MIAMI—Bal Harbour Shops has gained final approval to move forward with its comprehensive enhancement plan, paving the way for $400 million in improvements to the luxury retail leader. The Shops are set to build on a 50-plus year track record of success with major retail and dining upgrades to the landscaped, open-air shopping center, which sits just across from the Atlantic Ocean. The $400-million enhancement plan will add 340,387 square feet of new retail space, nearly doubling the Shops current retail space.

FORT LAUDERDALE, FL—Peter S. Jannis has been promoted to Chief Financial Officer of The Broward County Housing Authority (BCHA). He will oversee the finance department. Prior to his promotion, Jannis was Controller of the BCHA for six years. Jannis was director of Accounting Services for Palm Beach County prior to joining the BCHA. Previously he was Chief Accounting Officer for the City of Pittsburgh and served as Deputy School Controller for Pittsburgh Public Schools. He was also an auditor for PWC.

DEAL TRACKER

ESTERO, FL—KeyBank Real Estate Capital has provided a $34.8 million Fannie Mae, first mortgage loan for Longitude 81 in Estero. The class A multifamily property, formerly known as Springs at Estero, was built in 2016 and consists of 260 units. Chris Black and Caleb Marten of Key's National Multifamily Accounts Group arranged the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

WEST PALM BEACH, FL—JLL closed 15 leases in the last six months at 1645 Palm Beach Lakes office building, formally known as the Sabadell Bank Building. JLL's agency leasing team secured over 48,000 square feet of office leases at the building located at 1645 Palm Beach Lakes Boulevard in West Palm Beach. JLL vice presidents Kevin McCarthy and Kevin Probel spearheaded the leasing and marketing efforts on behalf of the property's owner, an affiliate of Brookwood Financial Partners. Of the 15 leases that were inked over the six-month period, nine were with new tenants relocating from other Palm Beach office properties.

OAKLAND PARK, FL—CBRE Group arranged the sale of a single-tenant retail property leased to Advance Auto Parts at 1582 East Commercial Boulevard in Oakland Park. Caine Commercial Partners purchased the property for $1,665. The seller, East Com, and was represented by CBRE's David Donnellan, Mark Drazek and Raymond Romano. “Advance Auto is a highly sought after tenant in the net leased investment sector due to their strong credit rating as well as the perception by investors that auto parts retailers are recession-proof,” says Donnellan, senior vice president, CBRE Capital Markets. “Advance Auto has been operating at this location for 25 years and recently extended the lease for 10 more years, providing additional stability to the income stream.”

BRADENTON, FL—HFF arranged $54.25 million in financing for the 281-unit Fountain Lake Apartments in Bradenton, and the 276-unit Sienna Bay Apartments in Saint Petersburg, FL. HFF worked exclusively on behalf of the borrower, Beachwold Residential to place two separate ten-year, fixed-rate loans with Goldman Sachs. The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset's competitive profile in the market. Fountain Lake Apartments is located in Bradenton at 5620 Fountain Lake Circle convenient to numerous institutions of higher learning, including the Ringling College of Art and Design and the State College of Florida. The 281-unit, garden-style property was originally constructed with 201 units in 1984 with Beachwold adding an additional 80 units in 2016 after its acquisition of an adjacent five-acre site.

LAKELAND, FL—JLL closed on the $7.65 million sale of 3850 Old Tampa Highway, an 119,257-sqaure-foot industrial facility located in Lakeland. The cross-dock facility was acquired by Graham Commercial Properties, an investor and manager of commercial real estate properties. The new lease brought the property to a 100% occupancy rate. JLL associate Ryan Vaught represented the property's previous owner, Brian Pearlman, in both the sale and lease negotiations. “3850 Old Tampa Highway offers functionality that cannot be found anywhere else in Central Florida,” says Vaught. “The fact that the cross-dock warehouse sits on 20 acres of land and is located a stones-throw away from major distributers such as Publix Super Markets, were the driving factors that motivated CHEP to move into the facility and for the new ownership to invest in the property.”

LAKE MARY, FL—Cushman & Wakefield negotiated the sale of Colonial Center at TownPark, a four-building, 662,320-square-foot, class A office portfolio in suburban Orlando. The Capital Markets team of executive managing director Mike Davis, executive director Michael Lerner, and executive director Rick Brugge represented a fund advised by New York-based DRA Advisors, in the disposition of the asset. An affiliate of the Atlanta-based Brookdale Group acquired the buildings. This is the largest brokered suburban office portfolio sale in Orlando history, eclipsing the previous mark set by the November 2016 sale of Primera Towers, also negotiated by Davis, Lerner and Brugge.

RIVIERA BEACH, FL—Denholtz Associates secured a five-year, $3.975 million refinancing on two of its flex properties totaling 69,094 square feet at 7655 Enterprise Drive and 7656 Byron Drive in the Flamingo Commerce Center in Riviera Beach. Zach Nimhauser and Michael Brown of Banyan Commercial Capital negotiated the terms of the refinance with Mercantil Commercebank. Flamingo Commerce Center is a two building, single-story industrial complex offering front and rear load grade-level warehouse space with 24-foot ceiling heights, ideally suited for office, warehouse, light assembly, showroom and light distribution requirements. Situated on 4.07-acres, the property is prominently located in the Sandlake Industrial Park between Northlake and Blue Heron Boulevard. Currently 100% leased, the Flamingo Commerce Center includes a wide range of tenants making it an important piece of the Denholtz multi-tenant investment strategy.

BUILDING BLOCKS

MIAMI—As Miami strengthens its position as an international hub for arts, culture and entertainment, Miami Worldcenter's high-street retail component, the centerpiece of 27-acre master plan that includes 360,000 square feet of pedestrian-friendly retail space, is now rising out of the ground, with completion of the project's first phase set for 2019. Conceived by master developer Miami Worldcenter Associates in collaboration with The Forbes Company and Taubman, the mixed-use development's open-air shopping promenade will bring high-end brands to an area of Miami that has been underserved for decades.

This week in Florida saw South and Central Florida dominating the commercial real estate activity, with plenty of action in second-tier markets. News also broke about Lakeland's rise on the nation's industrial scene.

BY THE NUMBERS

The Lakeland market is considered one of the most active industrial markets in the US, and its growth is projected to continue in the years ahead. Since 2014 large e-commerce and distribution centers have entered the Lakeland market to the tune of nearly 5 million square feet with aims to service the large population centers nearby in Tampa and Orlando. This trend should continue, as projected population growth in the region remains strong and companies respond to increasing consumer demand for expedited delivery of goods. (Source: JLL)

NEWS & NOTABLES

MIAMI—Bal Harbour Shops has gained final approval to move forward with its comprehensive enhancement plan, paving the way for $400 million in improvements to the luxury retail leader. The Shops are set to build on a 50-plus year track record of success with major retail and dining upgrades to the landscaped, open-air shopping center, which sits just across from the Atlantic Ocean. The $400-million enhancement plan will add 340,387 square feet of new retail space, nearly doubling the Shops current retail space.

FORT LAUDERDALE, FL—Peter S. Jannis has been promoted to Chief Financial Officer of The Broward County Housing Authority (BCHA). He will oversee the finance department. Prior to his promotion, Jannis was Controller of the BCHA for six years. Jannis was director of Accounting Services for Palm Beach County prior to joining the BCHA. Previously he was Chief Accounting Officer for the City of Pittsburgh and served as Deputy School Controller for Pittsburgh Public Schools. He was also an auditor for PWC.

DEAL TRACKER

ESTERO, FL—KeyBank Real Estate Capital has provided a $34.8 million Fannie Mae, first mortgage loan for Longitude 81 in Estero. The class A multifamily property, formerly known as Springs at Estero, was built in 2016 and consists of 260 units. Chris Black and Caleb Marten of Key's National Multifamily Accounts Group arranged the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

WEST PALM BEACH, FL—JLL closed 15 leases in the last six months at 1645 Palm Beach Lakes office building, formally known as the Sabadell Bank Building. JLL's agency leasing team secured over 48,000 square feet of office leases at the building located at 1645 Palm Beach Lakes Boulevard in West Palm Beach. JLL vice presidents Kevin McCarthy and Kevin Probel spearheaded the leasing and marketing efforts on behalf of the property's owner, an affiliate of Brookwood Financial Partners. Of the 15 leases that were inked over the six-month period, nine were with new tenants relocating from other Palm Beach office properties.

OAKLAND PARK, FL—CBRE Group arranged the sale of a single-tenant retail property leased to Advance Auto Parts at 1582 East Commercial Boulevard in Oakland Park. Caine Commercial Partners purchased the property for $1,665. The seller, East Com, and was represented by CBRE's David Donnellan, Mark Drazek and Raymond Romano. “Advance Auto is a highly sought after tenant in the net leased investment sector due to their strong credit rating as well as the perception by investors that auto parts retailers are recession-proof,” says Donnellan, senior vice president, CBRE Capital Markets. “Advance Auto has been operating at this location for 25 years and recently extended the lease for 10 more years, providing additional stability to the income stream.”

BRADENTON, FL—HFF arranged $54.25 million in financing for the 281-unit Fountain Lake Apartments in Bradenton, and the 276-unit Sienna Bay Apartments in Saint Petersburg, FL. HFF worked exclusively on behalf of the borrower, Beachwold Residential to place two separate ten-year, fixed-rate loans with Goldman Sachs. The loan proceeds were used to retire existing bridge financing and return sponsor equity following a renovation/expansion program that allows the sponsor to raise rents and improve the asset's competitive profile in the market. Fountain Lake Apartments is located in Bradenton at 5620 Fountain Lake Circle convenient to numerous institutions of higher learning, including the Ringling College of Art and Design and the State College of Florida. The 281-unit, garden-style property was originally constructed with 201 units in 1984 with Beachwold adding an additional 80 units in 2016 after its acquisition of an adjacent five-acre site.

LAKELAND, FL—JLL closed on the $7.65 million sale of 3850 Old Tampa Highway, an 119,257-sqaure-foot industrial facility located in Lakeland. The cross-dock facility was acquired by Graham Commercial Properties, an investor and manager of commercial real estate properties. The new lease brought the property to a 100% occupancy rate. JLL associate Ryan Vaught represented the property's previous owner, Brian Pearlman, in both the sale and lease negotiations. “3850 Old Tampa Highway offers functionality that cannot be found anywhere else in Central Florida,” says Vaught. “The fact that the cross-dock warehouse sits on 20 acres of land and is located a stones-throw away from major distributers such as Publix Super Markets, were the driving factors that motivated CHEP to move into the facility and for the new ownership to invest in the property.”

LAKE MARY, FL—Cushman & Wakefield negotiated the sale of Colonial Center at TownPark, a four-building, 662,320-square-foot, class A office portfolio in suburban Orlando. The Capital Markets team of executive managing director Mike Davis, executive director Michael Lerner, and executive director Rick Brugge represented a fund advised by New York-based DRA Advisors, in the disposition of the asset. An affiliate of the Atlanta-based Brookdale Group acquired the buildings. This is the largest brokered suburban office portfolio sale in Orlando history, eclipsing the previous mark set by the November 2016 sale of Primera Towers, also negotiated by Davis, Lerner and Brugge.

RIVIERA BEACH, FL—Denholtz Associates secured a five-year, $3.975 million refinancing on two of its flex properties totaling 69,094 square feet at 7655 Enterprise Drive and 7656 Byron Drive in the Flamingo Commerce Center in Riviera Beach. Zach Nimhauser and Michael Brown of Banyan Commercial Capital negotiated the terms of the refinance with Mercantil Commercebank. Flamingo Commerce Center is a two building, single-story industrial complex offering front and rear load grade-level warehouse space with 24-foot ceiling heights, ideally suited for office, warehouse, light assembly, showroom and light distribution requirements. Situated on 4.07-acres, the property is prominently located in the Sandlake Industrial Park between Northlake and Blue Heron Boulevard. Currently 100% leased, the Flamingo Commerce Center includes a wide range of tenants making it an important piece of the Denholtz multi-tenant investment strategy.

BUILDING BLOCKS

MIAMI—As Miami strengthens its position as an international hub for arts, culture and entertainment, Miami Worldcenter's high-street retail component, the centerpiece of 27-acre master plan that includes 360,000 square feet of pedestrian-friendly retail space, is now rising out of the ground, with completion of the project's first phase set for 2019. Conceived by master developer Miami Worldcenter Associates in collaboration with The Forbes Company and Taubman, the mixed-use development's open-air shopping promenade will bring high-end brands to an area of Miami that has been underserved for decades.