past 12 months, more older multi-tenant properties built prior to 1979 changed hands, contributing to the metro's lower average price. Buyers purchased these assets with first-year yields in the mid- to high-8% range. (Source: Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—The Construction Association of South Florida (CASF) elected Mindy Szarowicz of Baker Concrete Construction to serve as president of its board of directors. Szarowicz, who has served on CASF's board for seven years, is the organization's first female president. Founded in 1950, CASF provides its 500-plus members, representing all facets of the construction industry, with education, advocacy and networking opportunities. Szarowicz, a LEED-accredited professional with 10 years of experience in the South Florida construction industry, is the director of business development for the South Florida office of Baker Concrete Construction. Szarowicz was also named one of the Top 100 Outstanding Women of Broward County in 2017 by the Boys & Girls Clubs of Broward County.

FORT LAUDERDALE, FL—New CASF board members elected to serve two-year terms, are: Richard Schuerger, project executive; John Moriarty and Associates of Florida, Maribeth Sitowski, business development specialist, Balfour Beatty Construction; Mark Butters, vice president, Butters Construction & Development; Jessica Chen, project executive, Suffolk Construction; and Alex Smith, vice president, Moss and Associates. The CASF Executive Committee for 2017-2018 is: first vice president Jeff Slade of Miller Construction; second vice president Sid Miller of Miller Glass & Glazing; and secretary/treasurer Doug Wallace of Stiles Construction Company. CASF board members serve two-year terms. The president serves a one-year term only.

DEAL TRACKER

PORT RICHEY, FL—HFF arranged $22.25 million in acquisition financing for The Lakes at Port Richey, a 288-unit, garden-style multifamily community in Port Richey. Working exclusively on behalf of Agora Capitol Partners, HFF placed the 10-year, floating-rate loan with Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The Lakes at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of five one-, two- and three-bedroom layouts.

CORAL SPRINGS, FL—Cushman & Wakefield negotiated the sale and financing of Coral Springs Business Warehouse, an 85,850-square-foot light industrial building in northern Broward County. Managing director Dominic Montazemi, executive director Scott O'Donnell and senior associate Greg Miller represented Coral Springs Business Warehouse in the disposition. CSBW acquired the asset for $8.4 million, or $98 per square foot. CushWake procured a $5.86 million permanent loan for the buyer from Starwood Mortgage Capital. The loan has a 10-year term with a low interest rate and includes an interest-only period for a few years. Senior director Jason Hochman of Cushman & Wakefield's Equity, Debt and Structured Finance group sourced the loan for the buyer.

GAINESVILLE, FL—The Preiss Company acquired Cabana Beach Gainesville and Cabana Beach San Marcos, two student housing communities totaling a combined 2,232 beds for an undisclosed amount. The two communities, serving the University of Florida and Texas State respectively, will be renovated and repositioned in their respective markets. Sitting about a mile from the campus of the University of Florida, the 1,488-bed Cabana Beach Gainesville is housed on 55 acres. Each fully equipped apartment unit provides a flat-screen television, coffee and end tables, sofa, couch, dining table and fully furnished private bedrooms and bathrooms.

MIAMI—Cushman & Wakefield negotiated the sale of Soleste Club Prado, a new luxury midrise building located at the northwest edge of Coral Gables. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor negotiated the disposition on behalf of a joint venture of the Florida-based Estate Investment Group, Mattoni Group and Fortune Capital Partners. The asset was acquired by Grand Peaks for $61 million, or $361 per square foo). Soleste Club Prado is an eight-story, 196-unit multifamily tower developed on a 1.8-acre site at 950 Red Road, West Miami. The average unit in the 168,872-square-foot building is 862 square feet with a market rent of $2,167, or $2.52 per square foot. The first residents took occupancy in June 2016 and the building was 95 percent leased at the time of sale.

FORT LAUDERDALE, FL—Cushman & Wakefield's executive director Jeff Holding and senior director A.J. Belt have negotiated 39,368 square feet of office subleases on behalf of three tenants in Fort Lauderdale. Tenant representation specialists Holding and Belt brokered three subleases on behalf of the Sun-Sentinel, Roetzel & Andress and Newbridge Financial at three separate office buildings in the Fort Lauderdale market. These new-to-market and expansion subleases may allow for the creation of 130 new jobs in Fort Lauderdale.

LEESBURG, FL—Marcus & Millichap brokered the sale of Venetian Isle, 47.5 acres of land located in Leesburg. The asset sold for $4.315 million. Paul Bouldin, a land and development investment specialist in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Venetian Isle, located on East Dixie Avenue in Leesburg, Florida is part of a larger mixed-use development planned one block from Leesburg Regional Medical Center,” Bouldin says. “The overall development plan calls for a mixed-use project. The sellers also have another 38 acres on Lake Harris, adjacent to the Venetian Isle property, slated for multifamily residential and/or senior housing.

CELEBRATION, FL—Bridge Investment Group LLC has acquired the Celebration Office Portfolio, four class A office buildings totaling 267,751 square feet located within the $2.5-billion Celebration master-planned community. Bridge Office purchased the class A office properties from Blackstone. The purchase price was not disclosed. The portfolio includes the two-building Celebration Office Center I & II and the two-building Celebration Business Center I & II, which were developed from 1998 to 2001. Christian Lee and Ron Rogg of CBRE represented the seller in the transaction. Darryl K. Hoffman of JLL will lead leasing efforts at the properties.

BUILDING BLOCKS

PLANT CITY, FL—McCraney Property Company broke ground on phase one of County Line Logistics Center, the only spec industrial asset under construction in Plant City. Director Julia Silva Rettig, director Jared Bonshire, director David Perez, and associate Jessica Mizrahi of Cushman & Wakefield have been retained by McCraney and partner Northwestern Mutual to oversee the leasing of the 1.3 million square foot industrial project spanning 70-acres at the intersection of County Line Road and Rice Road. “With the continuous traction of e-commerce, traditional freight forwarding companies are expanding their 'hub and spoke' presence, and national companies need large warehouse spaces to make the shipping and distribution process that much easier,” says Steven McCraney, president and CEO of McCraney. “County Line Logistics Center is perfectly situated – geographically and timing wise – to serve an untapped market for middle and large scale users alike.”

This week in Florida saw the southern part of the state dominate significant commercial real estate news. Some of the deal flow also spilled over into Central Florida.

BY THE NUMBERS

Diversified job creation, a wave of new assets and tight retail vacancy have instilled investors' confidence in Orlando. High sales prices, rising interest rates and uncertainty regarding federal tax policy, however, could affect deal flow this year. (Source: Marcus & Millichap)

As new inventory revitalizes Orlando's retail market, investors are becoming more aggressive, seeking value-add opportunities near expanding retail hubs throughout the metro. In the

past 12 months, more older multi-tenant properties built prior to 1979 changed hands, contributing to the metro's lower average price. Buyers purchased these assets with first-year yields in the mid- to high-8% range. (Source: Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—The Construction Association of South Florida (CASF) elected Mindy Szarowicz of Baker Concrete Construction to serve as president of its board of directors. Szarowicz, who has served on CASF's board for seven years, is the organization's first female president. Founded in 1950, CASF provides its 500-plus members, representing all facets of the construction industry, with education, advocacy and networking opportunities. Szarowicz, a LEED-accredited professional with 10 years of experience in the South Florida construction industry, is the director of business development for the South Florida office of Baker Concrete Construction. Szarowicz was also named one of the Top 100 Outstanding Women of Broward County in 2017 by the Boys & Girls Clubs of Broward County.

FORT LAUDERDALE, FL—New CASF board members elected to serve two-year terms, are: Richard Schuerger, project executive; John Moriarty and Associates of Florida, Maribeth Sitowski, business development specialist, Balfour Beatty Construction; Mark Butters, vice president, Butters Construction & Development; Jessica Chen, project executive, Suffolk Construction; and Alex Smith, vice president, Moss and Associates. The CASF Executive Committee for 2017-2018 is: first vice president Jeff Slade of Miller Construction; second vice president Sid Miller of Miller Glass & Glazing; and secretary/treasurer Doug Wallace of Stiles Construction Company. CASF board members serve two-year terms. The president serves a one-year term only.

DEAL TRACKER

PORT RICHEY, FL—HFF arranged $22.25 million in acquisition financing for The Lakes at Port Richey, a 288-unit, garden-style multifamily community in Port Richey. Working exclusively on behalf of Agora Capitol Partners, HFF placed the 10-year, floating-rate loan with Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The Lakes at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of five one-, two- and three-bedroom layouts.

CORAL SPRINGS, FL—Cushman & Wakefield negotiated the sale and financing of Coral Springs Business Warehouse, an 85,850-square-foot light industrial building in northern Broward County. Managing director Dominic Montazemi, executive director Scott O'Donnell and senior associate Greg Miller represented Coral Springs Business Warehouse in the disposition. CSBW acquired the asset for $8.4 million, or $98 per square foot. CushWake procured a $5.86 million permanent loan for the buyer from Starwood Mortgage Capital. The loan has a 10-year term with a low interest rate and includes an interest-only period for a few years. Senior director Jason Hochman of Cushman & Wakefield's Equity, Debt and Structured Finance group sourced the loan for the buyer.

GAINESVILLE, FL—The Preiss Company acquired Cabana Beach Gainesville and Cabana Beach San Marcos, two student housing communities totaling a combined 2,232 beds for an undisclosed amount. The two communities, serving the University of Florida and Texas State respectively, will be renovated and repositioned in their respective markets. Sitting about a mile from the campus of the University of Florida, the 1,488-bed Cabana Beach Gainesville is housed on 55 acres. Each fully equipped apartment unit provides a flat-screen television, coffee and end tables, sofa, couch, dining table and fully furnished private bedrooms and bathrooms.

MIAMI—Cushman & Wakefield negotiated the sale of Soleste Club Prado, a new luxury midrise building located at the northwest edge of Coral Gables. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor negotiated the disposition on behalf of a joint venture of the Florida-based Estate Investment Group, Mattoni Group and Fortune Capital Partners. The asset was acquired by Grand Peaks for $61 million, or $361 per square foo). Soleste Club Prado is an eight-story, 196-unit multifamily tower developed on a 1.8-acre site at 950 Red Road, West Miami. The average unit in the 168,872-square-foot building is 862 square feet with a market rent of $2,167, or $2.52 per square foot. The first residents took occupancy in June 2016 and the building was 95 percent leased at the time of sale.

FORT LAUDERDALE, FL—Cushman & Wakefield's executive director Jeff Holding and senior director A.J. Belt have negotiated 39,368 square feet of office subleases on behalf of three tenants in Fort Lauderdale. Tenant representation specialists Holding and Belt brokered three subleases on behalf of the Sun-Sentinel, Roetzel & Andress and Newbridge Financial at three separate office buildings in the Fort Lauderdale market. These new-to-market and expansion subleases may allow for the creation of 130 new jobs in Fort Lauderdale.

LEESBURG, FL—Marcus & Millichap brokered the sale of Venetian Isle, 47.5 acres of land located in Leesburg. The asset sold for $4.315 million. Paul Bouldin, a land and development investment specialist in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Venetian Isle, located on East Dixie Avenue in Leesburg, Florida is part of a larger mixed-use development planned one block from Leesburg Regional Medical Center,” Bouldin says. “The overall development plan calls for a mixed-use project. The sellers also have another 38 acres on Lake Harris, adjacent to the Venetian Isle property, slated for multifamily residential and/or senior housing.

CELEBRATION, FL—Bridge Investment Group LLC has acquired the Celebration Office Portfolio, four class A office buildings totaling 267,751 square feet located within the $2.5-billion Celebration master-planned community. Bridge Office purchased the class A office properties from Blackstone. The purchase price was not disclosed. The portfolio includes the two-building Celebration Office Center I & II and the two-building Celebration Business Center I & II, which were developed from 1998 to 2001. Christian Lee and Ron Rogg of CBRE represented the seller in the transaction. Darryl K. Hoffman of JLL will lead leasing efforts at the properties.

BUILDING BLOCKS

PLANT CITY, FL—McCraney Property Company broke ground on phase one of County Line Logistics Center, the only spec industrial asset under construction in Plant City. Director Julia Silva Rettig, director Jared Bonshire, director David Perez, and associate Jessica Mizrahi of Cushman & Wakefield have been retained by McCraney and partner Northwestern Mutual to oversee the leasing of the 1.3 million square foot industrial project spanning 70-acres at the intersection of County Line Road and Rice Road. “With the continuous traction of e-commerce, traditional freight forwarding companies are expanding their 'hub and spoke' presence, and national companies need large warehouse spaces to make the shipping and distribution process that much easier,” says Steven McCraney, president and CEO of McCraney. “County Line Logistics Center is perfectly situated – geographically and timing wise – to serve an untapped market for middle and large scale users alike.”