NEWS & NOTABLES

MIAMI—CoStar Group awarded the CoStar Power Broker TM Award to NAI Miami. The annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets. NAI Miami qualified as one of the top commercial real estate brokerage firms in South Florida based on total leasing transactions closed during the year.

MIAMI—JLL added two experts to its Florida Retail Brokerage platform in Miami. Zach Winkler joins JLL as senior vice president and retail lead for South Florida. Jonathan Rosen joins as associate of retail brokerage for South Florida. They will be responsible for growing the firm's leasing and tenant representation offerings in Miami's urban core, and cultivating new tenant and landlord relationships. Winkler joins JLL from a global commercial real estate firm where he led the efforts for Miami's urban and high street retail leasing practice. Rosen also joins JLL from a global real estate platform, where helped clients achieve their business and financial objectives within their retail and real estate portfolios.

DEAL TRACKER

MIAMI—NAI Miami's Edward Schmidt, Timothy Merriman, Jr. and Taraneh Dugas represented the seller, JCA Family Holdings, in the sale of 2,242-square-foot office condo located at Sunset Station, 5975 Sunset Drive in South Miami. The buyer is 5975-801 LLC. This office project was built in 1984 and is near both South Miami and Larkin Hospitals. It is also within walking distance of the South Miami Metrorail Station. NAI Miami sold all eight units from this project valued at over $2.5 million.

POMPANO BEACH, FL—Cushman & Wakefield negotiated a 21,000-square-foot industrial warehouse and distribution lease with Office Reworks in the newly developed Pompano Center of Commerce II. Executive directors Chris Metzger, Richard F. Etner Jr., Christopher Thomson, and director Matthew G. McAllister represented building owner Pompano Industrial Venture, in securing the first lease at the new campus. Pompano Industrial Venture is a joint development between Butters and an institutional capital partner. Pompano Center of Commerce II is a five-building warehouse and distribution campus totaling 376,644 square feet.

ORLANDO—Greene, Canfield, De George (GCD Hotel) brokered the sale of Raceway Motel in Orlando. Tony De George, president of GCD Hotels represented the seller and Ken Olipra, broker associate of GCD Hotels, represented the buyer in this transaction. The Raceway Motel is a 14-room, limited service property, built in 1955. The motel is located in Orlando and the owners have operated the motel for over 30 years. The seller is a seasoned hotel owner with more than 30 years of experience in hotel investment and has been involved in many real estate transactions

FORT LAUDERDALE, FL—Cushman & Wakefield vice chairman Robert Given, formerly with CBRE, negotiated the sale of 790 East Broward Boulevard, a 1.92-acre multifamily site in Fort Lauderdale's central business district. Given, along with executive managing director Zachary Sackley, represented a partnership affiliated with Fort Lauderdale-based Stiles Corporation in the disposition. Greystar GP II, a partnership affiliated with Charleston, SC-based Greystar, acquired the land. 790 East Broward Boulevard comprises three separate parcels. It includes a 25,925-square-foot office building, parking lot and a five-lane, drive-through teller. The City of Fort Lauderdale recently approved the site for a 25-story residential development with 329 apartment homes and 6,871 square feet of ground-floor retail space.

CLEARWATER, FL—Hold-Thyssen negotiated two long-term leases at commercial centers in the Tampa Bay area for office and retail space. The firm represented the landlord for the Harbor Park Office Center located at 33920 US Highway 19 North in Palm Harbor in an expansion lease for 1,851 rentable square feet. At Morningside Plaza, 12624 U.S. Hwy 301 in Dade City, Hold-Thyssen's leasing agent Therese Taylor represented the landlord in a five-year lease renewal with Lee's Hair Salon who occupies 900 square feet at the retail center.

ORLANDO—Berkadia secured a $17.437 million loan on behalf of borrower Bayshore Investment Partners for the acquisition of Esplanade Apartment Homes, a 186-unit, garden-style apartment community in the Millenia submarket, four miles south of Downtown Orlando. Bayshore, a Miami-based multifamily owner/operator, acquired the property for $23.25 million, increasing their Florida-based portfolio to eight properties containing 1,100 units. Berkadia South Florida senior managing director Mitch Sinberg and senior director Brad Williamson provided a Fannie Mae 10-year, fixed-rate loan at a competitive interest rate, with five years interest only, at a 75% loan-to-value ratio. Chad Freedman of Ballaga & Freedman, LLP represented Bayshore in the transaction. “Orlando multifamily properties are in high demand as the region continues to see above-average job growth,” says Williamson. “Orlando ranks second only to San Jose in current year-over-year employment growth among the 27 MSAs in the US, and has an employment base of over one million jobs.”

BUILDING BLOCKS

MIAMI—Melo Group's Aria on the Bay condominium is one step closer to completion. The Arquitectonica-designed waterfront tower, located at 1770 North Bayshore Drive along Biscayne Bay in Downtown Miami's Arts & Entertainment District, topped off construction at 53 stories. With 80% of its 648 units already sold and under hard contract, Aria on the Bay is on schedule to be completed by the first quarter of 2018. The announcement comes as the project's developer lowers deposit requirements from 50% to 35%—and as low as 20 percent for units priced over $1 million in an effort to attract local and domestic buyers who will close out Aria on the Bay's remaining inventory as completion nears.

This week in Florida saw some musical chairs, some strategic awards, and an important topping off. One condo developer is also shifting deposit strategies.

BY THE NUMBERS

Demand growth in South Florida's industrial market accounted for more than 13.6 million square feet of absorbed space over the past two years, increasing occupancy to 95.9%, a high not experienced since 2006. (Source: NGKF)

The quoted average asking industrial rent remained unchanged in the first quarter from the fourth quarter of 2016, but still climbed 5.5% from last year at this same time. (Source: NGKF)

NEWS & NOTABLES

MIAMI—CoStar Group awarded the CoStar Power Broker TM Award to NAI Miami. The annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets. NAI Miami qualified as one of the top commercial real estate brokerage firms in South Florida based on total leasing transactions closed during the year.

MIAMI—JLL added two experts to its Florida Retail Brokerage platform in Miami. Zach Winkler joins JLL as senior vice president and retail lead for South Florida. Jonathan Rosen joins as associate of retail brokerage for South Florida. They will be responsible for growing the firm's leasing and tenant representation offerings in Miami's urban core, and cultivating new tenant and landlord relationships. Winkler joins JLL from a global commercial real estate firm where he led the efforts for Miami's urban and high street retail leasing practice. Rosen also joins JLL from a global real estate platform, where helped clients achieve their business and financial objectives within their retail and real estate portfolios.

DEAL TRACKER

MIAMI—NAI Miami's Edward Schmidt, Timothy Merriman, Jr. and Taraneh Dugas represented the seller, JCA Family Holdings, in the sale of 2,242-square-foot office condo located at Sunset Station, 5975 Sunset Drive in South Miami. The buyer is 5975-801 LLC. This office project was built in 1984 and is near both South Miami and Larkin Hospitals. It is also within walking distance of the South Miami Metrorail Station. NAI Miami sold all eight units from this project valued at over $2.5 million.

POMPANO BEACH, FL—Cushman & Wakefield negotiated a 21,000-square-foot industrial warehouse and distribution lease with Office Reworks in the newly developed Pompano Center of Commerce II. Executive directors Chris Metzger, Richard F. Etner Jr., Christopher Thomson, and director Matthew G. McAllister represented building owner Pompano Industrial Venture, in securing the first lease at the new campus. Pompano Industrial Venture is a joint development between Butters and an institutional capital partner. Pompano Center of Commerce II is a five-building warehouse and distribution campus totaling 376,644 square feet.

ORLANDO—Greene, Canfield, De George (GCD Hotel) brokered the sale of Raceway Motel in Orlando. Tony De George, president of GCD Hotels represented the seller and Ken Olipra, broker associate of GCD Hotels, represented the buyer in this transaction. The Raceway Motel is a 14-room, limited service property, built in 1955. The motel is located in Orlando and the owners have operated the motel for over 30 years. The seller is a seasoned hotel owner with more than 30 years of experience in hotel investment and has been involved in many real estate transactions

FORT LAUDERDALE, FL—Cushman & Wakefield vice chairman Robert Given, formerly with CBRE, negotiated the sale of 790 East Broward Boulevard, a 1.92-acre multifamily site in Fort Lauderdale's central business district. Given, along with executive managing director Zachary Sackley, represented a partnership affiliated with Fort Lauderdale-based Stiles Corporation in the disposition. Greystar GP II, a partnership affiliated with Charleston, SC-based Greystar, acquired the land. 790 East Broward Boulevard comprises three separate parcels. It includes a 25,925-square-foot office building, parking lot and a five-lane, drive-through teller. The City of Fort Lauderdale recently approved the site for a 25-story residential development with 329 apartment homes and 6,871 square feet of ground-floor retail space.

CLEARWATER, FL—Hold-Thyssen negotiated two long-term leases at commercial centers in the Tampa Bay area for office and retail space. The firm represented the landlord for the Harbor Park Office Center located at 33920 US Highway 19 North in Palm Harbor in an expansion lease for 1,851 rentable square feet. At Morningside Plaza, 12624 U.S. Hwy 301 in Dade City, Hold-Thyssen's leasing agent Therese Taylor represented the landlord in a five-year lease renewal with Lee's Hair Salon who occupies 900 square feet at the retail center.

ORLANDO—Berkadia secured a $17.437 million loan on behalf of borrower Bayshore Investment Partners for the acquisition of Esplanade Apartment Homes, a 186-unit, garden-style apartment community in the Millenia submarket, four miles south of Downtown Orlando. Bayshore, a Miami-based multifamily owner/operator, acquired the property for $23.25 million, increasing their Florida-based portfolio to eight properties containing 1,100 units. Berkadia South Florida senior managing director Mitch Sinberg and senior director Brad Williamson provided a Fannie Mae 10-year, fixed-rate loan at a competitive interest rate, with five years interest only, at a 75% loan-to-value ratio. Chad Freedman of Ballaga & Freedman, LLP represented Bayshore in the transaction. “Orlando multifamily properties are in high demand as the region continues to see above-average job growth,” says Williamson. “Orlando ranks second only to San Jose in current year-over-year employment growth among the 27 MSAs in the US, and has an employment base of over one million jobs.”

BUILDING BLOCKS

MIAMI—Melo Group's Aria on the Bay condominium is one step closer to completion. The Arquitectonica-designed waterfront tower, located at 1770 North Bayshore Drive along Biscayne Bay in Downtown Miami's Arts & Entertainment District, topped off construction at 53 stories. With 80% of its 648 units already sold and under hard contract, Aria on the Bay is on schedule to be completed by the first quarter of 2018. The announcement comes as the project's developer lowers deposit requirements from 50% to 35%—and as low as 20 percent for units priced over $1 million in an effort to attract local and domestic buyers who will close out Aria on the Bay's remaining inventory as completion nears.