Florida

Miami Worldcenter’s Owners Unveil Plans for High Street Retail Component

by John Nelson February 22, 2016

MIAMI — Miami Worldcenter Associates, in collaboration with The Forbes Co. and Taubman, has unveiled plans for the high street retail promenade and plaza at Miami Worldcenter, a $2 billion, 27-acre mixed-use development located in Miami. The retail component will feature a pedestrian-oriented, open-air streetscape surrounded by residential towers, a hotel and exposition center and a variety of dining and entertainment options. The retail promenade will run from northeast 10th Street to northeast 7th Street, and will be located near a large open-air public plaza set to be developed on 1st Avenue. This plaza will be surrounded by shops and restaurants, and will create a central gathering place and outdoor event space within the complex.

February 22, 2016

The Park at Trapani Landmark at Sage Commons Jacksonville

Florida Multifamily Southeast

Blue Rock Premier Properties Buys Apartment Portfolio in Jacksonville for $48M

by John Nelson February 22, 2016

JACKSONVILLE, FLA. — Newly formed Blue Rock Premier Properties LLC has closed on its purchase of a 532-unit, two-property apartment portfolio in Jacksonville from Landmark Apartment Trust for $48 million. The properties had an average 95 percent occupancy at the time of sale. The communities include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. Blue Rock Premier will invest $3.4 million in interior and exterior upgrades and rebrand the properties as The Park at Potenza and The Park at Trapani, respectively. Dhaval Patel of CBRE’s Jacksonville office brokered the transaction. Wells Fargo provided debt financing on behalf of Blue Rock Premier.

February 22, 2016

Hilton University of Florida Conference Center Gainesville

Florida Hospitality Southeast

PCCP Provides $35.5M Acquisition Loan for Hilton Hotel in Gainesville

by John Nelson February 22, 2016

GAINESVILLE, FLA. — PCCP has provided a $35.5 million senior loan to Arden Group for the acquisition of the leasehold interest in the Hilton University of Florida Conference Center. Arden Group purchased the interest from Xenia Hotels & Resorts. The new ownership plans to upgrade the hotel’s guestrooms, common areas, dining areas and meeting space. The 248-room, seven-story hotel is located at 1714 S.W. 34th St. in Gainesville. The hotel features two restaurant/bar venues, an outdoor pool, fitness center and 25,000 square feet of meeting space.

February 22, 2016

Florida Retail Southeast

Franklin Street Brokers $9M Sale of Shopping Center in Metro Miami

by John Nelson February 19, 2016

HOMESTEAD, FLA. — Franklin Street has brokered the $9 million sale of Dixie Center, a grocery-anchored shopping center located at 30200-30394 Old Dixie Highway in Homestead, a city in Miami-Dade County. Built in 1985, the shopping center was 93 percent leased at the time of sale to tenants such as Winn-Dixie and Family Dollar. The sale includes three outparcels totaling 2.7 acres. The buyer, a private investor from Canada, financed the acquisition with a CMBS loan, which was sourced by FM Capital. Pete Crane, Greg Matus and Robert Granda of Franklin Street represented the seller, Palm Beach Gardens, Fla.-based Noble Properties. Franklin Street’s Insurance Services team arranged insurance for the buyer, which has retained Franklin Street to lease and manage the shopping center.

February 19, 2016

Florida Multifamily Seniors Housing Southeast Top Stories

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

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