NEWS & NOTABLES

ORLANDO—Four Marcus & Millichap commercial real estate investment professionals in its Orlando office have won awards from the Central Florida Chapter of NAIOP, the Commercial Real Estate Development Association. Ray Turchi won the first place Investment Broker of the Year award in the retail property investment division. Nicholas Hanson was named Rookie of the Year. Brian Capo won second place honors for Investment Broker of the Year in retail, and Kent Hricko was named Investment Broker of the Year, third place, in the special use category.

BOCA RATON, FL—Cushman & Wakefield been named exclusive leasing agent for Boca Village Corporate Center, a 108,550-square-foot class A office building at 4855 Technology Way. Managing director John K. Criddle and senior associate Joseph J. Freitas were selected to lease the building by Brazilian investor AGS Properties Corporation. Boca Village Corporate Center was developed in 2008. As one of the five newest buildings in Palm Beach County, the seven-story asset features five stories of office space with high-end finishes throughout, hurricane-rated impact glass and three floors of covered and attached parking. It is one of the few Class A buildings in Palm Beach County with a fully redundant back-up generator capable of powering the entire facility for one week. The building is LEED Silver-certified by the U.S. Green Building Council.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of a 2.94-acre developmental land portfolio in Tampa. The portfolio sold for $6.28 million and is part of a seven-property, five-seller assemblage that includes those parcels bounded by North Howard Avenue, West State Street, North Armenia Avenue and West Lemon Street. Paul Bouldin, senior associate in the firm's Tampa office, led the team that marketed the properties on behalf of the sellers and procured the buyer, Richman Group of Florida. Francesco P. Carriera and Michael P. Regan, both senior managing director investments in the firm's Tampa office, assisted in the transaction. “This will be an important addition to the new gateway into South Tampa,” says Bouldin. “We were very pleased to have played a part in bringing it together.”

MIAMI—Cushman & Wakefield negotiated a headquarters relocation lease totaling nearly 12,000 square feet with Onboard Media at Doral Concourse. Managing director Gordon Messinger, representing building owner DRA Advisors, secured a long-term lease in the class A office building located at 8400 Doral Boulevard. Matthew Cheezem, John Marshall and Edward Quinon of JLL represented Onboard Media. “Doral continues to be one of the strongest office markets in all of South Florida,” says Messinger. “The demand we're seeing here is driven by its central location in Miami-Dade County, its access to major thoroughfares and the availability of high-quality space with market-leading parking ratios, which are required to accommodate the needs of the modern workforce.”

MIAMI—State Street Realty completed two transactions totaling over $5 million. George Pino, president and Frank Trelles, vice president, executed these deals on behalf of OCASA Logistics. The first transaction was a 2.15-acre land sale at Beacon Lakes Business Park that sold for $2.4 million. Brian Smith and Audley Bosch of JLL represented the land owner, Prologis. The second transaction was a 20,000-square-foot warehouse lease located in Queens, NY.

WEST PALM BEACH, FL—Berkadia secured a $22.491 million bridge loan for a transformational repositioning of the former Bank of America building at 625 North Flagler Drive in West Palm Beach The owners of the 110,000-square-foot office property acquired it late last year in an all-cash transaction with the intent of converting it to primarily medical use, following the departure of its bank anchor tenant. Senior managing director Charles Foschini and managing director Christopher Apone of Berkadia's South Florida office arranged the loan on behalf of the borrower group led by FRI Investors whose chief principal is Michael McCloskey. “We took a selective approach to contacting bridge lenders and found an entrepreneurial capital partner in PCCP, enabling our client to execute their vision of bringing quality healthcare providers closer to the West Palm Beach community,” says Apone. “The new owners now have the necessary capital to execute their business plan of developing a medical or quasi-medical building.”

TAMPA, FL—Preferred Apartment Communities acquired a recently constructed 296-unit Class A multifamily community in Tampa named Broadstone Citrus Village. “We believe this is a high quality, class A community in a dynamic location,” says John A. Williams, chairman and CEO of the firm. “The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive class A multifamily communities in strong submarkets.” PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million.

DELRAY BEACH, FL—Meridian Capital Group arranged $23.9 million in construction financing for the development of a senior housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating rate of 3.25% over the 30-day LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian managing directors Ari Adlerstein and Ari Dobkin and vice president Josh Simpson, who are all based in the company's New York City headquarters.

ORLANDO—Walker & Dunlop arranged joint venture equity financing in the amount of $11.9 million for the acquisition of Tuscany Bay Apartments, a 396-unit, garden-style apartment community in Orlando. The transaction was completed by Kevin O'Grady, Daniel Sheehan and Eric McGlynn, all managing directors of the company's Capital Markets group based in Miami, Florida. Tuscany Bay consists of 20 three-story buildings that were built between 1984 and 1986. Over the next two years, the new buyer intends to make significant improvements, which are anticipated to materially increase rents to levels of other recently renovated properties in the area. Darron Kattan of Franklin Street Real Estate Services represented the seller in the transaction.

BUILDING BLOCKS

APOPKA, FL—Wendover Housing Partners is accepting rental applications for Brixton Landing Apartments, an affordable housing community for seniors in Apopka. Roger B. Kennedy Construction began construction on the 80-unit apartment community in the summer of 2016.

“By the year 2040, 3.9 million residents age 65 and older are expected to call Florida home—and represent 40 percent of all households in the Sunshine State,” says Jonathan L. Wolf, President and Founder of Wendover Housing Partners. “Wendover is making it a priority to create affordable senior housing facilities now to prepare for the future, all while keeping senior comfort and safety in mind.”

Central and South Florida were hopping this week on the commercial real estate front. Even smaller markets like Apopka and Delray Beach are seeing some action. Affordable housing, capital investments, joint venture equity and industrial deals were among the activity.

BY THE NUMBERS

New product pipeline is seeing a gradual slowdown. Greater Downtown Miami is expected to welcome 3,456 new condo units in 2017, followed by the delivery of 2,846 units in 2018 and 1,960 units in 2019. (Source: Miami DDA)

A surge of new deliveries spells opportunity for buyers. Aggregate resale pricing in the urban core has fallen for the first time in eight years. Pre-construction product is available in the mid $500 per square foot to $650 per square foot range, which is competitive to new resale product. Pricing on existing product is down 7% year-over-year as more inventory has come to market. (Source: Miami DDA)

NEWS & NOTABLES

ORLANDO—Four Marcus & Millichap commercial real estate investment professionals in its Orlando office have won awards from the Central Florida Chapter of NAIOP, the Commercial Real Estate Development Association. Ray Turchi won the first place Investment Broker of the Year award in the retail property investment division. Nicholas Hanson was named Rookie of the Year. Brian Capo won second place honors for Investment Broker of the Year in retail, and Kent Hricko was named Investment Broker of the Year, third place, in the special use category.

BOCA RATON, FL—Cushman & Wakefield been named exclusive leasing agent for Boca Village Corporate Center, a 108,550-square-foot class A office building at 4855 Technology Way. Managing director John K. Criddle and senior associate Joseph J. Freitas were selected to lease the building by Brazilian investor AGS Properties Corporation. Boca Village Corporate Center was developed in 2008. As one of the five newest buildings in Palm Beach County, the seven-story asset features five stories of office space with high-end finishes throughout, hurricane-rated impact glass and three floors of covered and attached parking. It is one of the few Class A buildings in Palm Beach County with a fully redundant back-up generator capable of powering the entire facility for one week. The building is LEED Silver-certified by the U.S. Green Building Council.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of a 2.94-acre developmental land portfolio in Tampa. The portfolio sold for $6.28 million and is part of a seven-property, five-seller assemblage that includes those parcels bounded by North Howard Avenue, West State Street, North Armenia Avenue and West Lemon Street. Paul Bouldin, senior associate in the firm's Tampa office, led the team that marketed the properties on behalf of the sellers and procured the buyer, Richman Group of Florida. Francesco P. Carriera and Michael P. Regan, both senior managing director investments in the firm's Tampa office, assisted in the transaction. “This will be an important addition to the new gateway into South Tampa,” says Bouldin. “We were very pleased to have played a part in bringing it together.”

MIAMI—Cushman & Wakefield negotiated a headquarters relocation lease totaling nearly 12,000 square feet with Onboard Media at Doral Concourse. Managing director Gordon Messinger, representing building owner DRA Advisors, secured a long-term lease in the class A office building located at 8400 Doral Boulevard. Matthew Cheezem, John Marshall and Edward Quinon of JLL represented Onboard Media. “Doral continues to be one of the strongest office markets in all of South Florida,” says Messinger. “The demand we're seeing here is driven by its central location in Miami-Dade County, its access to major thoroughfares and the availability of high-quality space with market-leading parking ratios, which are required to accommodate the needs of the modern workforce.”

MIAMI—State Street Realty completed two transactions totaling over $5 million. George Pino, president and Frank Trelles, vice president, executed these deals on behalf of OCASA Logistics. The first transaction was a 2.15-acre land sale at Beacon Lakes Business Park that sold for $2.4 million. Brian Smith and Audley Bosch of JLL represented the land owner, Prologis. The second transaction was a 20,000-square-foot warehouse lease located in Queens, NY.

WEST PALM BEACH, FL—Berkadia secured a $22.491 million bridge loan for a transformational repositioning of the former Bank of America building at 625 North Flagler Drive in West Palm Beach The owners of the 110,000-square-foot office property acquired it late last year in an all-cash transaction with the intent of converting it to primarily medical use, following the departure of its bank anchor tenant. Senior managing director Charles Foschini and managing director Christopher Apone of Berkadia's South Florida office arranged the loan on behalf of the borrower group led by FRI Investors whose chief principal is Michael McCloskey. “We took a selective approach to contacting bridge lenders and found an entrepreneurial capital partner in PCCP, enabling our client to execute their vision of bringing quality healthcare providers closer to the West Palm Beach community,” says Apone. “The new owners now have the necessary capital to execute their business plan of developing a medical or quasi-medical building.”

TAMPA, FL—Preferred Apartment Communities acquired a recently constructed 296-unit Class A multifamily community in Tampa named Broadstone Citrus Village. “We believe this is a high quality, class A community in a dynamic location,” says John A. Williams, chairman and CEO of the firm. “The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive class A multifamily communities in strong submarkets.” PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million.

DELRAY BEACH, FL—Meridian Capital Group arranged $23.9 million in construction financing for the development of a senior housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating rate of 3.25% over the 30-day LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian managing directors Ari Adlerstein and Ari Dobkin and vice president Josh Simpson, who are all based in the company's New York City headquarters.

ORLANDO—Walker & Dunlop arranged joint venture equity financing in the amount of $11.9 million for the acquisition of Tuscany Bay Apartments, a 396-unit, garden-style apartment community in Orlando. The transaction was completed by Kevin O'Grady, Daniel Sheehan and Eric McGlynn, all managing directors of the company's Capital Markets group based in Miami, Florida. Tuscany Bay consists of 20 three-story buildings that were built between 1984 and 1986. Over the next two years, the new buyer intends to make significant improvements, which are anticipated to materially increase rents to levels of other recently renovated properties in the area. Darron Kattan of Franklin Street Real Estate Services represented the seller in the transaction.

BUILDING BLOCKS

APOPKA, FL—Wendover Housing Partners is accepting rental applications for Brixton Landing Apartments, an affordable housing community for seniors in Apopka. Roger B. Kennedy Construction began construction on the 80-unit apartment community in the summer of 2016.

“By the year 2040, 3.9 million residents age 65 and older are expected to call Florida home—and represent 40 percent of all households in the Sunshine State,” says Jonathan L. Wolf, President and Founder of Wendover Housing Partners. “Wendover is making it a priority to create affordable senior housing facilities now to prepare for the future, all while keeping senior comfort and safety in mind.”