NEWS & NOTABLES

LAKELAND, FL—Forbes magazine's, Forbes 400 special issue, highlighted the accomplishments of the richest people in America. Throughout the year Forbes also shares the accomplishments of real estate firms and their top executives in the “America's Real Estate Leaders” section. Dean Saunders of Coldwell Banker Commercial Saunders Real is among them. The article noted that CBCSRE has handled more than $2 billion in Florida real estate land transactions since 1996 and that Saunders represented the buyer in one of the largest land deals in recent history—a $562 million timberland deal. CBCSRE was named one of “America's Best Brokerages” for the seventh straight year by The Land Report, “The Magazine of the American Landowner.” Saunders himself has received the “Top Professional Globally” award in the CBC network four out of 10 years. “The United States is the safest place to invest money globally, and there are few better investments than Florida land,” says Saunders.

TAMPA, FL—Cushman & Wakefield named Scott Garlick Tampa managing principal. Garlick will provide leadership for CushWake's operations in the Tampa Bay market. Larry Richey, who has been CushWake's Tampa managing principal for the last 25 years, will continue to oversee the firm's nine Florida offices as Florida Market Leader, a role he has been in since September 2015. Garlick joined the firm in 2007 as member of the firm's Office and Industrial Brokerage Services Group, partnering with senior director John Fish. During that span, they have won multiple awards, including Deal of the Year and Client Service Top Performer. Over the course of his career, Garlick has negotiated transactions in excess of 5 million square feet.

DEAL TRACKER

WEST PALM BEACH, FL—Cushman & Wakefield negotiated an 18,835-square-foot office lease on behalf of the law firm of Lytal, Reiter, Smith, Ivey & Fronrath at Northbridge Centre. Director Kevin D. Landers represented Lytal in the long-term renewal of its existing space. Jon Blunk of Tower Commercial represented building owner Greenfield Partners in the transaction. Northbridge Centre is a 21-story, LEED Certified and ENERGY STAR-rated class A office tower featuring an attached parking garage, two on-site restaurants, full-service banking, a salon, a fitness center and on-site management and security. Greenfield is planning a multimillion-dollar interior and exterior renovation project, including new exterior signage for Lytal, Reiter, Smith, Ivey & Fronrath and a common area refresh on the firm's main floor.

MIAMI—Transwestern's South Florida industrial facilitated a long-term lease renewal with Coca-Cola for 93,700 square feet at Seneca Industrial Park, an 885,000-square-foot, class A distribution and warehouse park at 2500 Southwest 32nd Avenue. in Pembroke Park, FL. Transwestern senior vice president Thomas Kresse, senior managing directors Ben Eisenberg and Walter Byrd, and associate Carlos Gaviria represented owner of the Park in the transaction, TH Real Estate, an investment affiliate of Nuveen, formerly known as TIAA Global Asset Management. “The Broward industrial market's key indicators—vacancy, absorption, rental rates, and job growth—are all trending toward or at record levels since the last economic cycle,” says Kresse. “With this renewal, we've completed more than 300,000 square feet of transactions at Seneca Industrial Park during the past 12 months, reflective of the tightening market and maintaining 98 percent occupancy in the park.”

CLEARWATER, FL—Marcus & Millichap brokered the sale of AA Accredited Storage, a 358-unit self-storage in Clearwater. Brian Baldwin, investment associate, Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, represented the seller. Anne Williams, vice president investments in the firm's Memphis office, secured the buyer. AA Accredited Storage consists of 358 total units, comprised of 187 climate-controlled units, 56 covered shed spaces, 26 full closet units, 22 half closet units and one open bay space across 16,419 rentable square feet.

FERN PARK, FL—Marcus & Millichap brokered the sale of The Palms at Magnolia Grove Apartments, a 352-unit multifamily community in Fern Park. The $25 million sales price equates to more than $71,000 per unit. “Located within a rapidly developing Orlando area submarket, the property is well-positioned to benefit from a strategic unit interior upgrade program,” says Francesco Carriera, senior managing director investments in M&Ms Tampa office. “There is also substantial upside to be gained from in-place loss-to-lease.” Carriera and Michael Regan, also a senior managing director investments in Tampa, represented the seller, and procured the buyer.

MIAMI—Cushman & Wakefield has been named exclusive advisor in the disposition of Cottage Cove, a 468-unit multifamily garden product in Miami. Vice chairman Robert Given, executive managing director Calum Weaver, senior managing director Troy Ballard and senior financial analyst Perry Synanidis have been chosen to market the asset for Miami-based TM Real Estate Group. The asset will go to market unpriced. Cottage Cove is a one-, two- and three-story, 468-unit multifamily garden product developed on a 23.75-acre site at 12 Northeast 188thStreet. Cottage Cove is currently more than 97% occupied and is achieving an average market rent of $976, or $1.38 per square foot.

FORT LAUDERDALE, FL—Cushman & Wakefield negotiated an 8,092-square-foot office lease with Esquire Deposition Solutions in SunTrust Center at Las Olas Square. Executive directors Travis Herring and Deanna Lobinsky, director Katherine Ridgway and associate Chase Kulp negotiated the lease renewal on behalf of building owner Steelbridge Capital. Esquire Deposition Solutions was represented by Stone-Miller. The firm, which has been a tenant at Las Olas Square since 2011, renewed its lease on the 13th floor and is expected to make minor improvements to its existing space.

MIAMI—Shai Ben Ami, Miami partner of Gil Blutrich, CEO of Mishorim Development Group negotiated two lease deals for the new ground floor retail space at Centro, the Downtown Miami condominium tower developed by Newgard Development Group, in Miami. Jon Smith Subs, a regional chain with nine locations from Boca Raton to Jupiter, Florida, signed on to occupy 1,200 square feet. The deal marks the first Miami-Dade County location for the chain. Jon Smith Subs first opened in 1988 in Palm Beach County, FL. The lease deals are believed to be among the highest retail rents for Downtown Miami, at $75 per square foot.

CASSELBERRY, FL—Crossman & Company negotiated the sale of Greater Mall and Summit Plaza I & II in Casselberry to MMI Development, Inc. of Winter Park, Fla. Crossman managing director Brian Carolan represented the seller, Greater Properties, Inc. in the $5.2 million transaction. Greater Mall (400­480 S.R. 436) and Summit Plaza I and II (1015­1033 S.R. 436) with just under 53,000 square feet each. They are 70% occupied. The centers feature retail and office space. Tenants include Hungry Howie's, Mechanics Plus, Green Bar Irish Pub & Wings.

BUILDING BLOCKS

Faith Development and FIP Realty Services topped off Aventura Medical Tower, a medical condominium designed by doctors for doctors. Aventura's first medical office and condo project, located in the heart of the Aventura Hospital Medical Campus at 2801 Northeast 213th Street in Aventura, has 12 floors split between seven parking levels with 472 spaces and five floors of office suites housing approximately 105,000 square feet. The building was designed by Synalovski Romanik Saye and is being constructed by KVC Constructors. The tower broke ground in June 2016 and is expected to be completed in November 2017.

Florida commercial real estate brokers are meeting with recognition from the likes of Forbes magazine. We've got more promotions to report along with new building projects as the medical office sector continues to show strength in Florida.

BY THE NUMBERS

National and statewide economic growth continues to drive the expansion of Miami-Dade County's office market. Market fundamentals remain relatively sound as demonstrated by a healthy decline in overall vacancy, along with positive net absorption throughout the county. As market conditions continue to tighten, developers are capitalizing on the opportunity with the development of high quality office space, most notably in the Downtown Miami and Brickell submarkets. Foreign capital continues to play an active role as demonstrated by the sale of Southeast Financial Center in the Downtown Miami submarket. (Source: Avison Young)

Miami-Dade continues to experience positive economic activity, which is indicated by the 5.0% local unemployment rate—a 60-bps decrease over the past 12 months ending November 2016. Office market fundamentals remain relatively strong with positive net absorption, active speculative construction and an increase in nonagricultural employment by over 11,000 jobs in that same period. (Source: Avison Young)

NEWS & NOTABLES

LAKELAND, FL—Forbes magazine's, Forbes 400 special issue, highlighted the accomplishments of the richest people in America. Throughout the year Forbes also shares the accomplishments of real estate firms and their top executives in the “America's Real Estate Leaders” section. Dean Saunders of Coldwell Banker Commercial Saunders Real is among them. The article noted that CBCSRE has handled more than $2 billion in Florida real estate land transactions since 1996 and that Saunders represented the buyer in one of the largest land deals in recent history—a $562 million timberland deal. CBCSRE was named one of “America's Best Brokerages” for the seventh straight year by The Land Report, “The Magazine of the American Landowner.” Saunders himself has received the “Top Professional Globally” award in the CBC network four out of 10 years. “The United States is the safest place to invest money globally, and there are few better investments than Florida land,” says Saunders.

TAMPA, FL—Cushman & Wakefield named Scott Garlick Tampa managing principal. Garlick will provide leadership for CushWake's operations in the Tampa Bay market. Larry Richey, who has been CushWake's Tampa managing principal for the last 25 years, will continue to oversee the firm's nine Florida offices as Florida Market Leader, a role he has been in since September 2015. Garlick joined the firm in 2007 as member of the firm's Office and Industrial Brokerage Services Group, partnering with senior director John Fish. During that span, they have won multiple awards, including Deal of the Year and Client Service Top Performer. Over the course of his career, Garlick has negotiated transactions in excess of 5 million square feet.

DEAL TRACKER

WEST PALM BEACH, FL—Cushman & Wakefield negotiated an 18,835-square-foot office lease on behalf of the law firm of Lytal, Reiter, Smith, Ivey & Fronrath at Northbridge Centre. Director Kevin D. Landers represented Lytal in the long-term renewal of its existing space. Jon Blunk of Tower Commercial represented building owner Greenfield Partners in the transaction. Northbridge Centre is a 21-story, LEED Certified and ENERGY STAR-rated class A office tower featuring an attached parking garage, two on-site restaurants, full-service banking, a salon, a fitness center and on-site management and security. Greenfield is planning a multimillion-dollar interior and exterior renovation project, including new exterior signage for Lytal, Reiter, Smith, Ivey & Fronrath and a common area refresh on the firm's main floor.

MIAMI—Transwestern's South Florida industrial facilitated a long-term lease renewal with Coca-Cola for 93,700 square feet at Seneca Industrial Park, an 885,000-square-foot, class A distribution and warehouse park at 2500 Southwest 32nd Avenue. in Pembroke Park, FL. Transwestern senior vice president Thomas Kresse, senior managing directors Ben Eisenberg and Walter Byrd, and associate Carlos Gaviria represented owner of the Park in the transaction, TH Real Estate, an investment affiliate of Nuveen, formerly known as TIAA Global Asset Management. “The Broward industrial market's key indicators—vacancy, absorption, rental rates, and job growth—are all trending toward or at record levels since the last economic cycle,” says Kresse. “With this renewal, we've completed more than 300,000 square feet of transactions at Seneca Industrial Park during the past 12 months, reflective of the tightening market and maintaining 98 percent occupancy in the park.”

CLEARWATER, FL—Marcus & Millichap brokered the sale of AA Accredited Storage, a 358-unit self-storage in Clearwater. Brian Baldwin, investment associate, Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, represented the seller. Anne Williams, vice president investments in the firm's Memphis office, secured the buyer. AA Accredited Storage consists of 358 total units, comprised of 187 climate-controlled units, 56 covered shed spaces, 26 full closet units, 22 half closet units and one open bay space across 16,419 rentable square feet.

FERN PARK, FL—Marcus & Millichap brokered the sale of The Palms at Magnolia Grove Apartments, a 352-unit multifamily community in Fern Park. The $25 million sales price equates to more than $71,000 per unit. “Located within a rapidly developing Orlando area submarket, the property is well-positioned to benefit from a strategic unit interior upgrade program,” says Francesco Carriera, senior managing director investments in M&Ms Tampa office. “There is also substantial upside to be gained from in-place loss-to-lease.” Carriera and Michael Regan, also a senior managing director investments in Tampa, represented the seller, and procured the buyer.

MIAMI—Cushman & Wakefield has been named exclusive advisor in the disposition of Cottage Cove, a 468-unit multifamily garden product in Miami. Vice chairman Robert Given, executive managing director Calum Weaver, senior managing director Troy Ballard and senior financial analyst Perry Synanidis have been chosen to market the asset for Miami-based TM Real Estate Group. The asset will go to market unpriced. Cottage Cove is a one-, two- and three-story, 468-unit multifamily garden product developed on a 23.75-acre site at 12 Northeast 188thStreet. Cottage Cove is currently more than 97% occupied and is achieving an average market rent of $976, or $1.38 per square foot.

FORT LAUDERDALE, FL—Cushman & Wakefield negotiated an 8,092-square-foot office lease with Esquire Deposition Solutions in SunTrust Center at Las Olas Square. Executive directors Travis Herring and Deanna Lobinsky, director Katherine Ridgway and associate Chase Kulp negotiated the lease renewal on behalf of building owner Steelbridge Capital. Esquire Deposition Solutions was represented by Stone-Miller. The firm, which has been a tenant at Las Olas Square since 2011, renewed its lease on the 13th floor and is expected to make minor improvements to its existing space.

MIAMI—Shai Ben Ami, Miami partner of Gil Blutrich, CEO of Mishorim Development Group negotiated two lease deals for the new ground floor retail space at Centro, the Downtown Miami condominium tower developed by Newgard Development Group, in Miami. Jon Smith Subs, a regional chain with nine locations from Boca Raton to Jupiter, Florida, signed on to occupy 1,200 square feet. The deal marks the first Miami-Dade County location for the chain. Jon Smith Subs first opened in 1988 in Palm Beach County, FL. The lease deals are believed to be among the highest retail rents for Downtown Miami, at $75 per square foot.

CASSELBERRY, FL—Crossman & Company negotiated the sale of Greater Mall and Summit Plaza I & II in Casselberry to MMI Development, Inc. of Winter Park, Fla. Crossman managing director Brian Carolan represented the seller, Greater Properties, Inc. in the $5.2 million transaction. Greater Mall (400­480 S.R. 436) and Summit Plaza I and II (1015­1033 S.R. 436) with just under 53,000 square feet each. They are 70% occupied. The centers feature retail and office space. Tenants include Hungry Howie's, Mechanics Plus, Green Bar Irish Pub & Wings.

BUILDING BLOCKS

Faith Development and FIP Realty Services topped off Aventura Medical Tower, a medical condominium designed by doctors for doctors. Aventura's first medical office and condo project, located in the heart of the Aventura Hospital Medical Campus at 2801 Northeast 213th Street in Aventura, has 12 floors split between seven parking levels with 472 spaces and five floors of office suites housing approximately 105,000 square feet. The building was designed by Synalovski Romanik Saye and is being constructed by KVC Constructors. The tower broke ground in June 2016 and is expected to be completed in November 2017.