FORT LAUDERDALE, FL—Zachary Talbot joined Cresa South Florida. Talbot provides office and industrial real estate services for organizations throughout Dade, Broward, and Palm Beach Counties. He assists clients through market analysis, site selection, and negotiation on their behalf. Prior to Cresa, Talbot was a broker at Cushman & Wakefield in Fort Lauderdale and Boca Raton, where he focused on tenant representation. Talbot, a lifelong resident of Fort Lauderdale, has a Bachelor of Science in Finance from the University of Central Florida in Orlando, FL, where he minored in Real Estate. This summer, Cresa South Florida named Caroline Fleischer, former director of Cushman & Wakefield's South Florida tenant advisory group, managing principal of the office, which includes managing principal Alexander Brown and principal Jeffrey Hartsook. According to Fleischer, the firm is aggressively recruiting talent and hopes to add up to 12 professionals to the South Florida office this year.

DEAL TRACKER

DELRAY BEACH, FL—Avison Young's Keith O'Donnell, Principal, closed the $3.2 million sale of a 2.99-acre land parcel located at 3185 South Congress Avenue in Delray Beach. O'Donnell represented seller, 3185 Congress Avenue. As part of his active involvement with the Delray Beach Mayor's Task Force to redevelop the Congress Avenue Corridor, O'Donnell secured Kaufman Lynn Construction (DITD Holdings, LLC) to purchase the parcel. The buyer will use the Delray Beach land parcel to develop a mixed-use complex which will include a class A office building from which to run its 135-employee national headquarters, currently operating in Boca Raton, Fla., as well as a free standing 132,000-square-foot self-storage facility.

PLANT CITY, FL—McCraney Property Company and Northwestern Mutual are partnering to develop County Line Logistics Center at Fancy Farms, 1.3 million square feet of spec class A industrial space on 70-acres at the intersection of County Line Road and Rice Road in Plant City. In the immediate vicinity of Amazon, Publix Super Markets, O'Reilly Auto Parts, and Southern Wine & Spirits' distribution facilities, County Line Logistics Center will be one of the few sites that can support a single 1 million square foot user. The park's design will target high-quality end-users requiring freight forwarding and fulfillment needs while also seeking a business location that evokes a sense of place. “Our interest is to always to deliver to the market a product that meets market demand, and in the majority of cases, we have done that through speculative development,” says Steven McCraney, president and CEO of McCraney Property Company. “Plant City is a relatively untapped market along the I-4 corridor in which national credit tenants are actively seeking out space to enter or expand to secure distribution space to increase speed of the 'last mile' delivery to an ever growing e-commerce driven consumer.”

PALM BEACH GARDENS, FL—Melissa Marcolini Quinn, senior vice president and managing director of NorthMarq Capital's Orlando-based regional office finalized the $75.24 million refinance of The Quaye at Palm Beach Gardens, a new 340-unit, class “A” multifamily property located in Palm Beach Gardens. The project is a green project that was designed and built to the NAHB Gold Standard. It won the prestigious South Florida Business Journal's 'Best Green Project of the Year' in addition to winning 'Best Amenities' in the 2016 Southeast Florida Circle of Winners contest. The multifamily property was built by the borrower's development arm, The Housing Group, and NorthMarq was able to arrange this refinance during lease-up through Fannie Mae's Pre-Stabilization program.

TAMPA, FL—Marcus & Millichap brokered the sale of a 21-unit multifamily portfolio located in Tampa and St. Petersburg. The asset sold for $690,000. “The seller felt now was the time to realize profits on a portfolio assembled in the aftermath of the Great Recession,” says Ned Roberts, associate in M&M's Tampa office. Roberts, along with Michael Donaldson and Nicholas Meoli, both vice president investments in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller. They also procured and represented the buyer.

BUILDING BLOCKS

HOLIDAY, FL—Housing Trust Group, a multifamily housing developer in Florida, closed on financing necessary to begin construction of an additional 110 units at Park at Wellington, a $37.9 million, 220-unit affordable housing community currently under construction in Holiday. HTG broke ground on phase one of the project in July of this year. The new community, which is scheduled to be delivered in November of 2017, will offer reduced rents ranging from $367 to $827 per month to those with qualifying incomes, as well as on-site services such as after-school programming, literacy training and employment assistance. “Affordable housing for working and low-income families is scarce,” said Matthew Rieger, President and CEO of HTG. “Park at Wellington provides a safe, clean and attractive place for hard-working families to live, while also providing the necessary support and services that will help residents and their children thrive in the future.”

Cresa continues to rebuild in South Florida after the big JLL merger earlier this year. Meanwhile, McCraney Property Company is still driving hard on the industrial front.

BY THE NUMBERS

Third year of robust inventory growth nudges vacancy higher. Developers remain active in Tampa Bay and will maintain multifamily completions this year near the highest levels of this cycle. Construction is most prevalent in walkable neighborhoods that offer a variety of amenities, especially near the cores of Tampa and Saint Petersburg. These areas tend to be preferred by the growing population of young professionals who are attracted to the metro by job opportunities, a favorable climate, a relatively low cost of living and the creative vibe of city living. (Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—Zachary Talbot joined Cresa South Florida. Talbot provides office and industrial real estate services for organizations throughout Dade, Broward, and Palm Beach Counties. He assists clients through market analysis, site selection, and negotiation on their behalf. Prior to Cresa, Talbot was a broker at Cushman & Wakefield in Fort Lauderdale and Boca Raton, where he focused on tenant representation. Talbot, a lifelong resident of Fort Lauderdale, has a Bachelor of Science in Finance from the University of Central Florida in Orlando, FL, where he minored in Real Estate. This summer, Cresa South Florida named Caroline Fleischer, former director of Cushman & Wakefield's South Florida tenant advisory group, managing principal of the office, which includes managing principal Alexander Brown and principal Jeffrey Hartsook. According to Fleischer, the firm is aggressively recruiting talent and hopes to add up to 12 professionals to the South Florida office this year.

DEAL TRACKER

DELRAY BEACH, FL—Avison Young's Keith O'Donnell, Principal, closed the $3.2 million sale of a 2.99-acre land parcel located at 3185 South Congress Avenue in Delray Beach. O'Donnell represented seller, 3185 Congress Avenue. As part of his active involvement with the Delray Beach Mayor's Task Force to redevelop the Congress Avenue Corridor, O'Donnell secured Kaufman Lynn Construction (DITD Holdings, LLC) to purchase the parcel. The buyer will use the Delray Beach land parcel to develop a mixed-use complex which will include a class A office building from which to run its 135-employee national headquarters, currently operating in Boca Raton, Fla., as well as a free standing 132,000-square-foot self-storage facility.

PLANT CITY, FL—McCraney Property Company and Northwestern Mutual are partnering to develop County Line Logistics Center at Fancy Farms, 1.3 million square feet of spec class A industrial space on 70-acres at the intersection of County Line Road and Rice Road in Plant City. In the immediate vicinity of Amazon, Publix Super Markets, O'Reilly Auto Parts, and Southern Wine & Spirits' distribution facilities, County Line Logistics Center will be one of the few sites that can support a single 1 million square foot user. The park's design will target high-quality end-users requiring freight forwarding and fulfillment needs while also seeking a business location that evokes a sense of place. “Our interest is to always to deliver to the market a product that meets market demand, and in the majority of cases, we have done that through speculative development,” says Steven McCraney, president and CEO of McCraney Property Company. “Plant City is a relatively untapped market along the I-4 corridor in which national credit tenants are actively seeking out space to enter or expand to secure distribution space to increase speed of the 'last mile' delivery to an ever growing e-commerce driven consumer.”

PALM BEACH GARDENS, FL—Melissa Marcolini Quinn, senior vice president and managing director of NorthMarq Capital's Orlando-based regional office finalized the $75.24 million refinance of The Quaye at Palm Beach Gardens, a new 340-unit, class “A” multifamily property located in Palm Beach Gardens. The project is a green project that was designed and built to the NAHB Gold Standard. It won the prestigious South Florida Business Journal's 'Best Green Project of the Year' in addition to winning 'Best Amenities' in the 2016 Southeast Florida Circle of Winners contest. The multifamily property was built by the borrower's development arm, The Housing Group, and NorthMarq was able to arrange this refinance during lease-up through Fannie Mae's Pre-Stabilization program.

TAMPA, FL—Marcus & Millichap brokered the sale of a 21-unit multifamily portfolio located in Tampa and St. Petersburg. The asset sold for $690,000. “The seller felt now was the time to realize profits on a portfolio assembled in the aftermath of the Great Recession,” says Ned Roberts, associate in M&M's Tampa office. Roberts, along with Michael Donaldson and Nicholas Meoli, both vice president investments in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller. They also procured and represented the buyer.

BUILDING BLOCKS

HOLIDAY, FL—Housing Trust Group, a multifamily housing developer in Florida, closed on financing necessary to begin construction of an additional 110 units at Park at Wellington, a $37.9 million, 220-unit affordable housing community currently under construction in Holiday. HTG broke ground on phase one of the project in July of this year. The new community, which is scheduled to be delivered in November of 2017, will offer reduced rents ranging from $367 to $827 per month to those with qualifying incomes, as well as on-site services such as after-school programming, literacy training and employment assistance. “Affordable housing for working and low-income families is scarce,” said Matthew Rieger, President and CEO of HTG. “Park at Wellington provides a safe, clean and attractive place for hard-working families to live, while also providing the necessary support and services that will help residents and their children thrive in the future.”