Florida

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

Florida Multifamily Southeast

Franklin Street Brokers $10.4M Sale of Orlando Apartment Community

by John Nelson January 9, 2015

ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.

January 9, 2015

Santa Barbara Arms Pompano Beach Florida

Florida Multifamily Southeast

Marcus & Millichap Brokers $2.9M Sale of Apartment Community in Pompano Beach

by John Nelson January 9, 2015

POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.

January 9, 2015

Walmart Neighborhood Market Miami Gardens

Florida Retail Southeast

Walmart Neighborhood Market Opens New Store in Miami Gardens

by John Nelson January 8, 2015

MIAMI GARDENS, FLA. — Wal-Mart Stores Inc. has opened a new Walmart Neighborhood Market located at 3791 N.W. 167th St. in Miami Gardens. The new store is expected to employ roughly 95 people. The 41,000-square-foot location will feature groceries, health and beauty aids, a pharmacy, pet products and cleaning supplies.

January 8, 2015

Florida Office Southeast

Crocker, Cornerstone Acquire Boca Center Mixed-Use Development in Boca Raton

by John Nelson January 7, 2015

BOCA RATON, FLA. — Crocker Partners and Cornerstone Real Estate Advisers LLC have teamed up to acquire Boca Center, a 476,000-square-foot mixed-use development in Boca Raton. The development features three Class A office buildings totaling 360,000 square feet and a high-end retail center totaling 116,000 square feet. The office component was 91 percent leased at the time of sale to tenants such as FINRA, UBS and Sun Capital. The retail component was 98 percent leased to tenants such as Rocco’s Tacos, Morton’s, Joseph’s Classic Market and Total Wine. Boca Center also features a 256-room Marriott hotel, which wasn’t part of the transaction. Crocker and Cornerstone purchased Boca Center from TIAA-CREF for an undisclosed price.

January 7, 2015

Florida Office Southeast

Law Firm Renews, Expands Office Lease in Downtown Miami

by John Nelson January 6, 2015

MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.

January 6, 2015

Florida Office Southeast

Fairlead Commercial Acquires Class A Office Building in Tampa

by John Nelson January 5, 2015

TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Westshore 500, a Class A, 129,728-square-foot office building in Tampa. The asset is located at 500 N. Westshore Blvd. in Tampa’s Westshore submarket. Fairlead Commercial acquired the asset along with equity partner Bridge Investment Group Partners, managers of the ROC Funds, for an undisclosed price. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE’s capital markets group represented the seller in the transaction. Fairlead has selected Claire Calzon and Joanne LeBlanc of Colliers International to lease Westshore 500.

January 5, 2015

Florida Hospitality Southeast

Nakash Holdings Acquires The Setai Hotel in Miami Beach

by John Nelson January 5, 2015

MIAMI BEACH, FLA. — Nakash Holdings, an investment firm controlled by founders of jean designer Jordache Enterprises, has purchased The Setai Hotel in Miami Beach’s South Beach neighborhood for an undisclosed price. Nakash Holdings will own and operate 130 guest rooms in the historic Art Deco building, as well as units in the tower portion of the hotel. The hotel’s amenity package includes three infinity pools, four food and beverage outlets, an upscale spa and fitness center and more than 45,000 square feet of indoor and outdoor function space. The hotel’s Art Deco portion was built in the 1930s, and in 2004 Jean Michel Gathy and Jaya Ibrahim developed the hotel’s tower portion. The Art Deco building was redesigned in 2004 as well.

January 5, 2015

Civic Florida Southeast

Skanska USA to Build $101M Museum of Science in Miami

by John Nelson December 23, 2014

MIAMI — Skanska USA has signed a $101 million contract to build The Patricia & Phillip Frost Museum of Science in Miami. The 250,000-square-foot property will be located within the new Museum Park complex adjacent to the Perez Art Museum Miami overlooking Biscayne Bay and PortMiami. The new museum will include a planetarium, 500,000-gallon saltwater aquarium, five-story Innovation Center, sustainable roof with a hydroponic garden and exhibition galleries. The architect, Grimshaw Architects, is designing the museum to achieve LEED Platinum certification. Skanska USA plans to complete the museum in the summer of 2016.

December 23, 2014

Florida Multifamily Southeast

CBRE Brokers $31.5M Sale of Apartment Community in Hollywood

by John Nelson December 23, 2014

HOLLYWOOD, FLA. — CBRE has brokered the $31.5 million sale of Emerald Place, a 300-unit apartment community located at 3910 N. 56th Ave. in Hollywood. The property includes a swimming pool, clubhouse, two tennis courts, children’s playground and night-time security. Emerald Place Apartments LLC purchased the asset from Emerald Place LLC. Calum Weaver and Robert Given led the CBRE South Florida Multifamily team in representing the seller.

December 23, 2014

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