Florida

Welltower, CPPIB Acquire Majority Interest in Six-Property Seniors Housing Portfolio in Florida for $555M

by Christina Cannon February 19, 2016

TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in a seniors housing portfolio located in Florida for $555 million.The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners,” says Thomas DeRosa, CEO of Welltower. The portfolio, known as Aston Gardens, is comprised of six private-pay seniors housing properties that have a total of 1,930 units. The communities, all located in Florida, include: Aston Gardens at Pelican Marsh in Naples Aston Gardens at Parkland Commons in Parkland Aston Gardens at Sun City Center in Sun City Center Aston Gardens at the Courtyards in Sun City Center Aston Gardens …

February 19, 2016

Florida Hospitality Southeast

Marriott Vacation Club Buys The Edgewater Hotel in South Beach for $23.5M

by John Nelson February 18, 2016

MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.

February 18, 2016

Florida Industrial Southeast

JLL Arranges Two Industrial Leases Totaling 309,400 SF in Orlando

by John Nelson February 18, 2016

ORLANDO, FLA. — JLL has completed two new lease transactions totaling 309,400 square feet of warehouse distribution space in Orlando. The two tenants, Mattress Firm and Sherwood Bedding, will occupy adjacent 154,700-square-foot spaces in a brand new 478,400-square-foot cross-dock facility at Air Commerce Park, a 3 million-square-foot, 300-acre industrial park currently under construction just west of Orlando International Airport. Joe Hills and Josh Lipoff of JLL worked with Damian Riveria of E. Smith Realty Partners to represent the tenants in their respective lease transactions. Chicago-based Becknell Industrial, along with local planning consultants Mike Stuart and Florida Engineering Group, are developing Air Commerce Park.

February 18, 2016

Florida Retail Southeast

365 by Whole Foods Market to Anchor Butler Town Center in Gainesville

by John Nelson February 16, 2016

GAINESVILLE, FLA. — The first 365 by Whole Foods Market announced for the state of Florida is set to anchor Butler Town Center, a 350,000-square-foot mixed-use addition to Butler Plaza located in Gainesville. The shopping center is located at the Archer Road (State Road 24) exit of I-75. The 365 by Whole Foods Market is scheduled to open in advance of the Town Center, which is set to open in 2018. Butler Town Center will consist of retail, restaurant, hospitality and multifamily components upon completion. The new 365 by Whole Foods Market concept will offer shoppers low prices on natural and organic products that meet Whole Foods Market’s standards for quality.

February 16, 2016

Florida Retail Southeast

P.F. Chang’s to Open New Restaurant at ONE DAYTONA in Daytona Beach

by John Nelson February 16, 2016

DAYTONA BEACH, FLA. — P.F. Chang’s, an Asian-inspired bistro, will open a new restaurant at ONE DAYTONA, the planned 300,000-square-foot mixed-use and entertainment destination set to open in 2017. The project will be located across from Daytona International Speedway in Daytona Beach. P.F. Chang’s will open its new 5,500-square-foot restaurant within the project’s Victory Circle section. Other tenants that have recently signed leases at ONE DAYTONA include Hy’s Toggery and Kilwins Confections. Additionally, Shaner Hotels and Prime Hospitality Group (PHG) announced the name of the new Marriott Autograph Collection hotel — The DAYTONA — and the flag for their select-service hotel — Fairfield Inn & Suites by Marriott. Prime Group also serves as the developer for an approximate 268-unit residential apartment community, originally planned for a later phase and now part of the initial phase of ONE DAYTONA.

February 16, 2016

Florida Office Southeast

Vision Properties Purchases Office Campus in Tampa for More Than $100M

by John Nelson February 15, 2016

TAMPA, FLA. — Vision Properties, a commercial real estate operating partner based in northern New Jersey, has acquired a five-building, Class A office campus in Tampa for more than $100 million. The 573,053-square-foot complex is located along Henderson Road, north of Tampa International Airport. In addition to the five office buildings, the property also has a development pad with an active site permit for an additional 111,600-square-foot office building. The office campus is situated within Renaissance Park, a master-planned, 71-acre mixed-use development. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. William Bertolero of Vision Properties will oversee the operations and asset management of the office campus. Fred Arena, founder of Vision Properties, expects to break ground on the sixth office building within the next 12 months.

February 15, 2016

Florida Retail Southeast

CBRE Brokers $28.6M Sale of Power Retail Center in South Florida

by John Nelson February 15, 2016

ROYAL PALM BEACH, FLA. — CBRE has arranged the $28.6 million sale of Buckingham Plaza, a 91,000-square-foot retail power center in Royal Palm Beach in suburban Palm Beach County. The property was 100 percent leased at the time of sale to tenants such as T.J. Maxx, Michaels, Shoe Carnival and Tuesday Morning. The shopping center has cross connectivity with the Shoppes at Isla Verde. An affiliate of San Francisco-based Stockbridge Capital Group purchased Buckingham Plaza from an affiliate of Boca Raton-based PEBB Enterprises. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction.

February 15, 2016

Florida Multifamily Southeast

Carter Breaks Ground on 23-Story Residential Tower in Tampa

by John Nelson February 12, 2016

TAMPA, FLA. — Atlanta-based Carter has begun construction on Nine15, a 23-story apartment tower located on North Franklin Street in Tampa. The project will feature 362 apartment residences and 8,000 square feet of street-level retail space. Community amenities will include a fitness center, eight-story parking garage and an amenity deck including a pool, garden area and clubroom. The design team includes DPR Construction and RJT+R Architecture. Carter expects to deliver the high-rise project in the fall of 2017.

February 12, 2016

Florida Multifamily Southeast

Doster Construction Breaks Ground on Apartment Community in Central Florida

by John Nelson February 12, 2016

OCOEE, FLA. — Doster Construction has broken ground on Arbours at Crown Point, a new 240-unit apartment complex in Ocoee, roughly 12 miles west of Orlando. The property will feature one-, two- and three-bedroom units in 10 buildings. Arbour Valley Development LLC is the developer of the project, which is slated to deliver in the first quarter of 2017. Doster delivered more than 1,000 multifamily units in 2015 and has another project in the works in Florida — Crossings at Milestone in Pensacola.

February 12, 2016

Florida Loans Mixed-Use Southeast

Related Group, Dezer Development Close $114.7M Construction Loan for Mixed-Use Tower in Miami

by John Nelson February 11, 2016

MIAMI — The Related Group and Dezer Development have closed on a $114.7 million construction loan for Hyde Midtown Suites & Residences, a hotel and condominium development that will be located on Midtown Avenue and 34th Street in Miami. Mack Real Estate Credit Strategies provided the construction loan to Related and Dezer. The two companies collaborated with sbe on the project, which will feature 60 designer hotel rooms, 410 luxury condominiums and 19,500 square feet of retail, dining and entertainment space, including the Hyde Piano Bar Lounge. Hyde Midtown will feature a pool terrace on the seventh floor, private screening theater, game room, bocce and tennis courts and VIP access to Hyde Beach at the SLS Hotel South Beach. The design team includes Arquitectonica and David Rockwell, who will design the lobby and hotel rooms. Related and Dezer broke ground on the mixed-use tower in September 2015 with a completion date set for 2018. The condo portion is more than 70 percent under contract.

February 11, 2016

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