Florida

Tourism Industry Has Orlando Retail Market Firing on All Cylinders

by John Nelson October 19, 2015

Underpinned by a $50 billion tourism industry that drew a record-breaking 62.3 million visitors in 2014 in addition to strong job, population and residential growth, there is no question that Orlando’s retail real estate market is stronger than ever. According to 2014 U.S. census data, Orlando outpaced 99 of America’s 100 most populous MSAs in year-over-year population growth. The City Beautiful also recently ranked as the No. 1 U.S. city for job growth by Fortune Magazine following a 3.7 percent increase in its employment base in the same year. The Orlando retail market has also benefited heavily from healthy gains in the housing sector, powered by Central Florida’s tourism and construction industries, which stimulate economic development in the region. Orange County Property Appraiser, Rick Singh, reported that average home sale prices were up more than 10.5 percent in 2014, while residential construction rose 79 percent in the same period. With this type of growth, Orlando is experiencing strong consumer spending and an increase in demand for retail space. The Orlando region’s Index of Retail Activity rose 8.5 percent year-over-year in the second quarter of 2015, while the metro-wide retail vacancy rate decreased to 6.5 percent, down from 8.2 percent at …

October 19, 2015

Florida Mixed-Use Southeast

HFF Brokers $74.4M Sale of Seven-Property Portfolio in Naples

by John Nelson October 13, 2015

NAPLES, FLA. — HFF has brokered the $74.4 million sale of a seven-building portfolio on 5th Avenue in Naples. The portfolio totals 122,276 square feet and comprises 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre, 115-space parking lot at the corner of 4th Avenue and 4th Street. The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks Coffee, Tervis Tumbler and Provident Jewelry. Hoffman Commercial Real Estate purchased the assets free and clear of existing debt. Manuel De Zarraga, Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented the seller, Naples Fifth Avenue Holdings LLC, in the transaction. Rod Castan of Courtelis Co., which provided leasing and management services for Naples Fifth Avenue Holdings, assisted HFF in the marketing process.

October 13, 2015

Florida Office Southeast

International Management to Break Ground on Office Building in Jacksonville

by John Nelson October 13, 2015

JACKSONVILLE, FLA. — International Management Co. (IMC) will break ground this week on a three-story, 62,751-square-foot office building located at 203 Fort Wade Road in Jacksonville. The property will be situated within the Fort Wade Road Office Park in Jacksonville’s Ponte Vedra/Nocatee submarket. Jacksonville-based IMC has selected CBRE as the landlord representative for the new building. Lou Nutter of CBRE will oversee the listing. IMC expects to complete the property by July 2016.

October 13, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in Metro Orlando

by John Nelson October 13, 2015

ORLANDO, FLA. — ARA Newmark has brokered the sale of Regency Oaks, a 343-unit, value-add apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. The property was 95 percent occupied at the time of sale. Common area amenities include a barbecue and picnic area, dog park, carports, a lighted tennis court, playground, three laundry facilities, three swimming pools with sundecks, a 24/7 fitness center and a self-serve car wash. Kevin Judd, Patrick Dufour, Richard Donnellan, Marc deBaptiste and Scott Ramey of ARA Newmark represented the Norfolk, Va.-based seller, Harbor Group International LLC, in the transaction. Jacksonville-based Michaelson Real Estate Group LLC purchased the asset for an undisclosed price.

October 13, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Florida for $18M

by John Nelson October 12, 2015

MELBOURNE AND PALM BAY, FLA. — Berkadia Real Estate Advisors has brokered the sale of two apartment communities in Brevard County for a combined $18 million. The assets include the 138-unit Park Village located at 3099 Park Village Way in Melbourne and the 112-unit Malabar Lakes located at 1018 Malabar Lakes Drive in Palm Bay. White Eagle Property Group LLC purchased Park Village for $10.1 million and Malabar Lakes for $7.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia represented the seller, Deancurt Melbourne LLC, in the portfolio transaction.

October 12, 2015

Florida Retail Southeast

Avison Young Secures JV Partner for Retail Center in Delray Beach

by John Nelson October 12, 2015

DELRAY BEACH, FLA. — On behalf of Tremont Realty Capital, Avison Young has secured a joint venture operating partner for the existing ownership of Delray Square II, a 150,157-square-foot retail center. The new ownership is a joint venture between Tremont and Isram Realty Group. John Crotty and Joshua Ladle of Avison Young secured Isram, which will soon begin to lease up the property. Located at 14530-14590 Military Trail in Delray Beach, the value-add property was 40 percent leased at the time of the arrangement to tenants such as Planet Fitness, H&R Block, Subway and Express Docs Urgent Care. Built in 1987 on a 15.1-acre lot, Delray Square II features 700 parking spaces and is in a position to accommodate big-box tenants.

October 12, 2015

Florida Multifamily Southeast

Capstone Apartment Partners Brokers $9.1M Sale of Apartment Community in Daytona Beach

by John Nelson October 9, 2015

DAYTONA BEACH, FLA. — Capstone Apartment Partners has brokered the $9.1 million sale of Forestlake Apartments, a 146-unit apartment community located at 132 Forest Lake Blvd. in Daytona Beach. Timberland Partners purchased the 1980s vintage property for $61,986 per unit from Harbor Group. Enon Winkler, Deucie Bies, Jad Richa and Brian Hunsicker of Capstone Apartment Partners represented the seller in the transaction.

October 9, 2015

Madison at Spring Woods Jacksonville The Park at Via Veneto

Florida Multifamily Southeast

Blue Rock Partners, Konover South Buy Multifamily Portfolio in Jacksonville for $64.8M

by John Nelson October 8, 2015

JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.

October 8, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12M Sale of Apartment Community in South Florida

by John Nelson October 8, 2015

LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.

October 8, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $75.8M in Financing for Five Apartment Communities in Florida

by John Nelson October 7, 2015

TAMPA, FLA. — Berkadia has originated five loans totaling $75.8 million for five multifamily communities in Florida. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged all five loans on behalf of the borrower, Insula Cos., an owner and manager of apartment communities in Florida. The loans included a $23 million refinance loan for The Valencian Apartments in Kissimmee; $19.2 million acquisition loan for Charter Pointe Apartments in Altamonte Springs; $12.6 million refinance loan for Park East Apartments in Tampa; $10.5 million recapitalization loan for St. Moritz Apartments in Tampa; and a $10.5 million recapitalization loan for Miramar in Kissimmee.

October 7, 2015

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