NEWS & NOTABLES

ORLANDO—Chatham Lodging Trust appointed Bill Brewer to the company's board of trustees. Brewer will serve as an independent director and chair the audit committee. He replaces Glen Gilbert, who passed away. “Glen was a valued member of our board of trustees since our 2010 IPO, and we are grateful to him for his outstanding service and commitment to Chatham Lodging Trust,” says Jeffrey H. Fisher, Chatham's CEO. Brewer is executive vice president, CFO and treasurer of Education Realty Trust, one of America's largest owners, developers and managers of student housing real estate. “Bill brings tremendous REIT experience given his current role at EdR and his involvement servicing many of the hotel REITs throughout his career at PwC dating back to the 1990's when many of the initial lodging REITs became publicly traded,” says Fischer. “We are confident that Bill's financial expertise will contribute greatly to our board and management team.”

WEST PALM BEACH, FL—Cushman & Wakefield named Mark Pateman a managing principal in Palm Beach County. Pateman will provide leadership for CushWake's operations in the Palm Beach County market while continuing to serve as an office leasing and investment sales broker. Pateman will lead the firm's West Palm Beach and Boca Raton offices. Pateman joined CushWake in 2006 after founding and selling Empire Resources, a boutique brokerage and consulting firm. He spent seven prior years practicing real estate law in New York and South Florida where he became well-versed in acquisitions and dispositions, title insurance, leasing, development and related corporate matters. Pateman also has experience closing complex transactions such as Section 1031 exchanges and build-to-suit ground leases.

CLEARWATER, FL–Atlanta-based Hotel Equities won the management assignment for the SpringHill Suites by Marriott Saint Petersburg Clearwater. Owned by Alliras Hospitality, the hotel is located at 3485 Ulmerton Road in Clearwater. Newly renovated, the all-suites hotel is located near Saint Petersburg Clearwater Airport and Bright House Networks Field, the home of spring training for the Phillies.

DEAL TRACKER

TAMPA, FL—Meridian Capital Group negotiated $14.4 million in agency financing for the acquisition of Carrollwood Palms multifamily property in Tampa, FL on behalf of Blue Rock Premier. The seven-year, non-recourse loan, features a floating interest rate and two years of interest-only payments, and was negotiated by Meridian managing director, Seth Grossman and vice president Sarah Kuebler.

FORT LAUDERDALE, FL—Berger Commercial Realty president Lloyd Berger and broker associate Greg Milopoulos represented McNab Commercial Center No. 1, LLC in the $8 million sale of McNab Commercial Center to Genet Property Group. Located at 7544 West McNab Road in North Lauderdale, the 135,000-square-foot multi-tenant industrial park was locally owned and managed by McNab, a partnership between commercial real estate developers Jack Loos and Austin Forman that extends more than 20 years. McNab Commercial Center is 98% occupied. Levy Realty Advisors represented Genet in the transaction.

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of 310 Meridian Avenue, a 17-unit multifamily property located in Miami Beach. The asset sold for $3.5 million. Arthur Porosoff and David Cohen, investment specialists in M&M's Miami office, represented the seller, a private partnership. The duo also represented the buyer, a limited liability company. The property is located at 310 Meridian Avenue in Miami Beach.

CORAL GABLES, FL—The Allen Morris Company brokered a lease agreement for Ketamine Health Centers, a health center specializing in the treatment of depression, anxiety, fibromyalgia, PTSD, and CRPS, to move into Santona Corner in Coral Gables. Natalia East, an associate with the firm, negotiated the lease for the condo unit owner. Ketamine Health Centers will occupy a 2,020-square-foot space at the class A office building located at 1430 South Dixie Highway.

MIAMI—Cushman & Wakefield managing director Gordon Messinger negotiated nearly 30,000 square feet of long-term leases at Flagler Corporate Center. He represented building owner Hoffman Properties in relocation leases with Florida International University and PCM. FIU relocated its Herbert Wertheim College of Medicine Physician Assistant Studies program from its main campus on Tamiami Trail to Flagler Corporate Center before the start of the Fall 2016 semester. Luciana Carvalho and Chris Harak of Blanca Commercial Real Estate represented PCM.

ORLANDO—Cushman & Wakefield negotiated the sale of 19.57 acres of land located at 6201 Corporate Centre Boulevard. The vacant land has been zoned as a multifamily development site with up to 280 luxury apartments planned for the project. CushWake senior directors Margery Johnson, Richard Solik and Matthew Mckeever, along with senior associate Andy Slowick, represented Chicago-based Old Republic National Title Insurance Company in the disposition. Richman Group acquired the asset for $5.7 million.

WESTON, FL—Avison Young's South Florida Capital Markets Group completed the $14.1 million—$266-per-square-foot—sale of 1725 North Commerce Parkway, a 52,960-square-foot class A single-tenant office building that serves as a regional headquarters facility for Change Healthcare. David Duckworth, principal of Capital Markets with the firm, was the lead broker representing the seller. “As market conditions continue to evolve, a safe investment with a long-term credit tenant is extremely attractive for investors,” says Duckworth. “Given the quality of the asset and the dynamic location, we initiated a competitive bid process in order to maximize the final sale price. This asset will continue to appreciate due to its ideal location, amenities, and functional efficiency.”

Musical chairs continues in January with major players making strategic personnel moves. Broward is showing itself strong on the rental front, which is spurring investment. And the ink is drying on plenty of leases around the state, demonstrating a confidence in the Florida economy.

BY THE NUMBERS

Buyers are looking to capitalize on stability of Broward rental market. Transaction volume maintained its upward trajectory over the year ending in the third quarter as more investors look to Broward County for a stable store of assets. While rent gains have slowed, cap rates are holding steady with class C complexes trading in the mid-5 to mid-7% range and class A assets sometimes falling below 5%. (Source: Marcus & Millichap)

Activity in the submarkets of Coral Springs and Plantation/Sunrise grew at the greatest momentum as investors looked to capitalize on the dynamic growth in these areas. Greater interest in the Broward County multifamily sector has pushed prices to cycle highs. Fort Lauderdale proper averaged a price per unit of $187,000 over the past year with some of the best properties trading above $300,000 per unit. Employment and income growth that will outpace the projected national rates of growth, along with favorable trends in household formation and homeownership rates, will spur rental demand, supporting favorable operating metrics. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Chatham Lodging Trust appointed Bill Brewer to the company's board of trustees. Brewer will serve as an independent director and chair the audit committee. He replaces Glen Gilbert, who passed away. “Glen was a valued member of our board of trustees since our 2010 IPO, and we are grateful to him for his outstanding service and commitment to Chatham Lodging Trust,” says Jeffrey H. Fisher, Chatham's CEO. Brewer is executive vice president, CFO and treasurer of Education Realty Trust, one of America's largest owners, developers and managers of student housing real estate. “Bill brings tremendous REIT experience given his current role at EdR and his involvement servicing many of the hotel REITs throughout his career at PwC dating back to the 1990's when many of the initial lodging REITs became publicly traded,” says Fischer. “We are confident that Bill's financial expertise will contribute greatly to our board and management team.”

WEST PALM BEACH, FL—Cushman & Wakefield named Mark Pateman a managing principal in Palm Beach County. Pateman will provide leadership for CushWake's operations in the Palm Beach County market while continuing to serve as an office leasing and investment sales broker. Pateman will lead the firm's West Palm Beach and Boca Raton offices. Pateman joined CushWake in 2006 after founding and selling Empire Resources, a boutique brokerage and consulting firm. He spent seven prior years practicing real estate law in New York and South Florida where he became well-versed in acquisitions and dispositions, title insurance, leasing, development and related corporate matters. Pateman also has experience closing complex transactions such as Section 1031 exchanges and build-to-suit ground leases.

CLEARWATER, FL–Atlanta-based Hotel Equities won the management assignment for the SpringHill Suites by Marriott Saint Petersburg Clearwater. Owned by Alliras Hospitality, the hotel is located at 3485 Ulmerton Road in Clearwater. Newly renovated, the all-suites hotel is located near Saint Petersburg Clearwater Airport and Bright House Networks Field, the home of spring training for the Phillies.

DEAL TRACKER

TAMPA, FL—Meridian Capital Group negotiated $14.4 million in agency financing for the acquisition of Carrollwood Palms multifamily property in Tampa, FL on behalf of Blue Rock Premier. The seven-year, non-recourse loan, features a floating interest rate and two years of interest-only payments, and was negotiated by Meridian managing director, Seth Grossman and vice president Sarah Kuebler.

FORT LAUDERDALE, FL—Berger Commercial Realty president Lloyd Berger and broker associate Greg Milopoulos represented McNab Commercial Center No. 1, LLC in the $8 million sale of McNab Commercial Center to Genet Property Group. Located at 7544 West McNab Road in North Lauderdale, the 135,000-square-foot multi-tenant industrial park was locally owned and managed by McNab, a partnership between commercial real estate developers Jack Loos and Austin Forman that extends more than 20 years. McNab Commercial Center is 98% occupied. Levy Realty Advisors represented Genet in the transaction.

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of 310 Meridian Avenue, a 17-unit multifamily property located in Miami Beach. The asset sold for $3.5 million. Arthur Porosoff and David Cohen, investment specialists in M&M's Miami office, represented the seller, a private partnership. The duo also represented the buyer, a limited liability company. The property is located at 310 Meridian Avenue in Miami Beach.

CORAL GABLES, FL—The Allen Morris Company brokered a lease agreement for Ketamine Health Centers, a health center specializing in the treatment of depression, anxiety, fibromyalgia, PTSD, and CRPS, to move into Santona Corner in Coral Gables. Natalia East, an associate with the firm, negotiated the lease for the condo unit owner. Ketamine Health Centers will occupy a 2,020-square-foot space at the class A office building located at 1430 South Dixie Highway.

MIAMI—Cushman & Wakefield managing director Gordon Messinger negotiated nearly 30,000 square feet of long-term leases at Flagler Corporate Center. He represented building owner Hoffman Properties in relocation leases with Florida International University and PCM. FIU relocated its Herbert Wertheim College of Medicine Physician Assistant Studies program from its main campus on Tamiami Trail to Flagler Corporate Center before the start of the Fall 2016 semester. Luciana Carvalho and Chris Harak of Blanca Commercial Real Estate represented PCM.

ORLANDO—Cushman & Wakefield negotiated the sale of 19.57 acres of land located at 6201 Corporate Centre Boulevard. The vacant land has been zoned as a multifamily development site with up to 280 luxury apartments planned for the project. CushWake senior directors Margery Johnson, Richard Solik and Matthew Mckeever, along with senior associate Andy Slowick, represented Chicago-based Old Republic National Title Insurance Company in the disposition. Richman Group acquired the asset for $5.7 million.

WESTON, FL—Avison Young's South Florida Capital Markets Group completed the $14.1 million—$266-per-square-foot—sale of 1725 North Commerce Parkway, a 52,960-square-foot class A single-tenant office building that serves as a regional headquarters facility for Change Healthcare. David Duckworth, principal of Capital Markets with the firm, was the lead broker representing the seller. “As market conditions continue to evolve, a safe investment with a long-term credit tenant is extremely attractive for investors,” says Duckworth. “Given the quality of the asset and the dynamic location, we initiated a competitive bid process in order to maximize the final sale price. This asset will continue to appreciate due to its ideal location, amenities, and functional efficiency.”