Florida

Software Company to Relocate HQs to Celebration Pointe Project in Gainesville

by John Nelson November 17, 2014

GAINESVILLE, FLA. — Info Tech, a Gainesville-based consulting and software company, will relocate its headquarters to the mixed-use Celebration Pointe project under construction in Gainesville. The company will build a new 60,000-square-foot corporate campus at the 125-acre, 1 million-square-foot development that will be located at the intersection of I-75 and Archer Road. Read more about the Celebration Pointe development here. Info Tech employs roughly 240 associates. Phase I of Celebration Pointe is expected to open in fall 2016.

November 17, 2014

Florida Office Southeast

HFF Brokers $112M Sale of Broward Financial Center in Fort Lauderdale

by John Nelson November 13, 2014

FORT LAUDERDALE, FLA. — HFF has brokered the $112 million sale of Broward Financial Center, a 324,429-square-foot, Class A office property in Fort Lauderdale. The property is located at 500 E. Broward Blvd. in Fort Lauderdale’s central business district. AGS Property Corp. purchased the 24-story office building clear and free of existing debt from DRA Advisors LLC. Hermen Rodriguez, Manuel De Zarraga, Ike Ojala and Jorge Portela of HFF represented DRA Advisors in the transaction. Broward Financial Center was 90 percent leased at the time of sale to tenants such as Sun-Sentinel Co., Fox Sports Net Florida Inc., Premiere Beverage Co. LLC, Northwestern Mutual, Morton’s Restaurant Group and Charles Schwab & Co. Inc. Additionally, HFF secured $61million in acquisition financing on behalf of AGS Property Corp. Chris Drew and Paul Stasaitis led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through Morgan Stanley Mortgage Capital Inc.

November 13, 2014

Florida Retail Southeast

LA Fitness-Anchored Shopping Center in Deerfield Beach Sells for $12.3M

by John Nelson November 13, 2014

DEERFIELD BEACH, FLA. — Investments Limited has purchased Hillsboro Commons, an 82,000-square-foot shopping center located in Deerfield Beach, for $12.3 million. The two-story, LA Fitness-anchored retail center located at 1000 E. Hillsboro Blvd. was 98 percent leased at the time of sale. Investments Limited purchased the center from Hillsboro Capital LLC. Phil Bloom of Bellestar Partners LLC and Nancy Dockerty of Dockerty Romer & Co. co-brokered the transaction.

November 13, 2014

Florida Industrial Southeast

PS Business Parks Buys Industrial Building in Metro Miami

by John Nelson November 12, 2014

DORAL, FLA. — PS Business Parks Inc. has purchased a 148,618-square-foot, Class A industrial building located in the Miami International Commerce Center. Dubbed 2323 at MICC, the industrial building is located at 2323 N.W. 82nd Ave. in Doral and is 100 percent vacant. The property features a two-story open office space, air-conditioned warehouse with 16- to 24-foot clear heights and a fully fenced parking lot.

November 12, 2014

Florida Loans Southeast

Capital One Originates $6.4M CMBS Acquisition Loan for Florida Apartment Community

by John Nelson November 12, 2014

FORT WALTON BEACH, FLA. — Capital One Multifamily Finance has originated a $6.4 million fixed-rate loan through an unnamed CMBS lender for the acquisition of Colony House Apartments. The 139-unit, garden-style apartment community is located in Fort Walton Beach. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Engel Realty. Jimmy Adams of Multi Housing Advisors’ Birmingham office brokered the sale of Colony House Apartments.

November 12, 2014

Florida Multifamily Southeast

CBRE Brokers $52M Sale of The Manor in Plantation

by John Nelson November 11, 2014

PLANTATION, FLA. — CBRE has brokered the $52 million sale of The Manor in Plantation, a newly developed 197-unit apartment community. The mid-rise and townhome residential asset is located at 601 N.W. 82nd Ave. in Plantation. The Manor LLC purchased the apartment community from Veranda II Apartments LLC and Veranda II Townhomes LLC. The Manor’s rents have been averaging $1.99 per square foot and the property was 90 percent occupied at the time of sale. Amenities include a beach entry pool with a hot tub, clubroom with flat screen TV and WiFi loft, billiards and poker room, private dining room, business center with conference room, theater and a fitness center. Robert Given, Zachary Sackley, Gerard Yetming and Neal Victor of CBRE represented the seller in the transaction. Related Group of Florida delivered The Manor in 2013.

November 11, 2014

Florida Office Southeast

Avison Young Brokers $33M Sale of Office Campus in Boca Raton

by John Nelson November 7, 2014

BOCA RATON, FLA. — Avison Young has brokered the $33 million sale of 595 Financial Center, a two-building, Class A office portfolio totaling 116,000 square feet. The properties are located at 555 and 595 S. Federal Highway in Boca Raton. Keith O’Donnell and Jonathan Senn of Avison Young represented the buyer, Pinnacle Holdings Inc., in the off-market transaction. Pinnacle Holdings purchased the office campus in a 1031 tax-deferred exchange. Charles Shane of Bryason Realty Corp. represented the unnamed seller. Morgan Stanley is the anchor tenant of 595 Financial Center.

November 7, 2014

Florida Multifamily Southeast

Grass River Property Breaks Ground on Transit-Oriented Multifamily Development in Miami

by John Nelson November 5, 2014

MIAMI — Grass River Property has commenced construction on Grove Station Tower, a transit-oriented apartment community located a half-block from the Coconut Grove Metrorail station in Miami. The 184-unit project will be located at 2700 SW 27th Ave. upon completion in early 2016. Grove Station Tower will comprise one-, two- and three-bedroom apartments averaging 1,000 square feet. The property will also feature 6,000 square feet of ground-floor retail space. The design team includes architect Behar Font & Partners and general contractor Ortega Juneau Construction Co.

November 5, 2014

Florida Multifamily Southeast

Marcus & Millichap Brokers $19.3M Sale of Two Adjacent Apartment Communities in Fort Myers

by John Nelson November 5, 2014

FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.

November 5, 2014

Florida Loans Southeast

RED Capital Closes $10M Acquisition Loan for Two Seniors Housing Facilities in Metro Miami

by John Nelson November 5, 2014

NORTH MIAMI AND MARGATE, FLA. — RED Capital Partners LLC has completed a $10 million balance sheet loan on behalf of the borrower, Livewell Senior Living. The acquisition financing will allow Livewell to purchase two assisted living/memory care facilities in the Miami-Fort Lauderdale-Pompano Beach MSA. The two properties include Livewell at Courtyard Plaza, a 68-unit facility in North Miami, and Livewell at Coral Plaza, a 100-unit property in Margate. RED Capital Partners LLC is the proprietary debt and equity banking arm of RED Capital Group LLC.

November 5, 2014

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