Florida

Marcus & Millichap Brokers $26.2M Sale of Affordable Housing Complex in Central Florida

by John Nelson March 18, 2016

KISSIMMEE, FLA. — Marcus & Millichap has brokered the $26.2 million sale of Grande Court at Boggy Creek, a 394-unit apartment community located at 1401 Grande Blvd. in Kissimmee. The low income housing tax credit community features one-, two- and three-bedroom apartments with open kitchens, optional washer and dryer units, defined desk and computer areas, ceiling fans, walk-in closets and extra storage space. Community amenities include a clubhouse, swimming pool, wading pool, fitness center, business center, car care center, a playground and a barbecue and picnic area. Even Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Courtelis Development Co., and procured the buyer, Hercules Real Estate Service Inc.

March 18, 2016

Florida Mixed-Use Southeast

KGH International Development Breaks Ground on Metropica Mixed-Use Development in South Florida

by John Nelson March 16, 2016

SUNRISE, FLA. — KGH International Development has begun construction on the residential portion of Metropica, a transit-oriented mixed-use development in Sunrise that will span 65 acres and 4 million square feet upon full build-out. The project will feature 400,000 square feet of dining, retail and entertainment space, as well as 650,000 square feet of office space, 2,250 residential units and a 240-room hotel. Tenants already announced for the ground-level retail spaces include Ipic Theaters, Kings Bowl, True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chão, Shake Shack, Anthropologie, Free People and Kendra Scott. More announcements will be made in coming weeks and months prior to the project’s fall 2017 opening. In addition to the commercial and multifamily components, the project will also feature walking and bike trails, courtyards, a central park, 3,600-space parking garage, electric vehicle charging stations, kiosks and Wi-Fi connectivity throughout the development. KGH International Development expects to begin vertical construction on Metropica’s retail portion this summer. The design team for Metropica includes Baltimore-based master planner CI Design and architect Oppenheim Architecture & Design.

March 16, 2016

Florida Hospitality Loans Southeast

MetLife Provides $60M Loan for Refinancing of Grand Bohemian Hotel Orlando

by John Nelson March 15, 2016

ORLANDO, FLA. — MetLife has provided a $60 million loan for the refinancing of Grand Bohemian Hotel Orlando, a 247-room luxury hotel located at 325 S. Orange Ave. in downtown Orlando. Michael Weinberg led HFF’s debt placement team to arrange the 10-year, fixed-rate loan on behalf of the borrower, Xenia Hotels & Resorts Inc. Built in 2011, the AAA Four Diamond award-winning hotel is part of Marriott’s Autograph Collection and features 9,117 square feet of meeting and ballroom space, 1,518 square feet of pre-function space, a heated outdoor pool and whirlpool, Poseidon Spa, 24-hour fitness center, Grand Bohemian Art Gallery and three food and beverage options — The Boheme Restaurant, Bösendorfer Lounge and Starbucks. The hotel is situated across the street from the new Dr. Phillips Center for the Performing Arts and is within walking distance of the Amway Center, home of the Orlando Magic NBA basketball team.

March 15, 2016

Florida Loans Multifamily Southeast

KeyBank Provides $22.4M Fannie Mae Loan for Florida Apartment Complex

by John Nelson March 15, 2016

DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Developed in 2009, the community was originally known as Alta Corners. Chris Black and Ben Meeron of KeyBank’s commercial mortgage group arranged the financing, which the undisclosed borrower used to acquire the property.

March 15, 2016

Office Depot 101 S. State Road 7 Royal Palm Beach

Florida Retail Southeast

Continental Realty Sells Retail Center in Florida for $7.5M

by John Nelson March 14, 2016

ROYAL PALM BEACH, FLA. — Baltimore-based Continental Realty Corp. has sold a 30,500-square-foot retail center located at 101 S. State Road 7 in Royal Palm Beach for $7.5 million. The property was fully leased at the time of sale to Office Depot and Mattress Firm. Uriel Investments LLC purchased the property from the seller’s investment fund, CRC Fund III. David Donnellan and Mark Drazek of CBRE represented Continental Realty in the transaction. Alexandra Escudero of Fortune International Realty represented the buyer.

March 14, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $26.1M Sale of Walmart Supercenter in Fort Lauderdale

by John Nelson March 11, 2016

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $26.1 million sale of a 189,543-square-foot Walmart Supercenter in Fort Lauderdale. Wal-Mart Stores Inc. has a 20-year absolute net ground lease for the store, which is located within Riverbend Marketplace, a new 36-acre retail development less than three miles from Fort Lauderdale’s central business district. The store is the newest prototype for Walmart Supercenters, according to Marcus & Millichap. Lori Schneider of Marcus & Millichap, along with Aztec Group, represented the seller, Gatlin Development, in the transaction. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the buyer, a 1031 exchange investor.

March 11, 2016

Florida Loans Multifamily Southeast

Cohen Financial Secures $73.2M Construction Loan for Apartment Community in Metro Miami

by John Nelson March 10, 2016

DORAL, FLA. — Cohen Financial has secured a $73.2 million construction loan for the development of two Class A luxury residential buildings in Doral, a suburb of Miami. The two eight-story buildings will total 418 apartment units and be part of Landmark at Doral, a multifamily development located at the northeast corner of the intersection of N.W. 107th Avenue and N.W. 58th Street. Upon completion, Landmark at Doral will feature 631 units and three buildings, as well as 40,000 square feet of retail space. Daniel Sheehan and Eric McGlynn of Cohen Financial’s equity practice in Miami arranged the loan on behalf of the borrowers, The Congress Group Inc. and Encore Housing Opportunity Fund.

March 10, 2016

Florida Loans Multifamily Southeast

Dougherty Mortgage Closes $18M HUD Construction Loan for Central Florida Apartment Community

by John Nelson March 9, 2016

DAVENPORT, FLA. — Dougherty Mortgage LLC has closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit apartment community in Davenport. The property will be built within the Champions Gate area of the city. The community will include one-, two- and three-bedroom units with attached garages. Community amenities will include a clubhouse with a fitness center, pool area with hot tub, a business center, volleyball court and a car wash. Dougherty Mortgage’s Minneapolis office arranged the loan on behalf of the borrower, Portofino at Champions Gate LLC.

March 9, 2016

Florida Office Southeast

NGKF Capital Markets Brokers Sales of Office Building, 7-Eleven Totaling $10.7M

by John Nelson March 9, 2016

ALTAMONTE SPRINGS AND WINTER GARDEN, FLA. — NGKF Capital Markets has brokered the sales of two commercial properties in metro Orlando totaling $10.7 million. The transactions include the $6.2 million sale of a 100,000-square-foot, Class A office building in Altamonte Springs and a 7-Eleven store and gas station in Winter Garden. Michael Davis of NGKF represented the seller, CenturyLink, in the sale of the fully leased office building, which is located at 850 E. Altamonte Drive. Adam Greenberg and Michael Lapointe of NGKF represented the seller of the 4,798-square-foot 7-Eleven, Boca Brickell 13 LLC.

March 9, 2016

Florida Multifamily Southeast

Park Partners Residential Breaks Ground on Apartment Community in South Florida

by John Nelson March 8, 2016

DAVIE, FLA. — Park Partners Residential plans to develop PARC3400, a 259-unit apartment community located at 3400 Davie Road in Davie, roughly 25 miles north of Miami. Park Partners, a joint venture between Giles Capital Group, Rosemurgy Properties and FSG Holdings, plans to deliver the Class A property in spring 2017. The community will include one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, modern lighting fixtures, walk-in closets, washer/dryer units, ceiling fans, impact resistant doors and windows and private balconies/patios. Community amenities will include a clubhouse, swimming pool and pavilion, 84 bicycle parking spaces and car charging stations. The project team includes law firm Dunay, Miskel & Backman LLP, architect RLC Architects, general contractor Current Builders and interior designer VPA Interiors. Park Partners will manage and lease the asset, and HFF’s Miami office is managing construction financing.

March 8, 2016

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