Florida

CBRE Brokers $21.6M Sale of Miami Beach Hotel & Spa

by John Nelson January 19, 2015

MIAMI BEACH, FLA. — CBRE’s hotel and capital markets multifamily divisions have brokered the $21.6 million sale of Canyon Ranch Hotel and Spa at 6801 Collins Ave. in Miami Beach. Z Capital Partners LLC purchased the asset via a bankruptcy auction. The United States Bankruptcy Court Southern District of New York approved Z Capital Partners as the buyer. The private equity firm plans to reposition the asset into a five-star hotel called the Carillon Hotel and Spa, which will consist of 150 rooms. The hotel features 750 feet of beachfront and is located adjacent to L’Atelier, a 20-story condominium tower currently under construction. The new hotel will be managed by a new joint venture consisting of Z Capital; Adrian Zecha, founder of Amanresorts and GHM Hotels Ltd.; and Jonathan Breene, developer and creator of The Setai, South Beach.

January 19, 2015

Cove at Parrot's Landing North Lauderdale Florida

Florida Multifamily Southeast

IPA Brokers Sale of Multifamily Community in Broward County

by John Nelson January 19, 2015

NORTH LAUDERDALE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Cove at Parrot’s Landing, a 152-unit multifamily community located at 7575 Hampton Blvd. in North Lauderdale, a city in Broward County. CFH Group purchased the asset from Brass Enterprises for an undisclosed amount. Constructed in 1997, units at The Cove at Parrot’s Landing include separate laundry rooms with full-size washer and dryer, walk-in closets, track lighting and balconies with storage closets. Still Hunter III of IPA represented the seller in the transaction.

January 19, 2015

Lincoln Center Planet Home Lending Tampa

Florida Office Southeast

Planet Home Lending Leases Third Floor of Lincoln Center in Tampa

by John Nelson January 16, 2015

TAMPA, FLA. — Planet Home Lending has leased the entire third floor of Lincoln Center, an office building in Tampa’s Westshore district. The company is relocating its branch location from Clearwater with the 22,450-square-foot space. Pat Marzulli of Colliers International’s Tampa Bay office represented Planet Home Lending in the lease transaction. Pat McGuire and Katy Alderman of Redstone Asset Management Services LLC represented the landlord, St. Paul Fire and Marine Insurance Co. Planet Home Lending is currently overseeing improvements to the space in Lincoln Tower. The organization is expected to complete renovations and move into the office space during the first quarter of 2015.

January 16, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $49M Loan for Miami Shopping Center

by John Nelson January 15, 2015

MIAMI — New York City-based Integra Real Estate Capital has arranged a $49 million, non-recourse loan for Fontainbleau Park Plaza, a 235,000-square-foot shopping center in Miami. The shopping center’s anchor tenants include Walmart Supercenter and LA Fitness. Russell Kimyagarov of Integra arranged the 10-year, interest-only loan on behalf of the borrower, a Miami-based ownership group.

January 15, 2015

Florida Retail Southeast

Branch Properties Breaks Ground on $40.8M Island Walk Project in Palm Coast

by John Nelson January 15, 2015

PALM COAST, FLA. — Atlanta-based Branch Properties LLC has begun construction on Phase I of Island Walk, a $40.8 million retail and restaurant redevelopment of the Palm Harbor shopping center in Palm Coast. Phase I includes the demolition of the buildings to the west of the existing Publix. The redevelopment will add 50,000 square feet of retail space to Palm Harbor. Phase I, which includes the majority of Island Walk’s small shop tenants, is expected to be complete in the spring. Phase II, which will include the redevelopment/expansion of the Publix and the addition of more small shop space, is slated to finish in the fall. Publix has signed a lease for the new 53,785-square-foot store, which is roughly 20 percent larger than the existing store. Phase III, which will include additional retail space to the east of the Publix, is slated to open in mid-2016. Palm Harbor’s tenant roster, including Publix, Starbucks Coffee, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during the redevelopment. Branch Properties, along with Michael Collard Properties, purchased the 28.7-acre site for the future Island Walk in May 2014 from The Inland Real Estate Group.

January 15, 2015

Florida Multifamily Southeast

Northland Investment Corp. Buys Two Apartment Communities in Florida

by John Nelson January 15, 2015

COCONUT CREEK AND WEST PALM BEACH, FLA. — Northland Investment Corp. has acquired two apartment communities in Coconut Creek and West Palm Beach. The two properties include the 300-unit Cypress Shores in Coconut Creek and the 202-unit Village Place in West Palm Beach. Cypress Shores’ amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, car wash bay and three lakes with fountains. At Village Place, the amenities include a computer lounge, area for barbeques and picnics, multipurpose court for sports and recreation, swimming pool, dog park and a fitness center. With these two transactions, Northland now owns and operates 20 properties spanning 5,600 apartment units in Florida.

January 15, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Closes $12.4M Financing for Affordable Housing Community in Largo

by John Nelson January 14, 2015

LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.

January 14, 2015

Florida Retail Southeast

HFF Brokers $37.3M Sale of Power Retail Center in Orlando

by John Nelson January 12, 2015

ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.

January 12, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

Tenant Demand at an All-Time High for Prime Retail Space in Jacksonville

by John Nelson January 12, 2015

Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …

January 12, 2015

Florida Loans Multifamily Southeast

Integra Real Estate Capital Arranges $22.5M Acquisition Loan for Embassy Crossing

by John Nelson January 9, 2015

PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.

January 9, 2015

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