Florida

HFF Brokers Sale of Grocery-Anchored Shopping Center Portfolio

by John Nelson October 2, 2014

ATLANTA — HFF has closed on the sale of a retail portfolio consisting of seven Publix-, Kroger- and BI-LO-anchored shopping centers totaling 513,723 square feet in Florida, Georgia, South Carolina and Texas. The properties include Kingwood Glen in Houston; Doral Isles in Miami; Barclay Crossing in Tampa; Deltona Landings in Orlando; Parkway Centre in Columbus, Ga.; Publix at Powder Springs in Atlanta; and Sweetgrass Corner in Charleston, S.C. Richard Reid, Danny Finkle, Ryan West, Rusty Tamlyn, Jim Hamilton and Luis Castillo of HFF represented the seller, a joint venture between BVT Equity Holdings Inc. and WealthCap, in the transaction. The seven retail assets had a combined 96.5 percent occupancy at the time of the sale.

October 2, 2014

Florida Georgia Industrial Southeast

King Industrial Realty/CORFAC Completes Two Industrial Leases

by John Nelson October 2, 2014

LAWRENCEVILLE, GA. AND GREEN COVE SPRINGS, FLA. — King Industrial Realty/CORFAC International has completed 183,000 square feet of industrial leases in two transactions in Lawrenceville and Green Cove Springs. Specialty Rolled Metals LLC has leased 83,000 square feet of space for five years at 975 Progress Center Drive in Lawrenceville. Jeff Graham and Jason McCart of King/CORFAC represented the landlord, Dietrich Gross Trust, in the transaction. Additionally, Graham represented U.S. Lumber Group in a five-year, 100,528-square-foot lease renewal at 4627 J.P. Hall Blvd., Suite 107 in Green Cove Springs. The building is owned by Green Cove LLC.

October 2, 2014

Florida Healthcare Southeast

Five Duke Realty MOBs in Central Florida Earn BOMA Awards

by John Nelson October 2, 2014

INDIANAPOLIS — The Building Owners and Managers Association (BOMA) has recently designated five Duke Realty-owned and managed medical office buildings in Florida as BOMA 360 Performance Buildings. The five facilities, which are located on hospital campuses in Central Florida, include: Celebration Medical Plaza, Kissimmee Medical Plaza, East Orlando Medical Surgical Plaza, Sebring Medical Pavilion and the Wesley Chapel Wellness Center. The BOMA 360 Performance Program recognizes commercial properties that demonstrate best practices in building operations and management, according to BOMA.

October 2, 2014

Florida Retail Southeast

Marcus & Millichap Brokers $22.5M Sale of Gateway to Miami Beach

by John Nelson October 1, 2014

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of The Gateway to Miami Beach, two net-leased retail buildings totaling more than 18,000 square feet in Miami Beach. The property is located at 1100 5th St. on the southeast corner of 5th Street and Alton Road in South Beach’s South of Fifth (SOFI) neighborhood. The two net-leased buildings are fully leased to Pier 1 Imports and Burger King. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, in the transaction. Jonathan Gerszberg of Marcus & Millichap’s Miami office secured the buyer, a private investor based in New York.

October 1, 2014

Florida Multifamily Southeast

Related Development Breaks Ground on Four Multifamily Projects

by John Nelson October 1, 2014

MIAMI — Related Development LLC has begun construction on four multifamily projects in Florida totaling 1,129 units. The four developments include SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive. Related Development has more than 4,700 units in the development pipeline for completion and/or groundbreaking in the next 12 months.

October 1, 2014

Florida Office Southeast

Riviera Point Development to Build EB-5 Funded Office Building in South Florida

by John Nelson October 1, 2014

MIRAMAR, FLA. — Riviera Point Development Group plans to develop the $18 million Riviera Point Corporate Center, a 72,000-square-foot office building located at Southwest 145th Avenue and Southwest 27th Street in Miramar. This is the third office building funded through the U.S. Immigrant Investor program, also known as EB-5. Riviera Point Development has retained Stiles Realty to lease the project, which was designed by Corrales Group Architects. 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 Corporate Center is $500,000.

October 1, 2014

Florida Industrial Southeast

McCraney Property Inks Lease with FedEx Ground in Orlando

by John Nelson October 1, 2014

ORLANDO, FLA. — McCraney Property Co. has signed a lease with FedEx Ground to occupy 60 percent of the 142,638-square-foot Building 3 in the John Young Business Park in Orlando. The 25-acre John Young Business Park consists of a three-building portfolio totaling 393,000 square feet. Construction was recently completed on Buildings 2 and 3, which were built speculatively. JLL represented FedEx Ground in the lease transaction, and David Murphy of CBRE represented McCraney.

October 1, 2014

Florida Office Southeast

Berger Arranges $24M Sale of Palm Beach Office Portfolio

by Jaime Lackey September 30, 2014

BOYNTON BEACH AND DELRAY BEACH, FLA. — Berger Commercial Realty has brokered the $24 million purchase of a portfolio of office buildings in Palm Beach County. Kendall Properties purchased the 280,000-square-foot portfolio from LouJA Realty. The portfolio consists of the Delray Office Park in Delray Beach; Woolbright Corporate Park in Boynton Beach; Gulfstream Professional Building in Delray Beach; and Woolbright Professional Building in Boynton Beach.

September 30, 2014

Florida Market Reports Southeast Southeast Market Reports

Changing Renter Dynamics Boost Orlando Apartment Development

by admin September 15, 2014

With a booming tourism industry driving economic expansion and a new owner/renter paradigm impacting apartment renter dynamics, Orlando is experiencing continued expansion in apartment development. Currently, development for more than 22 apartment communities totaling over 6,000 units is underway in just three hot submarkets. Demand has continued to keep up with this new supply, surging to a 10-year high in the second quarter of 2014, with market-wide occupancies topping 95 percent. Job Creation Metro Orlando is predicted to have an average annual growth rate of 4.1 percent from 2013 to 2020, putting it 13th for growth among American cities, according to a report from the U.S. Conference of Mayors. With an unemployment rate of 5.7 percent — well below both state and national unemployment averages — Orlando is outpacing much of the country in job creation and economic growth. Orlando’s $50 billion tourism industry has undeniably distinguished itself as the leader for growth in Central Florida, with the largest theme parks currently undergoing historic expansions. This will add thousands of jobs to Central Florida’s employment market over the next few years. For example, Disney World announced in early July that it is actively hiring for 1,000 new local jobs, and …

September 15, 2014

Florida Market Reports Southeast Southeast Market Reports

Job Growth, Limited Supply Helps Central Florida's Industrial Rebound

by admin August 25, 2014

The Central Florida industrial market (comprised of Seminole, Orange and Lake counties) is currently undergoing a transformation, one that will make the majority of property owners very happy. After suffering crippling vacancy rates from early 2008 through the end of 2011, Central Florida has rebounded solidly and the good news is that there is still time to capitalize on the opportunities. The current rebound can be attributed to several items, not in any particular order: • Increased employment opportunities: Orlando’s unemployment peaked in September of 2010 at 11.7 percent and it has steadily decreased. In April of 2014, the unemployment was at 5.2 percent, according to the U.S. Bureau of Labor Statistics. • Lack of new product / inventory: Since 2008, there have only been a handful of new, speculative industrial buildings built as demand was not there and rental rates were depressed due to the massive amount of vacancy. This has resulted in there being very few choices for companies desiring new, first generation product and led to the current new building pipeline of over 2.4 million square feet under construction as of July. • Absorption and rental rates: In 2012, we experienced positive market absorption slightly better than …

August 25, 2014

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