NEWS & NOTABLES

MIAMI—The Miami Downtown Development Authority (Miami DDA) will launch Biscayne Green, a public space “intervention” that temporarily reclaims the parking medians and reimagines Biscayne Boulevard as a public park and pedestrian promenade. The month-long installation will transform two parking medians and Bayfront Metromover station along Biscayne Boulevard—from Southeast 2nd Street to Northeast 1st Street—into active public space programmed with free events and entertainment from Jan. 6 through Jan. 26, 2017. According to Miami DDA, Biscayne Green will demonstrate how smart planning can help activate our streets and create a city center worthy of world-class status.

GAINSVILLE, FL—Gainesville-based Celebration Pointe Holdings, the sponsor and owner of the Celebration Pointe mixed-use project in Gainesville, has partnered with New York-based investment firm Arcis Capital Partners to secure a $70 million revolving facility for the development of the project. Celebration Pointe is a 1 million-square-foot-plus mixed-use development Bass Pro Shops, Regal Cinemas, Hotel Indigo and locally-owned, national software company Info Tech anchors.

DEAL TRACKER

MIAMI—Cushman & Wakefield negotiated Miami's largest downtown office lease of 2016, a $32 million relocation and expansion lease at Wells Fargo Center with Wells Fargo Bank and Wells Fargo Advisors. The office leasing team of vice chair Brian Gale, managing director Andrew Trench, managing director Ryan Holtzman and director Jeannette Mendoza represented building owner Metropolitan Life Insurance Company in securing the long-term 54,160-square-foot lease expansion. The move increases its existing footprint in the building from 96,656 square feet to 150,816 square feet. JLL's David Preve represented Wells Fargo.

RIVIERA BEACH, FL—Cushman & Wakefield negotiated the sale of a 52,922-square-foot metal panel industrial warehouse at 1500 Avenue R in Palm Beach County. Executive director Scott O'Donnell, senior associate Greg Miller and managing director Dominic Montazemi represented Boston-based Realty Associates Fund VIII in the disposition. Palm Beach-based SL Avenue R acquired the asset for $3.2 million ($60 per square foot). Cushman & Wakefield's Capital Markets Team co-marketed the property with CBRE executive vice president Robert Smith. The industrial asset is 100% occupied. Tenants include Saxon Archives, International Impact Building Products and Chassis Engineering. “This asset offered investors substantial upside due to the below-market in-place rents,” says O'Donnell. “The tight Riviera Beach submarket, strategic infill location and improving market fundamentals will ultimately drive operating income growth when the existing leases expire.”

MIAMI—RKF arranged a 1,776-square-foot lease for DJI, the market leader in easy-to-fly drones and aerial photography systems, to open its first premier store in the United States in partnership with Drone Nerds, its largest authorized dealer in the country. When it opens in spring 2017, the Miami location will be China-based DJI's second store in North America, following the recently opened DJI Customer Experience Store in Manhattan. RKF executive vice president Drew Schaul and associate Aaron Labovitz represented DJI in the transaction. The landlord, 2301 Wynwood, was represented by Metro 1 Properties and Whitehall Realty Group.

CLEARMONT, FL—Grandbridge Real Estate Capital closed a $5 million first mortgage refinance loan secured by Oakley Square Shopping Center, a 30,218-square-foot retail center in Clermont. Miami-based senior vice president Philip Carroll originated the transaction. “A forward rate lock was executed six months prior to closing,” Carroll says. “The 20-year, self-

amortizing, fixed rate nonrecourse loan was funded through one of Grandbridge's insurance company relationships. The transaction closed with a 4.00% interest rate.”

NAPLES, FL—Hunt Mortgage Group provided a $9.3 million Fannie Mae loan facility to enable the acquisition of a multifamily property in Naples. Jade at Olde Naples is a garden-style multifamily property with nine, two-story apartment buildings and one leasing office with 104 units. The multifamily buildings were developed in 1958 and 1972 and offer a total of 56,662 square feet of rentable space. “The borrowers are seasoned multifamily investors with a solid track record of success throughout the state of Florida, and they are also repeat Hunt Mortgage Group clients with several current portfolio loans,” says Josh Messier, director at Hunt. “Jade at Olde Naples is in excellent condition due to the recent renovation, is 99% occupied, and is well located in Naples, a strong market for quality multifamily rental properties.”

DAVIE, FL—Marcus & Millichap brokered the sale of Canard Apartments, a 58-unit multifamily property located in Davie. The asset sold for $5 million. The multifamily community consists of eight buildings on a total of 1.73 acres of land. “An out of area partnership owned the asset for a very long time. They were hesitant in exclusively listing due to the amount of unsolicited interest they were receiving. We brought a buyer to the table that we had closed within the past and who was a large owner of similar properties throughout Broward County,” says Evan P. Kristol, senior vice president Investments at M&M. “The asset had deferred maintenance but the rents were far below market and with a unit mix that is predominantly two-bedroom units, the buyer will be able to significantly increase rents after renovating the property.”

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of Highlands Apartments, an eight-unit multifamily property located in North Miami Beach, FL. The asset sold for $990,000.

Harrison Rein, associate, Felipe J. Echarte, vice president Investments, and Evan P. Kristol, senior vice president Investments, all in Marcus & Millichap's Fort Lauderdale office, represented the seller, a limited liability company and the buyer, a private investor. Highlands Apartments is located at 13880 Northeast 20th Place in North Miami Beach, FL.

BUILDING BLOCKS

MIAMI—Hilton and Baptist Health South Florida broke ground on Hilton Miami/Dadeland, a full service, 184-room hotel, on the Baptist Hospital campus. Scheduled to open in late 2018, the hotel will feature 150 guest rooms, 34 rooms tailored to guests staying for longer periods, the largest meeting space in the area, a wellness center, farm-to-table restaurant and more. Hilton Miami/Dadeland will complement the exceptional patient experience offered at Miami Cancer Institute, a new $430 million clinical and research center, which will house South Florida's first proton therapy center, and the Miami Cardiac & Vascular Institute, a leader in cardiovascular care. The 150,000-square-foot hotel will be located to the immediate west of the main entrance of Baptist Hospital and conveniently near Dadeland Mall and regional transportation hubs. The hotel will be operated by Interstate Hotels and Resorts.

The first week of the year was a busy one on Florida's commercial real estate scene. Downtown Miami came out with some innovative news as it strives to reach 24-7 city status and some significant capital markets deals closed in Central Florida. Meanwhile, new projects are still breaking ground even as multifamily assets keep trading at a steady pace.

BY THE NUMBERS

Tenants have leased 6.6 million square feet of office space in the last four quarters, slightly above long-term average of 6.3 million square feet; and 1.7 million square feet in the third quarter, up 10% from the second quarter. Much of this activity has involved renewals or relocating firms shedding space, with suburban office parks in Broward County and new product underway in Miami attracting most tenants for the quarter. (Source: Studley South Florida Market Report)

Following an increase in the two prior quarters, South Florida overall and class A office space availability rates both decreased in the third quarter. Overall asking rents increased by 2.7% while class A rents remained close to second quarter levels. (Source: Studley South Florida Market Report)

NEWS & NOTABLES

MIAMI—The Miami Downtown Development Authority (Miami DDA) will launch Biscayne Green, a public space “intervention” that temporarily reclaims the parking medians and reimagines Biscayne Boulevard as a public park and pedestrian promenade. The month-long installation will transform two parking medians and Bayfront Metromover station along Biscayne Boulevard—from Southeast 2nd Street to Northeast 1st Street—into active public space programmed with free events and entertainment from Jan. 6 through Jan. 26, 2017. According to Miami DDA, Biscayne Green will demonstrate how smart planning can help activate our streets and create a city center worthy of world-class status.

GAINSVILLE, FL—Gainesville-based Celebration Pointe Holdings, the sponsor and owner of the Celebration Pointe mixed-use project in Gainesville, has partnered with New York-based investment firm Arcis Capital Partners to secure a $70 million revolving facility for the development of the project. Celebration Pointe is a 1 million-square-foot-plus mixed-use development Bass Pro Shops, Regal Cinemas, Hotel Indigo and locally-owned, national software company Info Tech anchors.

DEAL TRACKER

MIAMI—Cushman & Wakefield negotiated Miami's largest downtown office lease of 2016, a $32 million relocation and expansion lease at Wells Fargo Center with Wells Fargo Bank and Wells Fargo Advisors. The office leasing team of vice chair Brian Gale, managing director Andrew Trench, managing director Ryan Holtzman and director Jeannette Mendoza represented building owner Metropolitan Life Insurance Company in securing the long-term 54,160-square-foot lease expansion. The move increases its existing footprint in the building from 96,656 square feet to 150,816 square feet. JLL's David Preve represented Wells Fargo.

RIVIERA BEACH, FL—Cushman & Wakefield negotiated the sale of a 52,922-square-foot metal panel industrial warehouse at 1500 Avenue R in Palm Beach County. Executive director Scott O'Donnell, senior associate Greg Miller and managing director Dominic Montazemi represented Boston-based Realty Associates Fund VIII in the disposition. Palm Beach-based SL Avenue R acquired the asset for $3.2 million ($60 per square foot). Cushman & Wakefield's Capital Markets Team co-marketed the property with CBRE executive vice president Robert Smith. The industrial asset is 100% occupied. Tenants include Saxon Archives, International Impact Building Products and Chassis Engineering. “This asset offered investors substantial upside due to the below-market in-place rents,” says O'Donnell. “The tight Riviera Beach submarket, strategic infill location and improving market fundamentals will ultimately drive operating income growth when the existing leases expire.”

MIAMI—RKF arranged a 1,776-square-foot lease for DJI, the market leader in easy-to-fly drones and aerial photography systems, to open its first premier store in the United States in partnership with Drone Nerds, its largest authorized dealer in the country. When it opens in spring 2017, the Miami location will be China-based DJI's second store in North America, following the recently opened DJI Customer Experience Store in Manhattan. RKF executive vice president Drew Schaul and associate Aaron Labovitz represented DJI in the transaction. The landlord, 2301 Wynwood, was represented by Metro 1 Properties and Whitehall Realty Group.

CLEARMONT, FL—Grandbridge Real Estate Capital closed a $5 million first mortgage refinance loan secured by Oakley Square Shopping Center, a 30,218-square-foot retail center in Clermont. Miami-based senior vice president Philip Carroll originated the transaction. “A forward rate lock was executed six months prior to closing,” Carroll says. “The 20-year, self-

amortizing, fixed rate nonrecourse loan was funded through one of Grandbridge's insurance company relationships. The transaction closed with a 4.00% interest rate.”

NAPLES, FL—Hunt Mortgage Group provided a $9.3 million Fannie Mae loan facility to enable the acquisition of a multifamily property in Naples. Jade at Olde Naples is a garden-style multifamily property with nine, two-story apartment buildings and one leasing office with 104 units. The multifamily buildings were developed in 1958 and 1972 and offer a total of 56,662 square feet of rentable space. “The borrowers are seasoned multifamily investors with a solid track record of success throughout the state of Florida, and they are also repeat Hunt Mortgage Group clients with several current portfolio loans,” says Josh Messier, director at Hunt. “Jade at Olde Naples is in excellent condition due to the recent renovation, is 99% occupied, and is well located in Naples, a strong market for quality multifamily rental properties.”

DAVIE, FL—Marcus & Millichap brokered the sale of Canard Apartments, a 58-unit multifamily property located in Davie. The asset sold for $5 million. The multifamily community consists of eight buildings on a total of 1.73 acres of land. “An out of area partnership owned the asset for a very long time. They were hesitant in exclusively listing due to the amount of unsolicited interest they were receiving. We brought a buyer to the table that we had closed within the past and who was a large owner of similar properties throughout Broward County,” says Evan P. Kristol, senior vice president Investments at M&M. “The asset had deferred maintenance but the rents were far below market and with a unit mix that is predominantly two-bedroom units, the buyer will be able to significantly increase rents after renovating the property.”

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of Highlands Apartments, an eight-unit multifamily property located in North Miami Beach, FL. The asset sold for $990,000.

Harrison Rein, associate, Felipe J. Echarte, vice president Investments, and Evan P. Kristol, senior vice president Investments, all in Marcus & Millichap's Fort Lauderdale office, represented the seller, a limited liability company and the buyer, a private investor. Highlands Apartments is located at 13880 Northeast 20th Place in North Miami Beach, FL.

BUILDING BLOCKS

MIAMI—Hilton and Baptist Health South Florida broke ground on Hilton Miami/Dadeland, a full service, 184-room hotel, on the Baptist Hospital campus. Scheduled to open in late 2018, the hotel will feature 150 guest rooms, 34 rooms tailored to guests staying for longer periods, the largest meeting space in the area, a wellness center, farm-to-table restaurant and more. Hilton Miami/Dadeland will complement the exceptional patient experience offered at Miami Cancer Institute, a new $430 million clinical and research center, which will house South Florida's first proton therapy center, and the Miami Cardiac & Vascular Institute, a leader in cardiovascular care. The 150,000-square-foot hotel will be located to the immediate west of the main entrance of Baptist Hospital and conveniently near Dadeland Mall and regional transportation hubs. The hotel will be operated by Interstate Hotels and Resorts.