MIAMI—YouRent, a national, short-term vacation rental provider headquartered in Miami, formed a strategic partnership with Greystar. The alliance encompasses all current and future markets in which YouRent operates and will add an initial 140 units to the company's portfolio. Greystar manages more than 400,000 multifamily units in more than 160 markets internationally. The company has extensive expertise in investment management, development and property management, with more than $14 billion in gross assets. Founded in 2012, YouRent's inventory includes luxury units in class A, multifamily properties.

ORLANDO—HFF appointed Michael Weinberg to senior managing director and co-head of the firm's Orlando office alongside senior managing director Brad Peterson. Weinberg has 12 years of experience in commercial real estate and focuses primarily on debt and equity placement transactions across all major property types. He joined HFF's Miami office in 2010, where he and Peterson focused on cultivating new business in the Orlando and Central Florida markets. The duo were founding members of the firm's Orlando location, which officially opened its doors in October 2012.

DEAL TRACKER

TAMPA, FL—Eshenbaugh Land Company closed 50 transactions totaling $82.715,522 million in 2016. Fourth quarter deals include: Sampson Groves, 4330 Williams Road, Tampa, 71.52 acres closed December 21, for $5 million. This property at Interstate 75 and MLK is planned for a class A industrial park; Aris Production Facility, 11601 Erie Road, Parrish, 50 acres closed for $2.3 million. This parcel sold to Manatee School Board for a future High School; Fishhawk Lithia Springs NE, Lithia, 15.04 acres mixed-use land closed for $1.2 million. This parcel sold for self-storage; Crossroads Town Center, Brandon, Lot 2 and 2B, closed in separate transactions for $2 million and for $1.65 million respectively.

WEST PALM BEACH, FL—NAI/Merin Hunter Codman completed Palm Beach County's largest office lease transaction for the year 2016. In December of 2016 the Health Care District of Palm Beach County signed a seven-and-a-half year, 42,000-square-foot lease at Flagler Waterview located at 1515 N Flagler Drive. Chairman Neil E. Merin represented the tenant. Commercial associate Matt Hedrick represented the landlord, 1515 Flagler Property LP. “Flagler Waterview was a perfect fit for the Heath Care District of Palm Beach County,” says Merin. “The organization was seeking a downtown West Palm Beach location with full medical zoning and a parking garage to accommodate visitors. Flagler Waterview, which neighbors Good Samaritan Medical Center, met those requirements with the added bonuses of complimentary valet parking, an on-site Walgreens Pharmacy and strong institutional ownership. Flagler Waterview offers professional and medical users stunning space at the most affordable rates on Flagler Drive.”

WELLINGTON, FL—HFF brokered the $19.425 million sale of the Shoppes of Wellington Green, a 130,836-square-foot community shopping center with multiple national anchors in the Palm Beach County community of Wellington. HFF marketed the property on behalf of the seller, special servicer LNR Partners LLC. A private investor out of New York purchased the retail center free and clear of financing. The HFF team that represented the seller was led by managing director Luis Castillo, director Eric Williams and senior managing director and co-head of HFF's retail practice Daniel Finkle. John Mitchell, senior vice president of LNR, represented the seller in the transaction. “The opportunity to acquire a high-quality shopping center with a significant value-add opportunity in an affluent South Florida market is rare,” says Castillo. “Investors immediately recognized the intrinsic value in Shoppes of Wellington Green, creating an intense marketing process for the property.”

JACKSONVILLE, FL—Main Street Residential acquired Avesta Sunbeam Apartments in Jacksonville. This 263-unit multifamily investment is a class B asset in a class B-plus location in the Southside neighborhood of Mandarin. “Rebranding and upgrade renovations are underway, making this another exciting investment opportunity while improving the property for tenants and the community,” says managing partner Todd C. Marshall. Main Street Residential is focused on opportunistic acquisitions of high quality, yet under-valued, under-managed, physically distressed multifamily communities in favorable locations in the Southeast US.

MIAMI—NAI Miami's Jeremy Larkin and Joseph Gallaher negotiated a three-year, 2,507-square-foot office lease for Tropical Letter Carriers Holding Corporation, located at 14361 Commerce Way in Miami Lakes, Florida. The Graham Companies is the landlord. This location will be the tenant's interim headquarters bridging the sale of their former headquarters in Wynwood for $43 million in February 2016 and the completion of their new headquarters campus to be built in the greater Miramar area expected in 2018.

WINTER PARK, FL—ARA brokered the $28.65 million sale of Cranes Landing, a 252-unit, garden-style property in one of Orlando's most affluent submarkets. New York-based White Eagle Property Group acquired the asset for $113,690 per unit. Director Scott Ramey, executive managing directors Kevin Judd and Patrick Dufour, and vice chairmen Marc deBaptiste and Dick Donnellan represented an undisclosed seller in the transaction. “In today's market, it is uncommon to find a 1990 asset with original unit interiors,” says Ramey. “Considering the lack of new product in the area, the buyer has an incredible opportunity to reposition Crane's Landing through interior renovations.” Cranes Landing is located in the heart of Winter Park, Florida, near significant demand drivers including Full Sail University, Winter Park Memorial Hospital, Baldwin Park, Central Florida Research Park and the University of Central Florida.

FORT LAUDERDALE, FL—Brenner Real Estate Group has closed several office and retail leases in Broward County. Adam Starr, senior vice president Commercial Brokerage, represented SOS Security in a 2,817-square-foot office lease Cypress Court in Fort Lauderdale, in a relocation from Boca Raton. Michael Eisner, senior vice president Commercial Brokerage, two leases: Heather Watkins, dba One Step UP Dance Studio, leased 1,500 square feet of retail space within Oakbrook Plaza in Lauderhill and Image Beauty Bar leased 750 square feet of space within Oakbrook Plaza in Lauderhill. Eisner represented the landlord, Ptolemaios Property, L.P. Co-broker representing the tenant was Justyna Piatek of ReMax Executive Realty.

BUILDING BLOCKS

ORLANDO—Wendover Housing Partners broke ground on a new affordable, family apartment community in Apopka, Wellington Park. Located at the corner of Thompson Road and East 1^st Street, construction on the 120-unit development will be completed in November 2017. Once completed, Wellington Park amenities will include a swimming pool, fitness center, playground, car care facility and a business center. The community offers one, two and three-bedroom apartment homes with open floor plans designed for everyday comfort and convenience. Each unit features energy efficient appliances, walk-in closets and spacious galley kitchens with eating bars, as well as window coverings and washer/dryer connections.

TAMPA, FL—Skanska USA completed of the reconstruction of Interstate 275 between SR-60 and Hillsborough River, a $225 million project led by the joint venture of Skanska and Ajax on behalf of the Florida Department of Transportation. The design and reconstruction of I-275 consisted of building two four-lane highways north and south bound with five interchanges, while maintaining the existing traffic during the project's four-year span. The project is a major improvement to the traffic patterns in and around Downtown Tampa and was delivered four months ahead of schedule. The 4.4-mile long project encompassed removal of 12 existing bridges, construction of 21 bridge structures, over 30 traffic changes, and the installation of 6,000 feet of drainage concrete piping that carries storm water. The project was designed by engineering and design firm WSP | Parsons Brinckerhoff.

This week in Florida we're seeing a strong deal flow. Companies are forming strategic alliances. Acquisitions are inking and leases are getting signed. Some significant construction projects are wrapping up and new ones are getting underway.

BY THE NUMBERS

Demand outpaces supply, pushing vacancy lower. Corporate expansions and Atlanta's growing film industry have helped fuel employment growth, increasing the number of households. In particular, the cohort of 20- to 34-year-olds, which typically favors rentals, has risen steadily each year as hiring remains healthy. The expanded rental pool has kept the vacancy rate below 5%. To fulfill new rental housing demand, builders have ramped up apartment construction and deliveries are on track to outpace the five-year annual average this year. Additionally, the number of multifamily permits pulled has increased significantly, signaling builders are working to keep pace with rising demand. Specifically, many mid- and high-rise developments are coming online with luxury amenities to appeal to high-income households seeking an urban lifestyle. The substantial increase in construction will not disrupt an additional decline in vacancy this year as net absorption remains strong. The metro's low vacancy rate and robust demand drivers place additional upward pressure on rents, lifting the average effective rent to a record high this year. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—YouRent, a national, short-term vacation rental provider headquartered in Miami, formed a strategic partnership with Greystar. The alliance encompasses all current and future markets in which YouRent operates and will add an initial 140 units to the company's portfolio. Greystar manages more than 400,000 multifamily units in more than 160 markets internationally. The company has extensive expertise in investment management, development and property management, with more than $14 billion in gross assets. Founded in 2012, YouRent's inventory includes luxury units in class A, multifamily properties.

ORLANDO—HFF appointed Michael Weinberg to senior managing director and co-head of the firm's Orlando office alongside senior managing director Brad Peterson. Weinberg has 12 years of experience in commercial real estate and focuses primarily on debt and equity placement transactions across all major property types. He joined HFF's Miami office in 2010, where he and Peterson focused on cultivating new business in the Orlando and Central Florida markets. The duo were founding members of the firm's Orlando location, which officially opened its doors in October 2012.

DEAL TRACKER

TAMPA, FL—Eshenbaugh Land Company closed 50 transactions totaling $82.715,522 million in 2016. Fourth quarter deals include: Sampson Groves, 4330 Williams Road, Tampa, 71.52 acres closed December 21, for $5 million. This property at Interstate 75 and MLK is planned for a class A industrial park; Aris Production Facility, 11601 Erie Road, Parrish, 50 acres closed for $2.3 million. This parcel sold to Manatee School Board for a future High School; Fishhawk Lithia Springs NE, Lithia, 15.04 acres mixed-use land closed for $1.2 million. This parcel sold for self-storage; Crossroads Town Center, Brandon, Lot 2 and 2B, closed in separate transactions for $2 million and for $1.65 million respectively.

WEST PALM BEACH, FL—NAI/Merin Hunter Codman completed Palm Beach County's largest office lease transaction for the year 2016. In December of 2016 the Health Care District of Palm Beach County signed a seven-and-a-half year, 42,000-square-foot lease at Flagler Waterview located at 1515 N Flagler Drive. Chairman Neil E. Merin represented the tenant. Commercial associate Matt Hedrick represented the landlord, 1515 Flagler Property LP. “Flagler Waterview was a perfect fit for the Heath Care District of Palm Beach County,” says Merin. “The organization was seeking a downtown West Palm Beach location with full medical zoning and a parking garage to accommodate visitors. Flagler Waterview, which neighbors Good Samaritan Medical Center, met those requirements with the added bonuses of complimentary valet parking, an on-site Walgreens Pharmacy and strong institutional ownership. Flagler Waterview offers professional and medical users stunning space at the most affordable rates on Flagler Drive.”

WELLINGTON, FL—HFF brokered the $19.425 million sale of the Shoppes of Wellington Green, a 130,836-square-foot community shopping center with multiple national anchors in the Palm Beach County community of Wellington. HFF marketed the property on behalf of the seller, special servicer LNR Partners LLC. A private investor out of New York purchased the retail center free and clear of financing. The HFF team that represented the seller was led by managing director Luis Castillo, director Eric Williams and senior managing director and co-head of HFF's retail practice Daniel Finkle. John Mitchell, senior vice president of LNR, represented the seller in the transaction. “The opportunity to acquire a high-quality shopping center with a significant value-add opportunity in an affluent South Florida market is rare,” says Castillo. “Investors immediately recognized the intrinsic value in Shoppes of Wellington Green, creating an intense marketing process for the property.”

JACKSONVILLE, FL—Main Street Residential acquired Avesta Sunbeam Apartments in Jacksonville. This 263-unit multifamily investment is a class B asset in a class B-plus location in the Southside neighborhood of Mandarin. “Rebranding and upgrade renovations are underway, making this another exciting investment opportunity while improving the property for tenants and the community,” says managing partner Todd C. Marshall. Main Street Residential is focused on opportunistic acquisitions of high quality, yet under-valued, under-managed, physically distressed multifamily communities in favorable locations in the Southeast US.

MIAMI—NAI Miami's Jeremy Larkin and Joseph Gallaher negotiated a three-year, 2,507-square-foot office lease for Tropical Letter Carriers Holding Corporation, located at 14361 Commerce Way in Miami Lakes, Florida. The Graham Companies is the landlord. This location will be the tenant's interim headquarters bridging the sale of their former headquarters in Wynwood for $43 million in February 2016 and the completion of their new headquarters campus to be built in the greater Miramar area expected in 2018.

WINTER PARK, FL—ARA brokered the $28.65 million sale of Cranes Landing, a 252-unit, garden-style property in one of Orlando's most affluent submarkets. New York-based White Eagle Property Group acquired the asset for $113,690 per unit. Director Scott Ramey, executive managing directors Kevin Judd and Patrick Dufour, and vice chairmen Marc deBaptiste and Dick Donnellan represented an undisclosed seller in the transaction. “In today's market, it is uncommon to find a 1990 asset with original unit interiors,” says Ramey. “Considering the lack of new product in the area, the buyer has an incredible opportunity to reposition Crane's Landing through interior renovations.” Cranes Landing is located in the heart of Winter Park, Florida, near significant demand drivers including Full Sail University, Winter Park Memorial Hospital, Baldwin Park, Central Florida Research Park and the University of Central Florida.

FORT LAUDERDALE, FL—Brenner Real Estate Group has closed several office and retail leases in Broward County. Adam Starr, senior vice president Commercial Brokerage, represented SOS Security in a 2,817-square-foot office lease Cypress Court in Fort Lauderdale, in a relocation from Boca Raton. Michael Eisner, senior vice president Commercial Brokerage, two leases: Heather Watkins, dba One Step UP Dance Studio, leased 1,500 square feet of retail space within Oakbrook Plaza in Lauderhill and Image Beauty Bar leased 750 square feet of space within Oakbrook Plaza in Lauderhill. Eisner represented the landlord, Ptolemaios Property, L.P. Co-broker representing the tenant was Justyna Piatek of ReMax Executive Realty.

BUILDING BLOCKS

ORLANDO—Wendover Housing Partners broke ground on a new affordable, family apartment community in Apopka, Wellington Park. Located at the corner of Thompson Road and East 1^st Street, construction on the 120-unit development will be completed in November 2017. Once completed, Wellington Park amenities will include a swimming pool, fitness center, playground, car care facility and a business center. The community offers one, two and three-bedroom apartment homes with open floor plans designed for everyday comfort and convenience. Each unit features energy efficient appliances, walk-in closets and spacious galley kitchens with eating bars, as well as window coverings and washer/dryer connections.

TAMPA, FL—Skanska USA completed of the reconstruction of Interstate 275 between SR-60 and Hillsborough River, a $225 million project led by the joint venture of Skanska and Ajax on behalf of the Florida Department of Transportation. The design and reconstruction of I-275 consisted of building two four-lane highways north and south bound with five interchanges, while maintaining the existing traffic during the project's four-year span. The project is a major improvement to the traffic patterns in and around Downtown Tampa and was delivered four months ahead of schedule. The 4.4-mile long project encompassed removal of 12 existing bridges, construction of 21 bridge structures, over 30 traffic changes, and the installation of 6,000 feet of drainage concrete piping that carries storm water. The project was designed by engineering and design firm WSP | Parsons Brinckerhoff.