Florida

Carter, Hunt Investment Management to Build High-Rise Apartments in Downtown Sarasota

by John Nelson October 28, 2015

SARASOTA, FLA. — Carter and Hunt Investment Management have formed a joint venture to develop a 180-unit high-rise apartment community in downtown Sarasota. The development will be located at the corner of 2nd Street and Central Avenue, directly across the street from Whole Foods Market. Hunt Investment Management is managing the investment on behalf of an institutional client, and SunTrust Bank is providing construction financing. The 10-story, Class A project will include one-, two-, three- and four-bedroom apartments and 15,000 square feet of retail space. Each unit will feature quartz countertops, stainless steel appliances, open floorplans, large windows, 10-foot ceilings, balconies and high-speed Internet wiring. Community amenities will include a 24-hour fitness center, resort-style swimming pool, clubroom and an outdoor deck. The first three stories of the development will include secured parking for residents. Two hotel-style suites for tenants to rent for short-term guests will also be available. The design team includes architect Hoyt Architects, general contractor Core Construction and property manager Pinnacle Property Management. The project will start construction before year-end with completion scheduled for early 2017.

October 28, 2015

Florida Retail Southeast

Dunphy Properties, Batson Cook to Build Publix-Anchored Project in Florida

by John Nelson October 28, 2015

RIVERVIEW, FLA. — Tampa-based Dunphy Properties and Atlanta-based Batson Cook Development Co. have formed a joint venture to build Rivercrest Commons, a grocery-anchored shopping center located at the intersection of U.S. 301 and Symmes Road in Riverview. Publix will anchor the property, which will feature a Publix Liquor Store and an additional 16,100 square feet of inline retail space housing Casablanca Spa, East Wok, Majik Touch Dry Cleaning and Hair Cuttery. Joe Tyszko of Insite Realty’s Clearwater, Fla., office is responsible for leasing the project. Rivercrest Commons is slated for a summer 2016 completion.

October 28, 2015

Florida Office Southeast

Crocker Partners Signs Southeastern Grocers to 160,000 SF Office Lease in Jacksonville

by John Nelson October 28, 2015

JACKSONVILLE, FLA. — Crocker Partners has signed Southeastern Grocers, the parent company of Winn-Dixie and Bi-LO, to a 160,000-square-foot lease at Prominence office park in Jacksonville. Located at Baymeadows Road and I-95, the office park will serve as the supermarket chain’s new corporate headquarters. The long-term lease comes midway into the office park’s $8 million overhaul. Renovations will begin soon on the four-story Building 200, and Southeastern Grocers will occupy the building in full when the company relocates in early 2016. JLL represented Crocker Partners in the transaction, and CBRE represented Southeastern Grocers.

October 28, 2015

Florida Hospitality Southeast

WoodSpring Hotels, Gold Coast Break Ground on New Hotel Near Zoo Miami

by John Nelson October 27, 2015

MIAMI — WoodSpring Hotels and Gold Coast Premier Properties LLC have broken ground on a new WoodSpring Suites hotel near Zoo Miami. Located at Coral Reef Drive and parallel to the Florida Turnpike, the hotel is slated for a third-quarter 2016 opening. The 124-room property will feature laundry facilities, modified kitchens and high-speed Internet. Gold Coast is also developing a WoodSpring Suites Signature hotel in Miami’s Doral submarket.

October 27, 2015

Florida Retail Southeast

Franklin Street, Neal Realty Broker $9.1M Purchase of Two Shopping Centers in Palm Beach County

by Haisten Willis October 26, 2015

DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

October 26, 2015

Florida Retail Southeast

RD Management Buys Shopping Center in North Fort Myers for $20.5M

by Haisten Willis October 26, 2015

NORTH FORT MYERS, FLA. — RD Management has purchased Merchants Crossing, a 323,061-square-foot shopping center located at 15201 N. Cleveland Ave. in North Fort Myers, for $20.5 million. The property’s tenants include a 16-screen AMC Theatre, Bealls Outlet and Jo-Ann Fabrics. RD’s plans for the center include a major façade renovation, remodel and re-tenanting of the vacant Sears building, landscape modifications and an upgrade to the courtyard. RD purchased the asset from Noble Properties. HFF brokered the transaction.

October 26, 2015

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Metro Orlando for $33.5M

by Haisten Willis October 26, 2015

SANFORD, FLA. — Bell Partners Inc. has purchased the newly built Integra Village, a 209-unit apartment community located at 101 Integra Village Trail in Sanford, a suburb of Orlando. Bell Partners purchased the property for $33.5 million on behalf of Bell Fund V. Developed by The Integra Land Co. in 2015, the property’s interiors feature kitchen islands, granite countertops, stainless steel appliances, new cabinetry, hard-surface flooring tile baths and screened-in porches. Community amenities include a salt water pool with an outdoor grilling area, fitness center and a clubhouse with a billiards room. Bell Partners will manage the property and will rename it Bell Lake Forest. The purchase of Bell Lake Forest was the sixth multifamily acquisition for Bell in 2015. With this transaction, Bell has completed more than $980 million in total transactions this year.

October 26, 2015

Florida Market Reports Multifamily Southeast Southeast Market Reports

Job Growth Key to Orlando Apartment Market’s Strong First-Half Performance

by John Nelson October 26, 2015

Orlando’s multifamily market is in the midst of a golden era of sorts, as it sits squarely at the intersection of strong employment growth, an increasing population, a major demographic shift and a variation in lifestyle preferences. Together, these factors provide a tremendous tailwind for future strength in the local apartment market. While the national multifamily market continues to perform at a high level, Orlando is starting to show up on the radar of more institutional investors due to its recent outperformance and tremendous growth prospects. According to recent data from MPF Research, Orlando is on pace to see 5.6 percent rent growth in 2015, followed by 4.7 percent growth in 2016. The strong momentum in the MSA is being driven by a rapidly expanding and increasingly diversified job market. Going forward, the picture looks even brighter. MPF Research ranks Orlando as the No. 1 metro in the nation for job growth through 2020, with a growth rate (2.7 percent), more than twice the national average (1.1 percent). Unlike previous cycles, today’s growth is spread more evenly across employment industries, resulting in a more diverse, dynamic labor market. The highest growth sectors are forecast to be construction, healthcare/bio-tech, business services, …

October 26, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $16.1M Acquisition Loan for Apartment Community in Orlando

by John Nelson October 23, 2015

ORLANDO, FLA. — NorthMarq Capital has arranged a $16.1 million acquisition loan for Landmark at Siena Springs, a 252-unit apartment community located at 6101 Westgate Drive in Orlando. The lakefront apartment complex features seven pools, a dog park, Wi-Fi café, outdoor grill and picnic area, business center, recreation center, clubhouse and storage space. Ory Schwartz of NorthMarq’s Los Angeles office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through an unnamed conduit CMBS lender.

October 23, 2015

Florida Hospitality Southeast

Quadrum, InSite Restore, Open Historic Hotel in South Beach

by John Nelson October 22, 2015

MIAMI BEACH, FLA. — Quadrum Global and InSite Group have opened Nautilus, a SIXTY Hotel in Miami Beach’s South Beach neighborhood. The partners purchased the property in 2011 and restored it into an upscale, 250-room property, which SIXTY Collective will operate. Originally built in the 1950s, Quadrum and InSite preserved and reconstructed the property’s porte cochere, 25-foot lobby ceilings, beveled windows, teal green tile, the famous Staircase to Nowhere and the Driftwood Room supper club. The rooms feature 48-inch TVs, vintage mini-bar chests, custom artwork and balconies with ocean views in select units. The property also features a penthouse suite on the eighth floor. The property’s amenities include a 1,890-square-foot heated saltwater pool with an underwater sound system, cabanas, pool bar, 24-hour fitness center and the Nautilus Cabana Club.

October 22, 2015

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