NEWS & NOTABLES

PALM BEACH, FL—Sterling Organization added D.J. Belock to its senior management team. He will serve as CFO and will be responsible for all financial aspects of the company including property, investor and fund accounting, tax planning and compliance, treasury operations and capital markets. He will also serve on all of the company's Fund Investment Committees. Before joining Sterling, Belock was the senior vice president of finance at Phillips Edison & Company (owner and operator of approximately 400 shopping centers across the United States) from 2013 to 2016, and was responsible for all financial and internal control activities including planning and reporting, capital markets, portfolio financial management, fundraising, investor relations, treasury and risk management.

DELRAY BEACH, FL—The residents of the Villages of Oriole have voted in support of its plans for Avalon Trails, a 55-plus age-restricted community that will redevelop the shuttered Marina Lakes Golf Course in Delray Beach. The community will contain 521 residential homes in an island-like setting. Avalon Trails won a 95% approval rating in The Villages of Oriole vote. 13th Floor Homes worked closely with the Villages of Oriole community and its leadership to ensure that the project accommodates the needs of the neighboring community while enhancing the area as a whole.

DEAL TRACKER

SAINT CLOUD, FL—HFF closed the sale of Publix at Staint Cloud, a 78,779-square-foot community shopping center anchored by Publix in the Orlando-area community. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. The retail center was purchased free and clear of financing. “Solid-performing Publix-anchored centers remain highly sought after by the investment community,” says HFF's Brad Peterson. “Despite recent movements in interest rates, they still remain one of the best risk-adjusted returns in the market today.”

KISSISSIMMEE, FL—HALL Structured Finance closed a new loan totaling $37.7 million to finance the construction of the Millennium at Citrus Ridge apartments. The project developer is Florida-based DLC Residential. “The Millennium at Citrus Ridge opportunity was a great fit for our company given the strength of sponsorship, attractive location just two miles from Walt Disney World and the proven performance of high quality, suburban apartments in the Orlando market,” says Mike Jaynes, president of HALL Structured Finance. “We believe this project will be very successful and look forward to seeing construction begin.”

TALLAHASSEE, FL—Time Equities acquired Northampton Shopping Center located at 2910 Kerry Forest Parkway in Tallahassee, FL, for $6.9 million. TEI purchased the 84,064-square-foot asset from Bradford Lewis and Twin Action Properties, marking the firm's first retail property in Tallahassee and its fourth retail asset in the state of Florida to date. “Featuring a well-rounded mix of service-oriented tenants, Northampton Shopping Center is an excellent addition to TEI's growing national retail portfolio,” says Ami Ziff, director of National Retail for TEI. “As we continue to elevate our portfolio of Southeast retail assets, the sale of Northampton was a tremendous opportunity to acquire a well-located and under-leased neighborhood center, situated within an affluent part of town. We're looking forward to working with the center's brands and welcoming new tenants to better service Tallahassee residents.”

CORAL GABLES, FL—Hunt Mortgage Group provided the financing for three multifamily properties located in Florida. The properties include: Villas of Salzedo; Villas at Cutler Bay and East Wind Apartments. Hunt provided a $1.3 million Freddie Mac small balance loan facility to refinance Villas of Salzedo; a $2.9 million Freddie Mac small balance loan for Villas at Cutler Bay; and a $2.8 million Freddie Mac small balance loan to refinance East Wind Apartments. “All three properties are performing well and are located in quality markets,” says Marc Suarez, director at Hunt. “The borrowers are all new to Hunt Mortgage Group and Freddie Mac. They are experienced local commercial real estate and multifamily investors with multiple interests in the Florida market.”

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of Deco Meridian Apartments, a 29-unit apartment property located in Miami Beach. The asset sold for $5.85 million. Joseph P. Thomas, first vice president Investments, Adam G. Duncan, senior associate, and Brett McMahon, associate, all in Marcus & Millichap's Fort Lauderdale office, represented the seller, a private investor, as well as the buyer, a limited liability company. “Deco Meridian was a rare opportunity to acquire 29 units just one block from Lincoln Road, essentially in the epicenter of South Beach. Other unique aspects of the property include the double lot and gated, interior courtyard,” says Thomas.

MIAMI—Transwestern completed the $6.28 million off-market acquisition of a 64,575 square foot industrial asset at 7120 Northwest 74th Ave. in Miami's Airport East submarket. Transwestern senior managing directors Ben Eisenberg and Walter Bryd, senior vice president Thomas Kresse, and senior associate Carlos Gaviria executed this transaction on behalf of Terreno Realty Corp. “Although this property was not for sale, it was highly desired by our client as it fit within Terreno's investment parameters,” says Eisenberg. “While we knew we had to overcome a large hurdle, we structured a deal that would be advantageous for all sides.”

BUILDING BLOCKS

TAMPA, FL—Duke Realty started construction of its first warehouse in Tampa Regional Industrial Park. The building, which is the largest speculatively developed warehouse in Hillsborough County in eight years, is scheduled for completion in July 2017 and available for lease. Tampa Regional Industrial Park, also known by its acronym TRIP, is located on the east side of Hillsborough County at the northeast corner of Big Bend Road and U.S. 41, with direct access to Interstate 75 and only 12 miles south of Interstate 4. One of the newest and largest industrial developments in Central Florida, TRIP encompasses 117 acres that can accommodate up to 1.1 million square feet in either two or three, modern 32-foot clear, Class A warehouses. Located just south of Tampa, TRIP provides ready access to Interstate 75 and Interstate 4. In addition, TRIP is close to Tampa International Airport, the Ports of Tampa and Manatee and has CSX rail service available.

j8dmidJacksonville is a rising star in Florida's market. Sterling is making promotions. And new developments are rising. That, along with plenty of deal flow, made for an interesting week in Florida's commercial real estate market.

BY THE NUMBERS

Jacksonville's economy continues to perform as demonstrated by the sustained decline in the unemployment rate, which held steady at 4.7% – a slight 10-bps decrease from the previous year. (Avison Young)

Economic fundamentals continue to exhibit improvement, job growth continues with over 23,000 new jobs added in the trailing 12-month period (a healthy increase of 3.6%), consistent leasing activity is occurring, and there is no speculative construction in the immediate pipeline.(Avison Young)

NEWS & NOTABLES

PALM BEACH, FL—Sterling Organization added D.J. Belock to its senior management team. He will serve as CFO and will be responsible for all financial aspects of the company including property, investor and fund accounting, tax planning and compliance, treasury operations and capital markets. He will also serve on all of the company's Fund Investment Committees. Before joining Sterling, Belock was the senior vice president of finance at Phillips Edison & Company (owner and operator of approximately 400 shopping centers across the United States) from 2013 to 2016, and was responsible for all financial and internal control activities including planning and reporting, capital markets, portfolio financial management, fundraising, investor relations, treasury and risk management.

DELRAY BEACH, FL—The residents of the Villages of Oriole have voted in support of its plans for Avalon Trails, a 55-plus age-restricted community that will redevelop the shuttered Marina Lakes Golf Course in Delray Beach. The community will contain 521 residential homes in an island-like setting. Avalon Trails won a 95% approval rating in The Villages of Oriole vote. 13th Floor Homes worked closely with the Villages of Oriole community and its leadership to ensure that the project accommodates the needs of the neighboring community while enhancing the area as a whole.

DEAL TRACKER

SAINT CLOUD, FL—HFF closed the sale of Publix at Staint Cloud, a 78,779-square-foot community shopping center anchored by Publix in the Orlando-area community. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. The retail center was purchased free and clear of financing. “Solid-performing Publix-anchored centers remain highly sought after by the investment community,” says HFF's Brad Peterson. “Despite recent movements in interest rates, they still remain one of the best risk-adjusted returns in the market today.”

KISSISSIMMEE, FL—HALL Structured Finance closed a new loan totaling $37.7 million to finance the construction of the Millennium at Citrus Ridge apartments. The project developer is Florida-based DLC Residential. “The Millennium at Citrus Ridge opportunity was a great fit for our company given the strength of sponsorship, attractive location just two miles from Walt Disney World and the proven performance of high quality, suburban apartments in the Orlando market,” says Mike Jaynes, president of HALL Structured Finance. “We believe this project will be very successful and look forward to seeing construction begin.”

TALLAHASSEE, FL—Time Equities acquired Northampton Shopping Center located at 2910 Kerry Forest Parkway in Tallahassee, FL, for $6.9 million. TEI purchased the 84,064-square-foot asset from Bradford Lewis and Twin Action Properties, marking the firm's first retail property in Tallahassee and its fourth retail asset in the state of Florida to date. “Featuring a well-rounded mix of service-oriented tenants, Northampton Shopping Center is an excellent addition to TEI's growing national retail portfolio,” says Ami Ziff, director of National Retail for TEI. “As we continue to elevate our portfolio of Southeast retail assets, the sale of Northampton was a tremendous opportunity to acquire a well-located and under-leased neighborhood center, situated within an affluent part of town. We're looking forward to working with the center's brands and welcoming new tenants to better service Tallahassee residents.”

CORAL GABLES, FL—Hunt Mortgage Group provided the financing for three multifamily properties located in Florida. The properties include: Villas of Salzedo; Villas at Cutler Bay and East Wind Apartments. Hunt provided a $1.3 million Freddie Mac small balance loan facility to refinance Villas of Salzedo; a $2.9 million Freddie Mac small balance loan for Villas at Cutler Bay; and a $2.8 million Freddie Mac small balance loan to refinance East Wind Apartments. “All three properties are performing well and are located in quality markets,” says Marc Suarez, director at Hunt. “The borrowers are all new to Hunt Mortgage Group and Freddie Mac. They are experienced local commercial real estate and multifamily investors with multiple interests in the Florida market.”

MIAMI BEACH, FL—Marcus & Millichap brokered the sale of Deco Meridian Apartments, a 29-unit apartment property located in Miami Beach. The asset sold for $5.85 million. Joseph P. Thomas, first vice president Investments, Adam G. Duncan, senior associate, and Brett McMahon, associate, all in Marcus & Millichap's Fort Lauderdale office, represented the seller, a private investor, as well as the buyer, a limited liability company. “Deco Meridian was a rare opportunity to acquire 29 units just one block from Lincoln Road, essentially in the epicenter of South Beach. Other unique aspects of the property include the double lot and gated, interior courtyard,” says Thomas.

MIAMI—Transwestern completed the $6.28 million off-market acquisition of a 64,575 square foot industrial asset at 7120 Northwest 74th Ave. in Miami's Airport East submarket. Transwestern senior managing directors Ben Eisenberg and Walter Bryd, senior vice president Thomas Kresse, and senior associate Carlos Gaviria executed this transaction on behalf of Terreno Realty Corp. “Although this property was not for sale, it was highly desired by our client as it fit within Terreno's investment parameters,” says Eisenberg. “While we knew we had to overcome a large hurdle, we structured a deal that would be advantageous for all sides.”

BUILDING BLOCKS

TAMPA, FL—Duke Realty started construction of its first warehouse in Tampa Regional Industrial Park. The building, which is the largest speculatively developed warehouse in Hillsborough County in eight years, is scheduled for completion in July 2017 and available for lease. Tampa Regional Industrial Park, also known by its acronym TRIP, is located on the east side of Hillsborough County at the northeast corner of Big Bend Road and U.S. 41, with direct access to Interstate 75 and only 12 miles south of Interstate 4. One of the newest and largest industrial developments in Central Florida, TRIP encompasses 117 acres that can accommodate up to 1.1 million square feet in either two or three, modern 32-foot clear, Class A warehouses. Located just south of Tampa, TRIP provides ready access to Interstate 75 and Interstate 4. In addition, TRIP is close to Tampa International Airport, the Ports of Tampa and Manatee and has CSX rail service available.