Florida

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

Florida Multifamily Southeast

CBRE Brokers $22.2M Sale of Orlando Apartment Community

by John Nelson November 20, 2014

ORLANDO, FLA. — CBRE has brokered the $22.2 million sale of Vista Verde Apartments located at 1659 Hiawassee Road in Orlando. The 200-unit apartment community was 97 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Los Angeles-based Karlin Real Estate, in the transaction. The property features a resort-style swimming pool and sundeck, private garages and washer and dryers in every unit.

November 20, 2014

Florida Loans Southeast

Lending Entity Led by Regions Bank Provides $76M Construction Loan for Brickell Condo Project

by John Nelson November 19, 2014

MIAMI — A group of banks led by Regions Bank has provided a $76 million construction loan for the 387-unit 1010 Brickell condominium project in Miami’s Brickell Financial District. Miami-based developers Key International and 13th Floor Investments received the mortgage from Regions Bank, Mercantil Commercebank and City National Bank of Florida. According to Key and 13th Floor, the property is 94 percent pre-sold. The developers broke ground on 1010 Brickell in September and plan to deliver it in 2017. The units will range from studios to three bedrooms, and the property’s amenity package will include a rooftop lounge and pool, a spa, playground and executive business center. Prices for the individual condominium units range from the mid $400,000s to $1.3 million. Sieger Suarez Architectural Partnership designed the property.

November 19, 2014

Florida Multifamily Southeast

CBRE Brokers $62M Sale of Multifamily Portfolio in Jacksonville

by John Nelson November 18, 2014

JACKSONVILLE, FLA. — CBRE has brokered the sale of two multifamily communities in Jacksonville spanning 552 units. Olympus Property Management purchased the two adjoining properties from Atlanta-based Cortland Partners for $62 million. The communities include Mirador at River City located at 13100 Broxton Bay Drive and Stovall at River City located at 13000 Broxton Bay Drive. Brian Moulder and Dhaval Patel of CBRE represented Cortland Partners in the transaction.

November 18, 2014

Florida Restaurant Southeast

Marcus & Millichap Brokers $26.5M Sale-Leaseback of Wendy’s Portfolio in South Florida

by John Nelson November 18, 2014

MIAMI — Marcus & Millichap has brokered the $26.5 million sale-leaseback of 12 Wendy’s restaurants in South Florida. Adam Tiktin and Debra Franklin of Marcus & Millichap’s Miami office, along with Philip Rosen of Bloomgarden, Goudreau & Rosen PA, represented the seller, Starboard Group, in the transaction. Todd Cohen, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the buyer, a Miami-based limited liability company. Farhan Kabani of Mark One Capital arranged a 10-year acquisition loan that amortizes over 30 years on behalf of the buyer. As part of the transaction, Starboard Group signed a new 20-year lease at the restaurants. The 12 Wendy’s restaurants are located at 831 Yamato Road in Boca Raton; 4950 Linton Road in Delray Beach; 15020 Jog Road in Delray Beach; 1197 S. Military Trail in Deerfield Beach; 10050 W. Sample Road in Coral Springs; 4676 N. University Drive in Coral Springs; 6375 W. Sample Road in Coral Springs; 9960 W. Oakland Park Blvd. in Sunrise; 14900 S.W. 31st St. in Miramar; 7560 N.W. 186th St. in Hialeah; 11925 N.W. 27th Place in Miami; and 1515 N.W. 7th St. in Miami.

November 18, 2014

Florida Loans Southeast

Cohen Financial Secures $48.8M Acquisition Loan for Empire World Towers Site in Miami

by John Nelson November 17, 2014

MIAMI — Cohen Financial has secured a $48.8 million land acquisition loan for 300 Biscayne Blvd. in downtown Miami, which will be the site of the Empire World Towers, two 93-story mixed-use towers. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan through an unnamed global investment manager on behalf of the borrower, Property Markets Group (PMG). PMG purchased the two-acre, L-shaped site for $80 million.

November 17, 2014

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