Florida

CBRE Arranges $39.5M Loan for Purchase of Tampa Office Portfolio

by John Nelson October 22, 2014

TAMPA, FLA. — CBRE Debt & Structured Finance has arranged a $39.5 million acquisition loan for nine office buildings in Sabal Park, a master-planned business park in Tampa. Sabal Park spans 1,000 acres near the interchange of I-4 and I-75 and features an office campus, five restaurants, three hotels, a dry cleaner, three banks and a childcare facility. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the five-year, 65 percent LTV loan through BankUnited of Tampa on behalf of the borrowers/buyers, IP Capital Partners and Fir Tree Partners.

October 22, 2014

Florida Loans Southeast

Cohen Financial Secures $12.6M Investment for Multifamily Development in Sarasota

by John Nelson October 22, 2014

SARASOTA, FLA. — Cohen Financial has secured a $12.6 million joint venture equity investment for Le Sereno, a 282-unit multifamily development in Sarasota. Daniel Sheehan, Kevin O’Grady and Eric McGlynn of Cohen Financial secured the equity investment with mckafka Development Group. The developer’s joint venture partner is Beneficial Communities. The joint venture is planning to break ground on Le Sereno, located at Electric Boulevard and Fruitville Road, in the first quarter of 2015. The developers expect to deliver the property in the summer of 2016.

October 22, 2014

Florida Office Southeast

NAI Rauch Weaver Norfleet Kurtz Brokers $6.8M Sale of Silver Lakes Professional Campus

by John Nelson October 22, 2014

PEMBROKE PINES, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has brokered the $6.8 million sale of Silver Lakes Professional Campus, a 43,380-square-foot mixed-use property in Pembroke Pines. The office/retail asset is located at 17730 Pines Blvd. and 17782 S.W. 2nd St. Bill McConnell and Kenneth Kurtz of NAI Rauch Weaver Norfleet Kurtz, along with C-III Realty Services, represented the seller, LBUBS 2006-C6 Pembroke Campus LLC, a limited liability firm based in Florida. Continental Real Estate Cos. (CREC) represented the buyer, Continental Properties Acquisition Corp., an affiliate of CREC.

October 22, 2014

Florida Retail Southeast

Plaza Advisors Brokers Sale of Two Orlando-Area Shopping Centers

by John Nelson October 21, 2014

ORLANDO AND CLERMONT, FLA. — Plaza Advisors has brokered the sale of two shopping centers in the greater Orlando area. The properties include Phillips Village in Orlando and East Towne Center in Clermont. The 66,218-square-foot Phillips Village was 95 percent leased at the time of sale to Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint. Portland Investment Co. of America purchased the asset from Weingarten Realty Investors for roughly $18.8 million. The 69,840-square-foot East Towne Center was 92 percent leased at the time of sale to tenants such as Publix, Chase Bank, Pizza Hut, Hair Masters and The UPS Store. Publix Supermarkets purchased the property from Regency Centers for an undisclosed sales price. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the sellers in both transactions. Plaza Advisors was the only brokerage firm involved in both deals.

October 21, 2014

Florida Retail Southeast

Colliers Brokers $19.1M Sale of Whole Foods-Anchored Shopping Center in Sarasota

by John Nelson October 20, 2014

SARASOTA, FLA. — Colliers International has brokered the $19.1 million sale of Whole Foods Market Centre, a multi-tenanted, 59,341-square-foot shopping center located at 1451 1st St. in downtown Sarasota. Whole Foods Market anchors the center. Consolidated-Tomoka Land Co. purchased the shopping center from Casto-Zenith Venture LLC. Mike Milano, Ron Schultz, Cynthia Shelton and Kane Morris-Webster of Colliers International represented the seller in the transaction.

October 20, 2014

Florida Retail Southeast

Marcus & Millichap Brokers $4.1M Sale of Walmart Neighborhood Market in Pensacola

by John Nelson October 20, 2014

PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.1 million sale of a 42,296-square-foot Walmart Neighborhood Market located at the corner of Mobile and Pine Forest roads in Pensacola. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office represented the buyer, a private 1031 investor. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. Walmart has a 20-year triple-net lease on the asset, which opened for business in July 2014.

October 20, 2014

Florida Office Southeast

CBRE Global Investors Fund Buys 11-Building Office Park in Miami

by John Nelson October 17, 2014

MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.

October 17, 2014

Florida Loans Southeast

PCCP LLC Provides $34M Acquisition Loan for Boca Raton Office Complex

by John Nelson October 17, 2014

BOCA RATON, FLA. — PCCP LLC has provided a $34 million acquisition loan for Fountain Square, a three-building, Class A office complex in Boca Raton totaling 241,000 square feet. CBRE and MHCapital Funding LLC arranged the loan on behalf of the buyer, Fountain Square Owner LLC. The buyer plans to lease up the office complex, which was 61 percent leased at the time of sale. Fountain Square Owner has retained NAI Merin Hunter Codman Inc. to handle the property’s leasing and management responsibilities.

October 17, 2014

Florida Multifamily Southeast

CBRE Brokers $57.7M Sale of Luxury Apartment Community in Metro Orlando

by John Nelson October 16, 2014

WINTER PARK, FLA. — CBRE has brokered the $57.7 million sale of Sun Key Apartment Homes, a 596-unit luxury apartment community in Winter Park, roughly 7.5 miles northeast of Orlando. The multifamily property is located at 7502 Sun Key Blvd. BC Property Investments purchased the asset from an affiliate of Starwood Capital Group, which bought Sun Key back in September 2010. The property has recently undergone $12 million worth of renovations and was 94 percent occupied at the time of sale. The community’s amenity package includes a Wi-Fi business center, two swimming pools, an 1,800-square-foot fitness center, renovated clubhouse, firepit, spa and a game room with flat-screen TVs, video game consoles, air hockey, foosball and billiards. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

October 16, 2014

Florida Multifamily Southeast

ZOM, AIG Global to Build Lakefront Multifamily Community in Orlando

by John Nelson October 16, 2014

ORLANDO, FLA. — ZOM and its joint venture partner AIG Global Real Estate have completed the land purchase for the site of a new luxury lakefront multifamily community. The 483-unit property, known as Baldwin Harbor, will be located in the master-planned Baldwin Park community in Orlando. Baldwin Harbor’s amenity offerings will include a clubhouse with a resident’s lounge, an entertainment kitchen, pool with cabanas, summer kitchen and a golf simulator. J.P. Morgan Chase Bank provided construction financing for the project, and ZRS Management LLC will provide property management services upon completion. Pre-leasing for Baldwin Harbor will begin in the fall of 2015. CBRE’s Orlando office represented the seller in the land transaction.

October 16, 2014

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