Florida

Joint Venture Sells Student Housing Portfolio in South Florida for $105.3M

by John Nelson January 19, 2016

BOCA RATON, FLA. — A joint venture partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties has sold a three-property student housing real estate portfolio in South Florida for $105.3 million. University Park, University View and University Square are located in Boca Raton near Florida Atlantic University. The properties were purchased by an affiliate of Investcorp, a Bahrain-based investment manager, according to The Real Deal. University Park, which sold for $70 million according to The Real Deal, opened in April 2015. The 11-acre, 280,000-square-foot community features eight, four-story buildings with 598 beds in 159 units. Units in University Park are fully furnished and include flat-screen TVs, private bathrooms and in-unit washers and dryers. The complex includes a clubhouse with a lounge, 24-hour gym, gaming rooms and computer labs. Outdoor amenities include a resort-style pool, fire pits and free transportation to and from nearby universities and colleges. Boca Sol was purchased in January 2014, repositioned for student housing and rebranded as University Square. The property, which was built in 1969 and sold for $15 million according to The Real Deal, consists of five, two-story buildings totaling 90 units with 128 beds. Addison Park was purchased in March 2013 and …

January 19, 2016

Florida Seniors Housing Southeast

Sonata Starts Construction of Upscale Seniors Housing Community in Metro Orlando

by John Nelson January 19, 2016

WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.

January 19, 2016

Florida Multifamily Southeast

Franklin Street Brokers $10.7M Sale of Apartment Complex in Tampa

by John Nelson January 18, 2016

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.

January 18, 2016

Florida Multifamily Southeast

CBRE Brokers $51.9M Sale of Apartment Complex in Orlando

by John Nelson January 15, 2016

ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.

January 15, 2016

Florida Mixed-Use Southeast

The Altman Cos. Sells Mixed-Use Apartment Development in Tampa for $46M

by John Nelson January 15, 2016

TAMPA, FLA. — The Altman Cos. has sold Altis Highland Park, a mixed-use apartment development in Tampa’s Westchase district, for $46 million. Located at 11571 Fountainhead Drive, the development comprises 239 apartment residences and 5,000 square feet of retail space. Utah-based Cottonwood Residential purchased the asset from The Altman Cos., which developed the project in 2014. Altís Highland Park offers studio, one-, two- and three-bedroom floorplans with average monthly rents ranging from $1,193 to $2,028. Community amenities include a poolside lounge with a demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden. The main street of Altís Highland Park includes Kahwa Coffee and a self-service auto detail facility. Volume Hair Studio will move in later this year.

January 15, 2016

Florida Loans Multifamily Southeast

NXT Capital Provides $34.6M Acquisition Loan for Apartment Community in Florida

by John Nelson January 14, 2016

BRADENTON, FLA. — NXT Capital has provided a $34.6 million acquisition loan for Vista at Palma Sola, a 340-unit apartment complex located in Bradenton. Situated one mile from Palma Sola Bay, the property features a clubhouse, two tennis courts, fitness center, pool, volleyball court, playground and a movie theater. Dennis Jimenez of CBRE’s Orlando office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

January 14, 2016

Florida Retail Southeast

Tanger Sells Fort Myers Outlet Mall to Dahlmann Properties for $26M

by John Nelson January 14, 2016

FORT MYERS, FLA. — Tanger Factory Outlets Center Inc. has sold the company’s 198,877-square-foot outlet mall in Fort Myers to Dahlmann Properties for $26 million. Built in 1993, the property’s tenant roster includes Brooks Brothers Factory Store, Crocs Outlet, Tommy Hilfiger, Adidas, Nike Factory Store, Under Armour, Island Java Café, Coach, Bath & Body Works and Zales The Diamond Store Outlet. Dahlmann Properties plans to rename the outlet mall Sanibel Outlets, due to its proximity to Sanibel Island.

January 14, 2016

Florida Retail Southeast

Taubman Eliminates Plan for Enclosed Mall for Miami Worldcenter Project

by John Nelson January 14, 2016

MIAMI — Taubman Centers Inc. has decided not to move forward with an enclosed regional mall that was slated to be part of the Miami Worldcenter mixed-use development in Miami. Instead, Taubman, in conjunction with The Forbes Co. and Miami Worldcenter Associates, is now pursuing a high street retail plan that will better utilize the characteristics of the site and the market. Taubman expects to recognize a charge of $11 to $12 million for the write off of previously capitalized costs related to pre-development of the enclosed mall plan. Taubman and Forbes have agreed with Miami Worldcenter Associates on preliminary terms to lease the retail portion of the street level project with an option to purchase the retail component for a pre-determined price once it opens.

January 14, 2016

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $8.8M Acquisition Loan for Orlando Office Building

by John Nelson January 12, 2016

ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.

January 12, 2016

Florida Retail Southeast

Crossman & Co. Brokers $4.4M Sale of Publix-Anchored Shopping Center in Florida

by John Nelson January 11, 2016

OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.

January 11, 2016

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