NEWS & NOTABLES

TALLAHASSEE, FL—The Florida Green Building Coalition named C.J. Davila its new executive director. Davila replaces Suzanne B. Cook, who led the organization for over a decade. Davila takes the leadership reins as sustainable construction and green building are expected to continue to make strides in 2017. Homeowners and commercial tenants will demand energy-efficient construction and features as sustainability will be more of the norm rather than the exception going forward. Davila said his number one goal will be to raise the coalition's visibility across the state. He also wants to expand its ranks by bringing more value to membership. Davila brings real estate credentials to his new position. He most recently worked as director for the Orlando Regional Realtor Foundation, a non-profit that promotes affordable housing.

FORT LAUDERDALE, FL—Cushman & Wakefield hired Errol Blumer as an associate on the South Florida multifamily team. Blumer will assist with business development, client management and the creation of research and marketing collateral. Before joining Cushman & Wakefield, Blumer served at Avison Young, where he contributed in more than $650 million in capital markets, debt and equity transactions throughout the Southeast. Blumer also served as a transaction manager for Apartment Realty Advisors (now ARA Newmark) and senior acquisitions analyst at Green Springs Property Management in West Palm Beach.

DEAL TRACKER

CLEARWATER, FL—Marcus & Millichap brokered the sale of a 59,514-square-foot office building in Clearwater that serves as the corporate headquarters for Vology. The sales price is $10.15 million. “With a new 10.5-year lease in place and more than $3.2 million in improvements completed, the property is well positioned to provide new ownership with a steady income stream over the foreseeable future,” says Douglas Mandel, senior managing director investments in Marcus & Millichap's Fort Lauderdale office. Mandel and Nicholas Hanson, an associate in the firm's Orlando office, represented the seller, Ryan Companies. Mike James, senior managing director investments, and Ryan Sobel, associate, procured the 1031-exchange buyer. The building is located at 15950 Bay Vista Drive in Clearwater.

ORLANDO, FL—Cushman & Wakefield negotiated the sale of Seminole Springs Office Center, a 32,975-square-foot office building in suburban Orlando. Managing director Damien Madsen and senior associate Tommy Pinel represented seller, Springs Equity in the disposition of the asset. Seminole Springs Office Center acquired the asset for $4.1 million, or $124.34 per square foot. Seminole Springs Office Center is a three-story professional office building featuring classic red brick construction, bank space and drive-thrus as well as ample parking.

PENSACOLA, FL—Hunter Hotel Advisors represented a Southeast hospitality fund in the sale of the Holiday Inn Pensacola for $11 million. A Michigan-based company purchased the strong performing IHG property to add to its portfolio. The 114-room hotel was built in 2008 and the owner anticipates spending $2 million to upgrade the asset. The new owners were attracted to the hotel's ideal location in the sought-after Pensacola market with its diverse mix of demand generators and strong operating metrics. Shamir Patel who heads up Hunter's Orlando office and Trey Scott who heads up Hunter's Jacksonville office advised on the transaction.

JUPITER, FL—CBRE Group arranged the sale of 11 Loggerhead marinas throughout Florida to Dallas-based Suntex Marina Investors. The seller, Seven Kings Holdings, sold one of the best known and respected marina-operating brands in the Southeast, with premier locations on the Florida Atlantic and Gulf coasts. CBRE'S Jason Spalding and Michael Nissley represented Seven Kings Holdings in the Loggerhead portfolio transaction.

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 (Burger King). The Landlord is HHP Annex, LLC. The lease is valued at over $1,075 million. In 2010, 3G Capital, a global multi-million-dollar investment firm focused on long term value creation, purchased Burger King Corporation, making it a privately-held company.

ST. PETERSBURG, FL—Cushman & Wakefield negotiated a full-building, 79,864-square-foot warehouse lease at 2260 118th Avenue with a local fulfillment provider. Director Julia Silva Rettig, associate Jessica Mizrahi, executive managing director Mike Davis and executive director Andy May represented building owner JTG Enterprises, a subsidiary of St. Petersburg, FL-based Galinski Enterprises, in securing the long-term lease. 2260 118th Avenue is a 79,864-square-foot climate-controlled industrial warehouse with ample parking, 36-foot clear heights, in-place racking, four dock-high doors and a 480 Volt 3-phase electrical power supply. The building offers immediate access to Interstate 275 and is a short drive over the Howard

POMPANO BEACH, FL—CBRE senior vice president Tom O'Loughlin and vice president Larry Genet arranged the 31,463-square-foot lease deal for LKQ, a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, at Pompano Business Center, located at 2028 Northwest 25th Avenue in Pompano Beach. The recently renovated space that the S&P 500 company will occupy features 3,072 square feet of office, 11 dock doors, T5 lighting, 24-foot clear ceiling heights, and ESFR sprinklers. O'Loughlin and Genet represented Clarion Partners, the landlord, in the LKQ lease transaction. Investment manager Clarion Partners purchased Pompano Business Center in May 2016 from Invesco Advisers for $77.25 million via the LIT Industrial Limited Partnership, by LIT Industrial Trust (“LIT”), which is a private industrial real estate investment trust managed by Clarion Partners. Tom Viscount with Butters Realty represented LKQ in the lease deal.

BUILDING BLOCKS

WEST PALM BEACH, FL—SROA Capital, in a joint venture with MacArthur Holdings and Live Oak Capital Partners, launched construction for a 100,000-square-foot climate controlled self-storage facility located at 1620 North Congress Avenue. That's near the intersection of Palm Beach Lakes Boulevard and Interstate 95, and at the entrance of the Land of Presidents and the Palm Beach Outlet Mall. This three-story, mixed-use building will include 830 climate-controlled units and 1,200 rentable square feet of ground floor retail space. The property will be open to the public during the first quarter of 2018. The facility is designed to increase energy efficiency through the use of LED lights and motion sensors, and will feature 24-hour camera surveillance for increased security.

This week in Florida saw significant activity in Florida secondary and tertiary markets. And new projects are breaking ground at the north end of South Florida.

BY THE NUMBERS

Miami multifamily operators advanced monthly rent to $1,598 in March, an increase of about 2.1% year over year. (Source: Berkadia)

Miami's multifamily submarket outperformed all other markets in South Florida, absorbing 1,327 rental units this quarter—more than twice as many units as the second-strongest market, North Dade. (Source: Berkadia)

NEWS & NOTABLES

TALLAHASSEE, FL—The Florida Green Building Coalition named C.J. Davila its new executive director. Davila replaces Suzanne B. Cook, who led the organization for over a decade. Davila takes the leadership reins as sustainable construction and green building are expected to continue to make strides in 2017. Homeowners and commercial tenants will demand energy-efficient construction and features as sustainability will be more of the norm rather than the exception going forward. Davila said his number one goal will be to raise the coalition's visibility across the state. He also wants to expand its ranks by bringing more value to membership. Davila brings real estate credentials to his new position. He most recently worked as director for the Orlando Regional Realtor Foundation, a non-profit that promotes affordable housing.

FORT LAUDERDALE, FL—Cushman & Wakefield hired Errol Blumer as an associate on the South Florida multifamily team. Blumer will assist with business development, client management and the creation of research and marketing collateral. Before joining Cushman & Wakefield, Blumer served at Avison Young, where he contributed in more than $650 million in capital markets, debt and equity transactions throughout the Southeast. Blumer also served as a transaction manager for Apartment Realty Advisors (now ARA Newmark) and senior acquisitions analyst at Green Springs Property Management in West Palm Beach.

DEAL TRACKER

CLEARWATER, FL—Marcus & Millichap brokered the sale of a 59,514-square-foot office building in Clearwater that serves as the corporate headquarters for Vology. The sales price is $10.15 million. “With a new 10.5-year lease in place and more than $3.2 million in improvements completed, the property is well positioned to provide new ownership with a steady income stream over the foreseeable future,” says Douglas Mandel, senior managing director investments in Marcus & Millichap's Fort Lauderdale office. Mandel and Nicholas Hanson, an associate in the firm's Orlando office, represented the seller, Ryan Companies. Mike James, senior managing director investments, and Ryan Sobel, associate, procured the 1031-exchange buyer. The building is located at 15950 Bay Vista Drive in Clearwater.

ORLANDO, FL—Cushman & Wakefield negotiated the sale of Seminole Springs Office Center, a 32,975-square-foot office building in suburban Orlando. Managing director Damien Madsen and senior associate Tommy Pinel represented seller, Springs Equity in the disposition of the asset. Seminole Springs Office Center acquired the asset for $4.1 million, or $124.34 per square foot. Seminole Springs Office Center is a three-story professional office building featuring classic red brick construction, bank space and drive-thrus as well as ample parking.

PENSACOLA, FL—Hunter Hotel Advisors represented a Southeast hospitality fund in the sale of the Holiday Inn Pensacola for $11 million. A Michigan-based company purchased the strong performing IHG property to add to its portfolio. The 114-room hotel was built in 2008 and the owner anticipates spending $2 million to upgrade the asset. The new owners were attracted to the hotel's ideal location in the sought-after Pensacola market with its diverse mix of demand generators and strong operating metrics. Shamir Patel who heads up Hunter's Orlando office and Trey Scott who heads up Hunter's Jacksonville office advised on the transaction.

JUPITER, FL—CBRE Group arranged the sale of 11 Loggerhead marinas throughout Florida to Dallas-based Suntex Marina Investors. The seller, Seven Kings Holdings, sold one of the best known and respected marina-operating brands in the Southeast, with premier locations on the Florida Atlantic and Gulf coasts. CBRE'S Jason Spalding and Michael Nissley represented Seven Kings Holdings in the Loggerhead portfolio transaction.

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 (Burger King). The Landlord is HHP Annex, LLC. The lease is valued at over $1,075 million. In 2010, 3G Capital, a global multi-million-dollar investment firm focused on long term value creation, purchased Burger King Corporation, making it a privately-held company.

ST. PETERSBURG, FL—Cushman & Wakefield negotiated a full-building, 79,864-square-foot warehouse lease at 2260 118th Avenue with a local fulfillment provider. Director Julia Silva Rettig, associate Jessica Mizrahi, executive managing director Mike Davis and executive director Andy May represented building owner JTG Enterprises, a subsidiary of St. Petersburg, FL-based Galinski Enterprises, in securing the long-term lease. 2260 118th Avenue is a 79,864-square-foot climate-controlled industrial warehouse with ample parking, 36-foot clear heights, in-place racking, four dock-high doors and a 480 Volt 3-phase electrical power supply. The building offers immediate access to Interstate 275 and is a short drive over the Howard

POMPANO BEACH, FL—CBRE senior vice president Tom O'Loughlin and vice president Larry Genet arranged the 31,463-square-foot lease deal for LKQ, a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, at Pompano Business Center, located at 2028 Northwest 25th Avenue in Pompano Beach. The recently renovated space that the S&P 500 company will occupy features 3,072 square feet of office, 11 dock doors, T5 lighting, 24-foot clear ceiling heights, and ESFR sprinklers. O'Loughlin and Genet represented Clarion Partners, the landlord, in the LKQ lease transaction. Investment manager Clarion Partners purchased Pompano Business Center in May 2016 from Invesco Advisers for $77.25 million via the LIT Industrial Limited Partnership, by LIT Industrial Trust (“LIT”), which is a private industrial real estate investment trust managed by Clarion Partners. Tom Viscount with Butters Realty represented LKQ in the lease deal.

BUILDING BLOCKS

WEST PALM BEACH, FL—SROA Capital, in a joint venture with MacArthur Holdings and Live Oak Capital Partners, launched construction for a 100,000-square-foot climate controlled self-storage facility located at 1620 North Congress Avenue. That's near the intersection of Palm Beach Lakes Boulevard and Interstate 95, and at the entrance of the Land of Presidents and the Palm Beach Outlet Mall. This three-story, mixed-use building will include 830 climate-controlled units and 1,200 rentable square feet of ground floor retail space. The property will be open to the public during the first quarter of 2018. The facility is designed to increase energy efficiency through the use of LED lights and motion sensors, and will feature 24-hour camera surveillance for increased security.