Florida

CBRE Brokers $5.2M Sale of Industrial Portfolio in Riviera Beach

by John Nelson February 6, 2015

RIVIERA BEACH, FLA. — CBRE has brokered the $5.2 million sale of a 69,071-square-foot industrial portfolio located on four acres in Riviera Beach. An affiliate of KTR Capital Partners sold Flamingo Commerce Center, located at 7655 Enterprise Drive and 7656 Byron Drive, to Denholtz Riviera LLC. The property was 75 percent leased at the time of sale. Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jeffrey Kelly, Robert Smith, Kirk Nelson and Jason Hochman of CBRE represented the buyer in the transaction.

February 6, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $8.2M Sale of Multifamily Portfolio in Tampa

by John Nelson February 5, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.

February 5, 2015

Airport Corporate Center Doral Florida Miami

Florida Office Southeast

Norwegian Cruise Line Expands HQ at Airport Corporate Center in Metro Miami

by John Nelson February 5, 2015

DORAL, FLA. — Norwegian Cruise Line has signed a long-term lease renewal and expansion at Airport Corporate Center, the 1 million-square foot, 11-building office park located in the Miami submarket of Doral. The company extended its existing lease on 206,078 square feet and added an additional 70,296 square feet, for a combined 276,364 square feet. The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building beginning in the fall of 2015 Diana Parker, Richard Bamonte and Janette Driggers of CBRE represented the landlord, CBRE Global Investors, which acquired the property in October 2014. Stuart Gordon of Flagler Brokerage and Management Services LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line. According to CBRE Research, Norwegian Cruise Line’s lease renewal/expansion is the largest office lease signed in South Florida in the past five years.

February 5, 2015

Gale Boutique Hotel & Residences Fort Lauderdale

Florida Hospitality Multifamily Southeast

Newgard, Menin Hospitality Launch $120M Gale Boutique Hotel & Residences

by John Nelson February 4, 2015

FORT LAUDERDALE, FLA. — Newgard Development Group and Menin Hospitality have launched Gale Boutique Hotel & Residences located at 2900 Riomar St. in Fort Lauderdale. The $120 million project will include the restoration of a historic 96-room hotel and the construction of an adjacent 128-unit condominium building. Newgard and Menin have partnered with Dev Motwani’s Merrimac Ventures in a joint venture arrangement for the development, which is slated to open in late 2016. Units are now available for reservation and priced from $385,000, with Newgard Realty overseeing the project’s sales and marketing efforts. The development will feature a roof-top sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Individual condos will range in size from 780 square feet to nearly 2,000 square feet. All units will be delivered fully-finished, with gourmet kitchens, designer fixtures and cabinetry, spa-style bathrooms, customized flooring and walls and walk-in closets. Each residence will have floor-to-ceiling, impact-resistant glass doors and balcony space.

February 4, 2015

Verandah Publix Super Markets Fort Myers

Florida Retail Southeast

Continental Realty Sells Shopping Center in Fort Myers for $14.4M

by John Nelson February 3, 2015

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold The Shops at Verandah, a 72,795-square-foot shopping center located at 11961 Palm Beach Blvd. in Fort Myers for $14.4 million. The Shops at Verandah was 98 percent leased to tenants such as Advance America, Principal Life Insurance, Subway, Pizza Hut, H&R Block, Beef O’Brady’s and Allstate. CRC sold the Publix-anchored shopping center to Publix Supermarkets Inc. Jim Michalak and Mike Cvetetic of Plaza Advisors represented CRC in the transaction. The Shops at Verandah was built in 2005 as part of Verandah, a 1,500-acre premier master-planned community that includes two 18-hole golf courses designed by Bob Cupp and Jack Nicklaus.

February 3, 2015

Merrick Plaza Office Building Coral Gables

Florida Office Southeast

Merrick Plaza Office Building in Coral Gables Sells for $14M

by John Nelson February 3, 2015

CORAL GABLES, FLA. — Aquarius Capital LLC has purchased Merrick Plaza, an office building located at 2199 Ponce de Leon Blvd. in the heart of the Coral Gables financial district. Aquarius Capital plans to use the property for the corporate offices of Ascendant Commercial Insurance. Tere Blanca of Blanca Commercial Real Estate represented the buyer in the sale. John Lonardo of Sperry Van Ness Commercial Realty represented the seller, 1607 Ponce LLP.

February 3, 2015

Coral Gables Streetscape Project Mixed-Use

Civic Florida Mixed-Use Southeast

Coral Gables’ $20M Streetscape Design Phase Begins

by John Nelson February 2, 2015

CORAL GABLES, FLA. — The city of Coral Gables has selected Cooper, Robertson & Partners of New York to design its Streetscape Project in downtown Coral Gables. The selection marks the start of the design phase of the much-anticipated project, which will provide a facelift to Miracle Mile and Giralda Avenue. The approximately $20 million project, which received the go-ahead from the City Commission last August, will widen sidewalks, plant trees, create garden areas and add outdoor dining along newly landscaped curbs. The plan also calls for benches, kiosks, mid-block parks, intimate public spaces and plazas for events and gatherings. It will also feature better signage for businesses and parking garages, more welcoming connections to garages and alleyways and permanent valet stations.

February 2, 2015

Florida Multifamily Seniors Housing Southeast

Capital Health Group, Fortress to Build Memory Care Facility in St. Augustine

by John Nelson February 2, 2015

ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.

February 2, 2015

Florida Retail Southeast

Continental Realty Corp. Buys Metro Orlando Shopping Center for $10.1M

by John Nelson February 2, 2015

ORLANDO, FLA. — Baltimore-based Continental Realty Corp. has purchased Towne Square Shopping Center, a 126,000-square-foot retail center located at 11029 W. Colonial Drive in Ocoee, a suburb of Orlando. Continental Realty purchased the asset for $10.1 million through CRC Fund III LP, the company’s value-add retail and multifamily investment fund. The center is currently 95 percent occupied and is anchored by an Old Time Pottery. Ray Turchi of Marcus & Millichap’s Orlando office represented the seller, a private investor based in New York, in the transaction. Charlie Boscarino of Retail Solutions Advisors has been selected as the exclusive leasing broker for the center.

February 2, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $14.7M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson January 30, 2015

JACKSONVILLE, FLA. — NorthMarq Capital has arranged a $14.7 million acquisition loan for Park South at Deerwood Apartments, a 240-unit multifamily property located at 7932 Southside Blvd. in Jacksonville. Ory Schwartz of NorthMarq Capital’s Los Angeles office arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Schwartz arranged the loan through an unnamed CMBS lender on behalf of the borrower, a private investor based on the West Coast.

January 30, 2015

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