Florida

ARA Newmark Brokers $44.8M Sale of Central Florida Apartment Community

by John Nelson September 22, 2015

HEATHROW, FLA. — ARA Newmark has brokered the $44.8 million sale of Pure Living Heathrow, a 252-unit, garden-style apartment community in Heathrow, a suburb of Orlando. The property was 94 percent occupied at the time of sale. Built in 2009, the Class A community features nine- and 10-foot ceilings, granite countertops, stainless steel GE appliances, smoke-glass privacy walls and hardwood flooring in select units. The property’s amenity package includes 24-hour gated entry, on-site dry cleaning, a putting green, sand volleyball court, Zero Edge pool, Infinity Edge Champagne spa, rooftop clubroom, lounge and sun deck. Patrick Dufour, Kevin Judd, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, PME Providence LLC, in the transaction. Toronto-based Starlight Investments Ltd. was the buyer.

September 22, 2015

4151 Turtle Creek Drive Coral Springs PetSmart

Florida Retail Southeast

Colliers Brokers $6M Sale of Single-Tenant PetSmart Store in Coral Springs

by John Nelson September 22, 2015

CORAL SPRINGS, FLA. — Colliers International has brokered the $6 million sale of a 19,077-square-foot, single-tenant retail property in Coral Springs. Constructed in 2005, the freestanding retail building is located at 4151 Turtle Creek Drive. PetSmart currently occupies the property and has 11 years remaining on its lease. Steve Schroeder of Solid Investments represented the Chile-based buyer, Andyara Investments LLC, in the transaction. Jon Busse, Ron Schultz and Mike Milano of Colliers represented the seller, Burlingame Coastal LLC.

September 22, 2015

Cypress Run Marketplace Walmart Neighborhood Market Coral Springs

Florida Retail Southeast

Continental Realty Buys Retail Center in Coral Springs for $13.6M

by John Nelson September 21, 2015

CORAL SPRINGS, FLA. — Continental Realty Corp. has purchased Cypress Run Marketplace, an 85,000-square-foot retail center located at 10599-10667 W. Atlantic Blvd. in Coral Springs, for $13.6 million. Continental Realty purchased the asset from Game Properties Inc. on behalf of Continental Realty Fund IV LP, a value-add retail and multifamily fund. This was the second acquisition for the fund. Anchored by Walmart Neighborhood Market, the shopping center was 79 percent leased at the time of sale. Continental Realty has tapped Aileen Messinger of Katz & Associates to lease the center. Dave Donnellan and Dennis Carson of CBRE represented the seller in the transaction.

September 21, 2015

Florida Office Southeast

Kucera Renames One Progress Plaza  in St. Petersburg as Priatek Plaza

by John Nelson September 18, 2015

ST. PETERSBURG, FLA. — Kucera Properties has renamed One Progress Plaza, a 28-story Class A office tower in St. Petersburg, as Priatek Plaza. The office building was named after a tenant, Priatek, a startup tech firm that utilizes interactive kiosks in global mass marketing. Darin Kucera, managing partner of Kucera Properties, says that Priatek Plaza will be the only Class A office tower in the United States named for a technology startup. The tower spans more than 309,000 square feet of office and retail space and currently has a 90 percent occupancy rate. The terms of the renaming deal were not disclosed.

September 18, 2015

Florida Retail Southeast

Axiom Brokers $12M Sale of Publix-Anchored Shopping Center in Central Florida

by John Nelson September 16, 2015

HAINES CITY, FLA. — Axiom Capital Advisors has brokered the $12 million sale of a Publix-anchored shopping center located at 600 US Highway 17-92 in Haines City. The 118,848-square-foot shopping center’s tenant roster includes Bealls Outlet, Dollar General and Anytime Fitness. Roberto Susi of Axiom represented the buyer, Haines City Mall LLC, in the transaction. Craig Callaway and Eric Bylin of BlueGate Partners represented the seller, Haines Mall LLC, an affiliate of Blackpoint Partners.

September 16, 2015

Florida Loans Mixed-Use Southeast

Berkadia Arranges $23.2M Construction Loan for Mixed-Use Project in Tallahassee

by John Nelson September 15, 2015

TALLAHASSEE, FLA. — Berkadia has arranged $23.2 million in construction financing for Seminole Booster Inc.’s College Town Phase II at Florida State University (FSU), a mixed-use development in Tallahassee. College Town Phase II will be situated less than half a mile from FSU and approximately a mile from downtown Tallahassee at the crossroads of South Woodward Avenue and West Madison Street. The project will comprise 89 student housing apartments with 202 beds in total, 23,145 square feet of retail space, 3,300 square feet of office space and a parking garage spanning 593 spaces. The developers, which include Alan Hooper and Tim Petrillo of Urban Street Development and Seminole Boosters Inc., plan to deliver College Town Phase II in August 2016. Phase I, which consists of 71 apartments and 33,000 square feet of restaurant and retail space, opened in August 2013. Hooper Construction will be the construction manager for the project. Brad Williamson of Berkadia’s Miami office worked on behalf of the developers to arranged the three-year, interest-only loan through Mutual of Omaha Bank.

September 15, 2015

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $12.3M Sale of London Arms Mixed-Use Property in Miami Beach

by John Nelson September 15, 2015

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of London Arms, a four-story, 21,120-square-foot mixed-use property located at 727 Collins Ave. in Miami Beach’s Collins Avenue Fashion District. Originally constructed in 1930 as a 52-room hotel, the property was later converted to an apartment building. Aria Development Group purchased the building in 2013 and later converted it into a mixed-use asset comprising 4,700 square feet of ground-floor retail space and 25 upper floor rental units. Aria is the operator of the seller, 727 Collins Avenue, a limited liability company. Drew Kristol, Kirk Olson, Felipe Echarte and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction. Drew Kristol and Olson procured the buyer, a limited liability company based in Atlanta.

September 15, 2015

Florida Southeast Student Housing

Inland Purchases Student Housing Property in Orlando for $72.5M

by John Nelson September 11, 2015

ORLANDO, FLA. — Inland Real Estate Acquisitions Inc. has acquired The Retreat at Orlando, a student housing property located near the University of Central Florida (UCF) campus in Orlando, for $72.5 million. Landmark Properties and Harrison Street Real Estate Capital LLC sold the property to Inland. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. Located approximately two miles south of UCF, the cottage-style property was built in 2014 and comprises 221 units with 894 total beds. Each fully furnished unit includes a washer and dryer, a security system and high-speed Internet. The property also features a LEED-certified clubhouse with a computer lab, fitness center, yoga and Pilates studio, tanning beds and a multi-tiered resort-style pool with cabanas, hammocks and a hot tub. Residents also have access to on-site pool tables, a golf simulator, big screen TVs, tennis courts, volleyball courts and bocce ball and grilling areas. The Retreat at Orlando is 100 percent leased for the 2015-2016 school year. Landmark Properties will continue to manage the community on behalf of Inland.

September 11, 2015

Florida Retail Southeast

Glickman Retail Group Joins Colliers International Central Florida

by John Nelson September 11, 2015

ORLANDO, FLA. — Colliers International Central Florida has announced that Glickman Retail Group, a retail investment advisory firm in Orlando, has joined the company’s retail services team. Glickman Retail Group completed more than $40 million in real estate sales transactions year-to-date and has numerous more transactions set to close this year. Joining Colliers from the Glickman Retail team are Sean Glickman, Tom Hall, Chris Smith and Brandon Rapone. The team will join Cynthia Shelton and Kane Morris-Webster as part of Colliers International Central Florida’s retail investment team, focusing on the sale of retail investment properties in Central Florida.

September 11, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $30M Refinancing of Apartment Community in Tampa

by John Nelson September 10, 2015

TAMPA, FLA. — NorthMarq Capital has arranged a $30 million refinancing of Lakeshore Club Apartments, a 638-unit apartment community located at 6900 Concord Drive in Tampa. The property’s amenity package includes a media and entertainment center, business center, reserved covered parking, two swimming pools, four tennis courts, fitness center and an electronic entry system. Jeff Robertson of NorthMarq’s Miami office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.

September 10, 2015

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