Florida

New York Life Real Estate Investors Originates $41.3M Loan for Apartment Community in Metro Orlando

by John Nelson August 18, 2015

SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.

August 18, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in South Florida

by John Nelson August 18, 2015

BOYNTON BEACH, FLA. — ARA Newmark has arranged the sale of Advenir at Colony Club, a 214-unit, garden-style apartment community located in Boynton Beach. Constructed in 2004 and 2005, the property’s amenity package includes full-size washers and dryers, complimentary Wi-Fi, alarm systems, balconies and patios, gourmet kitchens, one- and two-car garages, automated gate access, a sauna, swimming pool and spa, fitness center, clubhouse, basketball court, playground, picnic area and tennis courts. Advenir at Colony Club was 94 percent occupied at the time of sale. Hampton Beebe, Avery Klann, Troy Ballard, Marc deBaptiste and Richard Donnellan of ARA Newmark represented the seller, Florida-based Advenir, in the transaction. Greystar purchased the property for an undisclosed price.

August 18, 2015

Florida Office Southeast

Roseview-PMRG Fund I Acquires Tampa Office Building for $40M

by John Nelson August 17, 2015

TAMPA, FLA. — A discretionary fund formed by PM Realty Group and The Roseview Group called Roseview-PMRG Fund I LLC acquired Westshore Center in Tampa. The sales price was undisclosed, but according to industry sources, the nine-story office building sold for $40 million. The 216,410-square-foot office property is located at 1715 N. Westshore Blvd. in Tampa’s Westshore submarket. The fund purchased the asset from an unnamed institutional investor for an undisclosed price. Built in 1984, the property is located roughly 2.4 miles south of Tampa International Airport. The Class A office building is the first acquisition in Florida for Roseview-PMRG Fund I LLC, which owns properties in Atlanta, Houston, Pennsylvania and Massachusetts.

August 17, 2015

Florida Retail Southeast

Sterling Organization Sells Shopping Center in Tampa Bay MSA for $18.9M

by John Nelson August 17, 2015

LARGO, FLA. — Sterling Organization has sold Barclay Square, a 99,054-square-foot grocery-anchored shopping center in Largo, a city in the Tampa Bay MSA. Northbrook, Ill.-based Pine Tree Commercial Realty purchased the shopping center from Sterling Organization for $18.9 million. Originally developed in 1988 and renovated in 2008, the shopping center is located on the northeast corner of Walsingham and Indian Rocks roads one mile east of the Gulf of Mexico. A 42,018-square-foot Walmart Neighborhood Market anchors the shopping center. Adam Feinstein of Cushman & Wakefield brokered the transaction. Sterling Organization purchased Barclay Square via its Sterling Value Add Partners LP institutional fund for $10.8 million in 2012.

August 17, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.4M Sale of Orlando Apartment Community

by John Nelson August 17, 2015

ORLANDO, FLA. — Marcus & Millichap has arranged the $14.4 million sale of Royal Isles, a 264-unit apartment community located at 803 Don Quixote Ave. in Orlando. The property has 80 one-bedroom/one-bath units, 132 two-bedroom/two-bath apartments and 52 three-bedroom/two bath units. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a private investor from Beverly Hills, Calif., and the buyer, a Miami-based limited-liability company.

August 17, 2015

Florida Market Reports Multifamily Southeast Southeast Market Reports

Strong Demand Proves the Best is Yet to Come for Miami’s Multifamily Market

by John Nelson August 17, 2015

Miami’s multifamily market now ranks among the country’s strongest overall performers (if not the strongest). The city attracts, and benefits from, numerous tourists, investors, financial institutions, real estate funds, retailers and tourists from countries around the globe. The demand for condominiums and apartment buildings in Miami seems insatiable with the investors competing for increasingly scant deals. In practical terms, that means hotel and office developers often lose out across asset classes to the “ever-on-fire” multifamily sector. There is every indication in the first quarter of 2015 that Miami’s multifamily market’s upward trend will continue. Debt and equity continue to stream into the Miami-Dade County apartment and condominium sector from both local sources and out-of-area buyers attracted to solid asset performance and robust housing demand generators. Continued employment and population growth have bolstered housing demand as the overall Miami economy strengthened in 2014. The Miami metropolitan area added more than 30,000 jobs last year, and based on figures from the Bureau of Labor Statistics, Miami-Dade County’s unemployment rate continued its downward trend to 5.4 percent in February 2015. According to the Florida Bureau of Economic and Business Research, South Florida’s population is expected to increase by approximately 29 percent between 2013 …

August 17, 2015

Florida Office Southeast

PCCP, Banyan Street Purchase Office Complex in Tampa for $70M

by John Nelson August 14, 2015

TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.

August 14, 2015

Florida Industrial Southeast

Coldwell Banker Brokers $15M Sale of Industrial Facility in Miami

by John Nelson August 14, 2015

MIAMI — Coldwell Banker Commercial (CBC) Alliance has brokered the $15 million sale of a 213,131-square-foot industrial facility located in Miami’s Airport West industrial submarket. The property is located on an 8.9-acre site at 6950 N.W. 77th Court. The facility features 175,000 square feet of industrial space, 27,000 square feet of office space and 10,000 square feet of retail space. The property’s retail tenants include Perry Ellis and Bijoux Terner. The seller, Leyjon Investments Corp., will retain office and industrial space in the facility. Jim McCoy of CBC Alliance and Jeff Hartsook of Americas Industrial Realty Corp. represented Leyjon in the transaction. Luis Nunez of Realty Professionals #1 Inc. represented the buyer, The Apollo Group, a Miami-based cruise ship catering and logistics company.

August 14, 2015

Florida Industrial Southeast

Cushman & Wakefield Brokers $103M Sale of Industrial Portfolio in St. Petersburg

by John Nelson August 13, 2015

ST. PETERSBURG, FLA. — Cushman & Wakefield has brokered the $103 million sale of a 1.7 million-square-foot industrial portfolio in St. Petersburg. Evergreen Industrial Properties purchased the 34-building portfolio from Miami-based Fleeman Family Trust. The portfolio comprises five industrial parks, including Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center and Joe’s Creek Industrial Park. The portfolio was 84 percent leased at the time of sale to tenants such as Lockheed Martin, Jabil, L–3 Communications, FedEx, MTS Systems, Worldpac, Digital Lightwave and Jagged Peak.

August 13, 2015

Florida Multifamily Southeast

Inland Private Capital Corp. Sells Naples Apartment Community for $20.3M

by John Nelson August 12, 2015

NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.

August 12, 2015

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