NEWS & NOTABLES

ORLANDO—Primera Towers, a five-building class A office portfolio in Lake Mary, FL, has traded hands. The sale price: $130 million. Cushman & Wakefield represented an ownership venture of Miami-based Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG in the sale, which is Orlando's largest suburban office sale since 2002. CushWake executive director Mike Davis, senior director Michael Lerner and senior director Rick Brugge negotiated the sale on behalf of ownership. Miami-based Parmenter Realty Partners acquired the office asset. Davis says, “Lake Mary continues to attract a disproportionate share of corporate tenants requiring image and modern building features, which is driving current and future investment value.”

ORLANDO—Cousins Properties has expanded its reach to Orlando via a merger with Parkway Properties. Cousins plans to capitalize on Orlando's growth with the acquisition of more than 1 million square feet of class A office space in the Central Business District. Current holdings include the Bank of America Center, Citrus Center and One Orlando Centre. Cousins's portfolio spans 15.8 million square feet of trophy office space in Atlanta, Austin, Charlotte, Tampa and Tempe. Orlando has now been added to its growing list of premier Sunbelt markets. “Cousins is excited to be in this market and believes that Orlando has the right market fundamentals in place to create long-term value,” says Shipley Hall, senior vice president and managing director of Cousins in Orlando. “We'll continue to evaluate other potential acquisitions in this market as well.”

SUNRISE, FL—Just days after receiving approval for its site plan from the City of Sunrise Planning and Zoning Committee, Metropica Development has received unanimous development approval from the City Commission for the initial phase of Metropica, its new urban core at Sawgrass Expressway and Sunrise Boulevard in Sunrise. Approved for immediate development are: 370,000 square feet of retail, dining and entertainment and a 345-unit multifamily building, as well as the ability to add a 240-room hotel and 140,000 square feet of class A office space. “This first phase will fill some of the most important needs for our rapidly growing but underserved community: everyday retail including food markets, entertainment, housing, and some of the best local and international shopping in the country,” says Erick Collazo, vice president of development of Metropica Development, the developer of the land and the creator of the project.

DEAL TRACKER

MIAMI—VistaPointe Partners has closed a construction loan of $19.97 million for the EVEN Hotel Miami Airport on behalf of EDG Hospitality Miami Airport. Intercontinental Hotels Group will operate the hotel. Trust Hospitality will manage the asset. Epbelboim Development Group is building the 190-room hotel. Designed with wellness at its core, EVEN Hotel Miami Airport will focus on helping travelers maintain a healthy lifestyle through a best-in-class fitness experience, healthier food choices and natural, relaxing spaces. Construction has already commenced and the project is slated to open during the first quarter of 2018. “Hotel construction financing can be a challenge and is considered higher risk, so lenders prefer lower loan-to-cost,” says Karla Peterson, managing director at VistaPointe Partners. “In addition to the market around the airport being very strong with high occupancy and ADR increase trends, we were able to demonstrate the potential of the EVEN Hotels brand. Even though this brand is new, it is backed by Intercontinental Hotels Group, one of the largest hotel companies in the world. These were key factors that gave this project an edge in attracting lenders.”

LAKE WALES, FL—Marcus & Millichap brokered the sale of Dollar General, a 9,100-square foot net-leased property located in Lake Wales. The asset sold for $1,998,700. Daniel Hurd, an associate in Marcus & Millichap's Tampa office, secured the buyer, a private investor. This location was one of nearly 800 new Dollar General locations that will be opened this year. It was a built-to-suit, prototype design which featured upgraded construction and benefited from a 1.85-acre parcel of land. “My client is an experienced single-tenant, net-leased property investor who is local to the Florida market,” says Hurd. “He was excited about the purchase and sees great value in the newly constructed property and favorable lease structure. This investment serves as a form of truly passive income and my client intends to keep this in his portfolio for many years to come.”

TAMPA, FL—Marcus & Millichap brokered the sale of Green Oaks Apartments, an 100-unit multifamily community in Tampa. The asset sold for $6.4 million. Francesco P. Carriera and Michael P. Regan, both first vice president investments, Joshua Teplitzky, senior associate, and Cameron Barbas, associate, all in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The team also represented the buyer. Green Oaks Apartments is a 100-unit multifamily community located at 3801 West Wallace Avenue in the South Tampa submarket of Tampa, Florida.

FORT LAUDERDALE, FL—Colliers International South Florida is marketing Harbour Twenty-Six, a 5.5-acre marina development site located on the south fork of the New River near Downtown Fort Lauderdale. Previously known as Pier 17, the development site would be the only partially covered mega-yacht marina in South Florida, dedicated for 26 yachts measuring up to 170 feet. “With demand growing for covered mega-yacht slips in South Florida, the shovel ready opportunity is ideal for investors who want to own a marina development site that can either be built as a rental or a as luxury documinium project,” says Bradley Arendt, vice president of Colliers International South Florida. “There's not a better location to own a marina development site than Fort Lauderdale, home to more than 50,000 registered vessels, 300 navigable waterways and largest boat show in the world,”

MIAMI—East End Capital has closed on the $84 million purchase of 100 Biscayne Boulevard, the Downtown Miami office building historically known as the New World Tower. The 310,000-square-foot office tower offers unobstructed views of Bayfront Park and Biscayne Bay. As part of the plan for the 30-story tower, which was Miami's tallest building when it was constructed in 1963, East End will invest over $10 million in renovations to reposition it as the office building of choice for tech and creative tenants in Miami. Currently the building is over 80% occupied, with a tenancy representing architecture, media, luxury goods, law and telecommunication industries. Among current tenants are respected architecture firm Zyscovich Architects and global luxury brand LVMH. Gordon Messinger, managing director at Cushman and Wakefield, will handle the office leasing.

BUILDING BLOCKS

MIAMI—The installation of a 31-foot wide, 13.5-inch thick, 60,000-pound oculus that will hold about 4 million pounds of seawater Gulf Stream Aquarium at the Patricia and Phillip Frost Museum of Science has been installed. Skanska USA, the construction firm leading the project, spearheaded the installation. Getting the lens to the construction site was almost as difficult as installing it. The oculus was manufactured in Italy by Clax Italia, and shipped out from Livorno to the Port of Miami. Given that the total weight of the oculus and shipping cradle was 80,000 pounds, a unique motorized platform—similar to the ones NASA uses to move space shuttles—was used to transport the lens to the museum site in Downtown Miami's Museum Park. “Installing the oculus was one of the most technically challenging aspects of this project,” says Andy Allen, project executive for Skanska USA Building. “The oculus is round and extremely heavy, making the crane and rigging logistics difficult. The oculus needed to be tilted to a 21-degree angle to match the precise angle of the opening and then, we needed to make sure it was placed and sealed properly to allow future museum visitors to enjoy an optimum viewing experience.” With the oculus installed, the Skanska team will begin installing the silicone sealant that forms the final seal between the oculus and the fiber glass liner, which should take about three weeks to complete, followed by filling the Gulf Stream Aquarium with seawater.

As they say, the numbers don't lie. This week, the numbers are telling a strong story in Florida. From CBRE reports on retail to mega deals and mergers, it's been an active few days in the Sunshine State. While multifamily is still trading, net lease deals were more frequent this past week. And Downtown Miami's cultural scene is about to mark another milestone.

BY THE NUMBERS

Palm Beach County's retail market is reporting lease rates are at a five-year high. The retail vacancy rate sits at 4.6% against a lease rate of $19.50 per square foot in the third quarter. Net absorption for the third quarter stood at 42,000 square feet with 673,000 square feet of completions. (Source: CBRE)

Retail rents continue to rise as vacancies reach a new low in Miami. The retail vacancy rate sat at 2.6% in the third quarter with lease rates of $33.10 per square foot. Net absorption in the third quarter was 296,000 square feet with 2.4 million square feet of retail real estate under construction.

NEWS & NOTABLES

ORLANDO—Primera Towers, a five-building class A office portfolio in Lake Mary, FL, has traded hands. The sale price: $130 million. Cushman & Wakefield represented an ownership venture of Miami-based Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG in the sale, which is Orlando's largest suburban office sale since 2002. CushWake executive director Mike Davis, senior director Michael Lerner and senior director Rick Brugge negotiated the sale on behalf of ownership. Miami-based Parmenter Realty Partners acquired the office asset. Davis says, “Lake Mary continues to attract a disproportionate share of corporate tenants requiring image and modern building features, which is driving current and future investment value.”

ORLANDO—Cousins Properties has expanded its reach to Orlando via a merger with Parkway Properties. Cousins plans to capitalize on Orlando's growth with the acquisition of more than 1 million square feet of class A office space in the Central Business District. Current holdings include the Bank of America Center, Citrus Center and One Orlando Centre. Cousins's portfolio spans 15.8 million square feet of trophy office space in Atlanta, Austin, Charlotte, Tampa and Tempe. Orlando has now been added to its growing list of premier Sunbelt markets. “Cousins is excited to be in this market and believes that Orlando has the right market fundamentals in place to create long-term value,” says Shipley Hall, senior vice president and managing director of Cousins in Orlando. “We'll continue to evaluate other potential acquisitions in this market as well.”

SUNRISE, FL—Just days after receiving approval for its site plan from the City of Sunrise Planning and Zoning Committee, Metropica Development has received unanimous development approval from the City Commission for the initial phase of Metropica, its new urban core at Sawgrass Expressway and Sunrise Boulevard in Sunrise. Approved for immediate development are: 370,000 square feet of retail, dining and entertainment and a 345-unit multifamily building, as well as the ability to add a 240-room hotel and 140,000 square feet of class A office space. “This first phase will fill some of the most important needs for our rapidly growing but underserved community: everyday retail including food markets, entertainment, housing, and some of the best local and international shopping in the country,” says Erick Collazo, vice president of development of Metropica Development, the developer of the land and the creator of the project.

DEAL TRACKER

MIAMI—VistaPointe Partners has closed a construction loan of $19.97 million for the EVEN Hotel Miami Airport on behalf of EDG Hospitality Miami Airport. Intercontinental Hotels Group will operate the hotel. Trust Hospitality will manage the asset. Epbelboim Development Group is building the 190-room hotel. Designed with wellness at its core, EVEN Hotel Miami Airport will focus on helping travelers maintain a healthy lifestyle through a best-in-class fitness experience, healthier food choices and natural, relaxing spaces. Construction has already commenced and the project is slated to open during the first quarter of 2018. “Hotel construction financing can be a challenge and is considered higher risk, so lenders prefer lower loan-to-cost,” says Karla Peterson, managing director at VistaPointe Partners. “In addition to the market around the airport being very strong with high occupancy and ADR increase trends, we were able to demonstrate the potential of the EVEN Hotels brand. Even though this brand is new, it is backed by Intercontinental Hotels Group, one of the largest hotel companies in the world. These were key factors that gave this project an edge in attracting lenders.”

LAKE WALES, FL—Marcus & Millichap brokered the sale of Dollar General, a 9,100-square foot net-leased property located in Lake Wales. The asset sold for $1,998,700. Daniel Hurd, an associate in Marcus & Millichap's Tampa office, secured the buyer, a private investor. This location was one of nearly 800 new Dollar General locations that will be opened this year. It was a built-to-suit, prototype design which featured upgraded construction and benefited from a 1.85-acre parcel of land. “My client is an experienced single-tenant, net-leased property investor who is local to the Florida market,” says Hurd. “He was excited about the purchase and sees great value in the newly constructed property and favorable lease structure. This investment serves as a form of truly passive income and my client intends to keep this in his portfolio for many years to come.”

TAMPA, FL—Marcus & Millichap brokered the sale of Green Oaks Apartments, an 100-unit multifamily community in Tampa. The asset sold for $6.4 million. Francesco P. Carriera and Michael P. Regan, both first vice president investments, Joshua Teplitzky, senior associate, and Cameron Barbas, associate, all in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The team also represented the buyer. Green Oaks Apartments is a 100-unit multifamily community located at 3801 West Wallace Avenue in the South Tampa submarket of Tampa, Florida.

FORT LAUDERDALE, FL—Colliers International South Florida is marketing Harbour Twenty-Six, a 5.5-acre marina development site located on the south fork of the New River near Downtown Fort Lauderdale. Previously known as Pier 17, the development site would be the only partially covered mega-yacht marina in South Florida, dedicated for 26 yachts measuring up to 170 feet. “With demand growing for covered mega-yacht slips in South Florida, the shovel ready opportunity is ideal for investors who want to own a marina development site that can either be built as a rental or a as luxury documinium project,” says Bradley Arendt, vice president of Colliers International South Florida. “There's not a better location to own a marina development site than Fort Lauderdale, home to more than 50,000 registered vessels, 300 navigable waterways and largest boat show in the world,”

MIAMI—East End Capital has closed on the $84 million purchase of 100 Biscayne Boulevard, the Downtown Miami office building historically known as the New World Tower. The 310,000-square-foot office tower offers unobstructed views of Bayfront Park and Biscayne Bay. As part of the plan for the 30-story tower, which was Miami's tallest building when it was constructed in 1963, East End will invest over $10 million in renovations to reposition it as the office building of choice for tech and creative tenants in Miami. Currently the building is over 80% occupied, with a tenancy representing architecture, media, luxury goods, law and telecommunication industries. Among current tenants are respected architecture firm Zyscovich Architects and global luxury brand LVMH. Gordon Messinger, managing director at Cushman and Wakefield, will handle the office leasing.

BUILDING BLOCKS

MIAMI—The installation of a 31-foot wide, 13.5-inch thick, 60,000-pound oculus that will hold about 4 million pounds of seawater Gulf Stream Aquarium at the Patricia and Phillip Frost Museum of Science has been installed. Skanska USA, the construction firm leading the project, spearheaded the installation. Getting the lens to the construction site was almost as difficult as installing it. The oculus was manufactured in Italy by Clax Italia, and shipped out from Livorno to the Port of Miami. Given that the total weight of the oculus and shipping cradle was 80,000 pounds, a unique motorized platform—similar to the ones NASA uses to move space shuttles—was used to transport the lens to the museum site in Downtown Miami's Museum Park. “Installing the oculus was one of the most technically challenging aspects of this project,” says Andy Allen, project executive for Skanska USA Building. “The oculus is round and extremely heavy, making the crane and rigging logistics difficult. The oculus needed to be tilted to a 21-degree angle to match the precise angle of the opening and then, we needed to make sure it was placed and sealed properly to allow future museum visitors to enjoy an optimum viewing experience.” With the oculus installed, the Skanska team will begin installing the silicone sealant that forms the final seal between the oculus and the fiber glass liner, which should take about three weeks to complete, followed by filling the Gulf Stream Aquarium with seawater.