Florida

NGKF Capital Markets Brokers $40M Sale of Advance Tower in Miami

by John Nelson January 6, 2016

MIAMI — NGKF Capital Markets has arranged the $40 million sale of Advance Tower, an eight-story, 100,798-square-foot office building in Miami. The seller, JW Advance LLC, a Boca Raton, Fla.-based company that developed and managed Advance Tower since 1986, sold the property to USAA Real Estate Co. Advance Tower will remain the office headquarters of Interval International Inc., a global lodging provider. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller in the transaction.

January 6, 2016

Florida Loans Multifamily Southeast

PCCP Provides $70M Construction Loan to Carter for Apartment Tower in Downtown Tampa

by John Nelson January 5, 2016

TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.

January 5, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $9.8M Sale of Retail Center in Florida

by John Nelson January 5, 2016

PORT ST. LUCIE, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Village Shoppes at St. Lucie West, a 25,607-square-foot retail center located at 1718-1748 S.W. St. Lucie West Blvd. in Port St. Lucie. Situated on a 2.9-acre lot near I-95, the shopping center is fully leased to nine tenants including Sprint, Fresenius Medical and Sports Clips. Adam Tiktin of Marcus & Millichap’s Miami office represented the seller, Ross Realty, a partnership based in Davie, Fla. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer, a partnership based in Salem, Mass.

January 5, 2016

Florida Loans Multifamily Southeast

Related Group, Rabina Close $105M Construction Loan from SunTrust for High-Rise in Fort Lauderdale

by John Nelson January 4, 2016

FORT LAUDERDALE, FLA. — The Related Group and Rabina Properties have closed a $105 million construction loan from SunTrust Bank for a high-rise apartment tower in Fort Lauderdale. The 45-story, 272-unit tower will be located at 500 E. Las Olas Blvd. and is set for completion in the second quarter of 2017. The project, known as Icon Las Olas, is the third Related Group development under construction in Broward County.

January 4, 2016

Florida Multifamily Southeast

Greystone, ALTA Developers Sell The Mile in Miami to Monogram Residential Trust for $48M

by John Nelson January 4, 2016

MIAMI — Greystone and ALTA Developers have jointly sold The Mile, a 13-story, 120-unit luxury apartment development in Miami, to Monogram Residential Trust Inc., an owner, operator and developer of luxury apartment communities. The sales price was $48 million, according to several media outlets. The Mile is located at 3622 S.W. Coral Way near Miami’s Miracle Mile shopping district. The Mile was topped off in July 2015 and is set to open in the first quarter of 2016. Behar Font & Partners designed the apartment project, which will feature an indoor/outdoor social deck, fitness center, GE stainless steel appliances, white quartz countertops, designer cabinets, balconies and patios, swimming and soaking pools, gated parking and controlled electronic access. Jaret Turkell, Jeff Julien and Maurice Habif of HFF represented the sellers in the off-market transaction.

January 4, 2016

Florida Loans Mixed-Use Southeast

Silver Arch Closes $21M Loan for 1M SF Hotel, Residential Development in Miami

by John Nelson January 4, 2016

MIAMI — Silver Arch Capital Partners, a private lender based in Hackensack, N.J., has closed a $21 million loan for Apeiron at the Jockey Club in Miami. Once the site of the popular Jockey Club in the 1960s, the new hotel and residential development will span 1 million square feet at 111 Biscayne Blvd. David Larson of NGKF Capital Markets arranged the 2-year loan through Silver Arch Capital on behalf of Apeiron Miami LLC, a partnership headed by Ritz-Carlton Group co-founder Horst Schulze, former chairman of HBA International Michael Bedner and former vice president of Related International Muayad Abbas. The partnership will use the loan for engineering, architecture and planning purposes for the development, which will be built in two phases. Phase I is a 41-story tower that will feature 120 residential condominium units, 90 hotel rooms, a restaurant, fitness center and amenities. Phase I will also comprise a 417-space, two-story parking garage and the reconstruction of a 38-slip marina. Phase II will be a 120-unit residential condominium building and a 346-space parking structure.

January 4, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Tampa for $33.5M

by John Nelson December 24, 2015

PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.

December 24, 2015

Florida Office Southeast

NGKF Capital Markets Brokers $13.8M Sale of Office Building in Fort Lauderdale

by John Nelson December 23, 2015

FORT LAUDERDALE, FLA. — NGKF Capital Markets has brokered the $13.8 million sale of a Class B office building located at 1100 W. McNab Road in Fort Lauderdale. The location will remain the headquarters of ChildNet, the community-based care lead agency for Broward and Palm Beach counties, which is the sole occupant of the property. Clark-Ohio Associates Inc. purchased the two-story, 82,854-square-foot building from Case Holding Co. Inc. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF represented the seller in the transaction.

December 23, 2015

Florida Multifamily Southeast

Salazar Jackson Arranges $12.5M Sale of Apartment Complex in West Palm Beach

by John Nelson December 23, 2015

WEST PALM BEACH, FLA. — Salazar Jackson LLP has arranged the $12.5 million sale of a vacant apartment complex situated on 11 acres at 719 Executive Center Drive in West Palm Beach. Jeff Greene, a Palm Beach County-based real estate developer, purchased the parcel and shuttered apartment community from WPB Clearlake SPE LLC, a limited liability company based in Nevada. WPB Clearlake purchased the property from a Chapter 7 bankruptcy earlier this year. Linda Worton Jackson of Salazar Jackson represented the seller in the transaction. Matthew Rotolante and Mark King of SVN South brokered the deal. The buyer has not publicly announced his plans for the parcel.

December 23, 2015

Florida Office Southeast

HFF Brokers $35.8M Sale of Bank of America Tower in Boca Raton

by John Nelson December 17, 2015

BOCA RATON, FLA. — HFF has brokered the $35.8 million sale of Bank of America Tower located at 150 E. Palmetto Park Road in downtown Boca Raton. The Class A, 109,553-square-foot office building features a Bank of America branch on the ground floor and restaurant space that will soon be occupied by Besito Boca. The property was 87 percent leased at the time of sale to tenants such as Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Co. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Clarion Partners, in the transaction. The buyer was Dividend Capital Diversified Property Fund Inc.

December 17, 2015

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