BY THE NUMBERS

Construction surges as household formation increases. The healthy hiring environment and expanding incomes have driven household formation in Orlando. More than 34,000 households were created during the last four quarters, boosting the need for housing. (Marcus & Millichap)

The 20 to 34 age cohort has advanced significantly over the last five years and consisted of nearly a quarter of overall population growth during the prior four quarters. Mid-rise projects targeting this cohort have popped up across the metro combining retail and rental components. This includes the Yard at Ivanhoe in the Central Orlando submarket, which will contain 630 apartments and 110,000 square feet of retail space. (Marcus & Millichap)

NEWS & NOTABLES

MIAMI—JMH Development sold the Aloft South Beach—the largest Aloft in the world—to Rockpoint Group for $105 million, or $446,809 a key. Jason Halpern, founder and managing partner of JMH, acquired the hotel asset in 2004 as the recession approached. JMH converted the development from the 1954 era Motel Ankara into a 130,000-square-foot playground, which also includes 235-rooms, a renovated historic portion and a new, eight-story tower.

MIAMI—Building Owners and Managers Association (BOMA) of Miami-Dade is hosting the BOMA MIAMI Symposium Friday, October 21. The program and trade expo will focus on the future of property management in commercial real estate. The symposium will be held at Miami's Jungle Island. Navy Seal Robert J. O'Neill, who is best known for having fired the shots that killed Osama bin Laden during the raid on his Abbottabad compound on May 2, 2011, is the keynote speaker. O'Neill is an expert in the importance of building and leading a successful team.

MIAMI—ONE Sotheby's International Realty just launched a sister company, ONE Commercial, to strengthen its footprint in the commercial real estate industry. Under the leadership of Anna Rossie-Alvarez, ONE Commercial will be headquartered in Brickell, where it will expand on ONE SIR's current platform in retail, office, industrial, hospitality, multifamily, and healthcare. “ONE Commercial was a natural next step for us and was born in part because many of our clients were looking for a more niche service provider for their commercial projects,” says Daniel de la Vega, president of ONE Sotheby's International Realty. “Our goal in launching this separate entity is to expand our concentration in this sector and foster a commercial brand and identity.” Anna Rossie-Alvarez, who will be leading ONE Commercial, brings with her more than a decade of commercial real estate expertise in South Florida. Rossie-Alvarez previously served as the senior director of operations for the South Florida offices of Cushman & Wakefield. In 2015, she led the e-mentoring program under the education committee for CREW Miami, a premier commercial real estate organization.

DEALTRACKER

MIAMI—Agustin Duarte, an agent with RE/MAX Advance Realty's Commercial Division, co-brokered the purchase of the Camilo Office Furniture building in Miami for $10 million. He worked in partnership with Jose Serrano and Gabriel Serrano of New Miami Realty. The iconic office building is located at 4400 Southwest 75 Avenue. It served as the furniture company's headquarters for many years. It is home to a 61,440 square-foot warehouse and showroom on a 107,593 square-foot lot, which equates to a $162.76 per-square-foot selling price. Camilo Office Furniture, principally owned by Camilo Muebles, sold the office asset to Palmetto Investors.

JACKSONVILLE, FL—Greystone has provided a $12 million Fannie Mae Delegated Underwriting and Servicing loan for the acquisition of Bella Terraza in Jacksonville, FL. Andrew Ellis of Greystone's Rockville, MD office originated the loan against 214 of the property's 250 units. The Fannie Mae loan on the fractured condo carries a 15-year term with 30-year amortization and three years of interest-only. Bella Terraza, a gated conventional rental community, has 25 two-story buildings.

FORT LAUDERDALE, FL— Orlando Small-Bay Portfolio, a three-park, 13-building office asset spanning 289,346 square feet, has traded hands. Marcus & Millichap senior vice president and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, with M&M's Fort Lauderdale office, along with senior associate Robbie McEwan and Industrial and office investment associate Nicholas Hanson, both with M&M's Orlando office, negotiated the sale. Miami-based Orlando Industrial 3 RE, an entity managed by Michael Kramer, purchased Goldenrod CommerCenter, Hanging Moss CommerCenter and Monroe CommerCenter South for $17.5 million. “With its stable cash flow and a purchase price below replacement cost, the portfolio offers a tremendous value-add opportunity,” says McEwan.

KISSIMMEE, FL—Villas at 17th Apartments, a 130-unit multifamily community in Kissimmee, FL, traded hands. The sale price was $8.15 million. Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Donaldson and Meoli also procured the buyer. “With over $700,000 in recent capital improvements, consistent monthly rent growth and a submarket with strong fundamentals, it is no surprise that we had over 300 buyers register to access the marketing website for Villas at 17th,” says Donaldson. “Buyers were attracted to the turnkey operation with the ability to obtain excellent year one cash flow once the loss-to-lease was reduced.”

DANIA BEACH, FL—Cushman & Wakefield negotiated leases with Graybar at Marina Mile and Supply Network at Port 95 Business Center totaling more than 190,000 square feet. Graybar leased 161,443 square feet at 3400 Southwest 30th Street and Supply Network leased 29,890 square feet at 2678 Southwest 36th Street. Executive directors Christopher Metzger and Richard F. Etner, senior director Christopher Thomson, and associate director Matthew G. McAllister represented owner MSG Marina Mile and MSG Port 95, respectively, in the transactions. “Port 95 Business Center's immediate proximity to major ground transportation routes, an international airport and the shipping terminals at Port Everglades was ideal for these tenants,” says Metzger. ”There is no better location for companies serving both domestic and Latin American markets.”

BUILDING BLOCKS

WEST PALM BEACH, FL—NAI/Merin Hunter Codman won the leasing assignment for Gardens Innovation Center. This Palm Beach Garden's 63,500-square-foot office and technology complex features 'green' eco-friendly construction with modern architecture. It is located within the PGA National Commerce Park. The developer, LRP Properties II, retained NAI/Merin Hunter Codman to lease the center and KAST Construction to build the project. Groundbreaking commenced in July 2016 with a completion date of early 2017.

MAITLAND, FL—Equinox Development Properties of Maitland announced a major redevelopment project in the tourism corridor of Orlando. Equinox will redevelop the Publix store at Williamsburg Downs Shopping Plaza. It is located on Central Florida Parkway just east of International Drive. The $20 million project aims to bring new life to an already well positioned center. Equinox purchased the Publix anchored shopping plaza in September. This project will feature a new, enlarged Publix of 45,600 square feet.

MIAMI—Here's a look at the trends, announcements and deals you may have missed early this week in Florida.

Most of our middle-market news early this week comes out of South Florida, and Miami in particular. We've got new firms rising, interesting events planned, and big sales in the market.

What strikes me most about Florida news this week is there's very little talk about the hurricane. We thought that would be bigger news than it is, though I'm sure damage is still being assessed further north. I wrote several pieces on the topic from an insurance perspective.

If you missed those, you can read the latest here: Will Your Insurance Cover Hurricane Matthew's Damage? Also, find out what else to do in the wake of the storm and why you may need a hurricane lawyer.

BY THE NUMBERS

Construction surges as household formation increases. The healthy hiring environment and expanding incomes have driven household formation in Orlando. More than 34,000 households were created during the last four quarters, boosting the need for housing. (Marcus & Millichap)

The 20 to 34 age cohort has advanced significantly over the last five years and consisted of nearly a quarter of overall population growth during the prior four quarters. Mid-rise projects targeting this cohort have popped up across the metro combining retail and rental components. This includes the Yard at Ivanhoe in the Central Orlando submarket, which will contain 630 apartments and 110,000 square feet of retail space. (Marcus & Millichap)

NEWS & NOTABLES

MIAMI—JMH Development sold the Aloft South Beach—the largest Aloft in the world—to Rockpoint Group for $105 million, or $446,809 a key. Jason Halpern, founder and managing partner of JMH, acquired the hotel asset in 2004 as the recession approached. JMH converted the development from the 1954 era Motel Ankara into a 130,000-square-foot playground, which also includes 235-rooms, a renovated historic portion and a new, eight-story tower.

MIAMI—Building Owners and Managers Association (BOMA) of Miami-Dade is hosting the BOMA MIAMI Symposium Friday, October 21. The program and trade expo will focus on the future of property management in commercial real estate. The symposium will be held at Miami's Jungle Island. Navy Seal Robert J. O'Neill, who is best known for having fired the shots that killed Osama bin Laden during the raid on his Abbottabad compound on May 2, 2011, is the keynote speaker. O'Neill is an expert in the importance of building and leading a successful team.

MIAMI—ONE Sotheby's International Realty just launched a sister company, ONE Commercial, to strengthen its footprint in the commercial real estate industry. Under the leadership of Anna Rossie-Alvarez, ONE Commercial will be headquartered in Brickell, where it will expand on ONE SIR's current platform in retail, office, industrial, hospitality, multifamily, and healthcare. “ONE Commercial was a natural next step for us and was born in part because many of our clients were looking for a more niche service provider for their commercial projects,” says Daniel de la Vega, president of ONE Sotheby's International Realty. “Our goal in launching this separate entity is to expand our concentration in this sector and foster a commercial brand and identity.” Anna Rossie-Alvarez, who will be leading ONE Commercial, brings with her more than a decade of commercial real estate expertise in South Florida. Rossie-Alvarez previously served as the senior director of operations for the South Florida offices of Cushman & Wakefield. In 2015, she led the e-mentoring program under the education committee for CREW Miami, a premier commercial real estate organization.

DEALTRACKER

MIAMI—Agustin Duarte, an agent with RE/MAX Advance Realty's Commercial Division, co-brokered the purchase of the Camilo Office Furniture building in Miami for $10 million. He worked in partnership with Jose Serrano and Gabriel Serrano of New Miami Realty. The iconic office building is located at 4400 Southwest 75 Avenue. It served as the furniture company's headquarters for many years. It is home to a 61,440 square-foot warehouse and showroom on a 107,593 square-foot lot, which equates to a $162.76 per-square-foot selling price. Camilo Office Furniture, principally owned by Camilo Muebles, sold the office asset to Palmetto Investors.

JACKSONVILLE, FL—Greystone has provided a $12 million Fannie Mae Delegated Underwriting and Servicing loan for the acquisition of Bella Terraza in Jacksonville, FL. Andrew Ellis of Greystone's Rockville, MD office originated the loan against 214 of the property's 250 units. The Fannie Mae loan on the fractured condo carries a 15-year term with 30-year amortization and three years of interest-only. Bella Terraza, a gated conventional rental community, has 25 two-story buildings.

FORT LAUDERDALE, FL— Orlando Small-Bay Portfolio, a three-park, 13-building office asset spanning 289,346 square feet, has traded hands. Marcus & Millichap senior vice president and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, with M&M's Fort Lauderdale office, along with senior associate Robbie McEwan and Industrial and office investment associate Nicholas Hanson, both with M&M's Orlando office, negotiated the sale. Miami-based Orlando Industrial 3 RE, an entity managed by Michael Kramer, purchased Goldenrod CommerCenter, Hanging Moss CommerCenter and Monroe CommerCenter South for $17.5 million. “With its stable cash flow and a purchase price below replacement cost, the portfolio offers a tremendous value-add opportunity,” says McEwan.

KISSIMMEE, FL—Villas at 17th Apartments, a 130-unit multifamily community in Kissimmee, FL, traded hands. The sale price was $8.15 million. Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Donaldson and Meoli also procured the buyer. “With over $700,000 in recent capital improvements, consistent monthly rent growth and a submarket with strong fundamentals, it is no surprise that we had over 300 buyers register to access the marketing website for Villas at 17th,” says Donaldson. “Buyers were attracted to the turnkey operation with the ability to obtain excellent year one cash flow once the loss-to-lease was reduced.”

DANIA BEACH, FL—Cushman & Wakefield negotiated leases with Graybar at Marina Mile and Supply Network at Port 95 Business Center totaling more than 190,000 square feet. Graybar leased 161,443 square feet at 3400 Southwest 30th Street and Supply Network leased 29,890 square feet at 2678 Southwest 36th Street. Executive directors Christopher Metzger and Richard F. Etner, senior director Christopher Thomson, and associate director Matthew G. McAllister represented owner MSG Marina Mile and MSG Port 95, respectively, in the transactions. “Port 95 Business Center's immediate proximity to major ground transportation routes, an international airport and the shipping terminals at Port Everglades was ideal for these tenants,” says Metzger. ”There is no better location for companies serving both domestic and Latin American markets.”

BUILDING BLOCKS

WEST PALM BEACH, FL—NAI/Merin Hunter Codman won the leasing assignment for Gardens Innovation Center. This Palm Beach Garden's 63,500-square-foot office and technology complex features 'green' eco-friendly construction with modern architecture. It is located within the PGA National Commerce Park. The developer, LRP Properties II, retained NAI/Merin Hunter Codman to lease the center and KAST Construction to build the project. Groundbreaking commenced in July 2016 with a completion date of early 2017.

MAITLAND, FL—Equinox Development Properties of Maitland announced a major redevelopment project in the tourism corridor of Orlando. Equinox will redevelop the Publix store at Williamsburg Downs Shopping Plaza. It is located on Central Florida Parkway just east of International Drive. The $20 million project aims to bring new life to an already well positioned center. Equinox purchased the Publix anchored shopping plaza in September. This project will feature a new, enlarged Publix of 45,600 square feet.