MIAMI—Monument Real Estate Services appointed Gregory J. Lozinak as CEO. Stuart Zook, the current CEO, will assume a newly created role as Chief Investment Officer, focusing on furthering the firm's strategic growth and investments. Lozinak joined Monument in January 2016 as COO, responsible for the strategic direction, day-to-day operations, organizational processes and infrastructure of the firm's 350-person property management team. In this role, he oversaw the firm's portfolio of more than 12,000 units throughout the Southwest, Southeast, Midwest and Mid-Atlantic regions of the US. His promotion to CEO is part of the firm's planned succession strategy. Prior to joining Monument, Lozinak served as the division president of Invitation Homes, where he oversaw the operational and financial aspects of an 8,000-home rental portfolio with properties located in North Carolina, Chicago and Minneapolis. He previously worked with Waterton Residential, where he operated a 20,000-unit national portfolio for more than seven years, and held leadership positions at ING Clarion Partners and Archstone.

DEAL TRACKER

TAMPA, FL—Vertica Commercial Advisors arranged the bulk sale of 252 of 453 units in the Crosswynde condominium community located at 1502 Marsh Cove Court in Tampa, for $28.3 million, or $105 per square foot. The community was a failed condominium conversion from the peak, and subsequent crash, of the real estate market in 2007. VCA founding partners, T. Sean Lance and Max Boehmer provided advisory services to the seller on the initial acquisition of 243 units in December 2013 for $16.2 million, as well as the acquisition of an additional 9 units for an aggregate price of $580,500 through one-off sales with individual investors. “The seller acquired the community as part of a portfolio transaction,” Lance says. “They initially indicated their desire for us to sell this asset immediately, however, we advised them against this based on what we felt were underperforming rents and management inefficiencies. The seller made the decision to retain the asset and stabilize the community, while also focusing on improving management, which resulted in a nearly 70% increase in asset value from their original basis. The new owners will continue to add value with an extensive interior unit upgrade plan and Vertica has been retained exclusively to help them acquire additional investor owned units through our in-house Condo Repurchase Program.”

BRANDON, FL—Pembrook Capital Management closed $8.8 million of preferred equity financing for the acquisition and renovation of 252 multifamily units at the Crosswynde Apartments complex in Brandon, Florida, a submarket of Tampa. Total capitalization of the investment is approximately $39 million, including a first mortgage bridge loan, preferred equity from Pembrook, and sponsor equity. “The overall quality of the property, along with its excellent location and below market rents, should give Crosswynde excellent value-add potential,” says Stuart J. Boesky, CEO of Pembrook. “Employer growth and demographic trends are strongly positive in the Tampa area and we would expect significant demand for reasonably priced renovated multifamily product. Quality housing at achievable rents is key to supporting the workforce and local economy, and as a firm we're pleased to facilitate multifamily redevelopment that contributes to these broader social goals.”

NORTH PALM BEACH, FL—The Shopping Center Group and Avison Young teamed up to facilitate the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square foot, Publix-anchored retail center sitting on 21 acres at the Southwest corner of Northlake Boulevard and Federal Highway in North Palm Beach, FL. In addition to Publix, the property also features CVS pharmacy, Chase Bank and BP Gas situated on outparcels along with a phase II development site. The property was sold by a private Canadian-based investor to Woolbright Development. “The competition for this property was extremely robust,” says Blanco. “We received strong interest from both private investors as wells as institutional investors, but we felt that Woolbright was the best buyer for this project in the end.”

LARGO, FL—Marcus & Millichap has the exclusive listing for a 1,810 square-foot ground lease to Dunkin Donuts on Seminole Boulevard. The listing price is $1.8 million in Largo, the third largest city in Pinellas County. “The current lease is a brand new 10- year term and has four five-year options with 6% rent increases every five years.” says Ronnie Issenberg, vice president investments in Marcus & Millichap's Miami office. Built in 2016 on 23,391 square-foot of land, the property is located at 2298 Seminole Boulevard.

BUILDING BLOCKS

CORAL GABLES, FL—Greystone Development's 14-story mixed-use building, The Aura, at 1501 Southwest 37^th Ave in Coral Gables, recently topped off. The Aura, a 96,550-square-foot, 100-unit luxury multifamily development was designed by Borges + Associates Architects. Greystone Development has exclusively engaged The Diaz Team at CBRE to lease the retail portion of the property. “Greystone Development has developed more than 830,000 gross square feet in this market to date,” says Jeffrey Simpson, head of Greystone Development. “Coral Gables and Miami are vibrant markets, and we look forward to expanding our presence.”

Promotions, bulk sales and tag-teaming between commercial real estate firms is the story early this week in Florida. Numbers in Broward office are strong and we saw lots of action in the Greater Tampa Bay area.

BY THE NUMBERS

Healthy local and statewide economic factors continued to fuel strong leasing activity in Broward County. Demand for office space remained vigorous with healthy net absorption in all submarkets and consistent rental rate growth in the most sought after areas, such as the Downtown Fort Lauderdale, Cypress Creek and Southwest Broward submarkets. Developers are increasingly interested in areas close to the urban core for infill redevelopment, although lender preleasing requirements still present a challenge. There is very little new office space under construction, although many office developments remain in the planning stage. (Source: Avison Young)

NEWS & NOTABLES

MIAMI—Monument Real Estate Services appointed Gregory J. Lozinak as CEO. Stuart Zook, the current CEO, will assume a newly created role as Chief Investment Officer, focusing on furthering the firm's strategic growth and investments. Lozinak joined Monument in January 2016 as COO, responsible for the strategic direction, day-to-day operations, organizational processes and infrastructure of the firm's 350-person property management team. In this role, he oversaw the firm's portfolio of more than 12,000 units throughout the Southwest, Southeast, Midwest and Mid-Atlantic regions of the US. His promotion to CEO is part of the firm's planned succession strategy. Prior to joining Monument, Lozinak served as the division president of Invitation Homes, where he oversaw the operational and financial aspects of an 8,000-home rental portfolio with properties located in North Carolina, Chicago and Minneapolis. He previously worked with Waterton Residential, where he operated a 20,000-unit national portfolio for more than seven years, and held leadership positions at ING Clarion Partners and Archstone.

DEAL TRACKER

TAMPA, FL—Vertica Commercial Advisors arranged the bulk sale of 252 of 453 units in the Crosswynde condominium community located at 1502 Marsh Cove Court in Tampa, for $28.3 million, or $105 per square foot. The community was a failed condominium conversion from the peak, and subsequent crash, of the real estate market in 2007. VCA founding partners, T. Sean Lance and Max Boehmer provided advisory services to the seller on the initial acquisition of 243 units in December 2013 for $16.2 million, as well as the acquisition of an additional 9 units for an aggregate price of $580,500 through one-off sales with individual investors. “The seller acquired the community as part of a portfolio transaction,” Lance says. “They initially indicated their desire for us to sell this asset immediately, however, we advised them against this based on what we felt were underperforming rents and management inefficiencies. The seller made the decision to retain the asset and stabilize the community, while also focusing on improving management, which resulted in a nearly 70% increase in asset value from their original basis. The new owners will continue to add value with an extensive interior unit upgrade plan and Vertica has been retained exclusively to help them acquire additional investor owned units through our in-house Condo Repurchase Program.”

BRANDON, FL—Pembrook Capital Management closed $8.8 million of preferred equity financing for the acquisition and renovation of 252 multifamily units at the Crosswynde Apartments complex in Brandon, Florida, a submarket of Tampa. Total capitalization of the investment is approximately $39 million, including a first mortgage bridge loan, preferred equity from Pembrook, and sponsor equity. “The overall quality of the property, along with its excellent location and below market rents, should give Crosswynde excellent value-add potential,” says Stuart J. Boesky, CEO of Pembrook. “Employer growth and demographic trends are strongly positive in the Tampa area and we would expect significant demand for reasonably priced renovated multifamily product. Quality housing at achievable rents is key to supporting the workforce and local economy, and as a firm we're pleased to facilitate multifamily redevelopment that contributes to these broader social goals.”

NORTH PALM BEACH, FL—The Shopping Center Group and Avison Young teamed up to facilitate the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square foot, Publix-anchored retail center sitting on 21 acres at the Southwest corner of Northlake Boulevard and Federal Highway in North Palm Beach, FL. In addition to Publix, the property also features CVS pharmacy, Chase Bank and BP Gas situated on outparcels along with a phase II development site. The property was sold by a private Canadian-based investor to Woolbright Development. “The competition for this property was extremely robust,” says Blanco. “We received strong interest from both private investors as wells as institutional investors, but we felt that Woolbright was the best buyer for this project in the end.”

LARGO, FL—Marcus & Millichap has the exclusive listing for a 1,810 square-foot ground lease to Dunkin Donuts on Seminole Boulevard. The listing price is $1.8 million in Largo, the third largest city in Pinellas County. “The current lease is a brand new 10- year term and has four five-year options with 6% rent increases every five years.” says Ronnie Issenberg, vice president investments in Marcus & Millichap's Miami office. Built in 2016 on 23,391 square-foot of land, the property is located at 2298 Seminole Boulevard.

BUILDING BLOCKS

CORAL GABLES, FL—Greystone Development's 14-story mixed-use building, The Aura, at 1501 Southwest 37^th Ave in Coral Gables, recently topped off. The Aura, a 96,550-square-foot, 100-unit luxury multifamily development was designed by Borges + Associates Architects. Greystone Development has exclusively engaged The Diaz Team at CBRE to lease the retail portion of the property. “Greystone Development has developed more than 830,000 gross square feet in this market to date,” says Jeffrey Simpson, head of Greystone Development. “Coral Gables and Miami are vibrant markets, and we look forward to expanding our presence.”