NEWS & NOTABLES

JUPITER, FL—Cushman & Wakefield was named the exclusive advisor in the disposition of Riverwalk Pointe at Mangrove Bay, the only class A, 55-plus rental community in Jupiter. Executive managing director Calum Weaver, vice chairman Robert Given, senior managing director Troy Ballard and senior financial analyst Perry Synanidis has been chosen to market the boutique asset for Palm Beach Gardens, FL-based developer Eastwind Development. The multifamily property will go to market unpriced. Built in 2014 on a 4.67-acre site at 1026 South US Highway 1, the average monthly rent is $1,973 per unit. The multifamily community is currently 95% leased and 91% occupied.

MIAMI—Transwestern has expanded its Healthcare Advisory Services to include a statewide practice in Florida led by newly-hired senior vice president Brent Barnes. Transwestern's Healthcare Advisory team has grown to become the country's largest dedicated healthcare team, operating from 19 cities and including 120 members. Barnes brings more than 20 years of experience in development, financing, leasing, ownership, and management of healthcare real estate projects. He has executed over $875 million in healthcare transactions, developed and leased over 1.2 million square feet of healthcare projects, and orchestrated a 28-building, $241 million medical office portfolio sale. Prior to joining Transwestern, Barnes served as executive vice president of Healthcare Services at Flagler Investment, where he worked with healthcare systems, multi-practice physician groups and investors in the southeast region, delivering the full suite of services.

DEAL TRACKER

DAVENPORT, FL—McCraney Property Company secured a 305,967-square-foot new lease for Communications Test Design to occupy more than half of the 602,971-square-foot two-building class A institutional-grade industrial spec development at Park27. The industrial park is located at 230-240 Deen Still Road in the northwest quadrant of Interstate 4 and US Highway 27 in Davenport. “With 3.3 million square feet of absorption in Polk County alone in 2016, this lease validates that we are and will continue to see large users increasingly seeking out Central Florida as a hub for state-wide distribution in the third most populous state,” says McCraney Property Company's president and CEO Steven McCraney, who developed the spec industrial space at Park27 in partnership with Northwestern Mutual.

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated a 15-year, 3,700-square-foot free standing retail lease at 3600 Northwest 199 Street in Miami Gardens on behalf of their client, Bread Partners for a Burger King restaurant. HHP Annex, LLC is the landlord. The retail lease is valued at over $1,075 million. Founded in 1954, Burger King is the second-largest fast food hamburger chain in the world and serves more than 11 million guests every day.

MIAMI BEACH, FL—CBRE arranged the sale of a multi-tenant, street-retail property located at 1671-1673 Alton Road in Miami Beach. The property was sold by Alton Florida Properties, and purchased by an affiliate of Deco Capital Group and RWN Real Estate Partners for $7.425 million. CBRE's Todd Weintraub and Zach Winkler represented both the seller and buyer in the transaction. The 7,200-square-foot retail property on 0.17 acres has three ground-floor retail units and a second-floor loft space. It is triple-net leased to Nutritional Power Center, Naughty Rooster and Yummy Chinese & Sushi Bar.

PALM HARBOR, FL—The Hold-Thyssen Clearwater leasing team represented Harbor Park, LLC, the landlord, for the office center at 33920 US Highway 19 North in a lease expansion agreement for 2,672 square feet. Allegany Franciscan Ministries, who has been a tenant at Harbor Park for 10 years, will continue to operate its central office in the Palm Harbor location.

MIAMI—Cushman & Wakefield negotiated a 7,000-square-foot office sublease with ED&F Man at 801 Brickell Avenue. Managing director Gordon Messinger represented Royal Bank of Canada in the sublease negotiations. RBC has vacated over 65,000 square feet at 801 Brickell. The remaining 58,000 square feet comprises three full floors with panoramic views of Biscayne Bay within walking distance to all of Brickell's world class restaurants, retail shops and hotels. RBC is offering 12 months of free rent to subtenants who execute leases through January 2024. “ED&F Man is one of the most storied names in the history of the commodity markets,” says Messinger. “The company was looking for space that put them in the center of the Financial District, and 801 Brickell was the perfect fit.”

DELRAY BEACH, FL—Marcus & Millichap brokered the sale of Nautical Aire, a 12-unit building located in Delray Beach. The asset sold for $3.4 million. Joseph P. Thomas, first vice president Investments, and Adam G. Duncan, senior associate, both the firm's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The duo also secured the buyer, a private investor. The buyer is based in the Midwest and bought the property through a 1031 exchange.

MIAMI—FirstBank awarded a $22.25 million construction loan to Saber 1800 Alton to finance the development of a retail project with 32,491 square feet of leasable space, 70% of which is leased by anchor tenant Michaels, located at 1824 Alton Road in Miami Beach. Led by FirstBank's Mahesh Pattabhiraman, senior vice president and Commercial Banking Head, and Elsie Alvarez, senior vice president, the transaction closed in less than 60 days. “Demand for retail continues to be strong in Miami Beach as demonstrated by rising rents and vacancy reaching new lows in the area and throughout Miami-Dade County,” says Pattabhiraman. “As such, to meet the need of retailers for speed-to-market, borrowers are seeking opportunities to work with banks that have the capacity and flexibility to facilitate large loans swiftly.”

BUILDING BLOCKS

MIAMI—Aztec Group's Howard Taft, senior managing director, Charles Penan, managing director, and Jason Katz, vice president, arranged a $20 million pre-development loan facility for Uptown Biscayne. Uptown Biscayne is a planned, mixed-use project ideally located at the Northeast corner of 163rd Street and Biscayne Boulevard in North Miami Beach. Pre-construction work on the project has commenced while site work is scheduled to begin in the third quarter of this year. CK Prive Group is spearheading the development. The mixed-use property will consist of 162,000 square feet of retail space, 37,595 square feet of restaurant space, a 123,365-square-foot office building, a 160-key hotel, 198 residential units and 1,338 parking spaces. This is the second transaction that Aztec Group has completed on behalf of the developer in the past 90 days. In the fall, Aztec Group secured a $20 million construction loan for Forum Aventura, a 12-story office condominium ideally located across from Aventura Mall.

Florida Community Bank provided the financing. The loan facility includes a two-year loan term and a fixed interest rate.

midThis week in Miami saw some significant news in the health care real estate sector, as one firm continues pressing into the opportunity. Meanwhile, McCraney is still demonstrating why he's a force to be reckoned with in the industrial development market.

BY THE NUMBERS

Florida has an 18.5% projected growth of healthcare jobs by 2024, making it the next natural market to implement our healthcare practice. (Source: Transwestern)

Florida is a top growth market for healthcare and social services, contributing $69.9 billion, or nearly 14%, to all GDP industries in 2015. The numbers are growing, up 6.5% year-over-year, creating unprecedented opportunities for owners and occupiers of all types of medical properties to capitalize on unprecedented growth. (Source: Transwestern)

NEWS & NOTABLES

JUPITER, FL—Cushman & Wakefield was named the exclusive advisor in the disposition of Riverwalk Pointe at Mangrove Bay, the only class A, 55-plus rental community in Jupiter. Executive managing director Calum Weaver, vice chairman Robert Given, senior managing director Troy Ballard and senior financial analyst Perry Synanidis has been chosen to market the boutique asset for Palm Beach Gardens, FL-based developer Eastwind Development. The multifamily property will go to market unpriced. Built in 2014 on a 4.67-acre site at 1026 South US Highway 1, the average monthly rent is $1,973 per unit. The multifamily community is currently 95% leased and 91% occupied.

MIAMI—Transwestern has expanded its Healthcare Advisory Services to include a statewide practice in Florida led by newly-hired senior vice president Brent Barnes. Transwestern's Healthcare Advisory team has grown to become the country's largest dedicated healthcare team, operating from 19 cities and including 120 members. Barnes brings more than 20 years of experience in development, financing, leasing, ownership, and management of healthcare real estate projects. He has executed over $875 million in healthcare transactions, developed and leased over 1.2 million square feet of healthcare projects, and orchestrated a 28-building, $241 million medical office portfolio sale. Prior to joining Transwestern, Barnes served as executive vice president of Healthcare Services at Flagler Investment, where he worked with healthcare systems, multi-practice physician groups and investors in the southeast region, delivering the full suite of services.

DEAL TRACKER

DAVENPORT, FL—McCraney Property Company secured a 305,967-square-foot new lease for Communications Test Design to occupy more than half of the 602,971-square-foot two-building class A institutional-grade industrial spec development at Park27. The industrial park is located at 230-240 Deen Still Road in the northwest quadrant of Interstate 4 and US Highway 27 in Davenport. “With 3.3 million square feet of absorption in Polk County alone in 2016, this lease validates that we are and will continue to see large users increasingly seeking out Central Florida as a hub for state-wide distribution in the third most populous state,” says McCraney Property Company's president and CEO Steven McCraney, who developed the spec industrial space at Park27 in partnership with Northwestern Mutual.

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated a 15-year, 3,700-square-foot free standing retail lease at 3600 Northwest 199 Street in Miami Gardens on behalf of their client, Bread Partners for a Burger King restaurant. HHP Annex, LLC is the landlord. The retail lease is valued at over $1,075 million. Founded in 1954, Burger King is the second-largest fast food hamburger chain in the world and serves more than 11 million guests every day.

MIAMI BEACH, FL—CBRE arranged the sale of a multi-tenant, street-retail property located at 1671-1673 Alton Road in Miami Beach. The property was sold by Alton Florida Properties, and purchased by an affiliate of Deco Capital Group and RWN Real Estate Partners for $7.425 million. CBRE's Todd Weintraub and Zach Winkler represented both the seller and buyer in the transaction. The 7,200-square-foot retail property on 0.17 acres has three ground-floor retail units and a second-floor loft space. It is triple-net leased to Nutritional Power Center, Naughty Rooster and Yummy Chinese & Sushi Bar.

PALM HARBOR, FL—The Hold-Thyssen Clearwater leasing team represented Harbor Park, LLC, the landlord, for the office center at 33920 US Highway 19 North in a lease expansion agreement for 2,672 square feet. Allegany Franciscan Ministries, who has been a tenant at Harbor Park for 10 years, will continue to operate its central office in the Palm Harbor location.

MIAMI—Cushman & Wakefield negotiated a 7,000-square-foot office sublease with ED&F Man at 801 Brickell Avenue. Managing director Gordon Messinger represented Royal Bank of Canada in the sublease negotiations. RBC has vacated over 65,000 square feet at 801 Brickell. The remaining 58,000 square feet comprises three full floors with panoramic views of Biscayne Bay within walking distance to all of Brickell's world class restaurants, retail shops and hotels. RBC is offering 12 months of free rent to subtenants who execute leases through January 2024. “ED&F Man is one of the most storied names in the history of the commodity markets,” says Messinger. “The company was looking for space that put them in the center of the Financial District, and 801 Brickell was the perfect fit.”

DELRAY BEACH, FL—Marcus & Millichap brokered the sale of Nautical Aire, a 12-unit building located in Delray Beach. The asset sold for $3.4 million. Joseph P. Thomas, first vice president Investments, and Adam G. Duncan, senior associate, both the firm's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The duo also secured the buyer, a private investor. The buyer is based in the Midwest and bought the property through a 1031 exchange.

MIAMI—FirstBank awarded a $22.25 million construction loan to Saber 1800 Alton to finance the development of a retail project with 32,491 square feet of leasable space, 70% of which is leased by anchor tenant Michaels, located at 1824 Alton Road in Miami Beach. Led by FirstBank's Mahesh Pattabhiraman, senior vice president and Commercial Banking Head, and Elsie Alvarez, senior vice president, the transaction closed in less than 60 days. “Demand for retail continues to be strong in Miami Beach as demonstrated by rising rents and vacancy reaching new lows in the area and throughout Miami-Dade County,” says Pattabhiraman. “As such, to meet the need of retailers for speed-to-market, borrowers are seeking opportunities to work with banks that have the capacity and flexibility to facilitate large loans swiftly.”

BUILDING BLOCKS

MIAMI—Aztec Group's Howard Taft, senior managing director, Charles Penan, managing director, and Jason Katz, vice president, arranged a $20 million pre-development loan facility for Uptown Biscayne. Uptown Biscayne is a planned, mixed-use project ideally located at the Northeast corner of 163rd Street and Biscayne Boulevard in North Miami Beach. Pre-construction work on the project has commenced while site work is scheduled to begin in the third quarter of this year. CK Prive Group is spearheading the development. The mixed-use property will consist of 162,000 square feet of retail space, 37,595 square feet of restaurant space, a 123,365-square-foot office building, a 160-key hotel, 198 residential units and 1,338 parking spaces. This is the second transaction that Aztec Group has completed on behalf of the developer in the past 90 days. In the fall, Aztec Group secured a $20 million construction loan for Forum Aventura, a 12-story office condominium ideally located across from Aventura Mall.

Florida Community Bank provided the financing. The loan facility includes a two-year loan term and a fixed interest rate.