Florida

Bauman & Co. Purchases Medical Office Building in Florida

by John Nelson February 16, 2015

VERO BEACH, FLA. — Bauman & Co., a commercial real estate owner and operator based in Atlanta, has purchased the Vero Beach Physicians Building for an undisclosed price. The seller was an unnamed real estate investment trust (REIT). The two-story, 40,000-square-foot medical office building is located on the campus of the 335-bed Indian River Medical Center in Vero Beach. The Class A asset is fully leased to independent medical practice groups and physicians. Bauman & Co. investors and GE Capital Healthcare Financial Services provided funding for the transaction.

February 16, 2015

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Market Embraces Millennials, Emerging Industries

by John Nelson February 16, 2015

In a city known for its fast-shifting real estate cycles and ever-changing demographics, it’s becoming clear that change is the only real constant in Miami. Examples are everywhere — from the construction cranes dotting the skyline and trendy neighborhoods emerging throughout the region, to a fresh crop of international investors and the launch of entirely new industries. The makeup of our people is also evolving. A report by the Miami Downtown Development Authority (DDA) found that the city’s urban core has experienced 100 percent population growth since 2000 as its population becomes younger and more educated. Residents ages 25 to 44 make up 46 percent of the population and 58 percent of residents over the age of 25 have a college degree. It’s easy to overlook the impact these trends are having on commercial real estate in favor of Miami’s headline-grabbing residential market, but the demographic shifts taking place are also impacting the office market as employers cultivate a workforce increasingly dominated by Millennials drawn to growth-oriented jobs. This change has been in the making for years as Miami’s public and private sectors invest in creating new business opportunities for young professionals across industries less prone to economic swings, such …

February 16, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

Florida Multifamily Southeast

13th Floor Investments Sells Luxury Apartment Community in Naples for $44.3M

by John Nelson February 13, 2015

NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.

February 13, 2015

Florida Retail Southeast

Devonshire REIT Acquires $10.8M Publix-Anchored Shopping Center in Florida

by John Nelson February 13, 2015

BRADENTON, FLA. — Devonshire REIT Inc., a private real estate investment trust (REIT), has acquired 12 Oaks Shopping Center, a Publix-anchored shopping center in Bradenton, for $10.8 million. 12 Oaks is an 80,499-square-foot neighborhood center located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75. The center was fully leased at the time of sale. The property was updated in 2013 with a new parking lot, lights and landscaping. Allowance for a new roof was included in the purchase price by the seller. This acquisition increases Devonshire’s total assets under management to $475 million and pushes total GLA past 4.7 million square feet.

February 13, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Old Time Pottery-Anchored Shopping Center

by John Nelson February 13, 2015

OCOEE, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail center at 11029 W. Colonial Drive in Ocoee, a city in Orange County. Old Time Pottery occupies 67 percent of the center, and the property was 100 percent occupied at the time of the sale, according to Marcus & Millichap. A Mobil gas station, McDonald’s, BMO Harris Bank and Arby’s are outparcels at Towne Square, and its major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar. Ray Turchi and Chris Travis of Marcus & Millichap’s Orlando office represented the undisclosed seller in the transaction. Turchi and Travis also procured the buyer.

February 13, 2015

Florida Multifamily Southeast

Atlantic|Pacific Opens Luxury Apartment Community in Port St. Lucie

by John Nelson February 11, 2015

PORT ST. LUCIE, FLA. — Atlantic | Pacific Development (A|P Development), the development platform under Atlantic | Pacific Cos. (A|P Cos.), has opened The Atlantic at Tradition, a 252-unit luxury apartment community in Port St. Lucie. The property is the Town of Tradition’s first luxury apartment community. The property features a swimming pool, fitness center, meeting rooms, children’s playroom, movie theater and an outdoor summer kitchen. Each unit features kitchens with stainless steel appliances, wood flooring in all living areas, washer and dryer units and personal balconies and patios.

February 11, 2015

Florida Retail Southeast

Mattoni Group Acquires Ground-Floor Retail Space at 1010 Brickell in Miami

by John Nelson February 11, 2015

MIAMI — Miami-based Mattoni Group has purchased more than 11,000 square feet of retail space at 1010 Brickell, a 50-floor, 387-unit condominium project in Miami’s Brickell district. Mattoni purchased all the ground-floor commercial units and is planning to lease those spaces to major retailers. 1010 Brickell’s developers, 13th Floor Investments and Key International Development, plan to complete the property in fall 2017. The development is positioned near the Tenth Street Metromover station on the Brickell Loop.

February 11, 2015

Florida Industrial Southeast

Miller Construction Co. Completes 218,000 SF Transal Logistics Center in Metro Miami

by John Nelson February 10, 2015

DORAL, FLA. — Miller Construction Co. has completed the 218,000-square-foot Transal Logistics Center in Doral for Gibson Development Partners. The two-building complex at 8301-8303 N.W. 27th St. provides warehouse/distribution space for international trade operations, with 30-foot clear heights, 54- by 50-foot column spacing, ESFR fire sprinklers and T-5 lighting with motion sensors. Boca Raton-based RLC Architects designed the property to feature reinforced concrete and tilt-wall buildings that wrap around a secure 180-foot truck court with dock-high loading for the center’s 69 bays. Bay sizes start at 8,910 square feet and units will range in size from 17,280 to 110,000 square feet, and Coral Gables-based Fairchild Partners is handling leasing. Additionally, Miller Construction is building Gateway Plaza at Doral, an 84,000-square-foot office, retail and restaurant center nearing completion near the Transal Logistics Center on N.W. 87th Avenue and N.W. 21st Terrace.

February 10, 2015

Security Self Storage Miami Lakes Florida

Florida Southeast

Marcus & Millichap Brokers $5.6M Sale of Self Storage Facility in Miami Lakes

by John Nelson February 10, 2015

MIAMI LAKES, FLA. — Marcus & Millichap has brokered the $5.6 million sale of Security Self Storage, a 99,757-square-foot self storage center in Miami Lakes. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction. Security Self Storage was built in 1999 and is located off Red Road. The facilities are fully gated with an onsite apartment.

February 10, 2015

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