ORLANDO—Franklin Street hired Jordan Wean as director of Commercial Investment Sales. Wean will focus on the acquisition, disposition and exchange of commercial retail and office properties for investors of all types throughout Central Florida. He will also assist in building a commercial investment sales team in Franklin Street's Orlando office. Wean will work closely with Franklin Street's Yvonne Baker, regional-managing partner of the Orlando office, as well as Terrence Hart and Joshua Busby who are experts in retail leasing. Prior to joining Franklin Street, Wean served as an Investment Associate for Marcus & Millichap helping investors with acquisitions, dispositions and the exchange of investment-grade retail and office properties throughout Central Florida. Previously, he worked for The Bywater Company, a local brokerage firm where he gained valuable market knowledge and experience in sales and leasing for a broad range of clients and property types.

MIAMI—Condo amenities are getting more exotic. Air Esscentials has installed its state-of-the-art cold air scent diffusion equipment throughout the Porsche Tower's common areas, where residents and visitors are treated to a signature scent. The signature scent opens up with top-notes of bergamot and cooling eucalyptus, filled by notes of night-blooming jasmine, lily of the valley, rose, gardenia and star anise, and finishes with warm, balsamic, sandalwood, oakmoss and white musk base-notes. “We've seen that ultra-luxury residential developments like the Porsche Tower are at the forefront of trends in lifestyle amenities,” says Spence Levy, president of Air Esscentials. “It's only a matter of time before other residential communities recognize the immense benefits that ambient scent offers their residents in enjoyment, relaxation and a distinct feeling of entering a home oasis.”

DEAL TRACKER

MIAMI—HFF closed the sale of and secured financing for InTown Apartments, a newly-developed, two-building, mixed-use residential and retail property in Miami's Little Havana submarket. HFF represented the seller, Astor Companies, in an off-market transaction. Greystar purchased the asset free and clear of existing debt. HFF also assisted the new owner by securing a fixed-rate acquisition loan with Florida Community Bank, which also provided the original construction financing for the development of the property. InTown Apartments comprises two 15-story towers with a total of 320 residential units and 19,000 square feet of ground-floor retail. HFF managing director Jaret Turkell and director Maurice Habif represented the seller. HFF managing director Elliot Throne and senior managing director Andy Scott led the debt placement team. “Little Havana represents one of the most exciting urban landscapes in the City of Miami,” says Turkell. “The area is characterized by a deep history with strong cultural ties to the local community. We are excited to see this project and the surrounding neighborhood thrive.”

FORT LAUDERDALE, FL—CBRE vice president Larry Genet and CBRE senior vice president Tom O'Loughlin negotiated the sale of three Broward County properties: 2221 Blount Road LLC paid $875,000 for an 8,332-square-foot standalone industrial building located at 2221 Blount Road in Pompano Beach, Florida from Seller Val Dawson; Kadampa Mediation Center Florida purchased a two-story 4,502-square-foot free-standing office building in Lauderdale By The Sea, Florida. The 1972-built asset traded for $980,000; A 3,889-square-foot warehouse building in Downtown Fort Lauderdale, Florida is under contract for $650,000 after just one week on the market. “The interest level and ultimate sale of these three unique buildings continues to demonstrate the desire for free-standing assets in Broward County,” says Genet. “The assets are well-positioned to take advantage of the growing demand for boutique space in the South Florida market.”

MIAMI—HKS Capital Partners, a New York based capital advisory firm, arranged a $45 million refinance loan from Bank Hapoalim B.M. for the Ben Josef Group in the purchase the famous Sagamore Hotel, located in the heart of the South Beach's historic Art Deco District. The Ben Josef Group is the predominant money investor in the acquisition of the hotel, along with a partner on the deal, the Insite Group, a South Florida based development firm. The borrowers paid $63 million cash for the hotel in March 2016. John Harrington, one of the founding partners of HKS, secured the five year $45 million loan from one of Israel's largest banks, with 30-month interest only during the renovation period. The $45 million is for a refinance: $35 million for a partial recapture of equity with $10 million to be used for renovation.

POMPANO BEACH, FL—Marcus & Millichap brokered the sale of Eastwind Apartments, a 16-unit multifamily property located in Pompano Beach. The multifamily asset sold for $1.7 million. Evan P. Kristol, senior vice president investments and Brandon J. Rex, vice president investments, in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. “Eastwind Apartments is a well-located property situated in a highly sought after submarket of East Pompano Beach with close proximity to Atlantic Boulevard's employment, shopping, beaches, and entertainment” says Rex.

BUILDING BLOCKS

HOLLYWOOD, FL—Construction progresses on Related Group's premier waterfront projects, Hyde Beach House and Hyde Resort & Residences, is moving ahead rapidly. In collaboration with sbe, the developer is releasing new imagery of Debora Aguiar's interiors at Hyde Beach and photography of the almost-completed pool deck at Hyde Resort. These projects may be in two different construction phases— with Hyde Beach having just broken ground and Hyde Resort having celebrated its top off in March. “The biggest challenge I've faced while designing this project is balancing the sophisticated design scheme with an energetic atmosphere.” says Aguiar about Hyde Beach, “One way I've done so is by introducing a new color to my palette. I'll be integrating a lively orange tone throughout the space, and that is unusual for me.” At the sold-out Hyde Resort & Residences, where prices range from $750,000 to $2 million and should come online in early 2017. Hyde Beach House is slated for completion in late 2018, with unit prices starting at $590,000 and going up to $1.3 million. Hyde Resort & Residences is 70% sold.

Condo amenities are getting more creative. Early this week, we discover what's going on with some of Related Group's latest projects and some unique happenings at the Porsche tower. Further north, Franklin Street continues building out its Orlando office as it works to grab market share in a hotbed Central Florida region.

BY THE NUMBERS

Collier County is dominating new retail construction deliveries with over 1.5 million square feet delivered during the first half of the year where Lee County has delivered just over 305,000 square feet this year. Combined the two counties have nearly 700,000 square feet still under construction anticipated to be delivered by year-end. Tamiami Crossing in Naples totaling 122,383 square feet delivered in the first quarter and is fully leased with discount stores. Much of the other retail space soon to be completed has been preleased. With construction going strong, lease rates are increasing as the available inventory is absorbed. North Naples submarket reported an 11% increase in asking rental rates since the fourth quarter of 2015 at $21.74 per square foot NNN. S. Ft. Myers submarket overall asking rents increased over $1 per square foot to $15.92 per square foot NNN.

NEWS & NOTABLES

ORLANDO—Franklin Street hired Jordan Wean as director of Commercial Investment Sales. Wean will focus on the acquisition, disposition and exchange of commercial retail and office properties for investors of all types throughout Central Florida. He will also assist in building a commercial investment sales team in Franklin Street's Orlando office. Wean will work closely with Franklin Street's Yvonne Baker, regional-managing partner of the Orlando office, as well as Terrence Hart and Joshua Busby who are experts in retail leasing. Prior to joining Franklin Street, Wean served as an Investment Associate for Marcus & Millichap helping investors with acquisitions, dispositions and the exchange of investment-grade retail and office properties throughout Central Florida. Previously, he worked for The Bywater Company, a local brokerage firm where he gained valuable market knowledge and experience in sales and leasing for a broad range of clients and property types.

MIAMI—Condo amenities are getting more exotic. Air Esscentials has installed its state-of-the-art cold air scent diffusion equipment throughout the Porsche Tower's common areas, where residents and visitors are treated to a signature scent. The signature scent opens up with top-notes of bergamot and cooling eucalyptus, filled by notes of night-blooming jasmine, lily of the valley, rose, gardenia and star anise, and finishes with warm, balsamic, sandalwood, oakmoss and white musk base-notes. “We've seen that ultra-luxury residential developments like the Porsche Tower are at the forefront of trends in lifestyle amenities,” says Spence Levy, president of Air Esscentials. “It's only a matter of time before other residential communities recognize the immense benefits that ambient scent offers their residents in enjoyment, relaxation and a distinct feeling of entering a home oasis.”

DEAL TRACKER

MIAMI—HFF closed the sale of and secured financing for InTown Apartments, a newly-developed, two-building, mixed-use residential and retail property in Miami's Little Havana submarket. HFF represented the seller, Astor Companies, in an off-market transaction. Greystar purchased the asset free and clear of existing debt. HFF also assisted the new owner by securing a fixed-rate acquisition loan with Florida Community Bank, which also provided the original construction financing for the development of the property. InTown Apartments comprises two 15-story towers with a total of 320 residential units and 19,000 square feet of ground-floor retail. HFF managing director Jaret Turkell and director Maurice Habif represented the seller. HFF managing director Elliot Throne and senior managing director Andy Scott led the debt placement team. “Little Havana represents one of the most exciting urban landscapes in the City of Miami,” says Turkell. “The area is characterized by a deep history with strong cultural ties to the local community. We are excited to see this project and the surrounding neighborhood thrive.”

FORT LAUDERDALE, FL—CBRE vice president Larry Genet and CBRE senior vice president Tom O'Loughlin negotiated the sale of three Broward County properties: 2221 Blount Road LLC paid $875,000 for an 8,332-square-foot standalone industrial building located at 2221 Blount Road in Pompano Beach, Florida from Seller Val Dawson; Kadampa Mediation Center Florida purchased a two-story 4,502-square-foot free-standing office building in Lauderdale By The Sea, Florida. The 1972-built asset traded for $980,000; A 3,889-square-foot warehouse building in Downtown Fort Lauderdale, Florida is under contract for $650,000 after just one week on the market. “The interest level and ultimate sale of these three unique buildings continues to demonstrate the desire for free-standing assets in Broward County,” says Genet. “The assets are well-positioned to take advantage of the growing demand for boutique space in the South Florida market.”

MIAMI—HKS Capital Partners, a New York based capital advisory firm, arranged a $45 million refinance loan from Bank Hapoalim B.M. for the Ben Josef Group in the purchase the famous Sagamore Hotel, located in the heart of the South Beach's historic Art Deco District. The Ben Josef Group is the predominant money investor in the acquisition of the hotel, along with a partner on the deal, the Insite Group, a South Florida based development firm. The borrowers paid $63 million cash for the hotel in March 2016. John Harrington, one of the founding partners of HKS, secured the five year $45 million loan from one of Israel's largest banks, with 30-month interest only during the renovation period. The $45 million is for a refinance: $35 million for a partial recapture of equity with $10 million to be used for renovation.

POMPANO BEACH, FL—Marcus & Millichap brokered the sale of Eastwind Apartments, a 16-unit multifamily property located in Pompano Beach. The multifamily asset sold for $1.7 million. Evan P. Kristol, senior vice president investments and Brandon J. Rex, vice president investments, in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. “Eastwind Apartments is a well-located property situated in a highly sought after submarket of East Pompano Beach with close proximity to Atlantic Boulevard's employment, shopping, beaches, and entertainment” says Rex.

BUILDING BLOCKS

HOLLYWOOD, FL—Construction progresses on Related Group's premier waterfront projects, Hyde Beach House and Hyde Resort & Residences, is moving ahead rapidly. In collaboration with sbe, the developer is releasing new imagery of Debora Aguiar's interiors at Hyde Beach and photography of the almost-completed pool deck at Hyde Resort. These projects may be in two different construction phases— with Hyde Beach having just broken ground and Hyde Resort having celebrated its top off in March. “The biggest challenge I've faced while designing this project is balancing the sophisticated design scheme with an energetic atmosphere.” says Aguiar about Hyde Beach, “One way I've done so is by introducing a new color to my palette. I'll be integrating a lively orange tone throughout the space, and that is unusual for me.” At the sold-out Hyde Resort & Residences, where prices range from $750,000 to $2 million and should come online in early 2017. Hyde Beach House is slated for completion in late 2018, with unit prices starting at $590,000 and going up to $1.3 million. Hyde Resort & Residences is 70% sold.