Florida

Meridian Capital Group Arranges $18M CMBS Loan for Shopping Center in Orlando

by John Nelson March 8, 2016

ORLANDO, FLA. — Meridian Capital Group has arranged $18 million in CMBS financing for the refinancing of Deerfield Plaza, a 106,292-square-foot shopping center located at 12700 S. Orange Blossom Trail in Orlando. The property is anchored by LA Fitness, which has 10 years remaining on its lease, and a Wendy’s outparcel. The shopping center was 95 percent leased at the time of financing. Tal Bar-Or of Meridian Capital’s New York City office arranged the 10-year, fixed-rate loan through an unnamed CMBS lender on behalf of the borrower, Blue Sphere. The loan features four years of interest-only payments.

March 8, 2016

Florida Retail Southeast

Crossman & Co. Negotiates Lease for New Zombie Attraction in Orlando

by John Nelson March 8, 2016

ORLANDO, FLA. — Crossman & Co. has arranged a 45,928-square-foot lease for NYZ Apocalypse to open a new interactive Zombie Survival Experience in Orlando. The new themed attraction will open at Artegon Marketplace, a retail destination located at the north end of International Drive, in the second quarter of 2016. Zombie Survival Experience will join existing tenants such as Ron Jon, Cinemark, Bass Pro Shops, Book Warehouse and Boot Barn. The attraction will create between 60 to 70 full-time jobs. Tyler Wilkins of Crossman & Co. represented the undisclosed landlord in the lease transaction.

March 8, 2016

Auburn Trace Apartment Homes Delray Beach

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Arranges $11.3M Sale of Affordable Housing Community in Palm Beach County

by John Nelson March 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $11.3 million sale of Auburn Trace Apartment Homes, a 152-unit affordable housing community located at 625 Auburn Circle W. in Delray Beach. Built in 1990 on a 20.2-acre parcel, the low income housing tax credit property features one-, two- and three-bedroom residences. Community amenities include a large clubhouse, playground, volleyball court, landscaped courtyards, onsite management offices, a leasing center and a laundry facility. The property also features an onsite daycare and learning center that is leased and operated by a third party. Evan Kristol, Still Hunter III and Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller and developer, Auburn Trace Ltd., and procured the buyer, a private investment group based in New York. The buyer purchased the asset in a 1031 tax deferred exchange.

March 7, 2016

Florida Retail Southeast

CBRE Brokers $10.9M Sale of The Fresh Market in Florida

by John Nelson March 7, 2016

PLANTATION, FLA. — CBRE has brokered the $10.9 million sale of a single-tenant, 24,826-square-foot retail property leased to The Fresh Market in Plantation. Allegra Tribeca Inc. purchased the property from IMOB Investments LLC. Located at 12171 W. Sunrise Blvd., the property was formerly leased to Borders Books and now serves as an outparcel to Petsmart Plaza. The Fresh Market opened for business at the location in December 2014. Todd Weintraub and Christian Napolitano of CBRE’s Miami office represented the seller in the transaction.

March 7, 2016

Florida Loans Southeast

Walker & Dunlop Arranges $3.5M Loan for Self Storage Property in Broward County

by John Nelson March 7, 2016

POMPANO BEACH, FLA. — Walker & Dunlop Inc. has arranged the $3.5 million refinancing of Fort Knox Self Storage, a single-story, 833-unit self storage facility in Pompano Beach. Built in 1975, the property features an onsite U-Haul truck rental, electronic gate access and moving and packing supplies. The borrower has owned the property since 2002 and changed management in 2012. The facility was 87 percent occupied at the time of sale. Paul Ahmed led Walker & Dunlop’s team in arranging the five-year loan with a 30-year amortization schedule.

March 7, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $11.5M Sale of Office Building in Boca Raton

by John Nelson March 4, 2016

BOCA RATON, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton. Built in 1983, the three-story property was 86.1 percent leased at the time of sale to tenants such as C3TS/Stantec, Sequoia Insurance & Financial Inc., Freedman & Spoont PA and Weisberg & Associates. The buyer, TJAC Development, plans to build a retail strip center on the south side of the 3.5-acre parcel that is currently being used for Grove Centre’s overflow parking. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller, SF Partners, in the transaction. Ayal Frist of Stateland Brown represented TJAC Development.

March 4, 2016

Pipeline Workspaces One Financial Center Fort Lauderdale

Florida Office Southeast

Pipeline Workspaces Leases Full Floor at One Financial Plaza in Downtown Fort Lauderdale

by John Nelson March 2, 2016

FORT LAUDERDALE, FLA. — Pipeline Workspaces, a company providing shared workspace utilized by entrepreneurs and start-ups, has entered into a 20-year lease for an entire floor at One Financial Plaza, a 28-story office tower located at 100 S.E. Third Ave. in downtown Fort Lauderdale. Pipeline Lauderdale will become the company’s fourth location in South Florida, following the recent opening of Pipeline in Doral’s business district, as well as existing locations in Miami’s Brickell Financial District and Coral Gables’ Central Business District. Pipeline Workspaces will provide shared office space, conference rooms, phone booths, dedicated desks and private offices. The company will join One Financial Plaza’s existing tenants, including Regions Bank, AXA Advisors, Fowler White Burnett and Tower Club. Shay Pope of CBRE represented Pipeline Workspaces in the lease transaction. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the owner, Crocker Partners. Robert Rausch of Hunton & Williams provided legal counsel to Pipeline.

March 2, 2016

Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast Top Stories

Construction Begins on $1.7B Miami Worldcenter Mixed-Use Development

by Haisten Willis March 2, 2016

MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …

March 2, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Palm Beach County for $42M

by John Nelson February 29, 2016

JUPITER, FLA. — Dakota Abacoa Housing LLC, an entity jointly owned by Index Investment Group and Eastwind Development, has sold Dakota at Abacoa, a 190-unit apartment property in Jupiter. An affiliate of West Palm Beach-based Priderock Capital Partners known as PRCP-ABACOA INVESTMENT LLC purchased the community for $42 million. Index Investment and Eastwind Development developed the apartment complex, which opened in June 2014. The property features a pool, whirlpool spa, fitness center and clubhouse. The community includes one-, two- and three-bedroom units with rents starting at $1,370.

February 29, 2016

Florida Healthcare Retail Southeast

Investment Properties Corp. Arranges $15.8M Sale of Medical Office in Naples

by John Nelson February 29, 2016

NAPLES, FLA. — Investment Properties Corp. has arranged the $15.8 million sale of 59,000 square feet of medical office and retail space in Naples. The property is located at 11121 and 11181 Health Park Blvd. within Collier Health Park. Farley White CHP LLC purchased the property from CHP Erie Investors LLC. David Stevens and Clint Sherwood of Investment Properties arranged the sale.

February 29, 2016

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