Florida

Walgreens 0420 Forest Hill Boulevard Wellington

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

Florida Loans Retail Southeast

Aztec Group Secures $26M Construction Loan for Phase II of Riverbend Marketplace in Fort Lauderdale

by John Nelson March 30, 2016

FORT LAUDERDALE, FLA. — Aztec Group has secured a $26 million construction loan for Phase II of Riverbend Marketplace, a 37-acre, Walmart-anchored development in Fort Lauderdale. The 189,000-square-foot Walmart Supercenter opened in January 2016 and sold earlier this month for $26.1 million. Phase II of Riverbend Marketplace will consist of 83,000 square feet of retail and restaurants and five outparcels. The borrower, an affiliate of Gatlin Development Co., broke ground on Phase II earlier this month. The new tenants joining Riverbend Marketplace include Planet Fitness, Chipotle, Lucky Me and T-Mobile. The new outparcel tenants will include Wawa, Krispy Kreme and McDonald’s.

March 30, 2016

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $8.7M Sale of Mixed-Use Property in South Beach

by John Nelson March 29, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $8.7 million sale of an 8,700-square-foot mixed-use property at 1609 Alton Road in Miami Beach’s South Beach neighborhood. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a limited liability company based in Miami Beach, and the buyer, a limited liability company based in New York. The two-story asset comprises 4,500 square feet of retail space and 4,200 square feet of office space. The property was fully leased at the time of sale to a nail salon, liquor store and medical office tenant.

March 29, 2016

Florida Hospitality Southeast Top Stories

Dilido Beach Resort Receives $210M Refinancing for The Ritz-Carlton South Beach

by Katie Sloan March 29, 2016

MIAMI — Dilido Beach Resort LLC, a joint venture between Lionstone Development and Flag Luxury, has received a $210 million loan for the refinancing of The Ritz-Carlton South Beach. Greenberg Traurig and Eastdil Secured arranged the loan, which will be used for planned capital improvements to the hotel, through lenders Cantor Commercial Real Estate (CCRE) and Societe Generale. The 375-room luxury hotel was originally built in 1953, and has been restored to reflect the original Morris Lapidus design. Located within walking distance of Ocean Drive and Lincoln Road in Miami, the hotel features an oceanfront infinity pool with private day beds, the DiLido Beach Club, two restaurants, a $2 million art collection featuring established and emerging artists, a 16,000-square-foot spa and 20,000 square feet of conference space. The resort underwent a $10 million renovation in 2012, according to reports by the South Florida Business Journal. The restoration, led by Miami-based interior designer Linda Zarifi, included the redesign of its 375 guest rooms. “We are very pleased to secure this financing for our flagship hotel,” says Paul Kanavos, CEO and chairman of Flag Luxury. “South Beach is a vibrant and diverse hospitality market and we are proud to be the leaders …

March 29, 2016

Ameris Bank Riverplace Tower Downtown Jacksonville

Florida Market Reports Office Southeast Southeast Market Reports

Financial Services Sector is Driving the Growth of Jacksonville’s Office Market

by John Nelson March 28, 2016

With economic conditions improving across the country and business confidence significantly increasing, the Jacksonville office market is gaining momentum and seeing positive space absorption for the fifth consecutive quarter in a row. Jacksonville’s tax-friendly environment, competitive business relocation incentives and strong labor pool have historically been a magnet for Fortune 1000 companies looking to establish back-office locations, but over the last few years, the city has evolved into a regional hub for the headquarters of domestic and international financial services companies. Most recently, Georgia-based Ameris Bank announced that it would move its headquarters this January from Moultrie, Ga., to the 26th floor of Riverplace Tower in downtown Jacksonville. Among the reasons why Jacksonville was an attractive location for its headquarters is the ability to tap into the city’s growing skilled workforce and the opportunity to increase the bank’s footprint and brand exposure in this market. Jacksonville is also becoming a hotspot for global financial firms like German global banking and financial services company Deutsche Bank and Australia’s Macquarie Group. Deutsche Bank has been building its presence in Jacksonville since 2008, employing about 1,700 people, and continues to import jobs from the Northeast to Jacksonville as it grows its business operations. …

March 28, 2016

Florida Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Tampa for $22.4M

by John Nelson March 25, 2016

TAMPA, FLA. — Federal Capital Partners (FCP) has purchased Belara Lakes Apartments, a 324-unit multifamily community located at 8402 N. Waterford Ave. in Tampa, for $22.4 million. The Belara Lakes acquisition is FCP’s second investment in Florida in the last 90 days. The property features two swimming pools, a community lake, fitness center, picnic area and a playground. FCP has retained local firm Avesta to manage the community. Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller in the transaction.

March 25, 2016

4726 Eisenhower Blvd TampaTRAK Microwave Corp.

Florida Industrial Office Southeast

NGKF Negotiates 117,018 SF Corporate Headquarters Lease in Tampa

by John Nelson March 25, 2016

TAMPA, FLA. — NGKF has arranged a 117,018-square-foot lease extension for TRAK Microwave Corp.’s corporate headquarters and manufacturing facility. The manufacturer has restructured its lease for flex space at 4726 Eisenhower Blvd. in Tampa. Clay Wommack of Franklin Street represented the landlord, Chew Family Tampa LLC, in the transaction. John Esposito of NGKF represented TRAK Microwave Corp., which is owned by Smiths Group.

March 25, 2016

Marcelo Claure David Beckham Miami Beckham United

Florida Retail Southeast Top Stories

David Beckham-Led Investment Group Buys Land in Miami for $300M Soccer Stadium

by John Nelson March 25, 2016

MIAMI — Miami Beckham United (MBU), an investment group led by international soccer star and celebrity David Beckham, has purchased two parcels of land in Miami’s Overtown neighborhood for a new soccer stadium. In December 2015, Major League Soccer (MLS) approved the location of the $300 million project, which is expected to have about 30,000 seats and 7,000 parking spaces, according to the South Florida Business Journal. The new stadium will be the home of an MLS expansion team in Miami. In addition to Beckham, MBU is headed by Marcelo Claure, CEO of Sprint, producer Simon Fuller and sports executive Tim Leiweke. The partners have said the project will be privately funded. “We have the right site, the right ownership group, and a loyal base of fans counting down the days until our first match,” said Claure in a prepared statement. “We’re all-in on Overtown, and we couldn’t be more excited about moving forward with plans to deliver the most responsible stadium in Miami history.” MBU purchased the two sites, which total 6.2 acres, at 650 N.W. 8th St. The stadium site is situated midway between Miami Beach and Miami International Airport, within walking distance of downtown Miami and two blocks …

March 25, 2016

Florida Seniors Housing Southeast

Capital Senior Living Buys Two Communities in Pensacola for $48M

by John Nelson March 24, 2016

PENSACOLA, FLA. — Capital Senior Living Corp. has acquired two seniors housing communities totaling 179 units in the Florida panhandle town of Pensacola for $48 million. The two communities are Carpenters Creek, which offers independent living and assisted living services, and Creekside, which offers memory care. Capital Senior Living will rename the communities under its “The Waterford” brand. Ryan Maconachy and Chad Lavender of HFF arranged the sale on behalf of the seller, San Diego-based Pacifica Senior Living. The properties were 93.9 percent occupied at the time of sale.

March 24, 2016

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