MIAMI—CBRE Group was retained to lease retail space at Vizcayne Retail, one component of Vizcayne, a luxury mixed-use development in Downtown Miami with 849 condominiums with 2,000 residents. Located at 200 Biscayne Boulevard, Vizcayne's two residential towers form part of the “Biscayne Wall,” a series of skyscrapers that overlook Biscayne Bay. CBRE's Paco Diaz and Danny Diaz are representing the owner, Stoltz, who purchased the retail asset in May of 2015. Vizcayne Retail consists of 55,293 square feet of retail space and a 126-space parking garage underneath the two, 49-story condominium towers. Tenants include CVS, The Learning Experience, Zona Fresca, Orange Theory Fitness, Smoothie King, Café Papillon, and BNT Nails. Currently, 11,000 square feet is available.

DEAL TRACKER

ORANGE CITY, FL—Crossman & Company added Orange City Racing & Card Club to its portfolio. The Daytona Beach Kennel Club & Poker Room held a ceremonial groundbreaking this summer on its second location, which is scheduled to open by early next year. Leasing associate Tyler Wilkins is representing the owner, Orange City Marketplace of Orlando. Crossman will be leasing 29,329 square feet of Orange City Marketplace's 172,079 total square footage to the Orange City Racing & Card Club. Dollar General, Rent-A-Center, Sherwin Williams, Save-A-Lot, Planet Fitness and Metro PCS are among the major tenants. “Within a 25-mile radius of this property, we reach 1.1 million people,” says Fred Guzman, president and general manager of Daytona Beach Kennel Club & Poker Room. “We do see that we'll have a further reach into Orlando.” Roger Rebman of Rebman Properties represented the tenant, Volusia Racing of Daytona Beach.

GAINESVILLE, FL—Crossman & Company negotiated the sale of University Towne Center, an 18,496-square foot shopping center at 3345 SW 34th Street in Gainesville. Managing director Brian Carolan and senior managing director Bruce Lyons represented the seller, a special servicer located in South Florida, in the $2.8 million transaction. University Towne Center is 65% leased and sits on 1.7 acres. “University Towne Center is located on the southeast corner of SW34th Street and Archer Road, a hub of retail activity in the city,” says Carolan. “Close to Shands, the sprawling university campus and thousands of residential units, the center sits in the busiest retail corridor in Gainesville with proximity to Butler Plaza's additional major retail, dining and entertainment tenants. The buyer, Pacific West Land of Bainbridge Island, Wash., employs a low-leverage approach, taking a patient and structured approach toward maximizing value.

SAINT PETERSBURG, FL—Cushman & Wakefield has been named exclusive leasing agent for a three-building portfolio spanning 327,608 square feet of office, industrial and flex space in Pinellas County. Director Julia Silva Rettig, senior vice president Josh Tarkow, senior vice president Barry Hanerfeld, director Wendy Giffin and associate Jessica Bradley are handling the assignment on the buildings, located at 11101 Roosevelt Boulevard North, 9799 International Court North and 11401 16th Court North. According to Cushman & Wakefield research, the Pinellas County office and industrial markets continue to exhibit solid fundamentals driven by significant job growth, healthy leasing activity and an influx of Millennials into the Saint Petersburg CBD. “These assets are positioned perfectly to serve the growing employment base of Pinellas and Hillsborough counties,” says Rettig. “We expect tremendous user interest as the local economy continues to strengthen and office and industrial markets tighten further.”

WEST PALM BEACH, FL—McCraney Property Company completed the sale of Belvedere Business Park, a small bay 109,360-square-foot business park located at 8020 – 8140 Belvedere Road in West Palm Beach, for $12 million to KVA Belvedere. This transaction comes on the heels of the company completing the sale of its 294,200 square foot portfolio within Orlando Central Park, part of its nearly one million square foot legacy portfolio of shallow bay industrial product throughout the state. “This transaction was ideal for both parties as the buyer was able to acquire a 98 percent occupied asset with in-place income at a purchase price below replacement cost while we were able to secure our sought after ROI,” says Steven McCraney, president and CEO of McCraney Property Company. Mike Davis, executive director of Cushman & Wakefield of Florida, represented McCraney in the transaction.

BUILDING BLOCKS

MIAMI—Apollo Bank secured a $10 million loan on behalf of Daytona Hotel Two, a partnership between Prime Hospitality Group, Shaner Hotel Group and International Speedway Corporation, for the construction of Fairfield Inn & Suites at the new One Daytona mixed-use project. One Daytona is a premier mixed use development will feature a 300,000-square-foot retail, dining and entertainment district totaling a projected investment of approximately $120 to $150 million, along with the Fairfield Inn & Suites as a central component, and residential community. Evita Francuz, senior vice president and commercial lending officer at Apollo Bank, led the loan securing process on behalf of the client, and with the legal support of attorney Maria Currais of Weiss Serota Helfman Cole & Bierman. Eddy Arriola, chairman of Apollo Bank, says: “The development will have a positive economic impact for the Daytona Beach community over the long term, while enhancing the amenities and accommodations available to Daytona International Speedway visitors for years to come.” The Fairfield Inn & Suites will feature 105 modern guest rooms with a lobby bar, 24/7 market, pool and fitness center, business center, flexible work spaces, free high-speed internet and complimentary breakfast. The hotel is expected to open its doors in the summer of 2017.

midMcCraney Property Company is making moves again this week in Florida's industrial real estate market. But retail and mixed-use activity was also strong in the days just before Thanksgiving. Indeed, as the year winds down the deal flow is rising.

BY THE NUMBERS

During the third quarter of 2016, total industrial inventory in West Palm Beach stood at 14,566,758 square feet of space. The market has only a 3.3% vacancy rate and an availability of 5.4%. Demand in increasing statewide for industrial product, including shallow bay, which serves the largest subset of all industrial tenants nationwide: end-users in the 10,000 to 50,000 square foot range. (Source: McCraney Property Company)

NEWS & NOTABLES

MIAMI—CBRE Group was retained to lease retail space at Vizcayne Retail, one component of Vizcayne, a luxury mixed-use development in Downtown Miami with 849 condominiums with 2,000 residents. Located at 200 Biscayne Boulevard, Vizcayne's two residential towers form part of the “Biscayne Wall,” a series of skyscrapers that overlook Biscayne Bay. CBRE's Paco Diaz and Danny Diaz are representing the owner, Stoltz, who purchased the retail asset in May of 2015. Vizcayne Retail consists of 55,293 square feet of retail space and a 126-space parking garage underneath the two, 49-story condominium towers. Tenants include CVS, The Learning Experience, Zona Fresca, Orange Theory Fitness, Smoothie King, Café Papillon, and BNT Nails. Currently, 11,000 square feet is available.

DEAL TRACKER

ORANGE CITY, FL—Crossman & Company added Orange City Racing & Card Club to its portfolio. The Daytona Beach Kennel Club & Poker Room held a ceremonial groundbreaking this summer on its second location, which is scheduled to open by early next year. Leasing associate Tyler Wilkins is representing the owner, Orange City Marketplace of Orlando. Crossman will be leasing 29,329 square feet of Orange City Marketplace's 172,079 total square footage to the Orange City Racing & Card Club. Dollar General, Rent-A-Center, Sherwin Williams, Save-A-Lot, Planet Fitness and Metro PCS are among the major tenants. “Within a 25-mile radius of this property, we reach 1.1 million people,” says Fred Guzman, president and general manager of Daytona Beach Kennel Club & Poker Room. “We do see that we'll have a further reach into Orlando.” Roger Rebman of Rebman Properties represented the tenant, Volusia Racing of Daytona Beach.

GAINESVILLE, FL—Crossman & Company negotiated the sale of University Towne Center, an 18,496-square foot shopping center at 3345 SW 34th Street in Gainesville. Managing director Brian Carolan and senior managing director Bruce Lyons represented the seller, a special servicer located in South Florida, in the $2.8 million transaction. University Towne Center is 65% leased and sits on 1.7 acres. “University Towne Center is located on the southeast corner of SW34th Street and Archer Road, a hub of retail activity in the city,” says Carolan. “Close to Shands, the sprawling university campus and thousands of residential units, the center sits in the busiest retail corridor in Gainesville with proximity to Butler Plaza's additional major retail, dining and entertainment tenants. The buyer, Pacific West Land of Bainbridge Island, Wash., employs a low-leverage approach, taking a patient and structured approach toward maximizing value.

SAINT PETERSBURG, FL—Cushman & Wakefield has been named exclusive leasing agent for a three-building portfolio spanning 327,608 square feet of office, industrial and flex space in Pinellas County. Director Julia Silva Rettig, senior vice president Josh Tarkow, senior vice president Barry Hanerfeld, director Wendy Giffin and associate Jessica Bradley are handling the assignment on the buildings, located at 11101 Roosevelt Boulevard North, 9799 International Court North and 11401 16th Court North. According to Cushman & Wakefield research, the Pinellas County office and industrial markets continue to exhibit solid fundamentals driven by significant job growth, healthy leasing activity and an influx of Millennials into the Saint Petersburg CBD. “These assets are positioned perfectly to serve the growing employment base of Pinellas and Hillsborough counties,” says Rettig. “We expect tremendous user interest as the local economy continues to strengthen and office and industrial markets tighten further.”

WEST PALM BEACH, FL—McCraney Property Company completed the sale of Belvedere Business Park, a small bay 109,360-square-foot business park located at 8020 – 8140 Belvedere Road in West Palm Beach, for $12 million to KVA Belvedere. This transaction comes on the heels of the company completing the sale of its 294,200 square foot portfolio within Orlando Central Park, part of its nearly one million square foot legacy portfolio of shallow bay industrial product throughout the state. “This transaction was ideal for both parties as the buyer was able to acquire a 98 percent occupied asset with in-place income at a purchase price below replacement cost while we were able to secure our sought after ROI,” says Steven McCraney, president and CEO of McCraney Property Company. Mike Davis, executive director of Cushman & Wakefield of Florida, represented McCraney in the transaction.

BUILDING BLOCKS

MIAMI—Apollo Bank secured a $10 million loan on behalf of Daytona Hotel Two, a partnership between Prime Hospitality Group, Shaner Hotel Group and International Speedway Corporation, for the construction of Fairfield Inn & Suites at the new One Daytona mixed-use project. One Daytona is a premier mixed use development will feature a 300,000-square-foot retail, dining and entertainment district totaling a projected investment of approximately $120 to $150 million, along with the Fairfield Inn & Suites as a central component, and residential community. Evita Francuz, senior vice president and commercial lending officer at Apollo Bank, led the loan securing process on behalf of the client, and with the legal support of attorney Maria Currais of Weiss Serota Helfman Cole & Bierman. Eddy Arriola, chairman of Apollo Bank, says: “The development will have a positive economic impact for the Daytona Beach community over the long term, while enhancing the amenities and accommodations available to Daytona International Speedway visitors for years to come.” The Fairfield Inn & Suites will feature 105 modern guest rooms with a lobby bar, 24/7 market, pool and fitness center, business center, flexible work spaces, free high-speed internet and complimentary breakfast. The hotel is expected to open its doors in the summer of 2017.