TAMPA, FL—Marcus & Millichap announced Michael Regan of the firm's Tampa office has been named as a senior managing director investments. Previously, Regan was a first vice president investments. Regan specializes in multifamily property investments and is a senior director of M&M's National Multi Housing Group. He has been with the firm since 2005.

MIAMI—AEI, a commercial interior design firm among the largest in Latin America, has officially opened its first US office in Miami as AEI US Studio. AEI founding partner Juliana Fernandez, who brings more than 22 years of experience, will lead the new Miami office with local partner David Chason, who has been in the South Florida market since 1988 as a principal in several of the top architecture and design firms. AEI's client portfolio includes Microsoft, Coca Cola, Citibank, DHL, HSBC, Holland & Knight, Pfizer, W Hotels, UBS, and Procter & Gamble. Headquartered in Bogota, Colombia, with satellite offices in Panama City and Medellin, AEI has a rich history spanning more than 20 years.

DEAL TRACKER

BONITA SPRINGS, FL—Case Real Estate Capital funded a $12 million bridge loan secured by a mixed-use land site. The commercial real estate investment firm has a $100-plus million lending and purchasing platform and is active in South Florida. “This loan provides the borrower with the flexibility and time needed to successfully execute his business strategy,” says Sanford Herrick, founder and managing principal of Case.

HUDSON, FL—Marcus & Millichap brokered the sale of The Park at Chelsea, a 150-unit multifamily community in Hudson. The $11.5 million sales price equates to $76,667 per unit. “The asset is a stabilized apartment property with proven rent growth and consistent cash flow,” says Francesco Carriera, senior managing director investments in M&M's Tampa office. “With this acquisition, new ownership has added to an existing Pasco County portfolio and shown confidence in the continued growth of the West Pasco submarket.” Carriera and Michael Regan, also a senior managing director investments in Tampa, represented the seller and procured the buyer.

HOMESTEAD, FL—NAI Miami's Harry Jordan recently negotiated a five year, 15,700-square-foot industrial lease for his client, Bob Hilson Trust, located at 599 West Mowry Drive in Homestead. The lessee is Genuine Parts Company and was represented by David Behar of Behar Realty Group. Founded in 1928, Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical and electronic materials. The company serves tens of thousands of customers from more than 2,650 operations and has approximately 39,600 employees.

TALLAHASSEE—Wendover Housing Partners opened a senior apartment community in Tallahassee called Kenwood Place. The 112-unit multifamily property, designed by Slocum Platts Architects and built by Roger B. Kennedy, joins Wendover's collection of properties across the Sunshine State. “According to a market brief from American Seniors Housing Association, the demand for senior housing will grow from 1.4 million units in 2015 to 3.2 million units by the year 2040,” says Jonathan L. Wolf, president and founder of Wendover. “There is a critical need for additional cost-effective rental options for seniors. Kenwood Place is the latest example of Wendover's continued mission to help fill that gap by developing new, affordable senior housing options of the utmost quality across the Southeast.”

ORLANDO—Cushman & Wakefield negotiated the sale of four class A warehouse and distribution buildings totaling 946,379 square feet in Orlando's Southwest Industrial Corridor. According to CushWake research, this is the largest multi-tenant industrial portfolio transaction in Orlando history in terms of total square feet. The Capital Markets team of executive managing director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented a state pension fund advised by Dallas-based investor L&B Realty Advisors in the disposition. Los Angeles and New York-based investor Colony NorthStar acquired the assets for $67.1 million ($71 per square foot) through their Dallas-based industrial fund, Colony Industrial.

TAMPA, FL—RADCO completed its second acquisition of 2017 with the closing of St. Croix apartments in Tampa. This is RADCO's 68th acquisition since 2011, its sixth multifamily community in Florida, and its fifth in Tampa. The 540-unit, class B multifamily property has been renamed Radius Tampa Palms. Radius. RADCO plans to spend upwards of $7 million, or approximately $13,000 a multifamily unit, on capital improvements to modernize the community and reset its economic clock. RADCO financed the acquisition using a $45.4 million Freddie Mac loan and over $23 million in private capital.

BUILDING BLOCKS

MIAMI—The City of Miami's Urban Design and Review Board (UDRB) voted to recommend approval of '18' a mixed-use development. The approval paves the way for Claro Development to continue managing the Brickell-based project's development which will include high-rise luxury condos and retail. With more than a decade of experience in managing intricate high-end projects, Claro was selected by Karam Group to serve as the owner's representative and project manager. Located at the corner of Southwest 8th Street and South Miami Avenue, the 78-story building will include 66,618 square feet (four levels) of retail space at the ground level.

This week in Florida saw promotion, strategic office openings and one of the biggest deals every in Orlando. We also saw activity in secondary and tertiary markets worth noting.

BY THE NUMBERS

The Palm Beach County market contains 408 existing shopping centers (almost 39.8 million square feet) that are over 20,000 sf in size. As a market, occupancy is 89.1% with over 4.3 million square feet of combined shop and anchor vacant space. However, after removing the 20 shopping centers currently being redeveloped, occupancy increases to 91.5% with only 3.1 million square feet of combined vacant space. Publix centers in Palm Beach County stand at 91.8% occupancy. Three new developments are under construction and will add roughly 190,000 square feet to the total inventory upon completion later this year.

NEWS & NOTABLES

TAMPA, FL—Marcus & Millichap announced Michael Regan of the firm's Tampa office has been named as a senior managing director investments. Previously, Regan was a first vice president investments. Regan specializes in multifamily property investments and is a senior director of M&M's National Multi Housing Group. He has been with the firm since 2005.

MIAMI—AEI, a commercial interior design firm among the largest in Latin America, has officially opened its first US office in Miami as AEI US Studio. AEI founding partner Juliana Fernandez, who brings more than 22 years of experience, will lead the new Miami office with local partner David Chason, who has been in the South Florida market since 1988 as a principal in several of the top architecture and design firms. AEI's client portfolio includes Microsoft, Coca Cola, Citibank, DHL, HSBC, Holland & Knight, Pfizer, W Hotels, UBS, and Procter & Gamble. Headquartered in Bogota, Colombia, with satellite offices in Panama City and Medellin, AEI has a rich history spanning more than 20 years.

DEAL TRACKER

BONITA SPRINGS, FL—Case Real Estate Capital funded a $12 million bridge loan secured by a mixed-use land site. The commercial real estate investment firm has a $100-plus million lending and purchasing platform and is active in South Florida. “This loan provides the borrower with the flexibility and time needed to successfully execute his business strategy,” says Sanford Herrick, founder and managing principal of Case.

HUDSON, FL—Marcus & Millichap brokered the sale of The Park at Chelsea, a 150-unit multifamily community in Hudson. The $11.5 million sales price equates to $76,667 per unit. “The asset is a stabilized apartment property with proven rent growth and consistent cash flow,” says Francesco Carriera, senior managing director investments in M&M's Tampa office. “With this acquisition, new ownership has added to an existing Pasco County portfolio and shown confidence in the continued growth of the West Pasco submarket.” Carriera and Michael Regan, also a senior managing director investments in Tampa, represented the seller and procured the buyer.

HOMESTEAD, FL—NAI Miami's Harry Jordan recently negotiated a five year, 15,700-square-foot industrial lease for his client, Bob Hilson Trust, located at 599 West Mowry Drive in Homestead. The lessee is Genuine Parts Company and was represented by David Behar of Behar Realty Group. Founded in 1928, Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical and electronic materials. The company serves tens of thousands of customers from more than 2,650 operations and has approximately 39,600 employees.

TALLAHASSEE—Wendover Housing Partners opened a senior apartment community in Tallahassee called Kenwood Place. The 112-unit multifamily property, designed by Slocum Platts Architects and built by Roger B. Kennedy, joins Wendover's collection of properties across the Sunshine State. “According to a market brief from American Seniors Housing Association, the demand for senior housing will grow from 1.4 million units in 2015 to 3.2 million units by the year 2040,” says Jonathan L. Wolf, president and founder of Wendover. “There is a critical need for additional cost-effective rental options for seniors. Kenwood Place is the latest example of Wendover's continued mission to help fill that gap by developing new, affordable senior housing options of the utmost quality across the Southeast.”

ORLANDO—Cushman & Wakefield negotiated the sale of four class A warehouse and distribution buildings totaling 946,379 square feet in Orlando's Southwest Industrial Corridor. According to CushWake research, this is the largest multi-tenant industrial portfolio transaction in Orlando history in terms of total square feet. The Capital Markets team of executive managing director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented a state pension fund advised by Dallas-based investor L&B Realty Advisors in the disposition. Los Angeles and New York-based investor Colony NorthStar acquired the assets for $67.1 million ($71 per square foot) through their Dallas-based industrial fund, Colony Industrial.

TAMPA, FL—RADCO completed its second acquisition of 2017 with the closing of St. Croix apartments in Tampa. This is RADCO's 68th acquisition since 2011, its sixth multifamily community in Florida, and its fifth in Tampa. The 540-unit, class B multifamily property has been renamed Radius Tampa Palms. Radius. RADCO plans to spend upwards of $7 million, or approximately $13,000 a multifamily unit, on capital improvements to modernize the community and reset its economic clock. RADCO financed the acquisition using a $45.4 million Freddie Mac loan and over $23 million in private capital.

BUILDING BLOCKS

MIAMI—The City of Miami's Urban Design and Review Board (UDRB) voted to recommend approval of '18' a mixed-use development. The approval paves the way for Claro Development to continue managing the Brickell-based project's development which will include high-rise luxury condos and retail. With more than a decade of experience in managing intricate high-end projects, Claro was selected by Karam Group to serve as the owner's representative and project manager. Located at the corner of Southwest 8th Street and South Miami Avenue, the 78-story building will include 66,618 square feet (four levels) of retail space at the ground level.