FORT LAUDERDALE, FL—NAIOP South Florida will host its 31st Annual Charity Golf Tournament on Monday, April 24 at Fort Lauderdale Country Club. The shotgun start time is 11 am. The event includes lunch, on-course activities, putting contests, a silent auction, raffle and cocktail reception. Each team consists of four players and the winning team will receive signature green jackets and this year's first place trophy. All proceeds from the tournament benefit Jack & Jill Children's Center, the oldest non-profit provider of early childhood education in Broward County. Last year, the tournament generated more than $23,000, allowing NAIOP South Florida to donate to both Jack & Jill Children's Center and Taylor's Closet.

DEAL TRACKER

CORAL GABLES, FL—Isabel Fine, principal at Coral Gables-based Real Miami Commercial Real Estate, represented both the buyer and the seller in the sale of a 37,134-square-foot building. The building sits on a 21,244-square foot parcel, located at 4950 Southwest 8th Street in Coral Gables. The buyer, GDJARD Investment LLC, purchased the property for $5.1 million from 4950 SW EIGHTH LLC. Preferred Medical Partners previously utilized the 1985-built, three-story medical office building as its headquarters. The building was vacant at the time of the sale.

MIAMI—Marcus & Millichap brokered the sale of Rio Palma Apartments, an 18-unit multifamily property in Miami. The asset sold for $1.75 million. Evan P. Kristol, senior managing director Investments, Felipe J. Echarte, first vice president Investments, and Alejandro J. Gonzalez, associate, represented the seller, a limited liability company, and secured and represented the buyer, a private investor. “Despite the older construction of Rio Palma, the property had been gut renovated and offered the Buyer the opportunity increase the rental income from the seller's current operations,” says Gonzalez.

ORLANDO—JLL closed on the $7 million sale of 2304 West Taft Vineland Road, a 75,600-sqaure-foot, class A warehouse building located within Liberty Park at AIPO, considered one of Central Florida's premier industrial business parks. The facility spreads over four acres and is strategically situated next to the Orlando International Airport. JLL managing director Christopher Lawrence, senior vice president Joe Hills and vice president Josh Lipoff represented the buyer, a publicly traded service company on the NYSE. The seller, STIHL Southeast, was represented by Steven Whitely of Whitley Capital. The seller had previously used the facility as its Florida distribution center for STIHL's outdoor power equipment. “This real estate transaction is a great indicator of the continued strengthening of Central Florida's industrial market,” says Hills. “This high-quality warehouse facility is the perfect fit to accommodate the buyer's growing operations in Orlando and throughout the state.”

KENDALL, FL—CBRE Capital Markets' Debt & Structured Finance team arranged a $16 million construction loan for the development of a 53,185-square-foot retail center in West Kendall. CBRE's Christian Lee, Amy Julian and José Lobón arranged the financing on behalf of Gertz Builders and Developers, a third generation, family-owned and operated firm. Branch Banking and Trust Company provided the financing. “The Kendall retail submarket is thriving with a 97% occupancy rate,” says Julian, vice president, CBRE Debt & Structured Finance. “The Pointe at Kendall Town Center has completed remarkable pre-leasing and has a tremendous interest list for the project.”

BUILDING BLOCKS

ORLANDO—Konover South closed a $3.279 million land purchase in Orlando for its new 62,222 square foot, grocery-anchored Landstar Marketplace retail center that will soon offer a 43,865-square-foot Walmart Neighborhood Market and more. Consisting of 18 prime acres located at the southeast corner of Central Florida GreeneWay (SR 417) and Landstar Boulevard, the center will also include 18,357 square feet of inline retail plus four outparcels available for lease. Construction is slated to start this spring and openings are set for first quarter 2018. The center, located at 13891 Landstar Boulevard, is across the street from a Publix-anchored center in an area of new and planned residential developments. Kimley-Horn is the project civil consultant and Cuhaci & Peterson is the project architect. R.A. Rogers Construction Company is the general contractor.

MIAMI—Early this week in Miami, most of the deal flow and activity in South Florida. Central Florida saw some interesting transactions on the retail and industrial front.

BY THE NUMBERS

Strong pre-leasing, owner-occupied construction divert activity to existing assets. Broward County employers are set to hire at a steady clip in 2017, fueling demand for office space that will compress the vacancy rate and support rent growth. Last year job growth was vigorous among the traditional office-using sectors, supporting the need for quality office space. (Source: Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—NAIOP South Florida will host its 31st Annual Charity Golf Tournament on Monday, April 24 at Fort Lauderdale Country Club. The shotgun start time is 11 am. The event includes lunch, on-course activities, putting contests, a silent auction, raffle and cocktail reception. Each team consists of four players and the winning team will receive signature green jackets and this year's first place trophy. All proceeds from the tournament benefit Jack & Jill Children's Center, the oldest non-profit provider of early childhood education in Broward County. Last year, the tournament generated more than $23,000, allowing NAIOP South Florida to donate to both Jack & Jill Children's Center and Taylor's Closet.

DEAL TRACKER

CORAL GABLES, FL—Isabel Fine, principal at Coral Gables-based Real Miami Commercial Real Estate, represented both the buyer and the seller in the sale of a 37,134-square-foot building. The building sits on a 21,244-square foot parcel, located at 4950 Southwest 8th Street in Coral Gables. The buyer, GDJARD Investment LLC, purchased the property for $5.1 million from 4950 SW EIGHTH LLC. Preferred Medical Partners previously utilized the 1985-built, three-story medical office building as its headquarters. The building was vacant at the time of the sale.

MIAMI—Marcus & Millichap brokered the sale of Rio Palma Apartments, an 18-unit multifamily property in Miami. The asset sold for $1.75 million. Evan P. Kristol, senior managing director Investments, Felipe J. Echarte, first vice president Investments, and Alejandro J. Gonzalez, associate, represented the seller, a limited liability company, and secured and represented the buyer, a private investor. “Despite the older construction of Rio Palma, the property had been gut renovated and offered the Buyer the opportunity increase the rental income from the seller's current operations,” says Gonzalez.

ORLANDO—JLL closed on the $7 million sale of 2304 West Taft Vineland Road, a 75,600-sqaure-foot, class A warehouse building located within Liberty Park at AIPO, considered one of Central Florida's premier industrial business parks. The facility spreads over four acres and is strategically situated next to the Orlando International Airport. JLL managing director Christopher Lawrence, senior vice president Joe Hills and vice president Josh Lipoff represented the buyer, a publicly traded service company on the NYSE. The seller, STIHL Southeast, was represented by Steven Whitely of Whitley Capital. The seller had previously used the facility as its Florida distribution center for STIHL's outdoor power equipment. “This real estate transaction is a great indicator of the continued strengthening of Central Florida's industrial market,” says Hills. “This high-quality warehouse facility is the perfect fit to accommodate the buyer's growing operations in Orlando and throughout the state.”

KENDALL, FL—CBRE Capital Markets' Debt & Structured Finance team arranged a $16 million construction loan for the development of a 53,185-square-foot retail center in West Kendall. CBRE's Christian Lee, Amy Julian and José Lobón arranged the financing on behalf of Gertz Builders and Developers, a third generation, family-owned and operated firm. Branch Banking and Trust Company provided the financing. “The Kendall retail submarket is thriving with a 97% occupancy rate,” says Julian, vice president, CBRE Debt & Structured Finance. “The Pointe at Kendall Town Center has completed remarkable pre-leasing and has a tremendous interest list for the project.”

BUILDING BLOCKS

ORLANDO—Konover South closed a $3.279 million land purchase in Orlando for its new 62,222 square foot, grocery-anchored Landstar Marketplace retail center that will soon offer a 43,865-square-foot Walmart Neighborhood Market and more. Consisting of 18 prime acres located at the southeast corner of Central Florida GreeneWay (SR 417) and Landstar Boulevard, the center will also include 18,357 square feet of inline retail plus four outparcels available for lease. Construction is slated to start this spring and openings are set for first quarter 2018. The center, located at 13891 Landstar Boulevard, is across the street from a Publix-anchored center in an area of new and planned residential developments. Kimley-Horn is the project civil consultant and Cuhaci & Peterson is the project architect. R.A. Rogers Construction Company is the general contractor.