Florida

The Related Group Secures $137M Construction Loan for CityPlace Doral

by John Nelson July 17, 2015

DORAL, FLA. — The Related Group, in partnership with Prudential Real Estate Investors and Shoma Homes, has secured a $137 million construction loan for Phase III of CityPlace Doral, a mixed-use development located in Doral, west of downtown Miami. The third phase of development will include 304 residential units located above 250,000 square feet of retail space. CityPlace Doral is more than 60 percent pre-leased to tenants including The Fresh Market, CinéBistro-Cobb Theatres, Kings Bowling and 30 additional restaurants and retail shops. The first phase of CityPlace Doral is set to open in November 2016. Suffolk Construction is building the project, and Related Urban is in charge of leasing efforts.

July 17, 2015

Native Sun Natural Foods Market Jacksonville Beach

Florida Retail Southeast

Native Sun Natural Foods to Open New Store in Jacksonville Beach

by John Nelson July 15, 2015

JACKSONVILLE BEACH, FLA. — Native Sun Natural Foods Market, an organic grocery chain based in Jacksonville, will open a new store at the corner of 3rd Street and 15th Avenue North in Jacksonville Beach in September. The new store will anchor North Beach Village, a 20,604-square-foot shopping center leased to tenants such as El Potro Mexican Restaurant and Philly’s Finest Cheesesteaks. Native Sun has begun hiring and expects to employ roughly 50 positions. The Jacksonville Beach store will be the grocer’s third location.

July 15, 2015

Florida Mixed-Use Southeast

Ziff Properties Acquires Mixed-Use Property in Jacksonville for $8.6M

by John Nelson July 15, 2015

JACKSONVILLE, FLA. — Ziff Properties Inc. has acquired Merrill Crossings Shopping Center Phase I, a 125,869-square-foot, mixed-use property located in Jacksonville, for $8.6 million. The property comprises 45,135 square feet of retail anchored by Big Lots and 80,734 square feet of self storage. Michael Mele of Marcus & Millichap represented the seller.

July 15, 2015

Florida Office Southeast

CPA:18-Global Acquires Office Building in Jacksonville for $17M

by John Nelson July 14, 2015

JACKSONVILLE, FLA. — CPA:18-Global, a non-traded REIT sponsored by W. P. Carey Inc., has purchased an 88,000-square-foot office building located in Jacksonville’s Southside submarket. The Class A property is triple-net leased to Acosta Inc., an affiliate of The Carlyle Group, for 12 years. Built in 2001 as a build-to-suit for Acosta, the property serves as Acosta’s corporate headquarters and houses 400 employees.

July 14, 2015

Florida Mixed-Use Southeast

CBRE Brokers $4.5M Sale of Mixed-Use Center in Broward County

by John Nelson July 13, 2015

POMPANO BEACH, FLA. — CBRE has brokered the $4.5 million sale of Pompano Plaza, a 61,658-square-foot, two-story retail/office center located at 1602 S. Cypress Road in Pompano Beach, a town in Broward County in South Florida. S and S R.E. Investments Inc. purchased the property from IR-Pompano Plaza LLC, which hired CBRE to market the asset for sale and negotiate the transaction. The property is 75 percent leased to a mix of local retail, office and service tenants, such as Pro-Am Dance Studio, Pompano Pizza and Guido’s Italian Market.  David Donnellan and Patricia Friend of CBRE represented the seller in the transaction.

July 13, 2015

Florida Market Reports Office Southeast Southeast Market Reports

Growth in Miami’s Urban Office Market is Spilling Into Suburban Markets

by John Nelson July 13, 2015

Downtown Miami is on fire by any measure. The neighborhood is home to more construction cranes than any other place in the U.S., businesses are moving in and expanding on an almost daily basis, hotel room rates and occupancy levels are at all-time highs, and new residents are relocating here from all over the world. A recent study by the Miami Downtown Development Authority found that greater downtown Miami’s residential population has literally doubled in size — from 40,000 people to 80,000 people — since 2000. Another 200,000 people commute to the area each day for business. The area’s commercial real estate market has closely followed this trajectory of growth, with Downtown Miami and the Brickell Financial District welcoming more than 2 million square feet of new Class A office product in the last five years. Strong demand among domestic and multinational companies, along with an improving economy, has resulted in positive absorption and record-setting lease rates in excess of $50 per square foot for premium space. Land values in downtown are also reaching new heights as developers spend as much as $125 million for one acre on the water. All of this is creating a steep barrier to entry …

July 13, 2015

Florida Loans Multifamily Southeast

HFF Arranges $50M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson July 10, 2015

JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.

July 10, 2015

Bridge Point Crossroads West Hialeah Gardens

Florida Industrial Southeast

PREMIER Design + Build to Construct Industrial Facility in South Florida

by John Nelson July 10, 2015

HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has tapped PREMIER Design + Build LLC to construct Bridge Point Crossroads West. The general contractor will build the 242,859-square-foot speculative industrial facility on a 17-acre parcel in Hialeah Gardens, roughly 15 miles north of Miami. The facility will feature 32-foot clear heights, 81 truck dock positions, two drive-in doors, an ESFR sprinkler system, 227-stall parking lot and a TPO roofing system. RLC Architects is designing the facility, which is scheduled for a second quarter 2016 completion. Gian Rodriguez and Wayne Ramoski of Cushman & Wakefield are providing leasing services for the project. Bridge Development Partners has also tapped PREMIER to construct Bridge Point Crossroads East and South, a four-building industrial complex.

July 10, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Florida Industrial Southeast

McCraney Buys 66 Acres in Orlando for 1.1M SF Industrial Development

by John Nelson July 8, 2015

ORLANDO, FLA. — McCraney Property Co. has purchased 66 acres at the intersection of Taft Vineland Road and the Florida Turnpike, which is adjacent to the company’s existing Bent Oak Industrial Park in Orlando. The company plans to develop six buildings totaling 1.1 million square feet on the site. The project is officially Phase II of Bent Oak Industrial Park, which McCraney plans to deliver by the end of the second quarter of 2016. The design team for Phase II includes general contractor Edwards Construction Services Inc. and architect C4 Architecture LLC.

July 8, 2015

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