Florida

Growth in Miami’s Urban Office Market is Spilling Into Suburban Markets

by John Nelson July 13, 2015

Downtown Miami is on fire by any measure. The neighborhood is home to more construction cranes than any other place in the U.S., businesses are moving in and expanding on an almost daily basis, hotel room rates and occupancy levels are at all-time highs, and new residents are relocating here from all over the world. A recent study by the Miami Downtown Development Authority found that greater downtown Miami’s residential population has literally doubled in size — from 40,000 people to 80,000 people — since 2000. Another 200,000 people commute to the area each day for business. The area’s commercial real estate market has closely followed this trajectory of growth, with Downtown Miami and the Brickell Financial District welcoming more than 2 million square feet of new Class A office product in the last five years. Strong demand among domestic and multinational companies, along with an improving economy, has resulted in positive absorption and record-setting lease rates in excess of $50 per square foot for premium space. Land values in downtown are also reaching new heights as developers spend as much as $125 million for one acre on the water. All of this is creating a steep barrier to entry …

July 13, 2015

Florida Loans Multifamily Southeast

HFF Arranges $50M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson July 10, 2015

JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.

July 10, 2015

Bridge Point Crossroads West Hialeah Gardens

Florida Industrial Southeast

PREMIER Design + Build to Construct Industrial Facility in South Florida

by John Nelson July 10, 2015

HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has tapped PREMIER Design + Build LLC to construct Bridge Point Crossroads West. The general contractor will build the 242,859-square-foot speculative industrial facility on a 17-acre parcel in Hialeah Gardens, roughly 15 miles north of Miami. The facility will feature 32-foot clear heights, 81 truck dock positions, two drive-in doors, an ESFR sprinkler system, 227-stall parking lot and a TPO roofing system. RLC Architects is designing the facility, which is scheduled for a second quarter 2016 completion. Gian Rodriguez and Wayne Ramoski of Cushman & Wakefield are providing leasing services for the project. Bridge Development Partners has also tapped PREMIER to construct Bridge Point Crossroads East and South, a four-building industrial complex.

July 10, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Florida Industrial Southeast

McCraney Buys 66 Acres in Orlando for 1.1M SF Industrial Development

by John Nelson July 8, 2015

ORLANDO, FLA. — McCraney Property Co. has purchased 66 acres at the intersection of Taft Vineland Road and the Florida Turnpike, which is adjacent to the company’s existing Bent Oak Industrial Park in Orlando. The company plans to develop six buildings totaling 1.1 million square feet on the site. The project is officially Phase II of Bent Oak Industrial Park, which McCraney plans to deliver by the end of the second quarter of 2016. The design team for Phase II includes general contractor Edwards Construction Services Inc. and architect C4 Architecture LLC.

July 8, 2015

Florida Hospitality Southeast

Joint Venture Buys Majority Stake in Ritz-Carlton, Fort Lauderdale

by John Nelson July 7, 2015

FORT LAUDERDALE, FLA. — A joint venture between Carey Watermark Investors Inc. and Gencom Group has purchased a majority interest in the Ritz-Carlton, Fort Lauderdale, an upscale hotel in Fort Lauderdale. The property comprises 166 hotel rooms, 34 third-party owned condominium hotel units and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500-square-foot spa, outdoor infinity pool, 29,000-square-foot pool deck, fitness center, business center and four managed food and beverage outlets. The Ritz-Carlton Hotel Co. will continue to operate the hotel. According to the South Florida Business Journal, the hotel sold for $45 million. Hodges Ward Elliott represented the seller, RCFL Investor LLC, an affiliate of Gencom. The new ownership is planning a $9 million renovation to the hotel’s lobby, spa and main restaurant that should wrap up in the fourth quarter of this year. The transaction is the third joint venture purchase between Carey Watermark and Gencom. The other two transactions include Ritz-Carlton, Philadelphia and Ritz-Carlton, Key Biscayne Miami. Together, the three transactions represent a total investment of more than $500 million.

July 7, 2015

Florida Hospitality Loans Southeast

Grandbridge Arranges $25.6M Refinancing for Hotel in Downtown Tallahassee

by John Nelson July 7, 2015

TALLAHASSEE, FLA. — Grandbridge Real Estate Capital has closed a $25.6 million first mortgage refinancing on Doubletree by Hilton, a 243-room hotel in downtown Tallahassee. The property is located within walking distance to the Florida Capitol Building, Florida State University and Florida A&M University. The hotel features a full-service bar and restaurant, banquet and meeting rooms, fitness center, swimming pool and parking garage. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the loan through Goldman Sachs in a CMBS loan structure.

July 7, 2015

Florida Industrial Southeast

The Carlyle Group Acquires 50-Acre Yacht Repair Facility in Fort Lauderdale

by John Nelson July 6, 2015

FORT LAUDERDALE, FLA. — The Carlyle Group has acquired the Lauderdale Marine Center, the nation’s largest yacht repair facility in terms of volume capability. The project is located at 2001 S.W. 20th St. in Fort Lauderdale. The global asset manager purchased the 50-acre facility via Carlyle Realty Partners VII, a U.S. real estate investment fund. The facility features a boatyard, marina and marine service center with 19 covered sheds, three marine travel lifts and 156 wet slips. The marine center’s offices and work stations are leased to 60 on-site contractors that provide services such as fiberglass repair, electrical, painting, brokerage and insurance. The Carlyle Group plans to add more pavement to allow more yacht repair space, complete renovations to an adjacent boatyard to incorporate into the facility and develop a new management and leasing office on-site. Julie Fisher Berry of Stiles Realty represented the sellers, Selvin Passen and business partner Morio Mito, in the transaction. The sales price was not disclosed, but the Sun-Sentinel reports that the transaction could have totaled $140 million to $150 million.

July 6, 2015

Florida Industrial Southeast

McCraney Property Co. Signs Event Service Firm to Industrial Lease in Orlando

by John Nelson July 6, 2015

ORLANDO, FLA. — McCraney Property Co. has secured a new lease for 99,214 square feet at Bent Oak Industrial Park in Orlando. The industrial park sits on 39 acres and consists of two Class A industrial buildings at 1701 and 1801 Boice Pond Road, spanning 703,920 square feet. Shepard Exposition Services, an Atlanta-based national event service enterprise, will occupy space at Building 200. With this transaction, the asset is close to 50 percent leased prior to construction completion. Matt Sullivan of Cite Partners represented McCraney Property Co. in the lease transaction.

July 6, 2015

Florida Multifamily Southeast

Suffolk Construction Completes $33.4M Apartment Community in Fort Lauderdale

by John Nelson June 30, 2015

FORT LAUDERDALE, FLA. — Suffolk Construction has delivered The Manor: Lauderdale by the Sea, an eight-story, 264-unit luxury apartment community in Fort Lauderdale. The $33.4 million property includes a parking garage, fitness center with zen shower, cyber café, clubhouse, formal meeting and dining space, infinity-edge pool, hot tub built into the center of the building and private poolside cabanas for the second-floor deck units. The Related Group is the developer of the project, and RLC Associates is the architect.

June 30, 2015

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