South Florida

by John Nelson June 17, 2016

DAVIE, FLA. — Pets Supermarket has signed a 97,200-square-foot industrial lease at Bridge Point Davie, a new Class A distribution facility in Davie, a town in south Broward County. The 145,800-square-foot property is located on a 9.8-acre site at 3501 Burris Road and features 32-foot clear heights, an ESFR sprinkler system and leasing bay sizes of approximately 12,150 square feet. David Wigoda and Steven Wasserman of JLL represented the landlord, Bridge Development Partners LLC, in the lease transaction. Wit Truitt of JLL’s Atlanta office represented Pets Supermarket.

June 17, 2016

Florida Mixed-Use Multifamily Southeast

Suffolk Construction Completes Residential Tower in Downtown Miami

by John Nelson June 16, 2016

MIAMI — Suffolk Construction has completed construction on Monarc, a 462-unit residential tower in downtown Miami developed by MDM Development and ZOM USA. The tower is the residential portion of Met 3, which includes an 11-story retail and parking podium featuring a Whole Foods Market and 1,442 parking spaces. The retail and parking podium has been open since January 2015 and remained fully operational throughout Monarc’s construction. In addition to Met 3, Suffolk is managing several other construction projects in South Florida including the Brightline’s MiamiCentral Station, Jade Signature and Met Square.

June 16, 2016

Florida Multifamily Southeast

IPA Brokers $77M Sale of Apartment Community in Boca Raton

by John Nelson June 16, 2016

BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $77 million sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community located at 9817 Arbor Oaks Lane in Boca Raton. Built in 1995 by Altman Development Corp., the gated complex features a clubhouse and 18 residential buildings surrounding a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet. Still Hunter III, Steve Witten and Victor Nolletti of IPA represented the seller and procured the buyer in the transaction.

June 16, 2016

Florida Mixed-Use Southeast

Review Board Approves Design of Megacenter Project in Miami

by John Nelson June 16, 2016

MIAMI — The Urban Design Review Board (UDRB) has approved Borges + Associates Architects’ design for Megacenter, a two-tower, mixed-use development in Miami’s Brickell district. The project will include a 12-story tower that features six levels of mini-storage, 111 basement parking spots and four levels of boutique office space, as well as an eight-story residential tower with rooftop amenities and ground-level retail space. The exterior of the project will feature a rotating gallery of artwork that will be replaced periodically. Megacenter’s developer, Chilean-based Red Megacentro, is the leading self storage developer in Chile and also develops office and warehouse space in Peru and Miami. Miami-based Borges + Associates expects Megacenter to achieve LEED Gold certification.

June 16, 2016

Affordable Housing Florida Multifamily Southeast Top Stories

The Wilson Co. Sells Affordable Housing Portfolio in Florida to Starwood for $563.5M

by John Nelson June 16, 2016

TAMPA, FLA. – The Wilson Co., a Tampa-based affordable housing developer and manager, has sold a 31-property portfolio of affordable housing communities in Florida for $563.5 million. Totaling 8,498 units, the portfolio is heavily concentrated in Orlando and Tampa. Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group, purchased the assets, which were developed between 1995 and 2004 using Low Income Housing Tax Credits (LIHTC). On average, maximum allowable rents across the portfolio are approximately $350 below average rents at nearby market-rate communities. The portfolio was more than 97 percent occupied at the time of sale. “This transaction represents the beginning of a new era for LIHTC investment sales,” says Doug Childers, managing director of HFF’s investment sales team, which represented The Wilson Co. in the transaction. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors,” added Childers. Childers led HFF’s investment sales team in the transaction, along with HFF’s senior managing director …

June 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $54M Sale of Apartment Community in Metro Tampa

by John Nelson June 15, 2016

LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.

June 15, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $12.5M Sale of Shopping Center in Miami

by John Nelson June 14, 2016

MIAMI — Marcus & Millichap has brokered the $12.5 million sale of Sabina Plaza, a 51,044-square-foot shopping center located at 4001 S.W. 152nd Ave. in Miami’s West Kendall submarket. Built in 2007, the property is fully leased to tenants such as Dollar Tree, two restaurants, a cross-fit gym, nail salon, martial arts studio, nail salon, beauty salon, dental office and a daycare. Walgreens and Bank of America are outparcels to the property but were not included in the sale. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, Sabina 40 Street LLC, an affiliate of North Miami-based IMC Equity Group and headed by Yoram Izhak, who purchased the property out of foreclosure in 2012 for $5.4 million.

June 14, 2016

Corporate Oaks Tampa New York Life Insurance Co.

Florida Office Southeast

Cushman & Wakefield Brokers $32M Sale of New York Life Insurance’s Office Campus in Tampa

by John Nelson June 10, 2016

TAMPA, FLA. — Cushman & Wakefield has brokered the $32 million sale of Corporate Oaks, a 186,854-square-foot office campus in Tampa’s Westshore District. New York Life Insurance Co. fully occupies Corporate Oaks and houses its AARP program at the campus, which houses about 920 employees. New York Life Insurance’s lease runs through 2024. Built in 1983, Corporate Oaks is situated on an 11.4-acre site at 5405, 5445 and 5505 W. Cypress St. Connecticut-based Next Generation Net Lease Management LLC purchased the asset, which features an on-site deli, fitness center, three-story parking garage and surface parking. New York Life Insurance has invested $2.7 million in interior upgrades, while the previous owner invested $1.5 million for upgrades to the interior finishes, elevators, HVAC systems and the parking garage. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the transaction.

June 10, 2016

Flagler Station 11700 N.W. 100th Road Medley

Florida Industrial Southeast

Avison Young Arranges 139,105 SF Industrial Lease Renewal in South Florida

by John Nelson June 10, 2016

MEDLEY, FLA. — Avison Young has arranged Primesource Building Products’ 139,105-square-foot lease renewal at 11700 N.W. 100th Road in Medley. Primesource will continue to fully occupy the industrial facility, which is situated within Flagler Station, South Florida’s largest business park. Primesource is a distributor of fasteners and building materials. Wayne Schuchts and Andrew Bonner of Avison Young represented the tenant in the lease deal. Flagler Global Logistics is the developer of Flagler Station, which will span 14 million square feet on 900 acres upon completion. Other Flagler Station tenants include FedEx, Ryder System and Crowley.

June 10, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Orlando for $32.1M

by Christina Cannon June 9, 2016

WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.

June 9, 2016

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