MIAMI—EWM Realty International's Lisa Lajes Rosen has been named exclusive leasing agent for the renovated Miami International Merchandise Mart, the former Radisson Mart. Located at 777 Northwest 72nd Avenue, and under new ownership by Roudan Global Investments, The Mart sits in one of South Florida's most strategic commercial locations right next to Miami International Airport, at the convergence of State Roads 826 and 836. In the midst of a $5 million renovation, the former Radisson Mart is being updated and includes over 465 wholesale, retail, offices spaces, along with 300,000 square feet of showroom and retail space among three floors, making it a premier shopping and wholesale destination.

DEAL TRACKER

LARGO, FL—Franklin Street negotiated the sale of Cornerstone Pointe Apartments in the popular Largo submarket of Tampa, for $10.55 million. The 111-unit multifamily community is located at 301 Seacrest Drive in Pinellas County. New York-based Milbrook Properties, acquired the property from a private investor. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. “Investors are still aggressively searching for true value-add opportunities,” says Kattan, managing director at Franklin Street. “At the time of marketing, approximately 10 percent of the units had been fully upgraded and were achieving significantly higher rents. This positive trend proved to the buyers that the upside was both real and achievable.”

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated two retail leases for their client, Amazing Lash Studio. The first lease is 10-year, 1,700 square feet and located at Union Planters Plaza, North Federal Highway in Fort Lauderdale. The landlord is Union Planters. The lease is valued at over $858,000. The second lease is 5-year 2,000 square feet located at Lakeview Shopping Center, 1304 Coral Ridge Drive in Coral Springs, Florida. The landlord is Lakeview Shopping Center. The lease is valued at $242,565.

SAINT PETERSBURG, FL—Marcus & Millichap brokered the sale of The Bungalows on 50th, a 12-unit apartment property located in Saint Petersburg. The asset sold for $472,500. 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. The duo also represented the buyer, a private investor. “This was a great value-add opportunity with a high in-place cap rate,” says Rupp. “The new owner plans to do major interior and exterior renovations to the units and increase the cap rate even further in the next 12 months.”

TAMPA, FL—Marcus & Millichap brokered the sale of Garden Villa Townhouses, a 40-unit apartment property in Tampa. The asset sold for $2.575 million. Francesco P. Carriera, Michael P. Regan, Cameron Barbas and Joshua Teplitzky, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. They also secured the buyer. Garden Villa Townhouses is located at 8731 North 30th Street in Tampa. Garden Villas Townhouses is a traditional 40-unit apartment community located in Tampa, Florida which is in Hillsborough County.

BUILDING BLOCKS

MIAMI—Miami Bay Waterfront Midtown Residences has opened. It is one of the only rental communities in Miami's Midtown neighborhood to sit directly on Biscayne Bay. The community is just over the Julia Tuttle Causeway and minutes from South Beach. Adjacent to the property is the soon-to-be-reimagined 2.9-acre Albert Pallot Park complete with cardio running trail, children's playground, large green spaces and kayak launch.

Early this week in Florida, we saw lots of commercial real estate action in Central Florida. The number of multifamily deals is particularly pronounced.

BY THE NUMERS

South Florida warehouse and distribution space dominated first-quarter space requirements with 75% of total net absorption. (Source: NGKF)

NEWS & NOTABLES

MIAMI—EWM Realty International's Lisa Lajes Rosen has been named exclusive leasing agent for the renovated Miami International Merchandise Mart, the former Radisson Mart. Located at 777 Northwest 72nd Avenue, and under new ownership by Roudan Global Investments, The Mart sits in one of South Florida's most strategic commercial locations right next to Miami International Airport, at the convergence of State Roads 826 and 836. In the midst of a $5 million renovation, the former Radisson Mart is being updated and includes over 465 wholesale, retail, offices spaces, along with 300,000 square feet of showroom and retail space among three floors, making it a premier shopping and wholesale destination.

DEAL TRACKER

LARGO, FL—Franklin Street negotiated the sale of Cornerstone Pointe Apartments in the popular Largo submarket of Tampa, for $10.55 million. The 111-unit multifamily community is located at 301 Seacrest Drive in Pinellas County. New York-based Milbrook Properties, acquired the property from a private investor. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. “Investors are still aggressively searching for true value-add opportunities,” says Kattan, managing director at Franklin Street. “At the time of marketing, approximately 10 percent of the units had been fully upgraded and were achieving significantly higher rents. This positive trend proved to the buyers that the upside was both real and achievable.”

MIAMI—NAI Miami's Josh Rodstein and Brandon Weiss negotiated two retail leases for their client, Amazing Lash Studio. The first lease is 10-year, 1,700 square feet and located at Union Planters Plaza, North Federal Highway in Fort Lauderdale. The landlord is Union Planters. The lease is valued at over $858,000. The second lease is 5-year 2,000 square feet located at Lakeview Shopping Center, 1304 Coral Ridge Drive in Coral Springs, Florida. The landlord is Lakeview Shopping Center. The lease is valued at $242,565.

SAINT PETERSBURG, FL—Marcus & Millichap brokered the sale of The Bungalows on 50th, a 12-unit apartment property located in Saint Petersburg. The asset sold for $472,500. 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. The duo also represented the buyer, a private investor. “This was a great value-add opportunity with a high in-place cap rate,” says Rupp. “The new owner plans to do major interior and exterior renovations to the units and increase the cap rate even further in the next 12 months.”

TAMPA, FL—Marcus & Millichap brokered the sale of Garden Villa Townhouses, a 40-unit apartment property in Tampa. The asset sold for $2.575 million. Francesco P. Carriera, Michael P. Regan, Cameron Barbas and Joshua Teplitzky, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. They also secured the buyer. Garden Villa Townhouses is located at 8731 North 30th Street in Tampa. Garden Villas Townhouses is a traditional 40-unit apartment community located in Tampa, Florida which is in Hillsborough County.

BUILDING BLOCKS

MIAMI—Miami Bay Waterfront Midtown Residences has opened. It is one of the only rental communities in Miami's Midtown neighborhood to sit directly on Biscayne Bay. The community is just over the Julia Tuttle Causeway and minutes from South Beach. Adjacent to the property is the soon-to-be-reimagined 2.9-acre Albert Pallot Park complete with cardio running trail, children's playground, large green spaces and kayak launch.