Florida

CBRE Arranges $71.6M Acquisition Loan for Office Portfolio in Boca Raton

by John Nelson March 16, 2015

BOCA RATON, FLA. — CBRE’s capital markets debt and structured finance team has arranged $71.6 million in acquisition financing for an office portfolio in Boca Raton. Spanning 330,438 square feet, the portfolio includes two Class A office buildings: The Plaza at 5355 Town Center Road and One Town Center at 1 Town Center Road. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 3.5-year bridge loan through Mesa West Capital LLC on behalf of the borrower, Boca Raton-based Crocker Partners. The interest-only loan was structured with a floating interest rate. Crocker Partners purchased the portfolio from MetLife Real Estate Investors. Lee, Foschini and Apone, along with Jose Lobon and Michael Erickson of CBRE, represented MetLife in the transaction.

March 16, 2015

Florida Restaurant Retail Southeast

Marcus & Millichap Brokers $3.3M Sale of Starbucks in Destin

by John Nelson March 16, 2015

DESTIN, FLA. — Marcus & Millichap has brokered the $3.3 million sale of a 2,960-square-foot Starbucks Coffee located at 10410 US Highway 98 West in Destin. Mike Marzinske, Adam Prins and Matt Hazelton of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, in the transaction. Kirk Felici of the firm’s Miami office assisted in the transaction. Starbucks has seven years remaining on the lease.

March 16, 2015

Village West Orlando Cosmo Prof Coast Dental

Florida Retail Southeast

Equity Investment Services Brokers $1.9M Sale of Retail Strip Center in Orlando

by John Nelson March 16, 2015

ORLANDO, FLA. — Equity Investment Services (EIS) has brokered the $1.9 million sale of Village West, an unanchored retail center located at 6404 W. Colonial Drive in Orlando. The 18,000-square-foot center is leased to tenants such as Cosmo Prof and Coast Dental. Kevin Yaryan and Derek Francis of EIS represented both the buyer and seller in the transaction. EIS also arranged acquisition financing on behalf of the buyer.

March 16, 2015

Florida Loans Mixed-Use Southeast

Avison Young Secures $44M Construction Loan for Beachside Resort in Destin

by John Nelson March 13, 2015

DESTIN, FLA. — Avison Young’s debt, joint venture and structured capital team in New York has secured a $44 million construction loan for Phase I of Henderson Beach Resort, a five-phase beachside resort along the Gulf of Mexico in Destin. Phase I comprises a 170-room hotel and conference center that Salamander Hotels & Resorts will manage. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan through Ozark Bank on behalf of the project sponsor, Dunavant Enterprises. In addition to the construction loan, the resort is being financed through an EB-5 funding component totaling approximately $50 million. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program, also known as the U.S. Immigrant Investor program, allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Henderson Beach Resort is $500,000.

March 13, 2015

Florida Industrial Southeast

Hernandez Construction Breaks Ground on 235,000 SF Phase III of Flagler Station

by John Nelson March 12, 2015

FORT LAUDERDALE, FLA. — Hernandez Construction has broken ground on Phase III of Flagler Station, Flagler Global Logistics’ industrial logistics park in Fort Lauderdale that at completion will span 14 million square feet. Buildings 1 and 2 in Phase III will span 235,000 square feet, and Phase III will ultimately expand the park by 1.7 million square feet. Hernandez will begin construction on Buildings 3, 4 and 5 in the next few months. Buildings 1 and 2 are slated to wrap up construction this summer. The construction firm is also nearing completion of five buildings spanning 820,000 square feet at Phase II of Flagler Station.

March 12, 2015

5900 Lake Ellenor Drive in Orlando Central Park

Florida Office Southeast

CBRE Brokers $5.8M Sale of Office Property in Orlando

by John Nelson March 12, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.

March 12, 2015

Florida Southeast

Marcus & Millichap Brokers Sale of Self Storage Facility in Florida

by John Nelson March 12, 2015

SEBASTIAN, FLA. — Marcus & Millichap has brokered the sale of US 1 Self Storage, a 55,168-square-foot self storage facility located at 9893 N. US Highway in Sebastian. The property features 29 climate-controlled units, 483 non climate-controlled units, two retail spaces and 16 parking spaces. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the undisclosed buyer and seller in the transaction.

March 12, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Florida Multifamily Southeast

SMD Brokers $5.8M Sale of Retail Center in Coconut Creek

by John Nelson March 11, 2015

COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.

March 11, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

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