BOCA RATON, FL—Rauch, Robertson & Co., a CRE company, added S. Chérie Todd to its South Florida team. Prior to joining CRE, Chérie served as realty specialist for the Transportation Security Administration, US Department of Homeland Security, where she managed a challenging California and Utah office and industrial airport lease portfolio and served as a primary real estate advisor to TSA airport leadership, Government Services Administration, airport and port authorities. Prior to representing TSA in lease acquisitions and property management, she worked in a financial position overseeing contracts and agreements with transit and port authorities and local law enforcement agencies in support of TSA trained canine team activities.

DEAL TRACKER

FORT LAUDERDALE, FL—Cushman & Wakefield negotiated the sale of a class A, 81,922-square-foot high-tech warehouse and manufacturing facility located at 2900 Southwest 42nd Street in Port 95 Commerce Park. Managing director Dominic Montazemi, senior associate Greg Miller, executive director Scott O'Donnell represented The Hanseatic Land Trust in the disposition. New York-based CJ Partners Hollywood acquired the asset for $13.7 million ($167 per square foot). CushWake's Capital Markets team co-marketed the property with CBRE vice president Larry Genet. Alan Levy of Levy Realty Advisors represented the buyer. “Offerings that combine the opportunity to acquire a Class A industrial building in one of the nation's preeminent locations with predictable and increasing cash flows secured by a tenant of the highest caliber are exceedingly rare,” says Montazemi. “Port 95 Commerce Park features an unparalleled level of convenience given its proximity to Fort Lauderdale-Hollywood International Airport and a plethora of local amenities.”

TAMPA, FL—Michael Strahan closed on a 50-acre site located on 11601 Erie Road, Parrish, FL on for $2.3 million. The parcel is situated in northern Manatee County just off US 301 and only minutes from Interstate 75 and Interstate 275. It was a nursery that featured 15-plus acres of greenhouses, two coolers, two office buildings, and a warehouse. School Board of Manatee County, FL purchased the land. It will be home to a new Manatee County High School. Michael represented the Seller ARIS Horticulture in the transaction.

ORLANDO—Cushman & Wakefield negotiated the sale of Northpoint III, a 108,499-square-foot class A office building in Lake Mary, FL. The Capital Markets team of executive managing director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented New York City-based investor Gramercy Property Trust in the disposition. Charlotte, NC-based Duke Energy, the building's sole tenant, acquired the asset for $20 million ($184 per square foot). “This transaction resulted in exceptional pricing for our client, Gramercy Property Trust, and was an attractive purchase for Duke Energy as they were able to acquire their headquarters building at below replacement cost to ensure better control of their real estate liabilities going forward,” says Lerner. “Duke, and its predecessor, Progress Energy, have occupied Northpoint III since it was constructed 15 years ago and this acquisition simply reaffirms the company's commitment to Central Florida.”

TALLAHASSEE, FL—Marcus & Millichap brokered the sale of The Pines Apartment Homes, a 96-unit apartment community located in Tallahassee, FL. The asset sold for $5.65 million. Michael Donaldson and Nicholas Meoli, both vice president investments in M&M's Tampa office, and Megan D. Johnson, associate in the firm's Jacksonville office, represented the seller. Matthew Luchs, associate, and Joshua Luchs, vice president investments, both in Marcus & Millichap's Encino office, secured the buyer. The Pines Apartment Homes is located at 3801 Mission Trace Boulevard in northwest Tallahassee. Built in 1989, the 96-unit property consists of 13 buildings on approximately 4.9 acres.

BUILDING BLOCKS

SUNNY ISLES, FL—The Porsche Design Tower Miami has become a reality, having received its temporary certificate of occupancy (TCO) and paid off its $214 million construction loan. Gil Dezer, president of New York/South Florida-based Dezer Development, the project's developer, offered the news. At the time the largest construction loan in the nation in the post-recessionary era, the $214 million loan helped instill confidence in what was then a battered luxury residential real estate market. With an estimated sellout of about $840 million, 126 of the tower's 132 units have been sold. Of the six remaining units, two are four-level, 19,403 square foot penthouses listed at $32.5 million.

2017 kicks off with more musical chairs even as land sales and office acquisitions continue in Florida markets. One notable developer has received a certificate of occupancy for a major condo project as construction slows in this cycle.

BY THE NUMBERS

The lack of new speculative construction in Jacksonville, coupled with the escalating price of commercially zoned land and improving tenant confidence, should continue to support a declining vacancy rate as well as incremental gains in rental rates, particularly for class A space, throughout early 2017. (Source: Avison Young)

NEWS & NOTABLES

BOCA RATON, FL—Rauch, Robertson & Co., a CRE company, added S. Chérie Todd to its South Florida team. Prior to joining CRE, Chérie served as realty specialist for the Transportation Security Administration, US Department of Homeland Security, where she managed a challenging California and Utah office and industrial airport lease portfolio and served as a primary real estate advisor to TSA airport leadership, Government Services Administration, airport and port authorities. Prior to representing TSA in lease acquisitions and property management, she worked in a financial position overseeing contracts and agreements with transit and port authorities and local law enforcement agencies in support of TSA trained canine team activities.

DEAL TRACKER

FORT LAUDERDALE, FL—Cushman & Wakefield negotiated the sale of a class A, 81,922-square-foot high-tech warehouse and manufacturing facility located at 2900 Southwest 42nd Street in Port 95 Commerce Park. Managing director Dominic Montazemi, senior associate Greg Miller, executive director Scott O'Donnell represented The Hanseatic Land Trust in the disposition. New York-based CJ Partners Hollywood acquired the asset for $13.7 million ($167 per square foot). CushWake's Capital Markets team co-marketed the property with CBRE vice president Larry Genet. Alan Levy of Levy Realty Advisors represented the buyer. “Offerings that combine the opportunity to acquire a Class A industrial building in one of the nation's preeminent locations with predictable and increasing cash flows secured by a tenant of the highest caliber are exceedingly rare,” says Montazemi. “Port 95 Commerce Park features an unparalleled level of convenience given its proximity to Fort Lauderdale-Hollywood International Airport and a plethora of local amenities.”

TAMPA, FL—Michael Strahan closed on a 50-acre site located on 11601 Erie Road, Parrish, FL on for $2.3 million. The parcel is situated in northern Manatee County just off US 301 and only minutes from Interstate 75 and Interstate 275. It was a nursery that featured 15-plus acres of greenhouses, two coolers, two office buildings, and a warehouse. School Board of Manatee County, FL purchased the land. It will be home to a new Manatee County High School. Michael represented the Seller ARIS Horticulture in the transaction.

ORLANDO—Cushman & Wakefield negotiated the sale of Northpoint III, a 108,499-square-foot class A office building in Lake Mary, FL. The Capital Markets team of executive managing director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented New York City-based investor Gramercy Property Trust in the disposition. Charlotte, NC-based Duke Energy, the building's sole tenant, acquired the asset for $20 million ($184 per square foot). “This transaction resulted in exceptional pricing for our client, Gramercy Property Trust, and was an attractive purchase for Duke Energy as they were able to acquire their headquarters building at below replacement cost to ensure better control of their real estate liabilities going forward,” says Lerner. “Duke, and its predecessor, Progress Energy, have occupied Northpoint III since it was constructed 15 years ago and this acquisition simply reaffirms the company's commitment to Central Florida.”

TALLAHASSEE, FL—Marcus & Millichap brokered the sale of The Pines Apartment Homes, a 96-unit apartment community located in Tallahassee, FL. The asset sold for $5.65 million. Michael Donaldson and Nicholas Meoli, both vice president investments in M&M's Tampa office, and Megan D. Johnson, associate in the firm's Jacksonville office, represented the seller. Matthew Luchs, associate, and Joshua Luchs, vice president investments, both in Marcus & Millichap's Encino office, secured the buyer. The Pines Apartment Homes is located at 3801 Mission Trace Boulevard in northwest Tallahassee. Built in 1989, the 96-unit property consists of 13 buildings on approximately 4.9 acres.

BUILDING BLOCKS

SUNNY ISLES, FL—The Porsche Design Tower Miami has become a reality, having received its temporary certificate of occupancy (TCO) and paid off its $214 million construction loan. Gil Dezer, president of New York/South Florida-based Dezer Development, the project's developer, offered the news. At the time the largest construction loan in the nation in the post-recessionary era, the $214 million loan helped instill confidence in what was then a battered luxury residential real estate market. With an estimated sellout of about $840 million, 126 of the tower's 132 units have been sold. Of the six remaining units, two are four-level, 19,403 square foot penthouses listed at $32.5 million.