MIAMI—Jonathon Pavlov has joined the NAI MIAMI as a broker assistant teaming up with co-chairman Jeremy Larkin and associate Joseph Gallaher. Pavlov is currently finishing his undergraduate degree at Florida International University in Finance and Real Estate. He will begin his Masters Degree this Fall in International Real Estate. While in school, he has completed several capstone projects advising investors of potential income producing properties complete with financial analysis and risk evaluation.

DEAL TRACKER

TAMPA, FL—Glenmont Capital Management and Arlington Properties acquired a 14-acre assemblage at 6835 Gunn Highway in the North Hillsborough submarket of Tampa for the development of Canopy at Citrus Park, a 318-unit class A multifamily community. The planned development follows the success of Glenmont and Arlington's development of Tapestry at Citrus Park, a recently constructed, leased-up, and sold 400-unit class A apartment community located in the same North Hillsborough submarket. Construction is expected to begin in the first quarter of 2017, with first move-ins scheduled for 12 months thereafter. Canopy at Citrus Park will represent the twelfth multifamily project undertaken by Glenmont and Arlington together, dating back to 2002.

CORAL SPRINGS, FL—CREC brokered the sale of Turtle Crossing in Coral Springs for $27.35 million, or $275 per square foot. The transaction is the largest shopping center sale in Broward County, to date, this year. Located at the intersection of US 441 and Wiles Road, the sale encompassed properties at 5760, 5840 and 5860 Wiles Road, and 4180 and 4210 North State Road 7, totaling 99,174 square feet of retail buildings within Turtle Crossing's 12.74 acres. The transaction excluded the 174,000-square-foot, shadow anchor Super Target, owned and occupied by the major national retailer, which is situated in the center of the property. CREC chairman and co-founder Warren Weiser and senior vice president Harry Blyden represented the seller, Turtle Run Venture. There was no broker representation for the buyer, Turtle Crossing Coral Springs, a joint venture between Davie-based Ross Realty Investments and SunCap Real Estate Investments.

TEMPLE TERRACE, FL—Berkadia brokered the sale of The Park at Monument Terrace, a 144-unit apartment community with gated, controlled access located at 11110 North 56th Street near the intersection with East Fowler Avenue in Temple Terrace. Senior director Jason Stanton of the Clearwater office, as well as managing director Cole Whitaker of the Orlando office, and director Greg Rainey of the Jacksonville office, negotiated the $10.7 million sale, reflecting a $74,306 per-unit price. Berkadia represented Miami-based Seller Normandy United, which spent $765,500 on capital improvements since 2011, including interior upgrades in 41 units that brought in an average of $153 more than the non-renovated units. The buyer was Bengal Properties, a subsidiary of Park Pointe Properties, which owns and operates over 650 apartment units in the Tampa Bay market.

JACKSONVILLE, FL—New York Life Real Estate Investors provided acquisition financing on behalf of institutional investors for Carlyle at Bartram Park, a 336-unit, class A apartment complex in Jacksonville. The fixed rate loan has a term of seven years. HC Real Estate Capital acted as the mortgage broker on the transaction.

BUILDING BLOCKS

MIAMI—Two Roads Development has selected John Moriarty & Associates of Florida (Moriarty) as the general contractor for Elysee Miami, a new luxury condominium development located at 788 Northeast 23rd Street in Downtown Miami's East Edgewater neighborhood. Preconstruction preparations at the waterfront property are already underway, with groundbreaking anticipated in the second quarter of 2017 and delivery slated for 2019.

Elysee marks the second East Edgewater tower for developer Two Roads Development. The firm is slated to deliver its Biscayne Beach project, a 52-story luxury condominium located nearby at 2900 Northeast 7th Avenue, later this month.

Early this week in Miami, we're seeing firms hiring for the future. Land is trading in Central Florida. Meanwhile, developers keep pressing in Miami.

BY THE NUMBERS

Net absorption for Q4 2016 for the total Broward County industrial market was 599,550 square feet. Vacancy rate stays below 7% for 9th consecutive quarter closing at 5%. The average asking rate for Broward County in Q4 2016 was $8.78 per square foot. Capital flows for 2016 were dominated by institutional (47%) and private (26%) buyers. (Source: CBRE)

NEWS & NOTABLES

MIAMI—Jonathon Pavlov has joined the NAI MIAMI as a broker assistant teaming up with co-chairman Jeremy Larkin and associate Joseph Gallaher. Pavlov is currently finishing his undergraduate degree at Florida International University in Finance and Real Estate. He will begin his Masters Degree this Fall in International Real Estate. While in school, he has completed several capstone projects advising investors of potential income producing properties complete with financial analysis and risk evaluation.

DEAL TRACKER

TAMPA, FL—Glenmont Capital Management and Arlington Properties acquired a 14-acre assemblage at 6835 Gunn Highway in the North Hillsborough submarket of Tampa for the development of Canopy at Citrus Park, a 318-unit class A multifamily community. The planned development follows the success of Glenmont and Arlington's development of Tapestry at Citrus Park, a recently constructed, leased-up, and sold 400-unit class A apartment community located in the same North Hillsborough submarket. Construction is expected to begin in the first quarter of 2017, with first move-ins scheduled for 12 months thereafter. Canopy at Citrus Park will represent the twelfth multifamily project undertaken by Glenmont and Arlington together, dating back to 2002.

CORAL SPRINGS, FL—CREC brokered the sale of Turtle Crossing in Coral Springs for $27.35 million, or $275 per square foot. The transaction is the largest shopping center sale in Broward County, to date, this year. Located at the intersection of US 441 and Wiles Road, the sale encompassed properties at 5760, 5840 and 5860 Wiles Road, and 4180 and 4210 North State Road 7, totaling 99,174 square feet of retail buildings within Turtle Crossing's 12.74 acres. The transaction excluded the 174,000-square-foot, shadow anchor Super Target, owned and occupied by the major national retailer, which is situated in the center of the property. CREC chairman and co-founder Warren Weiser and senior vice president Harry Blyden represented the seller, Turtle Run Venture. There was no broker representation for the buyer, Turtle Crossing Coral Springs, a joint venture between Davie-based Ross Realty Investments and SunCap Real Estate Investments.

TEMPLE TERRACE, FL—Berkadia brokered the sale of The Park at Monument Terrace, a 144-unit apartment community with gated, controlled access located at 11110 North 56th Street near the intersection with East Fowler Avenue in Temple Terrace. Senior director Jason Stanton of the Clearwater office, as well as managing director Cole Whitaker of the Orlando office, and director Greg Rainey of the Jacksonville office, negotiated the $10.7 million sale, reflecting a $74,306 per-unit price. Berkadia represented Miami-based Seller Normandy United, which spent $765,500 on capital improvements since 2011, including interior upgrades in 41 units that brought in an average of $153 more than the non-renovated units. The buyer was Bengal Properties, a subsidiary of Park Pointe Properties, which owns and operates over 650 apartment units in the Tampa Bay market.

JACKSONVILLE, FL—New York Life Real Estate Investors provided acquisition financing on behalf of institutional investors for Carlyle at Bartram Park, a 336-unit, class A apartment complex in Jacksonville. The fixed rate loan has a term of seven years. HC Real Estate Capital acted as the mortgage broker on the transaction.

BUILDING BLOCKS

MIAMI—Two Roads Development has selected John Moriarty & Associates of Florida (Moriarty) as the general contractor for Elysee Miami, a new luxury condominium development located at 788 Northeast 23rd Street in Downtown Miami's East Edgewater neighborhood. Preconstruction preparations at the waterfront property are already underway, with groundbreaking anticipated in the second quarter of 2017 and delivery slated for 2019.

Elysee marks the second East Edgewater tower for developer Two Roads Development. The firm is slated to deliver its Biscayne Beach project, a 52-story luxury condominium located nearby at 2900 Northeast 7th Avenue, later this month.