PANAMA CITY BEACH, FLA. — Calkain Cos. has brokered the $9.6 million sale of a single-tenant office/industrial asset located at 1300 Thomas Drive in Panama City Beach. The 83,000-square-foot property is anchored by Booz Allen Hamilton. Stephen Counts and Brian O’Hear of Calkain Cos. represented the seller, Skyview Development, in the transaction.
LAKELAND, FLA. — Colliers International has brokered the $5.3 million sale of a 113,308-square-foot industrial property located at 5120 Great Oak Drive in Lakeland. Edward Miller and Dolores Seymour of Colliers International’s Tampa Bay office represented the seller, Great Oak Property Management LLC, which was conducting business under the moniker Structall Building Systems. The buyer was Brennan Investment Group LLC.
WINTER PARK, FLA. — Plaza Advisors has brokered the sale of Aloma Square Shopping Center, a grocery-anchored shopping center in Winter Park, a suburb of Orlando. The property was 88.8 percent leased at the time of sale to tenants such as Aldi, Deal$, CARQUEST, Fresenius Medical Care, CosmoProf, Liberty Tax and Subway. Mike Cvetetic and Jim Michalak of Plaza Advisors represented the seller, Noble Properties, in the transaction. The buyer was Aloma Square WP LLC.
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.
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.
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.
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.
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.
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.
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.
