Florida

Prudential Real Estate Investors Purchases The Mercato in Naples

by John Nelson May 13, 2015

NAPLES, FLA. — Prudential Real Estate Investors (PREI) has purchased the office and retail portion of The Mercato, a 456,359-square-foot mixed-use development in Naples, on behalf of institutional investors. The terms of the transaction were not disclosed. Mercato’s retail portion is anchored by Whole Foods Market, Nordstrom Rack, a 12-screen Silverspot Theatre, The Capital Grille, McCormick & Schmick’s, Sur La Table and The Paper Source. The office portion is leased to tenants such as Wells Fargo, Bank of America, Merrill Lynch and regional law and financial service firms. PREI has retained Madison Marquette to manage and lease the office and retail portions of Mercato. Daniel Finkle, Manuel De Zárraga, Luis Castillo and Kim Flores of HFF marketed The Mercato on behalf of the seller, a partnership between Madison Marquette, Barron Collier Cos. and The Lutgert Cos. In late November 2013, GE Capital Real Estate provided a $145 million refinance for The Mercato.

May 13, 2015

Florida Industrial Southeast

AEW Capital-Led JV to Develop Two Distribution Centers in Lakeland

by John Nelson May 13, 2015

LAKELAND, FLA. — AEW Capital Management LP has purchased two land parcels totaling 46.6 acres at Lakeland Logistics Center, an existing business park in Lakeland. A joint venture between AEW, Massachusetts Pension Reserves Investment Management (MassPRIM) and Ridge Development Co. plans to develop two Class A distribution centers on the land parcels. The facilities will each span 245,000 square feet and feature 32-foot clear heights, ESFR sprinklers, cross-dock configurations, 185-foot private truck courts, 45 trailer parking spaces and a 200-foot shared truck court. AEW, MassPRIM and Ridge Development plan to develop the facilities in two phases with construction slated to begin in June. Upon completion, Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield will provide leasing services for the two distribution centers.

May 13, 2015

Florida Multifamily Southeast

CBRE Brokers $54M Sale of Apartment Community in Central Florida

by John Nelson May 12, 2015

WINTER SPRINGS, FLA. — CBRE has brokered the $54 million sale of The Park at Laurel Oaks, a 552-unit apartment property located at 1 Laurel Oaks Drive in Winter Springs, about 15 minutes outside of Orlando. New York-based White Eagle Property Group purchased the gated community from Laurel Oaks LLC. The property’s amenity package includes a fitness center, business center, tennis court, car care center, private garages and two swimming pools. The asset was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE represented the seller in the transaction.

May 12, 2015

Civic Florida Southeast

Suffolk Construction Opens Miami-Dade Children’s Courthouse

by John Nelson May 11, 2015

MIAMI — Suffolk Construction has delivered the Judge Seymour Gelber and Judge William E. Gladstone Miami-Dade Children’s Courthouse to Miami-Dade County and the Eleventh Judicial Circuit. The 14-story, 371,500-square-foot courthouse is located at 155 N.W. 3rd St. The LEED Silver-certified courthouse features a multi-colored glass façade that was designed by HOK design. The building will be one of the only in the nation to house all court partners, as well as support agencies for the Juvenile Justice Community.

May 11, 2015

Bay Meadows Ashford at Feather Sound Clearwater

Florida Multifamily Southeast

RADCO Buys Clearwater Apartment Community for $34.2M

by John Nelson May 8, 2015

CLEARWATER, FLA. — The RADCO Cos., a value-add multifamily investment firm based in Atlanta, has purchased Bay Meadows, a 276-unit apartment community in Clearwater, for $34.2 million. The property is RADCO’s third acquisition in 2015 and its second property in the state of Florida. The apartment community features a 2,500-square-foot leasing center that has a fitness facility, office space and meeting areas. The property also has a pool that overlooks a lake situated in the center of the community. RADCO financed the acquisition using a mixture of Freddie Mac debt and private capital. Built in 1985, the apartment community is located within the master-planned Feather Sound Country Club. The property was 97.1 percent occupied at the time of sale. RADCO plans to invest $3.6 million to upgrade the apartment community and rebrand the community as Ashford at Feather Sound. Since August 2011, RADCO has raised more than $230 million of private capital to fund its purchases.

May 8, 2015

Florida Office Southeast

Marcus & Millichap Brokers $42M Sale of Two Office Buildings in Coconut Grove

by John Nelson May 7, 2015

COCONUT GROVE, FLA. — Marcus & Millichap has brokered the sale of two office buildings in Coconut Grove: Bayview Executive Plaza and Continental Plaza. The total sales price for the two assets is $42 million. Located at 3225 Aviation Ave., the 57,155-square-foot Bayview Executive Plaza has a tenant roster including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. Located at 3250 Mary St., the 80,380-square-foot Continental Plaza is leased to tenants such as The Downs Law Group and HealthSun Health Plans Inc. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the undisclosed seller and procured the buyer, Allegra Holding.

May 7, 2015

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson May 7, 2015

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

May 7, 2015

Florida Retail Southeast

CocoWalk Lifestyle Center in Miami Sells for $87.5M

by John Nelson May 6, 2015

MIAMI — CocoWalk, a 198,000-square-foot lifestyle center located in Miami’s Coconut Grove neighborhood, has sold for $87.5 million. The property was constructed in 1990 and is located approximately two miles from the University of Miami. Federal Realty Investment Trust purchased an 80 percent interest in the property. The REIT purchased the stake with local market partners Grass River Property and The Comras Co.

May 6, 2015

Florida Southeast

Miami City Self Storage Buys Six Sites in Miami-Dade County for 1M SF of Self Storage Space

by John Nelson May 6, 2015

MIAMI — Miami City Self Storage LLC, a South Florida-based developer of infill self storage facilities, has closed on the purchase of six land parcels in Miami-Dade County. The company plans to develop approximately 1 million square feet of self storage space at the new sites. The land parcels include 1100 N.E. 79th St. in Miami; corner of N.W. 5th Avenue and N.W. 36th Street in Miami; corner of S.W. 3rd Avenue and S.W. 11th Street in Miami; corner of S.W. 137th Avenue and S.W. 6th Street in Sweetwater; N.E. 151st Street in North Miami near Biscayne Landing; and S.W. 28th Lane off of U.S. 1. Each facility will have roughly 1,000 climate controlled units and be managed by a self storage REIT. Miami City Self Storage LLC is a joint venture between real estate industry veterans Jay Massirman, Stephen Garchik and Steve McBride.

May 6, 2015

Florida Multifamily North Carolina Southeast

Avanath Capital Acquires Multifamily Portfolio in Orlando, Metro Raleigh for $45.9M

by John Nelson May 5, 2015

ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.

May 5, 2015

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