LANTANA, FLA. — Dockerty Romer & Co. has arranged $3.5 million in permanent mortgage financing for a 62-room Holiday Inn Express. The hotel is located on Hypoluxo Road in Lantana, a town in Palm Beach County. Michael McCleary of Delray Beach, Fla.-based Dockerty Romer arranged the 10-year loan with a fixed interest rate at 4.25 percent. McCleary arranged the loan through a South Florida-based bank on behalf of the borrower, Wahe Guru Group LLC.
CORAL GABLES, FLA. — Aventura, Fla.-based Axiom Capital Advisors has brokered the $16.5 million sale of Riviera Plaza, a 55,161-square-foot mixed-use development located at 1542 S. Dixie Highway in Coral Gables. Roberto Susi of Axiom Capital represented the buyer, Riviera Holdings Plaza LP, a partnership between Gadinsky Real Estate, Echion USA and 13th Floor Investments. The partnership purchased the asset in an off-market transaction. According to Susi, the new ownership is contemplating repositioning Riviera Plaza to include multifamily housing.
MIAMI — Crocker Partners has completed a $15 million makeover of its 31-story SunTrust International Center, a 449,000-square-foot office tower in Miami’s central business district (CBD). The renovation includes a redesigned lobby and streetscape, 4,000-square-foot bayview sky terrace, complimentary tenant fitness center and a new conference facility. The renovation also includes 20,000 square feet devoted to fully finished office suites for companies new to the market and for growing start-ups. The building is LEED Silver-certified, has 11 high-speed elevators and on-site amenities including a restaurant, pharmacy and banking. Among recent leasing activity at SunTrust Center, the Daily Business Review, Marcum LLP, US Legal and BastAmron recently renewed and/or expanded their leases along with several other long-time tenants totaling approximately 72,000 square feet. SunTrust Center will have the largest contiguous block of space available in the CBD — 116,000 square feet — when Akerman LLP vacates later this year. Jon Blunk, Cristina Glaria and Laurel Oswald of Cushman & Wakefield are the leasing agents for the office tower.
TAMPA, FLA. — ANDA Global Co. Ltd. has partnered with Fairlead Commercial Real Estate to purchase Sabal VI, a two-story, 97,527-square-foot office building located at 3611 Queen Palm Drive in Tampa. The partnership purchased the Class A asset for an undisclosed price with equity from ANDA Global and Fairlead’s investment fund, Mandalay-FCRE Fund I. Dale Peterson, Courtney Decker and Donald Jennewein of CBRE represented the undisclosed seller in the transaction. The asset was fully leased at the time of sale. ANDA Global is an affiliate of South Korea-based ANDA Asset Management Co. Ltd.
ORLANDO, FLA. — CBRE has brokered the sale of a four-property multifamily portfolio in Central Florida that totals 1,075 residential units. The portfolio includes Vinings at Hunter’s Green in Tampa and Heritage on Millenia, Summit at Metrowest and Legends at ChampionsGate in Orlando. The portfolio was acquired by affiliates of Dallas- and New York-based The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 to date, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
TITUSVILLE, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and Glickman Retail Group brokered the $16 million of Crossroads Marketplace, an 89,200-square-foot shopping center located at 3065 Columbia Blvd. in Titusville, a town in Central Florida. The asset was 95 percent leased at the time of sale to tenants such as Marshalls, Petco, Parish Medical, AT&T, GNC and Dollar Tree. The asset is also shadow-anchored by a Super Target. The buyer is an international investment firm. Glickman represented the seller, a 106-year-old family-owned company that owns shopping centers in 12 states in the Southeast.
MIAMI — FA Commercial has brokered the sale of retail spaces at Millecento, a 42-story mixed-use tower located at 1100 S. Miami Ave. in Miami’s Brickell neighborhood. A group of unnamed investors based in South America purchased the ground-floor retail spaces, totaling 17,500 square feet, for $10.5 million. Fabio Faerman of FA Commercial represented the buyer in the transaction. Since the sale, Faerman has leased the retail spaces to tenants such as Freddo Gelateria, Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge.
ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.
DEERFIELD BEACH, FLA. — Dockerty Romer & Co. has arranged a $6.8 million acquisition loan for The Shoppes of Hillsboro, a 61,165-square-foot shopping center located along Hillsboro Boulevard in Deerfield Beach, a town in Broward County. The shopping center was 99 percent leased at the time of financing to tenants including Optimum Bank, Gentle Dental and Bank United. Bob Dockerty of Dockerty Romer arranged the 10-year loan through a New York-based CMBS lender on behalf of the borrower, BREF Hillsboro LLC. The loan was structured at an interest rate fixed below 4 percent and with five years of interest-only payments.
WESTON, FLA. — CBRE has arranged a long-term 230,600-square-foot industrial lease in Weston. The tenant, Gold Coast Freightways, originally occupied half of the Class A distribution center but will now lease the entire facility. Tom O’Loughlin and Larry Genet of CBRE represented the landlord, Clarion Partners, in the lease transaction. Luis Marquez of the Casal Group represented Gold Coast Freightways, a less-than-truck-load carrier based in Miami.
