Florida

Stiles Realty Signs Starbucks, Chipotle to Leases at Retail Center in Cape Coral

by John Nelson April 11, 2016

CAPE CORAL, FLA. — Stiles Realty has signed Starbucks Coffee and Chipotle Mexican Grill to lease outparcel space at Coralwood Center, a 349,205-square-foot retail center located at 2301 S. Del Prado Blvd. in Cape Coral. The two tenants will open at the 6,038-square-foot outparcel this fall. The retail center is currently 73 percent leased to tenants such as Ulta Beauty, LA Fitness, Bealls Outlet, JC Penney, Lenny’s Sub Shop and the newly opened HomeGoods. Jill Gull of Stiles Realty represented the landlord, Siles and GRE Coralwood LP, in the two lease transactions. Michael Daly of LandQwest Commercial represented Starbucks, and Michael Weiss of SRS Real Estate Partners represented Chipotle.

April 11, 2016

Florida Multifamily Southeast

JV Acquires Apartment Community in Gainesville for $8.8M

by John Nelson April 11, 2016

GAINESVILLE, FLA. — LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. The property was built in 1981 on nine acres at 1902 S.W. 42nd Way, roughly one mile from the University of Florida campus. The new ownership has teamed up with Gainesville-based management company AMJ Inc. to operate the property, and the joint venture will invest capital to improve community interiors, exteriors and common areas. Darron Kattan, Kevin Kelleher, Zach Ames and Robert Goldfinger of Franklin Street Real Estate Services’ Tampa office represented both the buyer and seller in the transaction.

April 11, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $10.2M Loan for Affordable Housing Community in Florida

by John Nelson April 8, 2016

BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $10.2 million bridge loan for Centre Court Apartments, a 180-unit affordable housing community in Bradenton. The property operates under the Section 42 Low Income Housing Tax Credit (LITHC) with 108 units reserved for renters earning 60 percent area median income (AMI) and 27 units restricted to 30 percent AMI. John Gilmore IV of KeyBank’s community development lending division originated the loan on behalf of the borrower, Foundation for Affordable Rental Housing Holdings Inc., a nonprofit organization based in Delaware. Centre Court Apartments is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization.

April 8, 2016

Florida Industrial Southeast

Ridge Development Breaks Ground on Spec Industrial Facility in Metro Miami

by John Nelson April 7, 2016

MEDLEY, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has broken ground on Airport North Logistics Center, a 182,057-square-foot speculative industrial facility. The distribution center will be located at the intersection of N.W. 87th Avenue and N.W. 90th Street in Medley, a suburb of Miami. Ridge Development expects to complete construction on the project in September 2016. The property will feature 32-foot clear heights, a 60-foot speed bay, 46 dock-high doors, two street dock ramps, 72 trailer spaces, security fencing and additional vehicle parking/outside storage. Ben Eisenberg, Walter Byrd, Thomas Kresse and Carlos Gaviria of Transwestern will provide leasing services for the project. Itasca Construction has been selected to oversee construction of Airport North Logistics Center.

April 7, 2016

Florida Multifamily Seniors Housing Southeast

Elderfire Lodges to Build 150-Bed Assisted Living Community in Florida

by John Nelson April 4, 2016

LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.

April 4, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $5M Sale of Shopping Center in Metro Tampa

by John Nelson April 4, 2016

VALRICO, FLA. — Marcus & Millichap has arranged the $5 million sale of River Hills Plaza, a 34,500-square-foot shopping center located at 4325 Lynx Paw Trail in Valrico, a suburb of Tampa. Built in 2004, the property was 93 percent leased at the time of sale. James Medefind and Armando Rodriguez of Marcus & Millichap’s Tampa office represented the seller, a private investor, in the transaction. The buyer was a private investor from Canada.

April 4, 2016

Florida Market Reports Multifamily Southeast Southeast Market Reports

Jacksonville’s Apartment Market Experiencing Strong Rental Rate Growth

by John Nelson April 4, 2016

The Jacksonville multifamily market continues to enjoy strong fundamentals at levels not seen since before the recession. In fact, the last 18 to 24 months have seen a major record-setting environment. Jacksonville saw new records being set across the board from all asset classes in all submarkets. Class A and value-add assets continue to see cap rate compression and consequently we have new benchmarks for highest price per unit and price per square foot. In 2014, Jacksonville reached nearly $800 million in sales — accounting for more than 12,000 units (includes transactions exceeding $1 million). Based on the year-to-date transactional volume — $735 million with multiple large deals set to close by the end of the year — it’s safe to say that we will exceed last year’s amount. This is the highest sales volume for multifamily in Jacksonville in the last decade. The apartment market has experienced a steady improvement in fundamentals during the past 12 to 15 months. Effective rent increased 2.6 percent from $905 in the first quarter to $928 in the second quarter, which resulted in an annual growth rate of 5 percent. According to CBRE Econometric Advisors’ (CBRE EA) second quarter report, the forecast for …

April 4, 2016

Florida Loans Office Southeast

Mesa West Capital Provides $56.8M Acquisition Loan for Office Building in West Palm Beach

by John Nelson April 1, 2016

WEST PALM BEACH, FLA. — Mesa West Capital has originated a $56.8 million acquisition loan for Northbridge Centre, a 287,000-square-foot, Class A office building located at 515 N. Flagler Drive in West Palm Beach. The sponsor, 515 N. Flagler Drive Owner LLC, recently acquired the property from Gaedeke Group, which had owned the building for 20 years. The floating rate loan includes a future funding component to be used toward leasing costs, according to Mesa West Capital. Built in 1987 and renovated in 2002, the office building was 71 percent leased at the time of sale.

April 1, 2016

Walgreens 0420 Forest Hill Boulevard Wellington

Florida Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Walgreens in West Palm Beach MSA

by John Nelson March 31, 2016

WELLINGTON, FLA. — Marcus & Millichap has arranged the $9.5 million sale of a 14,820-square-foot Walgreens located at 10420 Forest Hill Blvd. in Wellington, a suburb of West Palm Beach. The store is located at the entrance to The Mall at Wellington Green, a 1.3 million-square-foot regional mall anchored by Nordstrom, Dillard’s, JC Penney and Macy’s. The buyer, a limited liability company, purchased the Walgreens store at a sub 5 percent cap rate. Russell Malayery and Walter Chapman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Benjamin Silver, Douglas Mandel and Richard Niewiadomski of Marcus & Millichap’s Fort Lauderdale office represented the buyer.

March 31, 2016

Centergate at Gratigny 6301 E. 10 Avenue Hialeah

Florida Industrial Southeast

Miller Construction to Build 602,657 SF Industrial Development in Miami-Dade County

by John Nelson March 30, 2016

HIALEAH, FLA. — Miller Construction Co. plans to build two twin industrial assets within Centergate at Gratigny business park totaling 602,657 square feet. The business park is located in Hialeah, a city within Miami-Dade County. Gibson Development Partners is the developer of the $27 million project, which will be located at 6301 E. 10 Ave. Gibson and Miller plan to deliver the asset by the end of the year. Boca Raton-based RLC Architects designed the two buildings, which will feature 32-foot clear heights, 54-foot column spacing, a 185-foot truck court and a 60-foot speed bay. Fairchild Partners is handling leasing on behalf of the owner, an unnamed institutional client.

March 30, 2016

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