FORT LAUDERDALE, FL—CBRE Group announced Paul J. Ahmed has joined CBRE Capital Markets' Debt & Structured Finance team as senior vice president. Based in the firm's Fort Lauderdale office, Ahmed will originate and source real estate financing and debt for all commercial property types throughout South Florida. Ahmed is an accomplished professional with an extensive knowledge of the commercial real estate lending market. Throughout the course of his career, he has placed in excess of $5 billion in commercial real estate loans. He will report to Jeffrey Majewski, executive managing director, CBRE Capital Markets, who has responsibility for the firm's debt and structured finance platform in the US. Prior to joining CBRE, Ahmed was a senior vice president at Walker & Dunlop where he was responsible for originating commercial loans for third parties. During his tenure, Mr. Ahmed was consistently ranked a top producer in the company. Previously, he was vice president at Grandbridge Real Estate Capital.

DEAL TRACKER

JACKSONVILLE, FL—Marcus & Millichap brokered the sale of a 9,098-square foot net-leased Olive Garden property located in Jacksonville. The $2.4 million sales price equates to $263 per square foot. “This deal attracted a lot of intention from investors seeking minimal risk and safety. The intrinsic value of the land and building is very strong due to the low rent of $12 per square foot being paid by the tenant” says Gariel Britti, a vice president in M&M's Miami office. Britti and Ronnie Issenberg, also a vice president investments, along with Michael Biama, a senior associate in the firm's Washington DC office, had the exclusive listing to market the property on behalf of the seller, a private investor.

MIAMI—Marcus & Millichap brokered the sale of a 2,964-square foot net-leased TD Bank property in Miami. TD Bank signed a 20-year absolute NNN ground lease on the site and plans to start construction as soon as possible. “The demand for brick and mortar bank branches in high income, primary markets, like Miami are very favorable and in high demand” says Britti. The property is located at 14395 S. Dixie Highway in Miami, Florida. TD Bank is one the 10 largest banks in the United States.

WEST PALM BEACH, FL—Cushman & Wakefield negotiated a long-term, 9,169-square-foot relocation lease with Andersen Tax at the Florida Crystals Building in Downtown West Palm Beach. CushWake's Palm Beach County Office team led by managing director Mark L. Pateman represented building owners Florida Crystals Corporation and Colonnade Properties in the transaction. Director Kevin D. Landers represented Andersen Tax. “The City of West Palm Beach is aggressively promoting the Flagler Financial District, and this high-quality office user will be able to house up to 45 employees who will participate in the daytime economy in the heart of our vibrant downtown,” says Pateman. “Companies recognize that it is much easier to recruit and retain talent when they can provide a modern workspace in an energized environment with immediate access to restaurant, retail, and recreational amenities right outside their suite.”

JACKSONVILLE, FL—VanTrust Real Estate awarded Avison Young the exclusive leasing assignment for its 675,000 square feet of speculative and build to suit class A office space to be developed within Nocatee, a master planned community on 13,323 acres. Avison Young's Ross Carrier and Mark Montgomery, both senior vice presidents, will spearhead the leasing and marketing of this new development. Initially they will focus on the development's first building, a 120,000-square-foot, four-story office building currently under design, as well as build to suit opportunities. They will also pursue build to suit opportunities for the office park.

TAMPA, FL—HFF closed the $74 million sale and secured $48.555 million in financing for Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. HFF marketed the property on behalf of Bayshore Retirement Living. Allegro Senior Living and an undisclosed joint venture partner purchased the asset free and clear of existing debt. HFF also worked on behalf of the new owners to secure a seven-year, fixed-rate acquisition loan through Protective Life Insurance Company. The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender and director Dave Fasano of HFF's Dallas office. Associate director Zach Nolan of HFF's Tampa office helped on a local level. Associate director Sarah Anderson led the team's debt placement efforts for the buyer-borrower.

DORAL, FL—Transwestern's South Florida industrial team today facilitated a long-term, 93,000-square-foot lease with Colour Republic at Westpointe Business Park, a 285,000-square-foot, class A business park at 8901 Northwest 33rd Street in Doral, Florida. Transwestern's senior vice president Thomas Kresse, senior managing directors Ben Eisenberg and Walter Byrd, and senior associate Carlos Gaviria represented New York-based investment manager Clarion Partners in the transaction. Clarion is acting on behalf of a commingled fund managed by the firm.

ORLANDO—Cushman & Wakefield negotiated the sale of Landmark at Lake Ellenor, a 296-unit multifamily community in Orlando's South Central submarket. Senior director Jay Ballard and senior director Ken Delvillar of CushWake's Orlando Capital Markets Multifamily Advisory Group, along with vice chair Mike Kemether of the firm's Atlanta Capital Markets Multifamily Advisory Group, represented Toronto-based seller Timbercreek Asset Management in the disposition. Tampa-based investor Robbins Electra acquired the asset for $26.2 million, or $88,513 per unit. Landmark at Lake Ellenor is a 247,024-square-foot community developed in 1973 on a 25.5-acre site. “Landmark at Lake Ellenor was an outstanding investment opportunity in one of Orlando's most promising submarkets,” says Ballard. “We've seen double-digit rent growth in the South Central submarket in recent years, and this asset should continue to benefit from its location immediately adjacent some of Central Florida's largest employers.”

MIAMI—Amid an upswing of development and activity in Downtown South Miami, the site of the former Fox's Lounge has sold to an investment group for $7.5 million. Colliers International South Florida broker Marcos Puente represented seller Rene Dahdah in the sale of the assemblage, comprised of two separate parcels at 6022-6030 South Dixie Highway and 7435 SW 61st Avenue and Tony Arellano of Metro 1 Commercial represented the buyer's entity, S. Miami Retail BH. George Befeler, partner at Homer Bonner Jacobs, P.A, represented the seller and Denise L. Ben-David, partner at Waserstein Nunez & Foodman, represented the buyer in the transaction. “The South Dixie Highway corridor is a strong retail market because of the high traffic counts and the growing affluent demographics,” says Puente. “Properties along the corridor rarely go up for sale. When I listed this property, I received multiple offers and those who didn't get it, have me scouting the area and reaching out to my relationships to help them identify other opportunities. From private to institutional investors, they can't have enough of this corridor because of the rent growth potential and its location near mass transit – which is the future of Miami.”

BUILDING BLOCKS

FORT LAUDERDALE, FL—Miller Construction Company is creating new facilities for Holman Automotive's Lauderdale MINI at 2125 South Federal Highway. At completion, scheduled for spring 2017, Lauderdale MINI will move to the 55,507-square-foot dealership from its current, smaller location a few blocks north on Federal Highway. Project challenges include removing selected walls and a portion of second-floor, post-tensioned slab to bring open space and volume into the showroom, according to Miller senior vice president Brian Sudduth.

MIAMI—As we approach the end of the year, the numbers in Florida are still strong across the board. The game of musical chairs has started a little early this year. And the deal flow is strong, especially in South Florida.

BY THE NUMBERS

MIAMI—The seven major markets in Florida play an integral role in global trade networks with each market having a unique place in moving goods into and out of the state, according to the Cushman & Wakefield's new 2016 Florida Logistics Report. Trade in some Florida markets in 2016 approached, and in some cases exceeded, the volume recorded during the height of the last economic cycle in 2007-2008. As transportation dynamics change to larger ships with the widening of the Panama Canal, Florida increased investment to create greater efficiencies in moving goods between different modes of transportation (ports, truck, rail and air). Demand for warehouse/distribution facilities has the potential to add up to 19.0 million square feet of space by 2030 as the population grows to over 27.0 million. “Florida is at the crossroads of international trade lanes and has the potential to play an important part with both imports and exports. It can capture additional market share from other markets with its superior logistics infrastructure that moves goods more efficiently and cheaper from points-of-entry to end-markets,” says Chris Owen, Florida Research Manager and the lead behind the 2016 Florida Logistics Report. ”As a dynamic and growing state, the report provides a clear picture of current capabilities and the challenges for future growth.”

NEWS & NOTABLES

FORT LAUDERDALE, FL—CBRE Group announced Paul J. Ahmed has joined CBRE Capital Markets' Debt & Structured Finance team as senior vice president. Based in the firm's Fort Lauderdale office, Ahmed will originate and source real estate financing and debt for all commercial property types throughout South Florida. Ahmed is an accomplished professional with an extensive knowledge of the commercial real estate lending market. Throughout the course of his career, he has placed in excess of $5 billion in commercial real estate loans. He will report to Jeffrey Majewski, executive managing director, CBRE Capital Markets, who has responsibility for the firm's debt and structured finance platform in the US. Prior to joining CBRE, Ahmed was a senior vice president at Walker & Dunlop where he was responsible for originating commercial loans for third parties. During his tenure, Mr. Ahmed was consistently ranked a top producer in the company. Previously, he was vice president at Grandbridge Real Estate Capital.

DEAL TRACKER

JACKSONVILLE, FL—Marcus & Millichap brokered the sale of a 9,098-square foot net-leased Olive Garden property located in Jacksonville. The $2.4 million sales price equates to $263 per square foot. “This deal attracted a lot of intention from investors seeking minimal risk and safety. The intrinsic value of the land and building is very strong due to the low rent of $12 per square foot being paid by the tenant” says Gariel Britti, a vice president in M&M's Miami office. Britti and Ronnie Issenberg, also a vice president investments, along with Michael Biama, a senior associate in the firm's Washington DC office, had the exclusive listing to market the property on behalf of the seller, a private investor.

MIAMI—Marcus & Millichap brokered the sale of a 2,964-square foot net-leased TD Bank property in Miami. TD Bank signed a 20-year absolute NNN ground lease on the site and plans to start construction as soon as possible. “The demand for brick and mortar bank branches in high income, primary markets, like Miami are very favorable and in high demand” says Britti. The property is located at 14395 S. Dixie Highway in Miami, Florida. TD Bank is one the 10 largest banks in the United States.

WEST PALM BEACH, FL—Cushman & Wakefield negotiated a long-term, 9,169-square-foot relocation lease with Andersen Tax at the Florida Crystals Building in Downtown West Palm Beach. CushWake's Palm Beach County Office team led by managing director Mark L. Pateman represented building owners Florida Crystals Corporation and Colonnade Properties in the transaction. Director Kevin D. Landers represented Andersen Tax. “The City of West Palm Beach is aggressively promoting the Flagler Financial District, and this high-quality office user will be able to house up to 45 employees who will participate in the daytime economy in the heart of our vibrant downtown,” says Pateman. “Companies recognize that it is much easier to recruit and retain talent when they can provide a modern workspace in an energized environment with immediate access to restaurant, retail, and recreational amenities right outside their suite.”

JACKSONVILLE, FL—VanTrust Real Estate awarded Avison Young the exclusive leasing assignment for its 675,000 square feet of speculative and build to suit class A office space to be developed within Nocatee, a master planned community on 13,323 acres. Avison Young's Ross Carrier and Mark Montgomery, both senior vice presidents, will spearhead the leasing and marketing of this new development. Initially they will focus on the development's first building, a 120,000-square-foot, four-story office building currently under design, as well as build to suit opportunities. They will also pursue build to suit opportunities for the office park.

TAMPA, FL—HFF closed the $74 million sale and secured $48.555 million in financing for Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. HFF marketed the property on behalf of Bayshore Retirement Living. Allegro Senior Living and an undisclosed joint venture partner purchased the asset free and clear of existing debt. HFF also worked on behalf of the new owners to secure a seven-year, fixed-rate acquisition loan through Protective Life Insurance Company. The HFF seniors housing team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender and director Dave Fasano of HFF's Dallas office. Associate director Zach Nolan of HFF's Tampa office helped on a local level. Associate director Sarah Anderson led the team's debt placement efforts for the buyer-borrower.

DORAL, FL—Transwestern's South Florida industrial team today facilitated a long-term, 93,000-square-foot lease with Colour Republic at Westpointe Business Park, a 285,000-square-foot, class A business park at 8901 Northwest 33rd Street in Doral, Florida. Transwestern's senior vice president Thomas Kresse, senior managing directors Ben Eisenberg and Walter Byrd, and senior associate Carlos Gaviria represented New York-based investment manager Clarion Partners in the transaction. Clarion is acting on behalf of a commingled fund managed by the firm.

ORLANDO—Cushman & Wakefield negotiated the sale of Landmark at Lake Ellenor, a 296-unit multifamily community in Orlando's South Central submarket. Senior director Jay Ballard and senior director Ken Delvillar of CushWake's Orlando Capital Markets Multifamily Advisory Group, along with vice chair Mike Kemether of the firm's Atlanta Capital Markets Multifamily Advisory Group, represented Toronto-based seller Timbercreek Asset Management in the disposition. Tampa-based investor Robbins Electra acquired the asset for $26.2 million, or $88,513 per unit. Landmark at Lake Ellenor is a 247,024-square-foot community developed in 1973 on a 25.5-acre site. “Landmark at Lake Ellenor was an outstanding investment opportunity in one of Orlando's most promising submarkets,” says Ballard. “We've seen double-digit rent growth in the South Central submarket in recent years, and this asset should continue to benefit from its location immediately adjacent some of Central Florida's largest employers.”

MIAMI—Amid an upswing of development and activity in Downtown South Miami, the site of the former Fox's Lounge has sold to an investment group for $7.5 million. Colliers International South Florida broker Marcos Puente represented seller Rene Dahdah in the sale of the assemblage, comprised of two separate parcels at 6022-6030 South Dixie Highway and 7435 SW 61st Avenue and Tony Arellano of Metro 1 Commercial represented the buyer's entity, S. Miami Retail BH. George Befeler, partner at Homer Bonner Jacobs, P.A, represented the seller and Denise L. Ben-David, partner at Waserstein Nunez & Foodman, represented the buyer in the transaction. “The South Dixie Highway corridor is a strong retail market because of the high traffic counts and the growing affluent demographics,” says Puente. “Properties along the corridor rarely go up for sale. When I listed this property, I received multiple offers and those who didn't get it, have me scouting the area and reaching out to my relationships to help them identify other opportunities. From private to institutional investors, they can't have enough of this corridor because of the rent growth potential and its location near mass transit – which is the future of Miami.”

BUILDING BLOCKS

FORT LAUDERDALE, FL—Miller Construction Company is creating new facilities for Holman Automotive's Lauderdale MINI at 2125 South Federal Highway. At completion, scheduled for spring 2017, Lauderdale MINI will move to the 55,507-square-foot dealership from its current, smaller location a few blocks north on Federal Highway. Project challenges include removing selected walls and a portion of second-floor, post-tensioned slab to bring open space and volume into the showroom, according to Miller senior vice president Brian Sudduth.