NEWS & NOTABLES

LITTLE TORCH KEY, FL—Cushman & Wakefield has been named exclusive advisor in the disposition of Little Torch Cottages, the newest class A waterfront multifamily community in the Lower Florida's Keys. Cushman & Wakefield's South Florida Multifamily Team of executive vice president Calum Weaver, vice chairman Robert Given and senior financial analyst Perry Synanidis has been chosen to market the townhouse-style duplexes for Little Palm Cottages LLC. The asset will go to market unpriced. Developed in 2014 at 28501 Channel View Drive, Little Torch Cottages totals 48 two-bedroom / two and one-half bath units, 400 feet of open water on Pine Channel and a 14-boat slip marina.

MAITLAND, FL—Allen Morris Company hired ACRE Commercial Real Estate leasing agents to spearhead retail leasing at Maitland City Centre, the mixed-use development that is set to become the central hub of Maitland, a suburb of Orlando. ACRE's managing partners Willow Shambeck and Sandi Bargfrede will lead the development's retail leasing initiatives highlighting Maitland City Centre's highly visible and prominent space for tenants to establish and expand their business opportunities in the heart of Maitland. “The Maitland market is very strong today and we have already generated significant leasing interest,” says Willow Shambeck, managing partner and broker of ACRE. The development, scheduled for completion Summer 2018, offers 20,071 square feet of retail space available for lease.

DEAL TRACKER

CORAL GABLES, FL—Cushman & Wakefield landed two new-to-market office leases in Coral Gables with Cosentino North America and Kimley-Horn at 355 Alhambra. The leases, totaling over 40,000 square feet, were valued at a combined $16.5 million. The office leasing team of vice chairman Brian Gale, managing director Ryan Holtzman, managing director Andrew Trench and director Jeannette Mendoza represented building owner PGIM Real Estate in the lease negotiations. “The hot Coral Gables office market continues to absorb space, and we are thrilled to have two new-to-market tenants relocate their offices to 355 Alhambra,” says Gale. “Miami has attracted over 1.5 million square feet of new-to-market tenants in the last three years, and Coral Gables continues to obtain its fair share.”

MIAMI—Thor Equities leased prime retail space at 663-667 Lincoln Road in Miami to Steve Madden and Häagen-Dazs.Fashion-footwear maker Steve Madden has leased 2,300 square feet at 663 Lincoln Road. Häagen-Dazs has signed a long-term lease for 1,000 square feet at neighboring 665 Lincoln Road. Thor owns 605 Lincoln Road and 852 Collins Avenue in South Beach, as well as multiple properties in Wynwood including 2722 Northwest 2nd Avenue, 250 Northeast 24th Street, and planned development project 2800 Northwest 2nd Avenue. The company also owns 70 Northeast 39th St. and 120 Northeast 39th Street in Miami's Design District.

SUNRISE, FL—Cushman & Wakefield negotiated two new office leases at 1551 Sawgrass Centre in Sawgrass Corporate Park totaling nearly 35,000 square feet. The office leasing team of managing director Donna Korn and director Jennifer Gemma represented Houston-based building owner M-M Properties in securing leases with Hamilton Group Funding and Allergan Sales. 1551 Sawgrass Center is a 92,243-square-foot, Class A office building developed in 1997. The asset offers ample parking, signature building signage fronting Sawgrass Expressway and on-site management and leasing offices. These two leases bring 1551 Sawgrass Center to 96 percent occupancy. “These leases are examples of the strong demand for office space in the Sawgrass submarket,” says Korn. “We have seen tremendous leasing activity in the Sawgrass submarket, which has created a more competitive market and continues to drive successful leasing momentum.”

VERO BEACH, FL—Marcus & Millichap brokered the sale of Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach. The asset sold for $2.92 million. Lori Schneider, senior managing director Investments, Barry M. Wolfe, senior vice president Investments, David E. Gant, senior associate, and Alan Lipsky, associate, represented the seller, Reuven Kahane. The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, vice president Investments, in Marcus & Millichap's Tampa office.

LAKE WORTH, FL—Marcus & Millichap brokered the sale of Gulfstream Apartments, a 24-unit apartment property located in Lake Worth. The asset sold for $2.4 million. Evan Richardson, associate, Daniel J. Cunningham, first vice president Investments, and Derek R. Gibbs, first vice president Investments had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a limited liability company.

MIAMI—MMG Equity Partners acquired the southeast and southwest corners of 8th Street and Ponce de Leon in two separate off-market transactions. Ponce 1, LLC acquired two folios at the SWC currently occupied by various tenants including the successful Eating House restaurant. Ponce 3, LLC acquired a vacant 258-seat restaurant building located on the SEC from the prior restaurant operator. The parcel provides outdoor-seating with 25 on-site parking spaces. MMG principal Gabriel Navarro says, “We were attracted to these properties given their high visibility at an important, heavily trafficked entry point to Coral Gables.”

BUILDING BLOCKS

LAKE MARY, FL—Piedmont Office Realty Trust, in conjunction with a local development firm Providence One Partners, delivered 500 TownPark, a four-story 135,000-square-foot class A office building located at 500 Colonial Center Parkway in Lake Mary. 500 TownPark is the first office building of its class delivered in Seminole County with any speculative space since 2008. In early March 2017, the new building's anchor tenant, CNA, moved its approx. 600 employees from Maitland into the 108,000 square feet spanning three full floors that they leased to house its Florida Regional Offices. “Lake Mary is a vibrant submarket and the choice location for large employers in Orlando, offering all the amenities and infrastructure to attract and sustain an equally balanced personal and professional ecosystem,” says George Wells, executive vice pesident with Piedmont. Avison Young's Greg Morrison, principal and managing director of the firm's Orlando operations, and Scott Pamplin, vice president, worked with Piedmont to ink the deal with CNA to take the three top floors, the largest lease in Lake Mary in 2015. The Avison Young team will now focus their marketing and leasing efforts on the remaining 27,000 square feet, which represents the first floor of the office building.

FORT LAUDERDALE, FL—Bridge Development Partners completed a 57,341-square-foot, long-term lease agreement at Bridge Point I-95 industrial park, located immediately off Interstate 95 in Fort Lauderdale. Broward Motorsports, a Florida motorsports dealership with four regional locations, will relocate its existing Fort Lauderdale center, bringing Building 1 to 100% occupancy prior to scheduled completion next month. The CBRE team of Tony Hoover, first vice president, and Larry Genet, vice president, represented the developer, Bridge Development Partners, in the transaction. Broward Motorsports was represented by Robert Palacios of Regency Commercial Properties.

This week in Florida saw plenty of action in smaller markets. From Little Torch Key, to Maitland, to Lake Worth, investors are seeing second-tier markets.

BY THE NUMBERS

As tight as conditions have become, even the prime markets are not as space starved as they were at the height of the last cycle. In early 2006, overall availability in South Florida was hovering just below 11%, with much lower availability—under 9% in Miami-Dade. (Source: Savills Studley)

As of year-end 2016, availability in Miami-Dade was 14.6%, nearly 600 basis points higher. Remarkably, the three-county region has nearly 56,000 more office-using jobs (as of November 2016) as it had in 2006, and yet space occupancy for the region is much lower. (Source: Savills Studley)

NEWS & NOTABLES

LITTLE TORCH KEY, FL—Cushman & Wakefield has been named exclusive advisor in the disposition of Little Torch Cottages, the newest class A waterfront multifamily community in the Lower Florida's Keys. Cushman & Wakefield's South Florida Multifamily Team of executive vice president Calum Weaver, vice chairman Robert Given and senior financial analyst Perry Synanidis has been chosen to market the townhouse-style duplexes for Little Palm Cottages LLC. The asset will go to market unpriced. Developed in 2014 at 28501 Channel View Drive, Little Torch Cottages totals 48 two-bedroom / two and one-half bath units, 400 feet of open water on Pine Channel and a 14-boat slip marina.

MAITLAND, FL—Allen Morris Company hired ACRE Commercial Real Estate leasing agents to spearhead retail leasing at Maitland City Centre, the mixed-use development that is set to become the central hub of Maitland, a suburb of Orlando. ACRE's managing partners Willow Shambeck and Sandi Bargfrede will lead the development's retail leasing initiatives highlighting Maitland City Centre's highly visible and prominent space for tenants to establish and expand their business opportunities in the heart of Maitland. “The Maitland market is very strong today and we have already generated significant leasing interest,” says Willow Shambeck, managing partner and broker of ACRE. The development, scheduled for completion Summer 2018, offers 20,071 square feet of retail space available for lease.

DEAL TRACKER

CORAL GABLES, FL—Cushman & Wakefield landed two new-to-market office leases in Coral Gables with Cosentino North America and Kimley-Horn at 355 Alhambra. The leases, totaling over 40,000 square feet, were valued at a combined $16.5 million. The office leasing team of vice chairman Brian Gale, managing director Ryan Holtzman, managing director Andrew Trench and director Jeannette Mendoza represented building owner PGIM Real Estate in the lease negotiations. “The hot Coral Gables office market continues to absorb space, and we are thrilled to have two new-to-market tenants relocate their offices to 355 Alhambra,” says Gale. “Miami has attracted over 1.5 million square feet of new-to-market tenants in the last three years, and Coral Gables continues to obtain its fair share.”

MIAMI—Thor Equities leased prime retail space at 663-667 Lincoln Road in Miami to Steve Madden and Häagen-Dazs.Fashion-footwear maker Steve Madden has leased 2,300 square feet at 663 Lincoln Road. Häagen-Dazs has signed a long-term lease for 1,000 square feet at neighboring 665 Lincoln Road. Thor owns 605 Lincoln Road and 852 Collins Avenue in South Beach, as well as multiple properties in Wynwood including 2722 Northwest 2nd Avenue, 250 Northeast 24th Street, and planned development project 2800 Northwest 2nd Avenue. The company also owns 70 Northeast 39th St. and 120 Northeast 39th Street in Miami's Design District.

SUNRISE, FL—Cushman & Wakefield negotiated two new office leases at 1551 Sawgrass Centre in Sawgrass Corporate Park totaling nearly 35,000 square feet. The office leasing team of managing director Donna Korn and director Jennifer Gemma represented Houston-based building owner M-M Properties in securing leases with Hamilton Group Funding and Allergan Sales. 1551 Sawgrass Center is a 92,243-square-foot, Class A office building developed in 1997. The asset offers ample parking, signature building signage fronting Sawgrass Expressway and on-site management and leasing offices. These two leases bring 1551 Sawgrass Center to 96 percent occupancy. “These leases are examples of the strong demand for office space in the Sawgrass submarket,” says Korn. “We have seen tremendous leasing activity in the Sawgrass submarket, which has created a more competitive market and continues to drive successful leasing momentum.”

VERO BEACH, FL—Marcus & Millichap brokered the sale of Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach. The asset sold for $2.92 million. Lori Schneider, senior managing director Investments, Barry M. Wolfe, senior vice president Investments, David E. Gant, senior associate, and Alan Lipsky, associate, represented the seller, Reuven Kahane. The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, vice president Investments, in Marcus & Millichap's Tampa office.

LAKE WORTH, FL—Marcus & Millichap brokered the sale of Gulfstream Apartments, a 24-unit apartment property located in Lake Worth. The asset sold for $2.4 million. Evan Richardson, associate, Daniel J. Cunningham, first vice president Investments, and Derek R. Gibbs, first vice president Investments had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a limited liability company.

MIAMI—MMG Equity Partners acquired the southeast and southwest corners of 8th Street and Ponce de Leon in two separate off-market transactions. Ponce 1, LLC acquired two folios at the SWC currently occupied by various tenants including the successful Eating House restaurant. Ponce 3, LLC acquired a vacant 258-seat restaurant building located on the SEC from the prior restaurant operator. The parcel provides outdoor-seating with 25 on-site parking spaces. MMG principal Gabriel Navarro says, “We were attracted to these properties given their high visibility at an important, heavily trafficked entry point to Coral Gables.”

BUILDING BLOCKS

LAKE MARY, FL—Piedmont Office Realty Trust, in conjunction with a local development firm Providence One Partners, delivered 500 TownPark, a four-story 135,000-square-foot class A office building located at 500 Colonial Center Parkway in Lake Mary. 500 TownPark is the first office building of its class delivered in Seminole County with any speculative space since 2008. In early March 2017, the new building's anchor tenant, CNA, moved its approx. 600 employees from Maitland into the 108,000 square feet spanning three full floors that they leased to house its Florida Regional Offices. “Lake Mary is a vibrant submarket and the choice location for large employers in Orlando, offering all the amenities and infrastructure to attract and sustain an equally balanced personal and professional ecosystem,” says George Wells, executive vice pesident with Piedmont. Avison Young's Greg Morrison, principal and managing director of the firm's Orlando operations, and Scott Pamplin, vice president, worked with Piedmont to ink the deal with CNA to take the three top floors, the largest lease in Lake Mary in 2015. The Avison Young team will now focus their marketing and leasing efforts on the remaining 27,000 square feet, which represents the first floor of the office building.

FORT LAUDERDALE, FL—Bridge Development Partners completed a 57,341-square-foot, long-term lease agreement at Bridge Point I-95 industrial park, located immediately off Interstate 95 in Fort Lauderdale. Broward Motorsports, a Florida motorsports dealership with four regional locations, will relocate its existing Fort Lauderdale center, bringing Building 1 to 100% occupancy prior to scheduled completion next month. The CBRE team of Tony Hoover, first vice president, and Larry Genet, vice president, represented the developer, Bridge Development Partners, in the transaction. Broward Motorsports was represented by Robert Palacios of Regency Commercial Properties.