Florida

Palmetto Park Breaks Ground on Inline Space at Walmart-Anchored Shopping Center

by John Nelson March 6, 2015

MIAMI GARDENS, FLA. — Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-square-foot shopping center located at 3799 N.W. 167th St. in Miami Gardens. The shopping center is anchored by Walmart Neighborhood Market. The owners of Palmetto Gardens Plaza have secured T-Mobile, Cell Phone Repair and Lee Nails as tenants. Palmetto Park expects to wrap up construction in the third quarter. Palmetto Park is a joint venture between DZD Palmetto, owned by Zvi and Daniel Shiff of DZD Holdings and Alan Macken and Andrew Verzura of VCM Builders to develop the commercial property. VCM Builders is one of several affiliates of Macken Cos.

March 6, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Provides $9M Loan for Florida Retail Center

by John Nelson March 6, 2015

BRADENTON, FLA. — Walker & Dunlop Inc. has originated $9 million in financing for Ranch Lake Plaza, an 85,656-square-foot retail property in Bradenton. The center is anchored by Goodwill Industries Manasota Inc., which recently signed a 15-year lease and will open its store this month. Ranch Lake Plaza was 95 percent leased at the time of the transaction. Alison Williams of Walker & Dunlop’s Tampa office led the team that structured the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender. The loan also featured two years of interest-only payments.

March 6, 2015

Florida Retail Southeast

Davidoff of Geneva to Open 5,000 SF Cigar Store in Tampa

by John Nelson March 4, 2015

TAMPA, FLA. — Davidoff of Geneva USA plans to open a new 5,000-square-foot cigar store in the MetWest International Retail Village in Tampa. The new store, known as “Davidoff of Geneva-Since 1911,” will be the largest Davidoff store in the world and the company’s first licensed flagship store outside of Las Vegas. The company will open the new store in late 2015 in partnership with Jeff and Tanya Borysiewicz, owners of Orlando-based Corona Cigar Co. The new location will be completely humidified and will feature cigar retail space, multiple indoor and outdoor lounges, private lockers and a full bar serving high-end alcoholic beverages.

March 4, 2015

Florida Retail Southeast

HFF Brokers $33.7M Sale of Grocery-Anchored Shopping Center in South Florida

by John Nelson March 3, 2015

CORAL SPRINGS AND MARGATE, FLA. — HFF has brokered the $33.7 million sale of Coral Landings III, a 176,575-square-foot grocery-anchored retail center in South Florida. The shopping center is divided between the two towns of Coral Springs and Margate near Fort Lauderdale. The shopping center is 85 percent leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft and Aldi. Danny Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Stiles Corp., in the transaction. Additionally, Mark Remington, Jose Carrazana and Neil Campbell of HFF arranged the seven-year acquisition loan with five years of interest-only payments and a 30-year amortization schedule through Citizens Bank on behalf of the buyer, Madison Marquette Realty Services. The $22.8 million acquisition loan features an interest rate fixed at 3 percent.

March 3, 2015

Planet Hollywood Observatory Orlando Disney

Florida Restaurant Retail Southeast

Planet Hollywood to Transform Downtown Disney Restaurant into Planet Hollywood Observatory

by John Nelson March 2, 2015

ORLANDO, FLA. — Planet Hollywood plans to transform its Orlando flagship location into a four-story observatory set to debut in spring 2016. The reimagined Planet Hollywood Observatory will overlook Downtown Disney with a newly expanded outdoor terrace and bar. Elkus Manfredi Architects will spearhead the design and will align the new Planet Hollywood Observatory with the transformation of Downtown Disney into Disney Springs. Disney Springs will treat guests by day and night to dining, shopping and entertainment with open-air promenades, springs and waterfront charm.

March 2, 2015

Florida Industrial Office Southeast

Marcus & Millichap Brokers $11.3M Sale of Wells Fargo Cash Transfer Station in Miami

by John Nelson March 2, 2015

MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.

March 2, 2015

Florida Industrial Southeast

Monmouth Acquires FedEx-Leased Industrial Property in Jacksonville for $30.6M

by John Nelson February 27, 2015

JACKSONVILLE, FLA. — Monmouth Real Estate Investment Corp., a public equity industrial REIT, has acquired a new 297,579-square-foot industrial building located at 13509 Waterworks St. in Jacksonville for $30.6 million. The property is net-leased to FedEx Ground Package System Inc. for 15 years. The distribution center is located on a 42.2-acre site near the Port of Jacksonville, as well as I-95 and I-10. The seller was undisclosed.

February 27, 2015

Florida Loans Multifamily Southeast

CBRE Arranges $21.9M Acquisition Loan for Tallahassee Apartment Community

by John Nelson February 27, 2015

TALLAHASSEE, FLA. — CBRE Debt & Structured Finance has originated a $21.9 million acquisition loan for Delaney Park at Southwood, a 248-unit luxury apartment community located at 3550 Esplanade Way in Tallahassee. Completed in 2007 by Epoch Properties, the community’s interiors include 9- to 18-foot ceilings, bay windows, private entryways and surround sound. The property’s amenity package includes a clubhouse, movie theater, garages, car wash, sauna and spa, fitness center, indoor basketball court, business center, library and a swimming pool. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the 10-year loan with four years of interest-only payments through Fannie Mae on behalf of the borrower, Miami-based Momentum Real Estate Partners.

February 27, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $6.2M Sale of Retail Property in Miramar

by John Nelson February 27, 2015

MIRAMAR, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Shoppes at Monarch, a 13,466-square-foot retail property located at 12703 Miramar Parkway in Miramar. The property is part of the Monarch Professional Centre mixed-use development that features 64,000 square feet of medical and professional office space. Shoppes at Monarch is fully leased to tenants such as Little Caesars Pizza, Karate America, Nami Sushi and El Trebol. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, a Coral Gables-based limited liability company, in the transaction. The buyer was a limited liability company based in Miami Beach.

February 27, 2015

Florida Hospitality Loans Southeast Virginia

HFF Arranges $110M Loan for Multi-State Hotel Portfolio

by John Nelson February 26, 2015

ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.

February 26, 2015

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