The centerpiece of the new CocoWalk will be an open-air plaza serving as a physical extension of Coconut Grove's pedestrian streetscape. Café seating, water features and native foliage evoking the neighborhood's lush tree canopy will create an 'outdoor living room' for the local community. The center's new look is designed by locally-based Beame Architectural Partnership and Foreseer, a company that specializes in creating unique connections between people and place. A contemporary design will be introduced with a careful nod to the Grove's history, future and overall experience. Further, the project's design intent will be consistent with Coconut Grove's existing neighborhood aesthetic. The center will remain open to the public throughout the phased renovation process.

DEAL TRACKER

WEST MELBOURNE, FL—Cushman & Wakefield negotiated the sale of The Haven, a 336-unit class A multifamily community in Brevard County. Senior directors Jay Ballard and Ken Delvillar of the firm's Orlando Capital Markets Multifamily Advisory Group represented Columbus, GA-based seller Flournoy Companies in the disposition. Irvine, CA-based investor Passco Companies acquired the asset for $53.25 million, or $158,482 per unit. The Haven was developed in 2010 on a 23.0-acre site at 4550 Explorer Drive.

OCALA, FL—Marcus & Millichap brokered the sale of 14th Street Townhomes, a 24-unit apartment property in Ocala. The asset sold for $1.275 million. Jason Hague, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap's Tampa office, represented the seller, an individual/personal trust. The trio also secured the buyer, a limited liability company. “After overcoming some issues in the beginning with the property's financials, our team was able to find the perfect buyer for the asset through our national and internal marketing campaigns which drove several strong offers to the deal,” Hughes says. “In the end, we were able to close within 98% of list price by creating a competitive, auction-like environment which effected the buyers to move quickly. We ended up closing in 37 days from the executed contract date despite the fact that the buyer received traditional bank financing.”

SAINT PETERSBURG, FL—Denholtz Associates inked a 22,682-square-foot office lease with Taylor Media Corporation for of office and rooftop space at 490 First Avenue in Downtown Saint Petersburg. 490 First Avenue is a 240,000-square-foot, eight story office building within walking distance of dozens of premier and independently owned shops and restaurants, world-class museums, the Mahaffey Theater, a Publix grocery store, the Saint Petersburg Yacht Club and thousands of residential units.

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. It is currently 100% leased.

BUILDING BLOCKS

MIAMI—Hines has announced plans to develop 110 10th Street, a 45-story, 600,000-square-foot office-led, mixed-use tower within Miami Worldcenter, one of the largest private real estate developments underway in the US, occupying 27 acres in the heart of downtown Miami. 110 10th will include class A office space and high-street retail. The tower will be the first class A office building of scale constructed in Miami's Central Business District in eight years and will sit between northeast 1st and 2nd Avenues, and northeast 9th and 10th Streets, next to MiamiWorldcenter's 360,000-square-foot high-street retail promenade.

Early this week in Florida, we saw plans emerge for new commercial real estate projects and renovations. Significant ones. We also saw strong activity in Florida's secondary and tertiary markets.

BY THE NUMBERS

Orlando's retail completions will drop from the last two years, but the metro will receive another large volume of inventory, including several properties in the southeast area. (Source: Marcus & Millichap)

NEWS & NOTABLES

The centerpiece of the new CocoWalk will be an open-air plaza serving as a physical extension of Coconut Grove's pedestrian streetscape. Café seating, water features and native foliage evoking the neighborhood's lush tree canopy will create an 'outdoor living room' for the local community. The center's new look is designed by locally-based Beame Architectural Partnership and Foreseer, a company that specializes in creating unique connections between people and place. A contemporary design will be introduced with a careful nod to the Grove's history, future and overall experience. Further, the project's design intent will be consistent with Coconut Grove's existing neighborhood aesthetic. The center will remain open to the public throughout the phased renovation process.

DEAL TRACKER

WEST MELBOURNE, FL—Cushman & Wakefield negotiated the sale of The Haven, a 336-unit class A multifamily community in Brevard County. Senior directors Jay Ballard and Ken Delvillar of the firm's Orlando Capital Markets Multifamily Advisory Group represented Columbus, GA-based seller Flournoy Companies in the disposition. Irvine, CA-based investor Passco Companies acquired the asset for $53.25 million, or $158,482 per unit. The Haven was developed in 2010 on a 23.0-acre site at 4550 Explorer Drive.

OCALA, FL—Marcus & Millichap brokered the sale of 14th Street Townhomes, a 24-unit apartment property in Ocala. The asset sold for $1.275 million. Jason Hague, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap's Tampa office, represented the seller, an individual/personal trust. The trio also secured the buyer, a limited liability company. “After overcoming some issues in the beginning with the property's financials, our team was able to find the perfect buyer for the asset through our national and internal marketing campaigns which drove several strong offers to the deal,” Hughes says. “In the end, we were able to close within 98% of list price by creating a competitive, auction-like environment which effected the buyers to move quickly. We ended up closing in 37 days from the executed contract date despite the fact that the buyer received traditional bank financing.”

SAINT PETERSBURG, FL—Denholtz Associates inked a 22,682-square-foot office lease with Taylor Media Corporation for of office and rooftop space at 490 First Avenue in Downtown Saint Petersburg. 490 First Avenue is a 240,000-square-foot, eight story office building within walking distance of dozens of premier and independently owned shops and restaurants, world-class museums, the Mahaffey Theater, a Publix grocery store, the Saint Petersburg Yacht Club and thousands of residential units.

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. It is currently 100% leased.

BUILDING BLOCKS

MIAMI—Hines has announced plans to develop 110 10th Street, a 45-story, 600,000-square-foot office-led, mixed-use tower within Miami Worldcenter, one of the largest private real estate developments underway in the US, occupying 27 acres in the heart of downtown Miami. 110 10th will include class A office space and high-street retail. The tower will be the first class A office building of scale constructed in Miami's Central Business District in eight years and will sit between northeast 1st and 2nd Avenues, and northeast 9th and 10th Streets, next to MiamiWorldcenter's 360,000-square-foot high-street retail promenade.