NEWS & NOTABLES

Stanley Finch Whitman, the visionary real estate developer of Bal Harbour Shops, died peacefully of natural causes at his Miami Shores home on May 24, 2017, shortly after learning that his plans to expand and improve his Bal Harbour Shops were finally approved. He was 98. In 1946, Whitman became one of the original 25 incorporators of what would become The Village of Bal Harbour. By 1965, now fully in control of the Bal Harbour business district property, having bought out Graham's half-interest, Whitman presided over the opening of Bal Harbour Shops and for the next 51 years he kept making it better and better.

DEAL TRACKER

DORAL, FL—Cushman & Wakefield negotiated the relocation of Everest Business Funding to the Office Campus at Downtown Doral. The tenant advisory team of executive director Tony Jones and director Ryan Levy represented Everest Business Funding in securing a 27,706-square-foot office lease in the Davenport Building at 8200 Northwest 52nd Terrace. Fairchild Partner's Tony Puente represented the landlord, Codina Partners. The Davenport Building is a three-story, 79,000-square-foot, class A office asset developed in 1999 on a 1.7-acre site. It is one of five class A office buildings in the Office Campus at Downtown Doral park

SARASOTA, FL—Strategic Storage Growth Trust acquired newly-constructed, 510-unit self-storage facility in Sarasota. Located at 1027 North Washington Boulevard, the class A, three-story structure includes approximately 48,000 rentable square feet. “This newly constructed self-storage facility is easily accessible via well-trafficked thoroughfares in Sarasota, including US Route 301,” says H. Michael Schwartz, chairman and CEO. “This modern facility is 100% climate controlled and an attractive addition to our growing portfolio of operating properties, which now includes more than 12,400 self-storage units in eight states.”

MIAMI BEACH, FL—Meridian Capital Group arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach. The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler, who is based in the company's New York City headquarters. The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach.

WINTER PARK, FL—Paul P. Partyka, partner at NAI Realvest, recently negotiated the $1.65 million sale price for the industrial property located at 3454 Aloma Avenue in Winter Park. Partyka represented the seller, Jacqueline Denton Trust. Local businessman Faramarz Nasseri purchased the property consisting of a 22,600-square-foot warehouse facility on 2.24 acres. Abdel Kader of Premium Properties Real Estate represented the buyer.

ORLANDO—NAI Realvest recently negotiated sales of two office properties, one in Longwood and one in Lake Mary—totaling $1.437 million. Michael Heidrich, principal at NAI Realvest and associate Patty Nolff represented local seller Zohner Development in the sale of a 5,000-square-foot office building at 1928 Boothe Circle in Longwood. Jules Investment of Lake Mary purchased the property for $862,500. Nancy Pombo of NCP Global Realty represented the buyer. NAI Realvest principal Tom R Kelley represented the landlord in the sale of 153 Parliament Loop in Lake Mary for $575,000. The 4,000-square-foot office condo was purchased by Lake Mary Holdings Group represented by John Tsesmelis of Castle Rock Realty & Management.

TAMPA, FL—Denholtz Associates signed a 6,054-square-foot office lease with Empire Office at The Times Building at 1000 North Ashley Avenue in Tampa. The Times Building is a 10-story, 180,000-square-foot office building that is one of the most recognizable buildings in the Downtown Tampa area. “Downtown Tampa continues to see high levels of growth and we are excited to be an integral participant in that growth through our ownership of The Times Building,” says Kristine B. Hurlbut, senior vice president of leasing at Denholtz Associates. “This well positioned building has allowed us to attract and retain high-quality, dynamic clients that have contributed to the economic rebirth of the city.”

ORLANDO—Cushman & Wakefield been named exclusive leasing advisor for 13 buildings at SouthPark Center, a master-planned business park that can accommodate up to 2.9 million square feet of class A office space. SouthPark Center is considered one of Florida's most successful master-planned business parks. Managing director of office brokerage services Damien Madsen and senior associate Austin Johnston will lease 13 of SouthPark Center's 15 buildings on behalf of a private institutional investor. SouthPark Center is currently 96% leased.

BUILDING BLOCKS

SAINT PETERSBURG, FL—Allen Morris Company opened of the $73 million The Hermitage Apartment Homes, a luxury multifamily community in Downtown Saint Petersburg. The Hermitage Apartment Homes is the firm's 81st development. The Hermitage Apartment Homes, located at 151 7th Street.

This week in Florida saw a Miami commercial real estate icon pass away, as well as hopeful retail real estate statistics coming out of Central Florida. In fact, Central Florida's commercial real estate market was especially active this week.

BY THE NUMBERS

Retailer expansions fill vacant space in Orlando. Orlando's steady economic growth has supported both new residential and office development in the suburbs, providing areas for retailers to expand. (Source: Marcus & Millichap)

In Orlando's core, as well in the communities of Ocoee, Clermont, Windermere and Winter Garden, work is progressing on thousands of new residences. Though many of these areas are already densely populated, Downtown and other active submarkets are attracting more retailers, entertainment options and service providers to traditional retail space. This has sparked additional tenant and investor demand for value-add assets within or near the market's growing areas. (Source: Marcus & Millichap)

NEWS & NOTABLES

Stanley Finch Whitman, the visionary real estate developer of Bal Harbour Shops, died peacefully of natural causes at his Miami Shores home on May 24, 2017, shortly after learning that his plans to expand and improve his Bal Harbour Shops were finally approved. He was 98. In 1946, Whitman became one of the original 25 incorporators of what would become The Village of Bal Harbour. By 1965, now fully in control of the Bal Harbour business district property, having bought out Graham's half-interest, Whitman presided over the opening of Bal Harbour Shops and for the next 51 years he kept making it better and better.

DEAL TRACKER

DORAL, FL—Cushman & Wakefield negotiated the relocation of Everest Business Funding to the Office Campus at Downtown Doral. The tenant advisory team of executive director Tony Jones and director Ryan Levy represented Everest Business Funding in securing a 27,706-square-foot office lease in the Davenport Building at 8200 Northwest 52nd Terrace. Fairchild Partner's Tony Puente represented the landlord, Codina Partners. The Davenport Building is a three-story, 79,000-square-foot, class A office asset developed in 1999 on a 1.7-acre site. It is one of five class A office buildings in the Office Campus at Downtown Doral park

SARASOTA, FL—Strategic Storage Growth Trust acquired newly-constructed, 510-unit self-storage facility in Sarasota. Located at 1027 North Washington Boulevard, the class A, three-story structure includes approximately 48,000 rentable square feet. “This newly constructed self-storage facility is easily accessible via well-trafficked thoroughfares in Sarasota, including US Route 301,” says H. Michael Schwartz, chairman and CEO. “This modern facility is 100% climate controlled and an attractive addition to our growing portfolio of operating properties, which now includes more than 12,400 self-storage units in eight states.”

MIAMI BEACH, FL—Meridian Capital Group arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach. The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler, who is based in the company's New York City headquarters. The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach.

WINTER PARK, FL—Paul P. Partyka, partner at NAI Realvest, recently negotiated the $1.65 million sale price for the industrial property located at 3454 Aloma Avenue in Winter Park. Partyka represented the seller, Jacqueline Denton Trust. Local businessman Faramarz Nasseri purchased the property consisting of a 22,600-square-foot warehouse facility on 2.24 acres. Abdel Kader of Premium Properties Real Estate represented the buyer.

ORLANDO—NAI Realvest recently negotiated sales of two office properties, one in Longwood and one in Lake Mary—totaling $1.437 million. Michael Heidrich, principal at NAI Realvest and associate Patty Nolff represented local seller Zohner Development in the sale of a 5,000-square-foot office building at 1928 Boothe Circle in Longwood. Jules Investment of Lake Mary purchased the property for $862,500. Nancy Pombo of NCP Global Realty represented the buyer. NAI Realvest principal Tom R Kelley represented the landlord in the sale of 153 Parliament Loop in Lake Mary for $575,000. The 4,000-square-foot office condo was purchased by Lake Mary Holdings Group represented by John Tsesmelis of Castle Rock Realty & Management.

TAMPA, FL—Denholtz Associates signed a 6,054-square-foot office lease with Empire Office at The Times Building at 1000 North Ashley Avenue in Tampa. The Times Building is a 10-story, 180,000-square-foot office building that is one of the most recognizable buildings in the Downtown Tampa area. “Downtown Tampa continues to see high levels of growth and we are excited to be an integral participant in that growth through our ownership of The Times Building,” says Kristine B. Hurlbut, senior vice president of leasing at Denholtz Associates. “This well positioned building has allowed us to attract and retain high-quality, dynamic clients that have contributed to the economic rebirth of the city.”

ORLANDO—Cushman & Wakefield been named exclusive leasing advisor for 13 buildings at SouthPark Center, a master-planned business park that can accommodate up to 2.9 million square feet of class A office space. SouthPark Center is considered one of Florida's most successful master-planned business parks. Managing director of office brokerage services Damien Madsen and senior associate Austin Johnston will lease 13 of SouthPark Center's 15 buildings on behalf of a private institutional investor. SouthPark Center is currently 96% leased.

BUILDING BLOCKS

SAINT PETERSBURG, FL—Allen Morris Company opened of the $73 million The Hermitage Apartment Homes, a luxury multifamily community in Downtown Saint Petersburg. The Hermitage Apartment Homes is the firm's 81st development. The Hermitage Apartment Homes, located at 151 7th Street.