Florida

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

Burger King 5707 Blue Lagoon Drive Miami

Florida Office Southeast

Burger King Leases New Corporate Headquarters in Miami Build-to-Suit Project

by John Nelson January 25, 2016

MIAMI — Burger King will move its corporate headquarters to a new build-to-suit office project in Miami. The fast-food giant will be the sole occupant of a 150,000-square-foot, Class A office building located on a five-acre lot at 5707 Blue Lagoon Drive in Miami’s Airport West office submarket. The building will be situated within the Waterford at Blue Lagoon office park. The Hogan Group will develop the standalone office building to include panoramic views and several employee amenities. The five-story office building will also feature a parking deck for employee parking. The Tampa-based developer expects to wrap up construction by the third quarter of 2018. Patrick Duffy and Jon Bourbeau of Newmark Grubb Knight Frank represented Burger King in the build-to-suit lease deal. Duffy and Bourbeau negotiated lease terms with Stephen Smith of The Hogan Group.

January 25, 2016

Shoppes at St. Lucie West Port St. Lucie

Florida Retail Southeast

Menin Development Sells Shopping Center in Port St. Lucie for $77M

by John Nelson January 25, 2016

PORT ST. LUCIE, FLA. — An affiliate of Delray Beach, Fla.-based Menin Development has sold Shoppes at St. Lucie West, a 265,000-square-foot shopping center in Port St. Lucie, to an institutional investor group for $77 million. The center’s anchor tenants include Publix, LA Fitness, Home Goods and Burlington Coat Factory. In addition to the retail space, the sale includes 13 acres of undeveloped land that is entitled for 120,000 square feet of retail space. Menin has now sold more than $300 million of its shopping center portfolio over the past 14 months, shifting its focus toward acquiring single-tenant and high-street retail and mixed-use properties across South Florida and the West Coast.

January 25, 2016

Florida Retail Southeast

Marcus & Millichap Brokers Sale of Two Retail Centers in Broward County for $14.2M

by John Nelson January 25, 2016

POMPANO BEACH AND LAUDERHILL, FLA. — Marcus & Millichap has arranged the sales of two shopping centers in Broward County totaling $14.2 million. The properties include the 74,575-square-foot Palm Plaza in Pompano Beach and the 66,103-square-foot Oakbrook Plaza in Lauderhill. Palm Plaza comprises two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. Oakbrook Plaza is leased to a mix of local retailers and Dunkin’ Donuts. A partnership based in Plantation, Fla., purchased Palm Plaza for $7.5 million and Oakbrook Plaza for $6.7 million. Douglas Mandel of Marcus & Millichap represented the sellers in both transactions, and Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer in the Palm Plaza transaction.

January 25, 2016

Florida Loans Multifamily Seniors Housing Southeast

Walker & Dunlop Arranges $68.2M Construction Loan for Seniors Housing Community in Palm Beach County

by John Nelson January 22, 2016

LAKE WORTH, FLA. — Walker & Dunlop Inc. has arranged a $68.2 million loan for the construction of Atria Villages of Windsor, a luxury independent living, assisted living and memory care community to be built in the Palm Beach County town of Lake Worth. Big Rock Partners, the borrower, is developing the community on a 22.5-acre site. When completed, the property will comprise 186 independent living units, 78 assisted living units and 54 memory care units. Big Rock, an investment firm with offices in Beverly Hills, Calif., and Delray Beach, Fla., plans to open the community in 2017.

January 22, 2016

Florida Multifamily Southeast Student Housing

CPA:17 – Global Buys Jacksonville University Dorm for $18M

by John Nelson January 22, 2016

JACKSONVILLE, FLA. — W. P. Carey Inc. and its managed REIT CPA:17 – Global have acquired a 70,000-square-foot, newly constructed student residence hall on the campus of Jacksonville University for approximately $18 million. Completed in 2015, the four-story, three-wing North Hall serves as the primary housing option for all first-year students. The 274-bed residence hall is the first new freshman dormitory at the university since 1968 and incorporates high-tech amenities including fiber optic communications, enhanced performance wiring and cell phone range extenders. The hall is 100 percent occupied and part of the first stage of a multi-phase development plan for the riverfront property adjacent to the university. The seller was Rimrock Devlin Development, a developer based in Lake City, Fla. The triple-net lease has nearly 20 years remaining and includes fixed rental escalations.

January 22, 2016

Florida Office Southeast

Ivy Realty Purchases Four Office Buildings in South Florida for $83.3M

by John Nelson January 21, 2016

BOCA RATON AND FORT LAUDERDALE, FLA. — Ivy Realty has closed on the purchase of four Class A office buildings in Boca Raton and Fort Lauderdale. The properties include a 21-story office tower and attached six-story office building (Tower 101) in Fort Lauderdale and two office buildings in Boca Raton totaling 132,000 square feet. Ivy Realty purchased Tower 101 from Miami-based Banyan Street Capital for $56.3 million, according to the South Florida Business Journal. Tower 101 was 94 percent leased at the time of sale to tenants such as Uniform Advantage, Quest Workspaces, KEMET, Puma and Thornton Tomasetti. The two Boca Raton properties are located within Meridian Office Center at 6551 and 6601 Park of Commerce Blvd. The two two-story properties are fully leased to LexisNexis (6601) and Cross Country Healthcare (6551). Ivy Realty purchased the assets from Blackrock for $27 million, according to the South Florida Business Journal.

January 21, 2016

Florida Loans Seniors Housing Southeast

Cushman & Wakefield Arranges $28.7M Loan for Seniors Housing Property in Tampa

by John Nelson January 21, 2016

TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.

January 21, 2016

Florida Retail Southeast

Swire Properties Reveals Tenant List for Brickell City Centre’s Shopping Center

by John Nelson January 20, 2016

MIAMI — Swire Properties Inc., along with retail co-developers Whitman Family Development and Simon Property Group, has revealed the tenant list for Brickell City Centre’s 500,000-square-foot, open-air shopping center under construction in Miami’s Brickell district. The nearly 40 tenants joining the open-air center include Armani Collezioni, Intermix, REISS, SportsAction, Kendra Scott, Nars, American Harvest, Luke’s Lobster, AT&T and Westime. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. Brickell City Centre’s two condo towers, two office towers and EAST, MIAMI hotel are set for delivery in 2016, prior to the shopping center’s opening.

January 20, 2016

Florida Loans Multifamily Southeast Student Housing

Franklin Street Capital Advisors Closes $20M Loan for Student Housing Property in Tampa

by John Nelson January 20, 2016

TAMPA, FLA. — Franklin Street Capital Advisors (FSCA) has closed the $20 million refinancing of Campus Palms Apartments, a 570-bed student housing property in Tampa. Ben Miller and Casey Siggins of FSCA arranged the 10-year loan on behalf of a private investor based in Miami. The non-recourse loan features a fixed 4.85 percent interest rate and a 30-year amortization schedule.

January 20, 2016

Newer Posts

Older Posts