Florida

CBRE Brokers $26.5M Sale of Single-Tenant Office Building in Orlando

by John Nelson December 4, 2014

ORLANDO, FLA. — CBRE has brokered the $26.5 million sale of a 124,500-square-foot, single-tenant office building in Orlando fully leased to Kaplan University. The two-story property is located in the Central Florida Research Park at 12650 Ingenuity Drive and features a 25-foot glass atrium, open spiral staircase and a cafeteria. Kaplan University signed a 13-year lease for the entire building in 2008. Ronald Rogg and Chip Wooten of CBRE represented the seller, RT Ingenuity LLC, in the transaction. City Office REIT Inc. purchased the property.

December 4, 2014

Florida Office Southeast

CREC Brokers $19.2M Sale of Office Building in Miami

by John Nelson December 4, 2014

MIAMI — Continental Real Estate Cos. (CREC) has brokered the $19.2 million sale of a 57,406-square-foot office building in Miami’s Edgewater neighborhood. The property is located at 3000 Biscayne Blvd., two blocks from Biscayne Bay. Peter Mekras and Andrew Remick of CREC represented the seller, Legal Services of Greater Miami, a nonprofit organization that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights. William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services Inc. acted as the owner’s representative.

December 4, 2014

Florida Office Southeast

Riviera Point Development Group Breaks Ground on EB-5 Funded Office Building in Metro Miami

by John Nelson December 4, 2014

DORAL, FLA. — Riviera Point Development Group has begun construction on Riviera Point Business Center at Doral, a $9.5 million, 41,000-square-foot office building in Doral, an affluent suburb of Miami. Corrales Group Architects designed the two-story lakefront property, which is slated for completion in the first quarter of 2016. The office project is fully funded through the U.S. Immigrant Investor program, also known as EB-5. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Business Center at Doral is $500,000.

December 4, 2014

Florida Office Southeast

Highwoods Properties Acquires Lincoln Plaza in Orlando’s CBD for $68.3M

by John Nelson December 3, 2014

ORLANDO, FLA. — Highwoods Properties Inc. has acquired Lincoln Plaza, a 16-story, 246,000-square-foot office building in Orlando’s central business district (CBD). Highwoods Properties’ total investment is expected to be $68.3 million, which is financed through equity, its ATM program and borrowings under its revolving credit facility. Highwoods did not assume any debt in the transaction. The property is currently 82 percent leased and features a fitness center and a café. Including Lincoln Plaza, Highwoods owns 1.5 million square feet of office space in Orlando’s CBD.

December 3, 2014

Florida Multifamily Southeast

Trio of Florida-Based Companies Team Up for Multifamily Project in Orlando

by John Nelson December 3, 2014

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.

December 3, 2014

Florida Multifamily Southeast

Wood Partners Breaks Ground on Apartment Community in Metro Tampa

by John Nelson December 1, 2014

LAND O’ LAKES, FLA. — Wood Partners has broken ground on Alta Terra Bella, a 19-acre, 311-unit apartment community in Land O’ Lakes, a suburb of Tampa. The developer expects to complete the garden-style property in May 2016 and begin pre-leasing in September 2015. Wood Residential Services, a division of Wood Partners, will manage the property. Alta Terra Bella will feature an 8,939-square-foot clubhouse with a community room, fitness center, kids’ playroom, Wi-Fi café, summer kitchen and swimming pool. The design team includes civil engineer Surak Engineering, landscape architect Libra Design Group, general contractor Wood Florida Builders and architect Charlan Brock & Associates. PNC Bank was the seller for the land deal, which was brokered by Bruce Erhardt of Cushman & Wakefield. NXT Capital and EIG Euroinvestor are the equity partners on the project, and Synovus Bank is providing construction financing.

December 1, 2014

Florida Office Southeast

Joint Venture Acquires Office Building in Downtown St. Petersburg

by John Nelson December 1, 2014

ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate has purchased First Central Tower in downtown St. Petersburg. The 17-story, 250,000-square-foot office building is located at 360 Central Ave. Feldman Equities is spearheading leasing and redevelopment efforts, and Tower Realty Partners will handle management responsibilities. The joint venture plans to invest $10 million in building renovations and tenant improvements. First Central Tower was 50 percent leased at the time of sale, accounting for known tenant move-outs. Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms. In addition, the new ownership is planning an amenity package, which will include a concierge desk, state-of-the-art luxury fitness center and conference center. Mechanical/system upgrades will include completely new elevator systems and cabs. The parking garage will be upgraded with a new electronic door entrance and upgraded lighting. In addition, air conditioning systems will be upgraded throughout the building. First Central Tower is anchored by BB&T Bank — whose name tops the building — Abbey Adams Law, Traub Lieberman Law and United Insurance.

December 1, 2014

Florida Mixed-Use Southeast

Early Site Work Begins for ONE DAYTONA Development

by John Nelson November 26, 2014

DAYTONA BEACH, FLA. — P&S Paving has commenced construction on the early site work for ONE DAYTONA, a premier mixed-use and entertainment development across from Daytona International Speedway in Daytona Beach. P&S Paving was awarded the contract for infrastructure improvements for Phase I, which includes site development, drainage and underground utility work. ONE DAYTONA is a joint venture between Jacoby Development and International Speedway Corp. (ISC). P&S Paving is also the subcontractor for ISC’s $400 million DAYTONA Rising project underway at Daytona International Speedway.

November 26, 2014

Florida Office Southeast

Chambers Street Sells Orlando Office Building for $26.5M

by John Nelson November 26, 2014

ORLANDO, FLA. — Chambers Street Properties, an industrial and office REIT, has sold a 124,500-square-foot office building in Orlando for $26.5 million. The property is located at 12650 Ingenuity Drive. The disposition is part of the REIT’s strategy to sell its non-core office assets and purchase industrial assets in the United States, according to Martin Reid, executive vice president and CFO of Chambers Street.

November 26, 2014

Florida Seniors Housing Southeast

Big Rock Partners Unveils Plans for $60M Seniors Housing Facility in Celebration

by John Nelson November 25, 2014

CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.

November 25, 2014

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