NEWS & NOTABLES

JACKSONVILLE, FL—LandSouth Construction landed on the National Multifamily Housing Council's 2017 ranking of the nation's largest apartment contractors at number 10. The 2017 NMHC 50 is the annual authoritative ranking of the nation's largest apartment owners, managers, developers, general contractors and syndicators. Last year LandSouth was number 16. Firms are ranked based on the number of units started in 2016 when LandSouth began 3,064 compared to 2,252 in 2015. Now in its 19th year, LandSouth has completed more than 12,000 multifamily units, including apartments, senior living, condominiums, and townhomes.

MIAMI—CBRE Group plans to open its new 18,921-square-foot office on the 11th floor of 777 Brickell Avenue later this month. The new office is part of CBRE's global Workplace360 initiative, the company's approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100% free-address and paperless offices. The new office will feature a variety of work settings—including both collaborative and private spaces—as well as a Liquid Galaxy-powered presentation theater that combines mapping, analytics, and sophisticated 3D technology to deliver an immersive GIS data navigation experience.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of Keystone Courtyard Apartments, a 32-unit apartment property located in Tampa. The asset sold for $2.175 million. Joshua Teplitzky, Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in the firm's Tampa office, represented the seller, a private investor. The team also represented the buyer, a private investor. “As the Westshore Marina District continues to develop, buyers from around the country are finding value add deals like Keystone,” says Barbas, senior associate in the firm's Tampa office. “Although a buyer had to place approximately $200,000 in immediate cap expenditures including a roof replacement, this deal was extremely competitive with five other buyers that wrote offers and missed on the opportunity.”

FORT LAUDERDALE, FL—JLL closed on a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale. The property is owned by Steelbridge Capital. Sandra Andersen, senior vice president at JLL, represented Steelbridge in both transactions. Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE senior vice president Mathew J. Saker, vice president John Jaspert and transaction manager Caroline C. Barone.

SARASOTA, FL—SVN Florida's Ashley Barrett Bloom completed the sale of Tucker's Grade development site in Punta Gorda for $6.5 million. The 563-acre tract was recently approved for up to 999 residential units and 22 acres of commercial, which will accelerate growth in Charlotte County. The buyer was Tucker's Point One LP, a newly-created subsidiary of Florida developer Lely Development Corp. based in Naples. Lely has completed developments across Florida, including Barefoot Beach near Bonita Springs and Lely Resort just outside Naples, among several others. “Lely executives recognized the tremendous potential at Tucker's Grade, and it fits perfectly into their business model,” Bloom says. “This development will be a boon to Charlotte County.”

HALLANDALE BEACH, FL—The Shopping Center Group is set to identify and secure additional retail, dining and entertainment amenities at the Gulfstream Park in Hallandale Beach. As the exclusive brokers for The Stronach Group's Village at Gulfstream Park, the leasing advisory team is seeking chef-driven restaurants, entertainment concepts, soft goods and service-oriented concepts for the high-end, open-air shopping and entertainment district next to the racetrack. Over 30,000 square feet of retail and restaurant space is available at the 506,000-square foot entertainment and lifestyle venue that attracts patrons from as far as West Palm Beach.

SAINT PETERSBURG, FL—Marcus & Millichap brokered the sale of Liv at Villa Serena, a nine-unit apartment property located in Saint Petersburg. The asset sold for $1.275 million. Shawn Rupp and Casey Babb, investment specialists in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Liv at Villa Serena is located at 336 8th Avenue Northeast.

LAKELAND, FL—Florida Water Management District hired Coldwell Banker Commercial Saunders Real Estate (CBCSRE) to broker its surplus properties. There are currently 23 SWFWMD Florida properties listed through CBCSRE. These properties are of many different types, including recreational, agriculture, conservation, residential, and commercial use, ranging in size from ½ acre up to 400 acres. The Southwest Florida Water Management District is a Government organization that manages water supplies, while also protecting water quality and preserving land and natural systems that serve important water related functions.

TAMPA, FL—Marcus & Millichap brokered the sale of Bay Villa, a 4-unit multifamily property located in Tampa. The asset sold for $660,000. Casey Babb and Shawn Rupp, investment specialists in the firm's Tampa office, represented he seller, a private investor. The duo also secured the buyer. “This property was located in one of the highest rent streets in the class A market of South Tampa,” says Rupp.

BUILDING BLOCKS

PEMBROKE PINES, FL—Terra announced a string of completed leases signed at phase one of Pines City Center, a 47-acre mixed-use development that will bring retail, entertainment and residential uses to Pembroke Pines. Now 70% pre-leased with a tenant roster that includes Publix, Carl's Patio, Cooper's Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys, demand for retail space at Pines City Center points to the community's rising population and plans for continued residential and commercial growth. Construction of the project's first phase of retail is now underway, with completion scheduled for late 2018.

This week in Florida saw one multifamily firm headquartered in the state win strong recognition and others win strategic assignments. Several smaller multifamily deals were closed, demonstrating the appetite of private investors to get in on the action.

BY THE NUMBERS

Addressing transportation problems was highlighted as the community priority that would most improve the commercial real estate market by 70% of those surveyed. Among those surveyed, 56% anticipate the commercial real estate market will remain steady for the rest of the year, while 26% believe the market will heat up. (Source: TotalBank)

Access to credit for renovation and portfolio expansion is the biggest challenge faced by owners and landlords in the market by a margin of 40%. This is indicative of data from the US Federal Reserve, which shows a slowdown in commercial and industrial lending, growing by only $67 billion over the past 12 months as compared to $191 billion the year before. (Source: TotalBank)

NEWS & NOTABLES

JACKSONVILLE, FL—LandSouth Construction landed on the National Multifamily Housing Council's 2017 ranking of the nation's largest apartment contractors at number 10. The 2017 NMHC 50 is the annual authoritative ranking of the nation's largest apartment owners, managers, developers, general contractors and syndicators. Last year LandSouth was number 16. Firms are ranked based on the number of units started in 2016 when LandSouth began 3,064 compared to 2,252 in 2015. Now in its 19th year, LandSouth has completed more than 12,000 multifamily units, including apartments, senior living, condominiums, and townhomes.

MIAMI—CBRE Group plans to open its new 18,921-square-foot office on the 11th floor of 777 Brickell Avenue later this month. The new office is part of CBRE's global Workplace360 initiative, the company's approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100% free-address and paperless offices. The new office will feature a variety of work settings—including both collaborative and private spaces—as well as a Liquid Galaxy-powered presentation theater that combines mapping, analytics, and sophisticated 3D technology to deliver an immersive GIS data navigation experience.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of Keystone Courtyard Apartments, a 32-unit apartment property located in Tampa. The asset sold for $2.175 million. Joshua Teplitzky, Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in the firm's Tampa office, represented the seller, a private investor. The team also represented the buyer, a private investor. “As the Westshore Marina District continues to develop, buyers from around the country are finding value add deals like Keystone,” says Barbas, senior associate in the firm's Tampa office. “Although a buyer had to place approximately $200,000 in immediate cap expenditures including a roof replacement, this deal was extremely competitive with five other buyers that wrote offers and missed on the opportunity.”

FORT LAUDERDALE, FL—JLL closed on a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale. The property is owned by Steelbridge Capital. Sandra Andersen, senior vice president at JLL, represented Steelbridge in both transactions. Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE senior vice president Mathew J. Saker, vice president John Jaspert and transaction manager Caroline C. Barone.

SARASOTA, FL—SVN Florida's Ashley Barrett Bloom completed the sale of Tucker's Grade development site in Punta Gorda for $6.5 million. The 563-acre tract was recently approved for up to 999 residential units and 22 acres of commercial, which will accelerate growth in Charlotte County. The buyer was Tucker's Point One LP, a newly-created subsidiary of Florida developer Lely Development Corp. based in Naples. Lely has completed developments across Florida, including Barefoot Beach near Bonita Springs and Lely Resort just outside Naples, among several others. “Lely executives recognized the tremendous potential at Tucker's Grade, and it fits perfectly into their business model,” Bloom says. “This development will be a boon to Charlotte County.”

HALLANDALE BEACH, FL—The Shopping Center Group is set to identify and secure additional retail, dining and entertainment amenities at the Gulfstream Park in Hallandale Beach. As the exclusive brokers for The Stronach Group's Village at Gulfstream Park, the leasing advisory team is seeking chef-driven restaurants, entertainment concepts, soft goods and service-oriented concepts for the high-end, open-air shopping and entertainment district next to the racetrack. Over 30,000 square feet of retail and restaurant space is available at the 506,000-square foot entertainment and lifestyle venue that attracts patrons from as far as West Palm Beach.

SAINT PETERSBURG, FL—Marcus & Millichap brokered the sale of Liv at Villa Serena, a nine-unit apartment property located in Saint Petersburg. The asset sold for $1.275 million. Shawn Rupp and Casey Babb, investment specialists in the firm's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Liv at Villa Serena is located at 336 8th Avenue Northeast.

LAKELAND, FL—Florida Water Management District hired Coldwell Banker Commercial Saunders Real Estate (CBCSRE) to broker its surplus properties. There are currently 23 SWFWMD Florida properties listed through CBCSRE. These properties are of many different types, including recreational, agriculture, conservation, residential, and commercial use, ranging in size from ½ acre up to 400 acres. The Southwest Florida Water Management District is a Government organization that manages water supplies, while also protecting water quality and preserving land and natural systems that serve important water related functions.

TAMPA, FL—Marcus & Millichap brokered the sale of Bay Villa, a 4-unit multifamily property located in Tampa. The asset sold for $660,000. Casey Babb and Shawn Rupp, investment specialists in the firm's Tampa office, represented he seller, a private investor. The duo also secured the buyer. “This property was located in one of the highest rent streets in the class A market of South Tampa,” says Rupp.

BUILDING BLOCKS

PEMBROKE PINES, FL—Terra announced a string of completed leases signed at phase one of Pines City Center, a 47-acre mixed-use development that will bring retail, entertainment and residential uses to Pembroke Pines. Now 70% pre-leased with a tenant roster that includes Publix, Carl's Patio, Cooper's Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys, demand for retail space at Pines City Center points to the community's rising population and plans for continued residential and commercial growth. Construction of the project's first phase of retail is now underway, with completion scheduled for late 2018.