NEWS & NOTABLES

MIAMI—Xceligent, commercial real estate's partner for building data and market analytics, has launched its full suite of products into the South Florida market. The company's flagship research product offers access to building data and market analytics for over 1.9 billion square feet of commercial real estate space in Miami-Dade, Palm Beach, and Broward Counties. According to CEO Doug Curry, Xceligent is primed to fulfill a need in the South Florida marketplace, which desires a technological partner capable and willing to adapt its products to the evolving demands of commercial real estate professionals. “For too long the industry has been dependent on a closed architecture, which means that users are limited in terms of accessing the latest innovations,” Curry says. “We're looking to change that paradigm by introducing a next-generation platform that's designed with an open architecture, enabling both users and organizations to seamlessly integrate Xceligent data with their own workflow tools.”

MIAMI BEACH, FL—Menin Hospitality has entered into an agreement to manage Shelborne South Beach, one of Miami Beach's most iconic landmarks. The hotel was originally constructed in 1940 and recently underwent a renovation valued in excess of $150 million. Located at the intersection of 18th Street and Collins Avenue, The Shelborne is also the home of Top Chef alums Jeff McInnis and Janine Booth's most recent restaurant The Sarsaparilla Club. This American Dim Sum outlet features unique flavors and a fresh take on American classics. Another venue on site is The Drawing Room Bar & Lounge, a classic cocktail venue where liquid artists mix drinks that feature fresh, local ingredients, herbs and botanicals.

DEAL TRACKER

MIAMI—HFF arranged a $65 million refinancing for Rybovich, a 69-slip, mega yacht marina and repair facility in West Palm Beach with the largest lift capacity of any marina in South Florida. HFF worked on behalf of the borrower, Rybovich Boat Company, an entity controlled by Huizenga Holdings, to secure the 15-year, fixed-rate loan through Florida Community Bank (FCB), which is the third largest Florida-based independent bank and among the most highly-capitalized banks in the state. Loan proceeds will be used to refinance the property's existing debt.

LAKE MARY, FL—HFF arranged $84 million in financing for Primera Towers I–V, a five-building office park totaling 772,000 square feet in the Orlando-area community of Lake Mary. HFF represented a Parmenter Realty Partners investment fund and an institutional equity partner to secure the $84 million loan through JPMorgan Chase Bank. Loan proceeds were used to acquire the property. The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.

DORAL—FirstBank Florida awarded a $13.5 million commercial real estate loan to Shops at 107th, a long-standing client and owner of the Best Buy-leased, single-tenant retail property located 10760 Northwest 17th Street in Doral. The purpose of the loan is for the refinance and cash out of the property and nearby real estate projects. Led by Mahesh Pattabhiraman, senior vice president and Commercial Banking Head of FirstBank Florida, the transaction closed in less than 60 days. “Due to its sheer size, this loan was not a typical transaction that most community banks have the capacity to facilitate,” explains Pattabhiraman. “At the same time, understanding the challenge that big banks likely would not award a loan to refinance the retail property with Best Buy's lease soon up for renewal in 2019, our client came directly to us due to our larger bank capabilities, community bank flexibility, and unique understanding of the market.”

HIALEAH, FL—Marcus & Millichap senior vice president and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Marcus & Millichap vice president Investments and IPA director Benjamin H. Silver represented the seller, Condor Real Estate Group, in the sale of Palmetto Lakes Industrial Center, a 67,562-square-foot, two-building industrial/flex center located at 16540 Northwest 49th Avenue in Hialeah, Florida, near the “big bend” of the Palmetto Expressway in Miami-Dade County. Felipe Serrano of New Miami Realty Corp represented the buyer, Warehouse 5007. The sale price: $5.3 million. “This was a good transaction for both sides,” says Silver. “The Buyer was able to find a high-performing industrial asset with strong cash flow in one of the best industrial markets of Miami and the Seller was looking to maximize his equity and redeploy the proceeds into a more diversified number of assets.”

CORAL GABLES, FL—Avison Young brokered the $3 million sale of Giralda and Ponce De Leon Corner, a two-story 4,818-square-foot mixed-use building located at 178 Giralda Avenue at the corner of Giralda Avenue and Ponce de Leon Boulevard in the heart of the Central Business District (CBD) of Coral Gables. Michael T. Fay, principal and managing director of Avison Young's Miami operations, and Myles Stepner, associate, represented the seller, securing $623 per square foot for a long-time client of the firm.

MIAMI—Cushman & Wakefield negotiated the sale of Plaza 8, a 53,428-square-foot retail asset in the West Miami submarket. Director Miguel Alcivar, senior director Dominic Montazemi and associate Michael Mandel represented AD4 Group in the disposition. The buyer acquired the asset for $11.45 million, or $214 per square foot). CushWake's Capital Markets Team co-marketed the property with Bill Strauss of WCL Properties. “Plaza 8 represented a unique opportunity for investors to acquire a thriving, infill property strategically located at a highly traveled intersection in Miami, less than two miles east of Florida International University” said Alcivar. “With high barriers to entry in the immediate area, the asset, which is accessible from both Southwest 8th Street and Southwest 97th Avenue, offers upside through lease-up and repositioning, including visibility improvements.”

ORLANDO—Robbins Electra purchased a 296-unit apartment complex in Orlando. The asset, collectively known as Lake Ellenor, was acquired from Timbercreek Fund and will be rebranded as Enclave at Lake Ellenor. The complex is now part of a portfolio of more than 21,000 units managed by Robbins Electra. It is the company's 30th multifamily property acquisition in the past 12 months, totaling over $1 billion in acquisitions. “The Robbins Electra investment in Lake Ellenor is yet another signal of our long-term faith in the Orlando market, and another step in our plan to grow the company in solid markets throughout the south,” says Joe Lubeck, CEO of Robbins Electra. “Enclave at Lake Ellenor will be fully renovated and provide great amenities and living environments for working people in Orlando.”

ORLANDO—Avison Young's Lawson Dann, senior vice president, and Nathan Eissler, senior associate, closed the $900,000 sale of a 5,504 square foot office building situated on 0.47 acres at 756 Lake Baldwin Lane and the adjoining 13,585 square foot vacant land parcel zoned commercial at 4755 Hargrave Street in Orlando. Dann and Eissler represented RBM Holdings, in the disposition to the buyer, Elim Baptist Ministries. The single-story office building built in 1985 and vacant parcel are located just north of downtown Orlando at one of the main access points to Baldwin Park, a master planned community home to 8,000 residents and over 125 businesses. With limited supply as well as new commercial construction in the area, the vacant parcel offers new ownership the option of future development opportunities.

BUILDING BLOCKS

MIAMI—Melody Tower, a 497-unit high-rise residential and retail mixed-use project of the 27th Plaza Corporation in Miami has been certified as a Florida Green High-Rise Residential Building by the Florida Green Building Coalition (FGBC), after it successfully met the sustainability standards established in the FGBC Florida Green High-Rise Residential Building certification program. Located in the Edgewater arts and entertainment district of downtown Miami overlooking Biscayne Bay, Melody Tower is within walking distance to cultural events, culinary experiences, and sporting opportunities, as well as easy access to interstate highways. The project recycled more than 75% of its construction and demolition waste.

MIAMI—Big moves in Florida this week from Xceligent and Menin Hospitality—and some big deals from HFF. All the news points to the continued rise of South Florida, in particular, as the Sunshine State's population continues to boom.

BY THE NUMBERS

As demand and asking rates continue to rise—Downtown Miami retail space vacancy tightened to 5.1% in the third quarter of 2016—small users will become more prevalent in the county. Combined with the boutique or off-market nature of many retail spaces in Downtown Miami, the team has adopted a new approach to attracting quality tenants to the urban core. (Source: Colliers International South Florida).

More than 2,800 units are under construction and in the planning stage in Downtown Fort Lauderdale as of the third quarter of 2016. Developers, artists, tech start-ups and residents are at the center of the urban renewal transforming Fort Lauderdale. Overall, South Florida's metro areas recently became the eighth-most populous region in the US, surpassing 6 million residents, according to the US Census. (Source: Colliers International South Florida).

NEWS & NOTABLES

MIAMI—Xceligent, commercial real estate's partner for building data and market analytics, has launched its full suite of products into the South Florida market. The company's flagship research product offers access to building data and market analytics for over 1.9 billion square feet of commercial real estate space in Miami-Dade, Palm Beach, and Broward Counties. According to CEO Doug Curry, Xceligent is primed to fulfill a need in the South Florida marketplace, which desires a technological partner capable and willing to adapt its products to the evolving demands of commercial real estate professionals. “For too long the industry has been dependent on a closed architecture, which means that users are limited in terms of accessing the latest innovations,” Curry says. “We're looking to change that paradigm by introducing a next-generation platform that's designed with an open architecture, enabling both users and organizations to seamlessly integrate Xceligent data with their own workflow tools.”

MIAMI BEACH, FL—Menin Hospitality has entered into an agreement to manage Shelborne South Beach, one of Miami Beach's most iconic landmarks. The hotel was originally constructed in 1940 and recently underwent a renovation valued in excess of $150 million. Located at the intersection of 18th Street and Collins Avenue, The Shelborne is also the home of Top Chef alums Jeff McInnis and Janine Booth's most recent restaurant The Sarsaparilla Club. This American Dim Sum outlet features unique flavors and a fresh take on American classics. Another venue on site is The Drawing Room Bar & Lounge, a classic cocktail venue where liquid artists mix drinks that feature fresh, local ingredients, herbs and botanicals.

DEAL TRACKER

MIAMI—HFF arranged a $65 million refinancing for Rybovich, a 69-slip, mega yacht marina and repair facility in West Palm Beach with the largest lift capacity of any marina in South Florida. HFF worked on behalf of the borrower, Rybovich Boat Company, an entity controlled by Huizenga Holdings, to secure the 15-year, fixed-rate loan through Florida Community Bank (FCB), which is the third largest Florida-based independent bank and among the most highly-capitalized banks in the state. Loan proceeds will be used to refinance the property's existing debt.

LAKE MARY, FL—HFF arranged $84 million in financing for Primera Towers I–V, a five-building office park totaling 772,000 square feet in the Orlando-area community of Lake Mary. HFF represented a Parmenter Realty Partners investment fund and an institutional equity partner to secure the $84 million loan through JPMorgan Chase Bank. Loan proceeds were used to acquire the property. The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.

DORAL—FirstBank Florida awarded a $13.5 million commercial real estate loan to Shops at 107th, a long-standing client and owner of the Best Buy-leased, single-tenant retail property located 10760 Northwest 17th Street in Doral. The purpose of the loan is for the refinance and cash out of the property and nearby real estate projects. Led by Mahesh Pattabhiraman, senior vice president and Commercial Banking Head of FirstBank Florida, the transaction closed in less than 60 days. “Due to its sheer size, this loan was not a typical transaction that most community banks have the capacity to facilitate,” explains Pattabhiraman. “At the same time, understanding the challenge that big banks likely would not award a loan to refinance the retail property with Best Buy's lease soon up for renewal in 2019, our client came directly to us due to our larger bank capabilities, community bank flexibility, and unique understanding of the market.”

HIALEAH, FL—Marcus & Millichap senior vice president and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Marcus & Millichap vice president Investments and IPA director Benjamin H. Silver represented the seller, Condor Real Estate Group, in the sale of Palmetto Lakes Industrial Center, a 67,562-square-foot, two-building industrial/flex center located at 16540 Northwest 49th Avenue in Hialeah, Florida, near the “big bend” of the Palmetto Expressway in Miami-Dade County. Felipe Serrano of New Miami Realty Corp represented the buyer, Warehouse 5007. The sale price: $5.3 million. “This was a good transaction for both sides,” says Silver. “The Buyer was able to find a high-performing industrial asset with strong cash flow in one of the best industrial markets of Miami and the Seller was looking to maximize his equity and redeploy the proceeds into a more diversified number of assets.”

CORAL GABLES, FL—Avison Young brokered the $3 million sale of Giralda and Ponce De Leon Corner, a two-story 4,818-square-foot mixed-use building located at 178 Giralda Avenue at the corner of Giralda Avenue and Ponce de Leon Boulevard in the heart of the Central Business District (CBD) of Coral Gables. Michael T. Fay, principal and managing director of Avison Young's Miami operations, and Myles Stepner, associate, represented the seller, securing $623 per square foot for a long-time client of the firm.

MIAMI—Cushman & Wakefield negotiated the sale of Plaza 8, a 53,428-square-foot retail asset in the West Miami submarket. Director Miguel Alcivar, senior director Dominic Montazemi and associate Michael Mandel represented AD4 Group in the disposition. The buyer acquired the asset for $11.45 million, or $214 per square foot). CushWake's Capital Markets Team co-marketed the property with Bill Strauss of WCL Properties. “Plaza 8 represented a unique opportunity for investors to acquire a thriving, infill property strategically located at a highly traveled intersection in Miami, less than two miles east of Florida International University” said Alcivar. “With high barriers to entry in the immediate area, the asset, which is accessible from both Southwest 8th Street and Southwest 97th Avenue, offers upside through lease-up and repositioning, including visibility improvements.”

ORLANDO—Robbins Electra purchased a 296-unit apartment complex in Orlando. The asset, collectively known as Lake Ellenor, was acquired from Timbercreek Fund and will be rebranded as Enclave at Lake Ellenor. The complex is now part of a portfolio of more than 21,000 units managed by Robbins Electra. It is the company's 30th multifamily property acquisition in the past 12 months, totaling over $1 billion in acquisitions. “The Robbins Electra investment in Lake Ellenor is yet another signal of our long-term faith in the Orlando market, and another step in our plan to grow the company in solid markets throughout the south,” says Joe Lubeck, CEO of Robbins Electra. “Enclave at Lake Ellenor will be fully renovated and provide great amenities and living environments for working people in Orlando.”

ORLANDO—Avison Young's Lawson Dann, senior vice president, and Nathan Eissler, senior associate, closed the $900,000 sale of a 5,504 square foot office building situated on 0.47 acres at 756 Lake Baldwin Lane and the adjoining 13,585 square foot vacant land parcel zoned commercial at 4755 Hargrave Street in Orlando. Dann and Eissler represented RBM Holdings, in the disposition to the buyer, Elim Baptist Ministries. The single-story office building built in 1985 and vacant parcel are located just north of downtown Orlando at one of the main access points to Baldwin Park, a master planned community home to 8,000 residents and over 125 businesses. With limited supply as well as new commercial construction in the area, the vacant parcel offers new ownership the option of future development opportunities.

BUILDING BLOCKS

MIAMI—Melody Tower, a 497-unit high-rise residential and retail mixed-use project of the 27th Plaza Corporation in Miami has been certified as a Florida Green High-Rise Residential Building by the Florida Green Building Coalition (FGBC), after it successfully met the sustainability standards established in the FGBC Florida Green High-Rise Residential Building certification program. Located in the Edgewater arts and entertainment district of downtown Miami overlooking Biscayne Bay, Melody Tower is within walking distance to cultural events, culinary experiences, and sporting opportunities, as well as easy access to interstate highways. The project recycled more than 75% of its construction and demolition waste.