NEWS & NOTABLES

TAMPA, FL—Marcus & Millichap announced Michael Mele of the firm's Tampa office has been named as a senior managing director investments. Previously, Mele was a senior vice president investments. Mele specializes in self-storage property investments and is a senior director of M&M's National Self Storage Group. He has been with the firm since 1999.

FORT LAUDERDALE, FL—Marcus & Millichap announced David Greenberg of the firm's Fort Lauderdale office has been named as a senior managing director investments. Previously, Greenberg was a first vice president investments. Greenberg specializes in hospitality property investments and is a senior director of M&M's National Hospitality Group. He has been with the firm since 2005.

MIAMI—Cushman & Wakefield has been named exclusive leasing advisor for Mercy Medical Arts, a new class A medical office building on the Mercy Hospital campus. Director Michael H. Feldman was selected by Tampa-based developer Onicx to lease the asset. Mercy Medical Arts is a five-story, class A 103,917-square-foot medical office building. Mercy Medical Arts is already in late stage discussions with several regional healthcare clients. Available suites range from 2,500 to 26,500 square feet with asking rental rates ranging from $36 to $39 per square foot modified gross.

DEAL TRACKER

MIAMI LAKES, FL—The Kislak Organization recently sold Miami Lakes Corporate Center at 14750 Northwest 77th Court. The majority of the fractured office condo building was purchased in 2014, and the acquisition of the remaining units was completed in 2015, for a combined total price of $7.05 million. Just two and a half years after the initial purchase, Kislak sold the property for $12.175 million. “We discovered this fractured office property in our own backyard, and put the time, money and effort into it to create a distinctive and desirable office center in a terrific location,” says Tom Bartelmo, president and CEO of the Kislak. “When we took on the project, it was less than 20% occupied. Thanks to quality renovations throughout the building, aggressive leasing and attentive property management, it was 100% occupied at the time of the sale.” The property with 75,028 square feet of rentable office space sold for $162 per rental square feet, the highest price per rentable square foot in Miami Lakes since 2006, according to recent market research.

OCALA, FL—Cushman & Wakefield negotiated the sale of Tuscany Place, a 288-unit, value-add multifamily asset in Central Florida. Senior director Jay Ballard and senior director Ken Delvillar of Cushman & Wakefield's Orlando Capital Markets Multifamily Advisory Group represented Richmond, VA-based seller GrayCo in the disposition. A partnership of Gainesville, FL-based Collier Companies and Houston-based ApexOne Investment Partners acquired the asset for $29.35 million, or $101,910 per unit. Tuscany Place is a 288-unit, 13-building, garden multifamily community developed in 1997.

MEDLEY, FL—CenterPoint Properties acquired a class A distribution facility for a national Fortune 500 company at 10400 Northwest 122nd Street. Christian Lee, Chris Riley and Jose Lobon of CBRE Capital Markets represented the seller and developer of the property, Levine Properties. “This is an important transaction for CenterPoint as this is our first investment in the dynamic and growing industrial market of South Florida,” says PJ Charlton, senior vice president of Investments at CenterPoint. “This modern class A facility is located on a large land parcel in the heart of Miami-Dade County and is an excellent addition to our national portfolio. Over the last year, CenterPoint has grown its East Coast portfolio by 5.3 million square feet investing over $400 million.”

ALTAMONTE SPRINGS, FL—CBRE Group arranged the sale of Landmark at Hailey Walk, a 168-unit lakeside community in Altamonte Springs. Insula Companies bought the property for $18.3 million. Located off State Road 434 at Little River Loop, close to the new corporate headquarters of Adventist Health Systems and Maitland Center Office Park, the 168,000- square-foot property features one-, two-, and three-bedroom apartments and 350 parking spaces. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction. “This property offers a terrific value-add opportunity in a highly desirable submarket near professional services and offices,” says. Granade, vice chairman, CBRE Capital Markets. “It was a very competitive bidding process, and new ownership plans to upgrade the amenities and unit interiors to increase revenue moving forward.”

TAMPA, FL—JLL completed a 33,005-square-foot lease renewal with Mortgage Contracting Services, a national mortgage services company headquartered in Texas that operates across the United States. The company's Tampa office will remain at Two Urban Centre, a 270,000-square-foot office building located at 4890 West Kennedy Avenue. The class A property is a 15-minute drive from Downtown Tampa and is situated in the heart of the Westshore neighborhood, Florida's largest suburban office market. JLL senior vice president John Heald and JLL associate Jordan Fogler represented MCS in the lease renewal. JLL senior vice president Jim Moler and JLL vice president Deana Beer represented the ownership entity of Two Urban Centre in the transaction. The office property currently boasts a 90% occupancy rate.

SAINT PETERSBURG, FL—HFF closed the sale of and arranged financing for Bel Air Apartments, a 528-unit multifamily community. HFF represented the seller, a privately held real estate investment firm that owned the property for approximately 20 years. The buyer, a private partnership, purchased the asset free and clear of existing debt. HFF also worked on behalf of the new owners to secure the floating-to-fixed-rate acquisition loan through Freddie Mac's Moderate Rehab Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The HFF investment sales team was led by senior managing director Matt Mitchell and associate director Zach Nolan. HFF's debt placement team was led by director Campbell Roche and managing director Elliott Throne. “Bel Air Apartments is an ideal value-add play in an exciting location in the middle of a major office market,” says Mitchell. “The property further benefits from its proximity to the area's top-notch beaches and downtown Saint Petersburg, which is booming.”

BUILDING BLOCKS

COCONUT GROVE, FL—As Coconut Grove regains its appeal as a thriving commercial district, two of the neighborhood's deepest-rooted developers are transforming a 1980s-era parking garage into a contemporary mixed-use building that will meet growing demand for office space and prime retail. Developed by Terra in partnership with Mayfair Real Estate Advisors, the Touzet Studio-designed complex—named “Mary Street”—will include 75,000 square feet of class A office space, reimagined retail storefronts at street-level while retaining a public parking garage. Construction will begin in early 2017. Mary Street will mark the first delivery of new Class A office space in central Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away.

Lots of news coming out of Tampa this week, from office reports to promotions to big lease deals. There was plenty of musical chairs down south too, even as a new pivotal projects get underway in Coconut Grove.

BY THE NUMBERS

Westshore continues to be the most in-demand office market in Tampa Bay region with class A asking rates nearing $30 per square foot, a ceiling that the submarket has never broken through before. (Source: JLL)

The fact that there are currently no new office buildings under construction in the area while employment continues to grow at a steady pace is driving the rising office demand in Westshore. Over the past 12 months, Tampa Bay added 33,400 jobs, equating to 2.6% growth in employment. (Source: JLL)

NEWS & NOTABLES

TAMPA, FL—Marcus & Millichap announced Michael Mele of the firm's Tampa office has been named as a senior managing director investments. Previously, Mele was a senior vice president investments. Mele specializes in self-storage property investments and is a senior director of M&M's National Self Storage Group. He has been with the firm since 1999.

FORT LAUDERDALE, FL—Marcus & Millichap announced David Greenberg of the firm's Fort Lauderdale office has been named as a senior managing director investments. Previously, Greenberg was a first vice president investments. Greenberg specializes in hospitality property investments and is a senior director of M&M's National Hospitality Group. He has been with the firm since 2005.

MIAMI—Cushman & Wakefield has been named exclusive leasing advisor for Mercy Medical Arts, a new class A medical office building on the Mercy Hospital campus. Director Michael H. Feldman was selected by Tampa-based developer Onicx to lease the asset. Mercy Medical Arts is a five-story, class A 103,917-square-foot medical office building. Mercy Medical Arts is already in late stage discussions with several regional healthcare clients. Available suites range from 2,500 to 26,500 square feet with asking rental rates ranging from $36 to $39 per square foot modified gross.

DEAL TRACKER

MIAMI LAKES, FL—The Kislak Organization recently sold Miami Lakes Corporate Center at 14750 Northwest 77th Court. The majority of the fractured office condo building was purchased in 2014, and the acquisition of the remaining units was completed in 2015, for a combined total price of $7.05 million. Just two and a half years after the initial purchase, Kislak sold the property for $12.175 million. “We discovered this fractured office property in our own backyard, and put the time, money and effort into it to create a distinctive and desirable office center in a terrific location,” says Tom Bartelmo, president and CEO of the Kislak. “When we took on the project, it was less than 20% occupied. Thanks to quality renovations throughout the building, aggressive leasing and attentive property management, it was 100% occupied at the time of the sale.” The property with 75,028 square feet of rentable office space sold for $162 per rental square feet, the highest price per rentable square foot in Miami Lakes since 2006, according to recent market research.

OCALA, FL—Cushman & Wakefield negotiated the sale of Tuscany Place, a 288-unit, value-add multifamily asset in Central Florida. Senior director Jay Ballard and senior director Ken Delvillar of Cushman & Wakefield's Orlando Capital Markets Multifamily Advisory Group represented Richmond, VA-based seller GrayCo in the disposition. A partnership of Gainesville, FL-based Collier Companies and Houston-based ApexOne Investment Partners acquired the asset for $29.35 million, or $101,910 per unit. Tuscany Place is a 288-unit, 13-building, garden multifamily community developed in 1997.

MEDLEY, FL—CenterPoint Properties acquired a class A distribution facility for a national Fortune 500 company at 10400 Northwest 122nd Street. Christian Lee, Chris Riley and Jose Lobon of CBRE Capital Markets represented the seller and developer of the property, Levine Properties. “This is an important transaction for CenterPoint as this is our first investment in the dynamic and growing industrial market of South Florida,” says PJ Charlton, senior vice president of Investments at CenterPoint. “This modern class A facility is located on a large land parcel in the heart of Miami-Dade County and is an excellent addition to our national portfolio. Over the last year, CenterPoint has grown its East Coast portfolio by 5.3 million square feet investing over $400 million.”

ALTAMONTE SPRINGS, FL—CBRE Group arranged the sale of Landmark at Hailey Walk, a 168-unit lakeside community in Altamonte Springs. Insula Companies bought the property for $18.3 million. Located off State Road 434 at Little River Loop, close to the new corporate headquarters of Adventist Health Systems and Maitland Center Office Park, the 168,000- square-foot property features one-, two-, and three-bedroom apartments and 350 parking spaces. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction. “This property offers a terrific value-add opportunity in a highly desirable submarket near professional services and offices,” says. Granade, vice chairman, CBRE Capital Markets. “It was a very competitive bidding process, and new ownership plans to upgrade the amenities and unit interiors to increase revenue moving forward.”

TAMPA, FL—JLL completed a 33,005-square-foot lease renewal with Mortgage Contracting Services, a national mortgage services company headquartered in Texas that operates across the United States. The company's Tampa office will remain at Two Urban Centre, a 270,000-square-foot office building located at 4890 West Kennedy Avenue. The class A property is a 15-minute drive from Downtown Tampa and is situated in the heart of the Westshore neighborhood, Florida's largest suburban office market. JLL senior vice president John Heald and JLL associate Jordan Fogler represented MCS in the lease renewal. JLL senior vice president Jim Moler and JLL vice president Deana Beer represented the ownership entity of Two Urban Centre in the transaction. The office property currently boasts a 90% occupancy rate.

SAINT PETERSBURG, FL—HFF closed the sale of and arranged financing for Bel Air Apartments, a 528-unit multifamily community. HFF represented the seller, a privately held real estate investment firm that owned the property for approximately 20 years. The buyer, a private partnership, purchased the asset free and clear of existing debt. HFF also worked on behalf of the new owners to secure the floating-to-fixed-rate acquisition loan through Freddie Mac's Moderate Rehab Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The HFF investment sales team was led by senior managing director Matt Mitchell and associate director Zach Nolan. HFF's debt placement team was led by director Campbell Roche and managing director Elliott Throne. “Bel Air Apartments is an ideal value-add play in an exciting location in the middle of a major office market,” says Mitchell. “The property further benefits from its proximity to the area's top-notch beaches and downtown Saint Petersburg, which is booming.”

BUILDING BLOCKS

COCONUT GROVE, FL—As Coconut Grove regains its appeal as a thriving commercial district, two of the neighborhood's deepest-rooted developers are transforming a 1980s-era parking garage into a contemporary mixed-use building that will meet growing demand for office space and prime retail. Developed by Terra in partnership with Mayfair Real Estate Advisors, the Touzet Studio-designed complex—named “Mary Street”—will include 75,000 square feet of class A office space, reimagined retail storefronts at street-level while retaining a public parking garage. Construction will begin in early 2017. Mary Street will mark the first delivery of new Class A office space in central Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away.