Florida

Boardwalk Properties Buys South Beach Apartment Portfolio for $59M

by John Nelson February 5, 2016

MIAMI BEACH, FLA. — Boardwalk Properties, a private multifamily ownership group, has purchased a 15-property, 240-unit apartment portfolio in Miami Beach for $59 million. The assets are located between 7th and 15th streets in Miami Beach’s South Beach district. Boardwalk plans to keep the existing property management team in place and invest in property improvements, including new roofing, paint for the exterior and common areas, central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, landscaping, energy efficient toilets and electrical and plumbing systems. Real estate attorney Neil Rollnick of Hinshaw & Culbertson LLP represented Boardwalk Properties in the transaction.

February 5, 2016

Florida Office Southeast

PRP Sells Office Complex in West Palm Beach for $20.5M

by John Nelson February 5, 2016

WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.

February 5, 2016

Florida Loans Southeast

Commercial/Multifamily Mortgage Banker Originations to Hit Record High in 2016, Forecasts MBA

by John Nelson February 2, 2016

ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007. More specifically, the volume of mortgage banker originations for multifamily mortgages is projected to reach $202 billion in 2016, with total multifamily lending expected to reach $262 billion. MBA unveiled its forecast during the second day of the organization’s Commercial Real Estate/Multifamily Housing Finance Convention in Orlando, which runs through Wednesday and has attracted 3,000 attendees. “This past year was extremely strong for commercial real estate finance,” says Jamie Woodwell, vice president of commercial real estate research for MBA headquartered in Washington, D.C. “Property incomes are rising, interest rates are low and property values are up. We expect the momentum to continue into 2016 and to support both the demand for, and supply of, commercial and multifamily mortgage capital.” A growing U.S. economy and expectations of only gradual increases in interest rates will combine to support a strong commercial property market, emphasizes Woodwell. “But there is a chance that cap rates could increase more …

February 2, 2016

420 and 440 S. Congress Ave. Delray Beach

Florida Industrial Southeast

Cushman & Wakefield Brokers $18.5M Sale of Distribution Center in South Florida

by John Nelson February 2, 2016

DELRAY BEACH, FLA. — Cushman & Wakefield has arranged the $18.5 million sale of Delray Distribution Center, a 185,624-square-foot, two-building industrial facility located at 420 and 440 S. Congress Ave. in Delray Beach. PetMeds, an online pharmacy offering pet medications and animal grooming products, purchased the facility from Stockbridge Capital. Christopher Thomson, Richard Etner, Christopher Metzger and Matthew McAllister of Cushman & Wakefield represented Stockbridge Capital in the transaction. PetMeds will relocate its office and distribution headquarters to Delray Distribution Center, which was fully leased at the time of sale. Other tenants include DHL and Levenger. Built in 1994, the property features 26-foot clear ceiling heights, dock-high and grade-level loading, a 150-foot truck court and an ESFR sprinkler system.

February 2, 2016

Florida Hospitality Southeast

Related Cos., Hilton Worldwide Open Hilton West Palm Beach

by John Nelson February 1, 2016

WEST PALM BEACH, FLA. — Related Cos. and Hilton Worldwide have opened Hilton West Palm Beach, a 12-story convention hotel located in downtown West Palm Beach. The property features 400 guestrooms, 43 suites, a grand lobby, thee quarter-acre lanai, zero-entry pool, private cabanas, Restoration Hardware furnishings and a poolside bar and fire pit. The property’s dining options include Manor, a farm-to-table restaurant; Galley, the hotel’s lobby bar; and Provisions, a marketplace that provides locally sourced goods, prepared food, cold-pressed juices and gifts from local shops and artists. Connected to The Palm Beach County Convention Center via an enclosed walkway, Hilton West Palm Beach features more than 24,000 square feet of meeting space, including the 13,350-square-foot Oceana Ballroom and the 5,800-square-foot Coral Ballroom, as well as two 2,400-square-foot lawn spaces for weddings, special events and fitness programming. The project team includes Miami-based architect Nicholas Brosch Wurst Wolfe & Associates and Dallas-based interior designer Looney and Associates.

February 1, 2016

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Boca Raton

by John Nelson February 1, 2016

BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.

February 1, 2016

Florida Office Southeast

JLL Arranges 66,000 SF Office Lease at Meridian Premier Center in Tampa

by John Nelson February 1, 2016

TAMPA, FLA. — JLL has completed a 66,000-square-foot office lease at Meridian Premier Center, a 103,521-square-foot, Class A office center in Tampa’s affluent Carollwood neighborhood. The tenant is Comprehensive Health Management Inc., a provider of administrative services for health maintenance organizations. Jim Moler and Deana Beer of JLL represented the landlord, Meridian Development Group, in the lease deal. David Johnson, Liz Osborne and Jimmy Garvey of Cushman & Wakefield represented the tenant. Built in 1997 and renovated in 2014, Meridian Premier Center was 96 percent leased following Comprehensive Health Management’s lease.

February 1, 2016

Tribute Portfolio Element by Westin Hotel Fort Lauderdale

Florida Hospitality Southeast

Tutor Perini to Build Dual-Branded Hotel Property in Downtown Fort Lauderdale

by John Nelson January 28, 2016

FORT LAUDERDALE, FLA. — Wurzak Hotel Group and DoveHill have selected Tutor Perini Building Corp. to construct a dual-branded Tribute Portfolio and Element by Westin hotel in downtown Fort Lauderdale. The new 24-story tower will feature a 209-room Tribute Portfolio hotel and a 114-room Element by Westin hotel. The property will also feature a rooftop lounge and restaurant, pool, gymnasium, parking within the projectg, ground-level retail space, a ballroom and several meeting rooms. Tutor Perini expects to break ground in the spring and wrap up construction in the fall of 2017.

January 28, 2016

Florida Multifamily Southeast

CBRE Brokers $74.7M Sale of Apartment Community in Metro Orlando

by John Nelson January 27, 2016

APOPKA, FLA. — CBRE has arranged the $74.7 million sale of Barrington at Mirror Lake in Apopka, a city near Orlando in Orange County. The 740-unit gated community is located at 700 Post Lake Place. Cortland Partners purchased the property from TIAA CREF. Completed in 1988, the apartment community features a resident activity center, business center, clubhouse, two pools, a lakeside boardwalk, fitness center, playground, sports courts and sand volleyball. The property was 94 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented TIAA CREF in the transaction.

January 27, 2016

Florida Mixed-Use Southeast

Hines to Develop 105-Acre Mixed-Use Project in Jacksonville

by John Nelson January 26, 2016

JACKSONVILLE, FLA. — Hines has acquired 105 acres of land located at the intersection of I-295 and J.T. Butler Boulevard in Jacksonville’s Southside submarket. The Houston-based developer and investor will build a master-planned project on the site that will feature residential, office and retail space, as well as a central lake and green space. Along with Hines, the project team includes architect RTKL Associates and engineer ETM. Hines currently has $87 billion of assets under management and 104 developments underway. The firm’s current property and asset management portfolio includes 531 properties, representing more than 186 million square feet.

January 26, 2016

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