NEWS & NOTABLES

MIAMI—Cresa added a local commercial real estate industry member to its South Florida team. The firm appointed Monica Cornejo as a senior associate for the firm. Cornejo was most recently with Stiles Corp as a marketing services coordinator for the realty arm of Stiles, responsible for all marketing and sales activities for landlord representation, tenant representation, land and outparcel sales, investment sales, and development strategy services. Prior to Stiles, Monica worked for a leading consultancy firm to Fortune 500 companies conducting market intelligence, and before that as a media/client services assistant for a well-known media group company.

MIAMI—Cushman & Wakefield's Asset Services Group was awarded seven of 18 local TOBY awards by the Building Owners and Managers Association (BOMA) of Miami-Dade. The awards were presented at the recent BOMA of Miami-Dade TOBYS, a Moulin Rouge-themed event held at Jungle Island. The TOBY award competition begins at the BOMA local association level. Winning entries advance from there to the regional level and, finally, regional winners advance to the international competition. The international TOBY Awards will be presented at the BOMA International Conference in Nashville, TN on June 27.

DEAL TRACKER

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated a five-year, 2,000-square foot retail lease Amazing Lash Studio located at Southport Shopping Center, 1303 Southeast 17th Street in Fort Lauderdale, Florida. The landlord is Southpoint Retail. The lease is valued at $300,000. This is the second transaction the NAI duo has completed for its client and several more currently pending closing.

MIAMI LAKES, FL—NAI Miami's Edward Schmidt, Josh Rodstein and Brandon Weiss negotiated a five-year, 1,980-square-foot retail lease for their client and landlord, Royal Oaks Plaza, located at 15400 Northwest 77th Court in Miami Lakes, Florida. The lessee is Mathnasium. The lease is valued at over $250,000. Royal Oaks Plaza is located on the Northwest corner of Northwest 154 Street and State Road 826. The shopping center has for its anchor one of the largest grocery store in Miami Lakes, a Winn-Dixie. Other tenants include Outback Steakhouse, Bank of America, Chase Bank, Massage Envy, Uni-K Wax, Supercuts, Anthony's Coal Fire Pizza, Orangetheory Fitness and T-Mobile.

OAKLAND PARK, FL—Allen Morris Company negotiated the sale of an office building in Oakland Park for $2.5 million. Dale Graham, senior vice president, and Enrique Piñeiro, director of property management and leasing represented the seller, RLC, along with CBRE. Larry Genet, vice president of CBRE Group and Tom O'Loughlin senior vice president of CBRE, represented the buyer, Andrews Ave. Estate, which is slated to open a Panda Kitchen and Bath Expo Center on the property. The 20,368-square-foot, one-story building is located on 4350 North Andrews Avenue. Built in 1965 and sitting on 2.345 acres, it underwent renovations for the former US Post Office. “The sale of this property exemplifies the growing demand for office showroom space in South Florida, and we are pleased to negotiate terms that satisfied the needs of both parties,” says Graham. “This transaction demonstrates how commercial real estate is continuously sought after for its dynamic opportunities in strategic locations.”

ORLANDO—HFF secured acquisition financing for The District, a 425-unit, four-story, wrap-style apartment community in Orlando. HFF worked exclusively on behalf of the borrower, Venterra Realty to place the seven-year, 4.06% fixed-rate loan with a correspondent life company lender. The loan has four years of interest only payments. The District sits on 10.1 acres at 9702 Universal Boulevard. The property is near the area's top tourist destinations and approximately two miles east of SouthPark Center, a 2.9 million-square-foot office park that is home to globally recognizable companies and nearly 10,000 employees. The HFF debt placement team representing Venterra was led by managing director Cortney Cole and associate director Brett Moss.

DEERFIELD BEACH, FL—Cushman & Wakefield negotiated a 20,253-square-foot industrial lease with Liberty Moving & Storage at 1280 South Powerline Road. Executive director Chris Metzger, executive director Richard F. Etner Jr., executive director Christopher Thomson, and director Matthew G. McAllister represented building owner Bristol Group, a San Francisco-based investor and developer, in the transaction. 1280 South Powerline Road is a 20,253-square-foot warehouse and distribution center built in 1989 and renovated in 2013, when Bristol purchased the asset. The asset is part of a three-building complex totaling just over 74,000 square feet and features ESFR (Early Suppression, Fast Response) fire safety system, secured exterior storage, 30-foot clear heights, three-dock high doors, one ramp, abundant parking and new T-5 lighting. All three buildings are now 100% leased.

TALLAHASSEE, FL—Marcus & Millichap brokered the sale of a two-property, 195-unit multifamily portfolio located in Tallahassee. The multifamily asset sold for $9,35 million. Joshua Teplitzky, senior associate, and Francesco P. Carriera and Michael P. Regan, both senior managing director investments, represented the seller. Cameron Barbas, senior associate, along with Teplitzky, Carriera and Regan procured the buyer. “The Tallahassee Portfolio was part of a two-property sale that was the product of a perfectly executed 1031 exchange within our team,” says Barbas. “The buyer exited a 100-unit property in South Tampa that we sold in August of 2016 for $6.4 million.”

CLEARWATER, FL—Marcus & Millichap brokered the sale of a 37,991-square foot multi-tenant warehouse located in Clearwater. Nicholas Creech, associate, and Luke Elliott, vice president investments, both in the firm's Tampa office, represented seller and procured the buyer. “This was a quality asset with a diverse tenant mix, which attracted attention from local and national investors,” says Creech. “The industrial sector remains strong and continues to grow in the Tampa Bay MSA.” Located at 2140 Range Road in Clearwater, Florida, the fully-occupied warehouse encompasses 33,975 net rentable square feet across seven units on a total of 2.44 acres. Initially built in 1982 with the second half built in 1984, the property provides 68 parking spaces and features ten, grade-level doors and three doors located four inches off the ground.

BUILDING BLOCKS

BAL HARBOUR VILLAGE, FL—Bal Harbour Shops submitted a comprehensive development agreement to Bal Harbour Village officials, setting forth the details of the luxury retail leader's long-planned $400 million enhancement project. The terms of the development agreement offer more than $100 million in benefits to the small seaside municipality, and follow the Shops' submission of an updated version of Enhancement Plan to the Village in January. If approved by the Bal Harbour Village Council, the enhancements will be built entirely on the Shops' existing property, requiring no Village land. Under the terms of the development agreement, Bal Harbour Shops will provide several Bal Harbour Village if the Village Council votes to approve the enhancement plan.

This week in Florida saw Cresa continuing to rebuild its presence after the JLL acquisition last year. CushWake is cashing in on awards. Bal Harbour Shops is pressing on toward its big plans, and lots of lease deals were inked.

BY THE NUMBERS

Approximately 1,000 conventional rental apartments were delivered in 2016, with an additional 4,900 rental apartments now under construction. This new rental supply, coupled with the additional condos coming online this year, is beginning to slow rental rate appreciation, opening the door for young professionals seeking to live in downtown who would otherwise be priced out of the market. (Source: Miami DDA)

A recent resurgence in land sales indicates that developer and investor confidence is holding steady. Land sales valued at approximately $220 million in and around downtown occurred during the study period, including record-setting transactions in Wynwood, where rezoning efforts are paving the way for greater residential density. (Source: Miami DDA)

NEWS & NOTABLES

MIAMI—Cresa added a local commercial real estate industry member to its South Florida team. The firm appointed Monica Cornejo as a senior associate for the firm. Cornejo was most recently with Stiles Corp as a marketing services coordinator for the realty arm of Stiles, responsible for all marketing and sales activities for landlord representation, tenant representation, land and outparcel sales, investment sales, and development strategy services. Prior to Stiles, Monica worked for a leading consultancy firm to Fortune 500 companies conducting market intelligence, and before that as a media/client services assistant for a well-known media group company.

MIAMI—Cushman & Wakefield's Asset Services Group was awarded seven of 18 local TOBY awards by the Building Owners and Managers Association (BOMA) of Miami-Dade. The awards were presented at the recent BOMA of Miami-Dade TOBYS, a Moulin Rouge-themed event held at Jungle Island. The TOBY award competition begins at the BOMA local association level. Winning entries advance from there to the regional level and, finally, regional winners advance to the international competition. The international TOBY Awards will be presented at the BOMA International Conference in Nashville, TN on June 27.

DEAL TRACKER

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated a five-year, 2,000-square foot retail lease Amazing Lash Studio located at Southport Shopping Center, 1303 Southeast 17th Street in Fort Lauderdale, Florida. The landlord is Southpoint Retail. The lease is valued at $300,000. This is the second transaction the NAI duo has completed for its client and several more currently pending closing.

MIAMI LAKES, FL—NAI Miami's Edward Schmidt, Josh Rodstein and Brandon Weiss negotiated a five-year, 1,980-square-foot retail lease for their client and landlord, Royal Oaks Plaza, located at 15400 Northwest 77th Court in Miami Lakes, Florida. The lessee is Mathnasium. The lease is valued at over $250,000. Royal Oaks Plaza is located on the Northwest corner of Northwest 154 Street and State Road 826. The shopping center has for its anchor one of the largest grocery store in Miami Lakes, a Winn-Dixie. Other tenants include Outback Steakhouse, Bank of America, Chase Bank, Massage Envy, Uni-K Wax, Supercuts, Anthony's Coal Fire Pizza, Orangetheory Fitness and T-Mobile.

OAKLAND PARK, FL—Allen Morris Company negotiated the sale of an office building in Oakland Park for $2.5 million. Dale Graham, senior vice president, and Enrique Piñeiro, director of property management and leasing represented the seller, RLC, along with CBRE. Larry Genet, vice president of CBRE Group and Tom O'Loughlin senior vice president of CBRE, represented the buyer, Andrews Ave. Estate, which is slated to open a Panda Kitchen and Bath Expo Center on the property. The 20,368-square-foot, one-story building is located on 4350 North Andrews Avenue. Built in 1965 and sitting on 2.345 acres, it underwent renovations for the former US Post Office. “The sale of this property exemplifies the growing demand for office showroom space in South Florida, and we are pleased to negotiate terms that satisfied the needs of both parties,” says Graham. “This transaction demonstrates how commercial real estate is continuously sought after for its dynamic opportunities in strategic locations.”

ORLANDO—HFF secured acquisition financing for The District, a 425-unit, four-story, wrap-style apartment community in Orlando. HFF worked exclusively on behalf of the borrower, Venterra Realty to place the seven-year, 4.06% fixed-rate loan with a correspondent life company lender. The loan has four years of interest only payments. The District sits on 10.1 acres at 9702 Universal Boulevard. The property is near the area's top tourist destinations and approximately two miles east of SouthPark Center, a 2.9 million-square-foot office park that is home to globally recognizable companies and nearly 10,000 employees. The HFF debt placement team representing Venterra was led by managing director Cortney Cole and associate director Brett Moss.

DEERFIELD BEACH, FL—Cushman & Wakefield negotiated a 20,253-square-foot industrial lease with Liberty Moving & Storage at 1280 South Powerline Road. Executive director Chris Metzger, executive director Richard F. Etner Jr., executive director Christopher Thomson, and director Matthew G. McAllister represented building owner Bristol Group, a San Francisco-based investor and developer, in the transaction. 1280 South Powerline Road is a 20,253-square-foot warehouse and distribution center built in 1989 and renovated in 2013, when Bristol purchased the asset. The asset is part of a three-building complex totaling just over 74,000 square feet and features ESFR (Early Suppression, Fast Response) fire safety system, secured exterior storage, 30-foot clear heights, three-dock high doors, one ramp, abundant parking and new T-5 lighting. All three buildings are now 100% leased.

TALLAHASSEE, FL—Marcus & Millichap brokered the sale of a two-property, 195-unit multifamily portfolio located in Tallahassee. The multifamily asset sold for $9,35 million. Joshua Teplitzky, senior associate, and Francesco P. Carriera and Michael P. Regan, both senior managing director investments, represented the seller. Cameron Barbas, senior associate, along with Teplitzky, Carriera and Regan procured the buyer. “The Tallahassee Portfolio was part of a two-property sale that was the product of a perfectly executed 1031 exchange within our team,” says Barbas. “The buyer exited a 100-unit property in South Tampa that we sold in August of 2016 for $6.4 million.”

CLEARWATER, FL—Marcus & Millichap brokered the sale of a 37,991-square foot multi-tenant warehouse located in Clearwater. Nicholas Creech, associate, and Luke Elliott, vice president investments, both in the firm's Tampa office, represented seller and procured the buyer. “This was a quality asset with a diverse tenant mix, which attracted attention from local and national investors,” says Creech. “The industrial sector remains strong and continues to grow in the Tampa Bay MSA.” Located at 2140 Range Road in Clearwater, Florida, the fully-occupied warehouse encompasses 33,975 net rentable square feet across seven units on a total of 2.44 acres. Initially built in 1982 with the second half built in 1984, the property provides 68 parking spaces and features ten, grade-level doors and three doors located four inches off the ground.

BUILDING BLOCKS

BAL HARBOUR VILLAGE, FL—Bal Harbour Shops submitted a comprehensive development agreement to Bal Harbour Village officials, setting forth the details of the luxury retail leader's long-planned $400 million enhancement project. The terms of the development agreement offer more than $100 million in benefits to the small seaside municipality, and follow the Shops' submission of an updated version of Enhancement Plan to the Village in January. If approved by the Bal Harbour Village Council, the enhancements will be built entirely on the Shops' existing property, requiring no Village land. Under the terms of the development agreement, Bal Harbour Shops will provide several Bal Harbour Village if the Village Council votes to approve the enhancement plan.