JACKSONVILLE, FL—Acorn Property Holdings awarded the exclusive leasing assignment of its Northeast Florida portfolio to NAI Hallmark Partners. The 12-building portfolio totals over 900,000 square feet and is comprised of office buildings primarily in the Southside submarket of Jacksonville along with two buildings at World Golf Village in Saint Augustine. NAI Hallmark added Joe Scavetto to lead the office leasing team on this portfolio.

DEAL TRACKER

SANFORD, FL—Marcus & Millichap brokered the sale of Magnolia Self Storage, a 32,725-square foot self-storage located in Sanford. Brian Baldwin, associate, Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, all in the firm's Tampa office, listed the property for the seller and procured the buyer. “In the past 18 months, the number of private client transactions has increased, and the sale of Magnolia Self Storage is indicative of this trend,” says Mele. Magnolia Self Storage, a 31,200-net rentable square foot facility, is located at 2530 South Magnolia Avenue in Sanford.

FORT WHITE, FL—Marcus & Millichap brokered the sale of Riverwood Lodge Assisted Living Facility, an 8,586-square foot senior housing property in Fort White. The asset sold for $1.5 million. L.J. Tsunis, associate, and Krone Weidler, first vice president investments, both in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. “The buyer demand for new construction of seniors housing product remains strong,” Tsunis says. “The developer was able to successfully exit the property while still in lease-up phase. As Florida's reputation continues to grow as the bellwether state for seniors, we expect investment to remain strong in all seniors housing assets.”

TAMPA, FL—Marcus & Millichap brokered sale of Palencia Palms, a 3.44-acre residential land site located in Tampa. The asset sold for $1.125 million. Casey Babb and first vice president investments and Paul Bouldin, senior associate both in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. “This property was planned for townhomes in the mid-2000s and ended up selling to a local apartment developer today who will develop a boutique sized, 68-unit apartment community on the site,” says Babb. “At this point in the cycle, developers are facing a scarcity of infill sites and rising construction costs so we may begin to see more and more smaller projects like this one as opposed to the traditional 200-unit minimum apartment development.”

BOCA RATON, FL—CBRE arranged the sale and financing of Arvida Executive Center in Boca Raton, Florida. The 116,655-square-foot office park consists of two multi-tenant office buildings, a single-tenant office building, and a three-story structured parking garage. CBRE facilitated the sale on behalf of a fund managed by DRA Advisors to Butters Acquisitions, which acquired the property for $21 million. The CBRE Capital Markets Debt & Structured Finance team arranged 10-year financing with Branch Banking & Trust Company on behalf of Butters. Vice chairman Christian Lee oversaw the transactions alongside senior vice president José Lobón on the sale effort and vice president Amy Julian on the financing. The CBRE South Florida Capital Markets team representing the seller also included financial analysts Andrew Chilgren and Tyler Ploshnick. Jeffrey Kelly, executive vice president of Advisory and Transaction Services, also assisted the Capital Markets team with the sale.

BUILDING BLOCKS

SINGER ISLAND, FL—While construction on VistaBlue Singer Island, a 19-story luxury beachfront condominium located along the coast of Florida's Palm Beaches, will continue for another ten months, the first of four model residences is now open for sales tours. The other three model residences will be finished over the next several weeks. The new condominium, offering 58 residences is the first oceanfront residential project on Singer Island in nearly a decade. With prices ranging from $1.4 million to nearly $8 million, residences will be move-in ready in January 2018.

Early this week in Florida, smaller submarkets saw some commercial real estate action. Self-storage, seniors housing and other niche properties made headlines.

BY THE NUMBERS

Retailers compete for space as deliveries fall to cyclical low. Healthy job growth has tightened the labor market, pushing up wages, creating a strong demand for housing and bolstering the Tampa-Saint Petersburg economy. Household income growth has outpaced the national rate over the past three years, providing a boost to retail sales. These factors have encouraged retailers to expand in the metro, with net absorption outpacing new supply by 3.8 million square feet over the past five years. (Source: Marcus & Millichap)

NEWS & NOTABLES

JACKSONVILLE, FL—Acorn Property Holdings awarded the exclusive leasing assignment of its Northeast Florida portfolio to NAI Hallmark Partners. The 12-building portfolio totals over 900,000 square feet and is comprised of office buildings primarily in the Southside submarket of Jacksonville along with two buildings at World Golf Village in Saint Augustine. NAI Hallmark added Joe Scavetto to lead the office leasing team on this portfolio.

DEAL TRACKER

SANFORD, FL—Marcus & Millichap brokered the sale of Magnolia Self Storage, a 32,725-square foot self-storage located in Sanford. Brian Baldwin, associate, Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, all in the firm's Tampa office, listed the property for the seller and procured the buyer. “In the past 18 months, the number of private client transactions has increased, and the sale of Magnolia Self Storage is indicative of this trend,” says Mele. Magnolia Self Storage, a 31,200-net rentable square foot facility, is located at 2530 South Magnolia Avenue in Sanford.

FORT WHITE, FL—Marcus & Millichap brokered the sale of Riverwood Lodge Assisted Living Facility, an 8,586-square foot senior housing property in Fort White. The asset sold for $1.5 million. L.J. Tsunis, associate, and Krone Weidler, first vice president investments, both in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. “The buyer demand for new construction of seniors housing product remains strong,” Tsunis says. “The developer was able to successfully exit the property while still in lease-up phase. As Florida's reputation continues to grow as the bellwether state for seniors, we expect investment to remain strong in all seniors housing assets.”

TAMPA, FL—Marcus & Millichap brokered sale of Palencia Palms, a 3.44-acre residential land site located in Tampa. The asset sold for $1.125 million. Casey Babb and first vice president investments and Paul Bouldin, senior associate both in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. “This property was planned for townhomes in the mid-2000s and ended up selling to a local apartment developer today who will develop a boutique sized, 68-unit apartment community on the site,” says Babb. “At this point in the cycle, developers are facing a scarcity of infill sites and rising construction costs so we may begin to see more and more smaller projects like this one as opposed to the traditional 200-unit minimum apartment development.”

BOCA RATON, FL—CBRE arranged the sale and financing of Arvida Executive Center in Boca Raton, Florida. The 116,655-square-foot office park consists of two multi-tenant office buildings, a single-tenant office building, and a three-story structured parking garage. CBRE facilitated the sale on behalf of a fund managed by DRA Advisors to Butters Acquisitions, which acquired the property for $21 million. The CBRE Capital Markets Debt & Structured Finance team arranged 10-year financing with Branch Banking & Trust Company on behalf of Butters. Vice chairman Christian Lee oversaw the transactions alongside senior vice president José Lobón on the sale effort and vice president Amy Julian on the financing. The CBRE South Florida Capital Markets team representing the seller also included financial analysts Andrew Chilgren and Tyler Ploshnick. Jeffrey Kelly, executive vice president of Advisory and Transaction Services, also assisted the Capital Markets team with the sale.

BUILDING BLOCKS

SINGER ISLAND, FL—While construction on VistaBlue Singer Island, a 19-story luxury beachfront condominium located along the coast of Florida's Palm Beaches, will continue for another ten months, the first of four model residences is now open for sales tours. The other three model residences will be finished over the next several weeks. The new condominium, offering 58 residences is the first oceanfront residential project on Singer Island in nearly a decade. With prices ranging from $1.4 million to nearly $8 million, residences will be move-in ready in January 2018.