Florida

Passco Cos. Acquires Newly Built Apartment Community in Orlando for $53.5M

by John Nelson May 3, 2016

ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.

May 3, 2016

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $42M Apartment Community in Metro Orlando

by John Nelson May 3, 2016

WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.

May 3, 2016

Florida Multifamily Southeast

ZOM, Northwestern Mutual to Break Ground on Waterfront Apartment Community in Metro Tampa

by John Nelson May 3, 2016

ROCKY POINT, FLA. — ZOM Florida and Northwestern Mutual plan to break ground on SEAZEN, a 323-unit waterfront apartment community located near Tampa on the island of Rocky Point. Currently home to a Chart House restaurant, the site features 750 linear feet of direct waterfront on Tampa Bay. ZOM and Northwestern Mutual plan to begin construction in August and deliver the asset in summer 2018. The companies plan to begin pre-leasing SEAZEN in late 2017.

May 3, 2016

Florida Georgia Healthcare Southeast Tennessee

Bauman & Co. Buys Three Medical Office Buildings in the Southeast for $25M

by John Nelson May 3, 2016

ATLANTA — Atlanta-based Bauman & Co. has purchased three medical office buildings in Orlando; Macon, Ga., and Chattanooga, Tenn., for a combined $25 million. The properties include the Lake Lurna Professional Center in downtown Orlando, the Coliseum Cancer Center in Macon that is being renamed the Coliseum Drive Physicians Building and the Spring Creek Medical Center in Chattanooga that is being renamed the Spring Creek Physicians Building. The Orlando and Macon buildings were fully leased at the time of sale and the Chattanooga property was 82 percent leased. Bauman & Co., Siemens Financial Services, Capital One Healthcare and a small group of private investors provided acquisition financing for the portfolio transaction.

May 3, 2016

Florida Retail Southeast Top Stories

Whitman Family Development Submits Plans for $400M Expansion of Bal Harbour Shops Near Miami Beach

by Katie Sloan May 3, 2016

BAL HARBOUR, FLA. — Whitman Family Development has submitted updated plans for a $400 million expansion of Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour Village near Miami Beach. Expansion plans include the addition of the first Barneys New York flagship store in the Southeastern U.S., as well as significant upgrades to longtime anchor tenants Neiman Marcus and Saks Fifth Avenue. The expansion will also include the addition of new luxury boutiques and restaurants, expanded vehicle entryways and exits with improved traffic signals, and wider sidewalks with increased landscaping and tree canopy around the shops on 96th Street and Collins Avenue. The new plans are the result of a Bal Harbour Village Council meeting on April 13 during which all council members expressed support for the expansion, but deadlocked 2-2 on the sale of the current Village Hall site that was central to the proposal. The revised plan reduces the proposed footprint by approximately 19 percent, according to reports by the Miami Herald, and will be built entirely on land already owned by Whitman Family Development. “The updated plan meets all of our goals, albeit in a different configuration,” says Matthew Whitman Lazenby, president and CEO of …

May 3, 2016

Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Breaks Ground on $45M Luxury Seniors Community in Central Florida

by John Nelson April 29, 2016

CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.

April 29, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Multifamily Portfolio in Tampa Bay Area

by John Nelson April 29, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a five-property, 735-unit apartment portfolio in the Tampa Bay area. The properties include the 176-unit Palms at Cedar Trace, 212-unit Palms at Sand Lake and the 130-unit Palms at Ashley Oak in Tampa; the 125-unit Palms at Palisades in Brandon; and the 92-unit Palms at Cortez in Bradenton. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

April 29, 2016

Civic Florida Southeast

Williams Co. Building Division Breaks Ground on $60.7M School in Downtown Orlando

by John Nelson April 28, 2016

ORLANDO, FLA. — Orlando-based Williams Co. Building Division has broken ground on a new $60.7 million school located at 701 W. Livingston St. in downtown Orlando on behalf of Orange County Public Schools. The unnamed school will serve roughly 1,211 preschool to eighth grade students on its 14-acre campus. The preschool wing is being supported by the Harris Rosen Foundation and a branch of the Boys & Girls Club. Construction on the 190,526-square-foot facility is slated for completion in summer 2017 in time for the school’s fall 2017 opening. Orlando-based Baker Barrios Architects designed the project.

April 28, 2016

Florida Loans Seniors Housing Southeast

SunTrust Provides $39M Loan for Seniors Housing Expansion in Orlando

by John Nelson April 28, 2016

ORLANDO, FLA. — SunTrust Bank has provided a $39 million loan to Orlando Senior Health Network, which the owner-operator will use to expand Orlando Lutheran Towers in Orlando. The project will add 33 skilled nursing beds to the continuing care retirement community, along with 45 new full-time employees to serve the new residents. The $39 million loan includes both funds for capital improvements and refinancing of existing debt. Renovations are scheduled to begin this summer with the project scheduled for completion in 2018.

April 28, 2016

Florida Retail Southeast

Ram Realty Services Sells Publix-Anchored Center in Metro Fort Lauderdale for $29.3M

by John Nelson April 27, 2016

PLANTATION, FLA. — Ram Realty Services has sold Jacaranda Plaza, a 173,044-square-foot, Publix-anchored shopping center, for $29.3 million. Epic Real Estate Partners purchased the property, which is located on 16.2 acres at 8249 W. Sunrise Blvd. in Plantation, a suburb of Fort Lauderdale. Jacaranda Plaza was 86 percent leased at the time of sale to tenants such as Planet Fitness, Dollar Tree, Stein Mart, Regions Bank, T-Mobile, GNC and Game Stop. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Ram Realty Services in the transaction. Additionally, Paul Stasaitis and Adam Herrin of HFF arranged a five-year, $19.9 million acquisition loan with a fixed interest rate through BankUnited on behalf of Epic Real Estate Partners.

April 27, 2016

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