Florida

Colliers Arranges $24.5M Sale of Biscayne Building in Downtown Miami

by John Nelson August 23, 2016

MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.

August 23, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $10.4M Sale of Apartment Community in Tampa

by John Nelson August 23, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.

August 23, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Rents Continue to Rise, Create New Opportunities for Investment

by John Nelson August 22, 2016

Miami’s four major office submarkets — Brickell, Downtown, Coral Gables, and Airport West Dade — are enjoying record growth in Class A asking rental rates, an emerging trend that is further strengthening the city’s positioning as a highly desirable market for local, national and foreign investors. In the city’s Brickell/Downtown business district, Class A office rents have skyrocketed more than an average of 14 percent per square foot during the past year — a significant difference from the historic average annual increases of 2 to 3 percent per square foot. In fact, the disparity in Class A and B rents in the urban core, where Class A rents range from 40 to 70 percent higher per square foot than Class B rents, is much greater than in submarkets, where Class A rents are approximately 24 percent higher than Class B rents. This creates further incentive for Class B buildings in the urban core to raise asking rental rates and stay apace with Class A, making it a strong business case for investors who are looking for a long-term play with maximum ROI. The rent growth is attributed to several factors. While we have seen strong net absorption by local companies …

August 22, 2016

Florida Multifamily Southeast

Harbor Group Sells Two Apartment Communities in South Florida for $105.6M

by John Nelson August 19, 2016

WEST PALM BEACH AND FORT LAUDERDALE, FLA. — Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. HGI purchased both assets in June 2012 for a combined $67.8 million. Turtle Cove was built in 1986 and contains 444 units. Amenities include a clubhouse, swimming pool, fitness center, sports courts, gazebo/picnic area and a car care center. The property is currently 95 percent occupied. Serramar was also built in 1986 and contains 302 units. Amenities include a clubhouse, two swimming pools, fitness center, sports court, cyber café, playground and a car care center. The property is currently 96 percent occupied.

August 19, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges $23.6M Sale of Distribution Facility in Broward County

by John Nelson August 19, 2016

POMPANO BEACH, FLA. — Cushman & Wakefield has brokered the $23.6 million sale of Pompano Distribution Center I, a Class A, 202,210-square-foot distribution warehouse located at 3901 N.E. 12th Ave. in Pompano Beach. Built in 2014 by Atlanta-based Weeks Robinson Partners, the rear-load facility was fully leased at the time of sale to tenants such as Restoration Hardware, Sunbelt Marketing and RWC Inc. The property features 32-foot clear heights, 125-foot truck courts, 60-foot concrete aprons, ESFR sprinklers, T-5 lighting and trailer storage. Mike Davis, Rick Brugge, Michael Lerner and Richard Etner of Cushman & Wakefield represented Robinson Weeks in the sale. A member company of Zurich North America, advised by Zurich Alternative Asset Management LLC, purchased the facility for roughly $117 per square foot.

August 19, 2016

Florida Multifamily Southeast

CBRE Brokers Sale of Two Apartment Communities in Central Florida for $70.9M

by John Nelson August 17, 2016

ORANGE CITY AND PALM COAST, FLA. — CBRE has brokered the sale of two luxury apartment communities in Central Florida totaling $70.9 million. EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Completed in 2008 and 2009, Integra Landings and Integra Woods feature gated access, carriage-style units, select units with direct-access garages, nine-foot and higher ceilings and water and wooded views. The developer of both apartment properties, Integra Land Co., is based in Lake Mary, Fla., with projects developed throughout the Southeast. Shelton Granade, Luke Wickham and Justin Basquill of CBRE marketed the properties on behalf of the sellers, Integra Land Co. and Case Pomeroy Properties LLC.

August 17, 2016

Florida Loans Retail Southeast

NorthMarq Arranges $10.4M Refinancing of Publix Market Square in Gainesville

by John Nelson August 17, 2016

GAINESVILLE, FLA. — NorthMarq Capital has arranged the $10.4 million refinancing of Publix Market Square, a 71,007-square-foot, Publix-anchored shopping center located at 2625-2835 S.W. 91st St. in Gainesville. Bob Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed life insurance company on behalf of the borrower, Mega A LLC.

August 17, 2016

Florida Seniors Housing Southeast

Big Rock Starts Construction of $82M CCRC in Metro Orlando

by John Nelson August 16, 2016

CELEBRATION, FLA. — Big Rock Partners has started construction of a luxury continuing care retirement community (CCRC) in the Orlando suburb of Celebration. The project, which doesn’t yet have a name, has increased in size since it was announced last year. The $60 million development costs have increased to $82 million, and the 225 planned units have increased to 239. The six-story community will sit on a nine-acre site, and is the only planned seniors housing development in Celebration, according to Big Rock. Balfour Beatty is the construction manager on the project, which is scheduled for completion in spring 2018. Gensler designed the community. Once complete, Life Care Services will operate. Big Rock Partners is a private real estate investment management firm with three seniors housing projects in Florida under development worth approximately $200 million.

August 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $36.4M Sale of Apartment Community in West Palm Beach

by John Nelson August 16, 2016

WEST PALM BEACH, FLA. — Berkadia has brokered the $36.4 million sale of Viera of the Palm Beaches, a 300-unit apartment community located at 4860 Sandstone Lane in West Palm Beach. Nashville, Tenn.-based Palm Beach Multifamily Partners LLC sold the asset to a partnership between two unnamed companies based in San Francisco and New York. Built in 1987, the pet-friendly property features one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Community amenities include a clubhouse, fitness center, business center, swimming pool, tennis courts, barbecue area and trails for running, hiking and biking. Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia’s Boca Raton office, along with Cole Whitaker of the firm’s Orlando office, brokered the sale. Viera of the Palm Beaches was 93 percent occupied at the time of sale.

August 16, 2016

Florida Retail Southeast

Colliers Brokers $14.9M Sale of Retail Space in 57-Story Marinablue Tower in Downtown Miami

by John Nelson August 15, 2016

MIAMI — Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development. CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.

August 15, 2016

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