SARASOTA, FL—After several years of strong recovery and a stable year throughout 2016, the Sarasota region is positioned for long-term growth throughout 2017 and beyond. Sales in luxury real estate throughout the Gulf Coast region are up by more than 18% from the first quarter of last year, but the average sales price has dropped slightly. (Source: Michael Saunders & Company)

DEAL TRACKER

BOCA RATON, FL—Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors, Sentio Healthcare Properties, Sentio Investments and KKR announced a definitive merger agreement under which affiliates of KAREA will acquire Sentio by way of merger. Under the terms of the agreement, KAREA will acquire all of the outstanding shares of Sentio in an all-cash transaction based on an estimated total asset value of $825 million. Sentio is a public, non-listed real estate investment trust, externally advised by Sentio Investments, with a portfolio of 34 properties including senior housing communities and medical office buildings in 16 states across the US.

HUDSON, FL—Marcus & Millichap brokered the sale of Gulf Breeze, a 39-space senior manufactured home community in Hudson. The asset sold for $550,000. Sebastian Harris, associate, and Dan Mulkey, first vice president investments in Marcus & Millichap's Tampa office, represented the seller, a private, out of state investor. The buyer, also secured by Harris and Mulkey, is a private investor from Tampa having many years of experience in dealing with multifamily investment properties. Gulf Breeze is located at 7530 Maryland Avenue. This 39-space community consists of predominantly singlewide homes. Of the 39 sites 10 are vacant

TAVARES, FL—NAI Realvest recently negotiated a long-term lease agreement for a 3,100-square-foot professional office suite in The Fountains at Lakeview, 1936 Salk Avenue in Tavares. Principals Matt Cichocki and Kevin O'Connor negotiated the lease for the last remaining space in the building representing the landlord Mount Dora based Baker-GC Development. Spine Specialists of South Florida headquartered in Boynton Beach, leased the space for a medical practice specializing in orthopedic and neurosurgical medicine and pain management. Scott Marschang of Dreyer & Associates Real Estate Group represented the tenant.

MELBOURNE, FL—CBRE Group arranged the sale of a triple-net, single-tenant office building in Melbourne. The InFlyt Experience sector of Thales Group, a global aerospace and defense company and one of Brevard County's largest employers, currently occupies the 112,489-square-foot, high-tech property. Located at 1110 West Hibiscus Boulevard, adjacent to the Melbourne Square Mall and US 192 and on Melbourne International Airport property, the building was acquired by an Orlando-based company for $15.25 million. On the investment sales side, CBRE's Ron Rogg and Chip Wooten represented the seller, TIC Properties Management, in the transaction. On the legal front, Ray Schumann, Esq., of the Rice Law Firm in Daytona Beach, FL, represented TICPM.

BUILDING BLOCKS

TAMPA, FL—Less than four months after breaking ground on a speculative office building at its flagship park, Renaissance Center, New Jersey-based Vision Properties has entered into a long-term lease with the Auto Club Group for an entire office building. Renaissance Center 6 will serve as the Florida Regional headquarters for Auto Club Group and will be completed by April 2018. Currently the project is on time and under budget. Renaissance Center is a five-building campus consisting of 573,053 square feet. The office park is 100% occupied by Well Care and Capital One.

Early this week in Florida, secondary and tertiary markets saw plenty of action. From Hudson, to Sarasota, to Tavres, to Melbourne, investors and tenants are settling beyond the core.

BY THE NUMBERS

Multifamily maturities are estimate to rise to $114.7 billion in 2017, with debt outstanding also growing to $1.2 billion as other lenders have filled the void left by a slowing CMBS market. (Source: ARA Newmark)

NEWS & NOTABLES

SARASOTA, FL—After several years of strong recovery and a stable year throughout 2016, the Sarasota region is positioned for long-term growth throughout 2017 and beyond. Sales in luxury real estate throughout the Gulf Coast region are up by more than 18% from the first quarter of last year, but the average sales price has dropped slightly. (Source: Michael Saunders & Company)

DEAL TRACKER

BOCA RATON, FL—Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors, Sentio Healthcare Properties, Sentio Investments and KKR announced a definitive merger agreement under which affiliates of KAREA will acquire Sentio by way of merger. Under the terms of the agreement, KAREA will acquire all of the outstanding shares of Sentio in an all-cash transaction based on an estimated total asset value of $825 million. Sentio is a public, non-listed real estate investment trust, externally advised by Sentio Investments, with a portfolio of 34 properties including senior housing communities and medical office buildings in 16 states across the US.

HUDSON, FL—Marcus & Millichap brokered the sale of Gulf Breeze, a 39-space senior manufactured home community in Hudson. The asset sold for $550,000. Sebastian Harris, associate, and Dan Mulkey, first vice president investments in Marcus & Millichap's Tampa office, represented the seller, a private, out of state investor. The buyer, also secured by Harris and Mulkey, is a private investor from Tampa having many years of experience in dealing with multifamily investment properties. Gulf Breeze is located at 7530 Maryland Avenue. This 39-space community consists of predominantly singlewide homes. Of the 39 sites 10 are vacant

TAVARES, FL—NAI Realvest recently negotiated a long-term lease agreement for a 3,100-square-foot professional office suite in The Fountains at Lakeview, 1936 Salk Avenue in Tavares. Principals Matt Cichocki and Kevin O'Connor negotiated the lease for the last remaining space in the building representing the landlord Mount Dora based Baker-GC Development. Spine Specialists of South Florida headquartered in Boynton Beach, leased the space for a medical practice specializing in orthopedic and neurosurgical medicine and pain management. Scott Marschang of Dreyer & Associates Real Estate Group represented the tenant.

MELBOURNE, FL—CBRE Group arranged the sale of a triple-net, single-tenant office building in Melbourne. The InFlyt Experience sector of Thales Group, a global aerospace and defense company and one of Brevard County's largest employers, currently occupies the 112,489-square-foot, high-tech property. Located at 1110 West Hibiscus Boulevard, adjacent to the Melbourne Square Mall and US 192 and on Melbourne International Airport property, the building was acquired by an Orlando-based company for $15.25 million. On the investment sales side, CBRE's Ron Rogg and Chip Wooten represented the seller, TIC Properties Management, in the transaction. On the legal front, Ray Schumann, Esq., of the Rice Law Firm in Daytona Beach, FL, represented TICPM.

BUILDING BLOCKS

TAMPA, FL—Less than four months after breaking ground on a speculative office building at its flagship park, Renaissance Center, New Jersey-based Vision Properties has entered into a long-term lease with the Auto Club Group for an entire office building. Renaissance Center 6 will serve as the Florida Regional headquarters for Auto Club Group and will be completed by April 2018. Currently the project is on time and under budget. Renaissance Center is a five-building campus consisting of 573,053 square feet. The office park is 100% occupied by Well Care and Capital One.