MIAMI—Douglas Elliman Development Marketing has been selected as the exclusive brokerage for Shoma Group's first residential development on Miami Beach, Eleven on Lenox. Steps from Lincoln Road, Eleven on Lenox will encompass 11 residences ranging from 4,403 to 4,669 square feet. Starting at just under $3 million, Eleven on Lenox was designed by urbanists Zyscovich Architects with interiors envisioned by world-renowned, 'AD 100' interior designer Charles Allem.

DEAL TRACKER

PORT SAINT LUCIE, FL—In a deal that highlights the growing demand for net lease office facilities, Stan Johnson Company completed the $10.5 million sale of a 122,451-square-foot free-standing single tenant office and call center located at 10400 South US Highway 1 in Port Saint Lucie, Florida to Fields Realty. The facility is leased to Teleperformance USA. “This transaction represents an increasing demand from call center operations for redeveloped buildings with high parking ratios. Our client saw an opportunity to fill an underserved need for this type of space in the market. The property comes with a lease to a well-regarded call center company that is expanding their operation in the market.” says Britton Burdette, a director in Stan Johnson Company's Atlanta office. Burdette represented the developer, Jim McCarthy, in the disposition of the property.

ORLANDO—Cushman & Wakefield negotiated the sale of a 16,253-square-foot freestanding office building at 222 West Maitland Boulevard. Managing director Damien Madsen and senior associate Tommy Pinel represented seller Penta Partners, LLC, a group comprising the founding partners of Helman Hurley Charvat Peacock Architects (HHCP), in the sale of the asset. HHCP's founding partners recently sold their interest in the firm but retained ownership of 222 West Maitland Boulevard. SESCO Lighting acquired the building for $3.425 million ($211 per square foot). “This was a unique, contemporary offering located in one of Orlando's hottest office markets,” says Madsen. “A tightening class A rental market and favorable debt conditions heightened investor and user interest.”

MIAMI—Cushman & Wakefield negotiated a 27,653-square-foot relocation lease for Atlantis University at Highland Park Center. The Cushman & Wakefield Tenant Advisory Team of Executive director Tony Jones and director Ryan Levy represented Atlantis University in its relocation to Key International's Highland Park Center at 1011 Sunnybrook Road. Maribel Garcia and Inigo Ardid represented Key International in the transaction. “This was a great fit for a growing institution like Atlantis University,” says Levy. “Highland Park Center represented an opportunity to reposition the school at the epicenter of Miami's medical and research community in a modern, LEED-certified building mirroring the university's commitment to social responsibility on a global scale.”

JACKSONVILLE, FL—Keith Goldfaden, Daniel Burkhardt and Jeff Conn of NAI Hallmark Partners represented the seller, Penman Plaza Associates, LLLP, in the sale of Penman Plaza. The Property, located on Atlantic Boulevard in Neptune Beach, is 100% occupied by tenants Winn Dixie, Aaron's and Tire Kingdom. A private investment group acquired the 60,269-square-foot shopping center for $6.6 million. “The Penman Plaza offering was extremely competitive and achieved a very aggressive cap rate in part due to its irreplaceable location in the high barrier to entry Beaches submarket and strong credit tenant profile,” says Goldfaden, Principal of NAI Hallmark Partners.

BUILDING BLOCKS

ORLANDO—McLaren Engineering Group completed structural engineering and design services on two new 584,300-square-foot luxury multifamily buildings in Orlando, working with development firm ZOM and Looney Ricks Kiss architects. The Baldwin Harbor Luxury Apartments opened its first building last month, and the second will be complete by year's end. “It's been over eight years since ZOM built a luxury apartment complex in this area of Florida and we believe residents will be thrilled to live in such a high-end property,” says Greg West, chief development officer of ZOM. “We developed the project on two waterfront parcels in a prime location adjacent to the mixed-use Village at Baldwin Park. The property is doing quite well in terms of leasing which leads us to believe there is a market for this type of complex in east Florida.”

For all the talk of a residential correction, new projects are still rising rapidly. What remains to be seen is if they can lease up before a slowdown. Meanwhile, there's no slowdown in the net lease market, Stan Johnson reports, and Doral is defying any talk of slowdown trends.

BY THE NUMBERS

The City of Doral has seen rapid growth in residents and a renaissance of new development activity. The population has soared by nearly 30% since 2010 to 59,000 and current construction projects—including offices, shops, restaurants, supermarkets, schools, and parks—total as much as $2,000,000,000. The Best Buy-leased property is within short walking distance from the Miami International Mall and many popular retail destinations along Northwest 107th Avenue. (Source: FirstBank Florida)

NEWS & NOTABLES

MIAMI—Douglas Elliman Development Marketing has been selected as the exclusive brokerage for Shoma Group's first residential development on Miami Beach, Eleven on Lenox. Steps from Lincoln Road, Eleven on Lenox will encompass 11 residences ranging from 4,403 to 4,669 square feet. Starting at just under $3 million, Eleven on Lenox was designed by urbanists Zyscovich Architects with interiors envisioned by world-renowned, 'AD 100' interior designer Charles Allem.

DEAL TRACKER

PORT SAINT LUCIE, FL—In a deal that highlights the growing demand for net lease office facilities, Stan Johnson Company completed the $10.5 million sale of a 122,451-square-foot free-standing single tenant office and call center located at 10400 South US Highway 1 in Port Saint Lucie, Florida to Fields Realty. The facility is leased to Teleperformance USA. “This transaction represents an increasing demand from call center operations for redeveloped buildings with high parking ratios. Our client saw an opportunity to fill an underserved need for this type of space in the market. The property comes with a lease to a well-regarded call center company that is expanding their operation in the market.” says Britton Burdette, a director in Stan Johnson Company's Atlanta office. Burdette represented the developer, Jim McCarthy, in the disposition of the property.

ORLANDO—Cushman & Wakefield negotiated the sale of a 16,253-square-foot freestanding office building at 222 West Maitland Boulevard. Managing director Damien Madsen and senior associate Tommy Pinel represented seller Penta Partners, LLC, a group comprising the founding partners of Helman Hurley Charvat Peacock Architects (HHCP), in the sale of the asset. HHCP's founding partners recently sold their interest in the firm but retained ownership of 222 West Maitland Boulevard. SESCO Lighting acquired the building for $3.425 million ($211 per square foot). “This was a unique, contemporary offering located in one of Orlando's hottest office markets,” says Madsen. “A tightening class A rental market and favorable debt conditions heightened investor and user interest.”

MIAMI—Cushman & Wakefield negotiated a 27,653-square-foot relocation lease for Atlantis University at Highland Park Center. The Cushman & Wakefield Tenant Advisory Team of Executive director Tony Jones and director Ryan Levy represented Atlantis University in its relocation to Key International's Highland Park Center at 1011 Sunnybrook Road. Maribel Garcia and Inigo Ardid represented Key International in the transaction. “This was a great fit for a growing institution like Atlantis University,” says Levy. “Highland Park Center represented an opportunity to reposition the school at the epicenter of Miami's medical and research community in a modern, LEED-certified building mirroring the university's commitment to social responsibility on a global scale.”

JACKSONVILLE, FL—Keith Goldfaden, Daniel Burkhardt and Jeff Conn of NAI Hallmark Partners represented the seller, Penman Plaza Associates, LLLP, in the sale of Penman Plaza. The Property, located on Atlantic Boulevard in Neptune Beach, is 100% occupied by tenants Winn Dixie, Aaron's and Tire Kingdom. A private investment group acquired the 60,269-square-foot shopping center for $6.6 million. “The Penman Plaza offering was extremely competitive and achieved a very aggressive cap rate in part due to its irreplaceable location in the high barrier to entry Beaches submarket and strong credit tenant profile,” says Goldfaden, Principal of NAI Hallmark Partners.

BUILDING BLOCKS

ORLANDO—McLaren Engineering Group completed structural engineering and design services on two new 584,300-square-foot luxury multifamily buildings in Orlando, working with development firm ZOM and Looney Ricks Kiss architects. The Baldwin Harbor Luxury Apartments opened its first building last month, and the second will be complete by year's end. “It's been over eight years since ZOM built a luxury apartment complex in this area of Florida and we believe residents will be thrilled to live in such a high-end property,” says Greg West, chief development officer of ZOM. “We developed the project on two waterfront parcels in a prime location adjacent to the mixed-use Village at Baldwin Park. The property is doing quite well in terms of leasing which leads us to believe there is a market for this type of complex in east Florida.”