NEWS & NOTABLES

MIAMI—Fortune International Group and Rialto Capital Management have joined forces to launch Vaster Capital, a private bridge lender specializing in residential and commercial real estate. The goal of the company will be to fill a void in the marketplace for South Florida real estate investors seeking bridge loan products, including foreign nationals. In addition, Vaster formed a joint-venture, Vaster Capital II, with the Related Group to provide financing for buyers purchasing at Related's portfolio of projects including those currently represented by Fortune International Group.

DEAL TRACKER

HALLANDALE BEACH, FL—Marcus & Millichap brokered the sale of 8th Street Apartments, a 12-unit apartment property located in Hallandale Beach. The multifamily asset sold for $1.8 million. Derek R. Gibbs, first vice president Investments, Daniel J. Cunningham, first vice president Investments, and Evan Richardson, associate, all located in the firm's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 8th Street Apartments is located at 1000 Southwest 8th Street in Hallandale Beach. The property is across the street from a public elementary school and within walking distance of other schools and city parks.

MIAMI—As South Florida's industrial market continues to reach new heights, EastGroup Properties, has announced plans to build an 850,000-square-foot industrial park to accommodate serious logistics, distribution and supply chain occupiers. Strategically located on the Florida Turnpike at the Northwest 27th exit, the former practice track for Calder Race Course will serve a base of occupiers that until now had to travel several miles west or north to find the type of modern distribution space that sophisticated logistics companies require today. John Coleman, EastGroup's executive vice president, “We carefully analyzed this opportunity and quickly realized that as long-term owners this site will provide the quality and flexibility similar to other successful EastGroup parks in the Southeast. The location and access to this site is incredible. As experienced industrial developers, we look for sites with freeway connectivity, good demographics, access to labor, an infill location and highway visibility—Gateway has all those things and then some.”

JACKSONVILLE, FL—HFF arranged a $19 million refinancing of One Deerwood, a 161,167-square-foot, class A office building in Jacksonville. HFF worked on behalf of the borrower, Taurus Investment Holdings, to secure the three-year, floating-rate loan through Ares Management. HFF was also involved in the sale of the asset to Taurus in 2007. The HFF debt placement team representing the borrower was led by senior managing director Michael Weinberg and director Porter Terry.

LAKEWOOD RANCH, FL—Marcus & Millichap brokered the sale of Magnolia Green 8, a 30,010-square-foot, multi-tenant office building located in Lakewood Ranch. The asset sold for $4.05 million. Robbie McEwan, associate director in Marcus & Millichap's Orlando office, along with James Medefind, first vice president investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. “This transaction was a joint effort between our Tampa and Orlando offices in order to provide our client, the seller, with the best team possible,” says McEwan.

MIAMI—CBRE Group has been retained to auction Golden Strand, a 5.6-acre property with more than 500 linear feet of uninterrupted oceanfront, located at 17901 Collins Avenue, Sunny Isles Beach, nearly an acre west of Collins Avenue. The property is being offered in connection with a plan of termination for Golden Strand Ocean Villas Resort Condominium. The auction is subject to seller's confirmation of the high bid with a reserve bid of $26 million from A3 Development and a minimum opening bid of $26.5 million. A3 Development currently owns units and/or unit weeks representing approximately 96% of the undivided interests in the condominium. CBRE's Christian Charre, Natalie J. Castillo and Paul Weimer represent the seller.

TAMPA, FL—Marcus & Millichap brokered the sale of 130th Avenue Apartments, a 13-unit apartment property located in Tampa. The asset sold for $591,500. Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by the same brokers. 130th Avenue Apartments is located at 5619 East 130th Avenue in Tampa.

TAMARAC, FL—Michael Rauch and Tom Robertson, senior managing partners with CRE Florida Partners, represented the seller in the sale of an office/medical building located at 8333 West McNab Road in Tamarac. The property sold on May 23 for $3.8 million, equating to $89 per square foot on a 6.9% capitalization rate. The 42,481-square-foot asset has been owned and operated by the current owner since about 2005. This multi-tenant building offers tenants a variety of office solutions for both medical and professional uses.

BUILDING BLOCKS

MIAMI—Real estate development and investment firm, CK Privé Group topped off on the 12-story Forum Aventura. The property is located directly in front of the Aventura Mall and features single offices, as well as whole floor spaces spanning 8500 square feet. Contract conversions began last May and the property is now 70% sold-out. The building is set for delivery in the second quarter of 2018 with occupancy expected shortly thereafter. “Aventura is one of the most populated and affluent submarkets of Miami-Dade, with tremendous demand for class A office space, as well as new retail destination complexes,” says Javier Rabinovich, principal of CK Privé Group. “We've spent considerable time understanding the needs of Aventura and North Miami Beach markets, which allows us to know the markets on an intimate level and deliver projects that will better the community as a whole. This makes us incredibly confident in the future.”

This week in South Florida saw plenty of deal flow from across the state. Small apartment deals in Broward submarkets, large industrial deals in the heart of Miami, and movement in Central and North Florida made the headlines.

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

MIAMI—Fortune International Group and Rialto Capital Management have joined forces to launch Vaster Capital, a private bridge lender specializing in residential and commercial real estate. The goal of the company will be to fill a void in the marketplace for South Florida real estate investors seeking bridge loan products, including foreign nationals. In addition, Vaster formed a joint-venture, Vaster Capital II, with the Related Group to provide financing for buyers purchasing at Related's portfolio of projects including those currently represented by Fortune International Group.

DEAL TRACKER

HALLANDALE BEACH, FL—Marcus & Millichap brokered the sale of 8th Street Apartments, a 12-unit apartment property located in Hallandale Beach. The multifamily asset sold for $1.8 million. Derek R. Gibbs, first vice president Investments, Daniel J. Cunningham, first vice president Investments, and Evan Richardson, associate, all located in the firm's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 8th Street Apartments is located at 1000 Southwest 8th Street in Hallandale Beach. The property is across the street from a public elementary school and within walking distance of other schools and city parks.

MIAMI—As South Florida's industrial market continues to reach new heights, EastGroup Properties, has announced plans to build an 850,000-square-foot industrial park to accommodate serious logistics, distribution and supply chain occupiers. Strategically located on the Florida Turnpike at the Northwest 27th exit, the former practice track for Calder Race Course will serve a base of occupiers that until now had to travel several miles west or north to find the type of modern distribution space that sophisticated logistics companies require today. John Coleman, EastGroup's executive vice president, “We carefully analyzed this opportunity and quickly realized that as long-term owners this site will provide the quality and flexibility similar to other successful EastGroup parks in the Southeast. The location and access to this site is incredible. As experienced industrial developers, we look for sites with freeway connectivity, good demographics, access to labor, an infill location and highway visibility—Gateway has all those things and then some.”

JACKSONVILLE, FL—HFF arranged a $19 million refinancing of One Deerwood, a 161,167-square-foot, class A office building in Jacksonville. HFF worked on behalf of the borrower, Taurus Investment Holdings, to secure the three-year, floating-rate loan through Ares Management. HFF was also involved in the sale of the asset to Taurus in 2007. The HFF debt placement team representing the borrower was led by senior managing director Michael Weinberg and director Porter Terry.

LAKEWOOD RANCH, FL—Marcus & Millichap brokered the sale of Magnolia Green 8, a 30,010-square-foot, multi-tenant office building located in Lakewood Ranch. The asset sold for $4.05 million. Robbie McEwan, associate director in Marcus & Millichap's Orlando office, along with James Medefind, first vice president investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. “This transaction was a joint effort between our Tampa and Orlando offices in order to provide our client, the seller, with the best team possible,” says McEwan.

MIAMI—CBRE Group has been retained to auction Golden Strand, a 5.6-acre property with more than 500 linear feet of uninterrupted oceanfront, located at 17901 Collins Avenue, Sunny Isles Beach, nearly an acre west of Collins Avenue. The property is being offered in connection with a plan of termination for Golden Strand Ocean Villas Resort Condominium. The auction is subject to seller's confirmation of the high bid with a reserve bid of $26 million from A3 Development and a minimum opening bid of $26.5 million. A3 Development currently owns units and/or unit weeks representing approximately 96% of the undivided interests in the condominium. CBRE's Christian Charre, Natalie J. Castillo and Paul Weimer represent the seller.

TAMPA, FL—Marcus & Millichap brokered the sale of 130th Avenue Apartments, a 13-unit apartment property located in Tampa. The asset sold for $591,500. Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by the same brokers. 130th Avenue Apartments is located at 5619 East 130th Avenue in Tampa.

TAMARAC, FL—Michael Rauch and Tom Robertson, senior managing partners with CRE Florida Partners, represented the seller in the sale of an office/medical building located at 8333 West McNab Road in Tamarac. The property sold on May 23 for $3.8 million, equating to $89 per square foot on a 6.9% capitalization rate. The 42,481-square-foot asset has been owned and operated by the current owner since about 2005. This multi-tenant building offers tenants a variety of office solutions for both medical and professional uses.

BUILDING BLOCKS

MIAMI—Real estate development and investment firm, CK Privé Group topped off on the 12-story Forum Aventura. The property is located directly in front of the Aventura Mall and features single offices, as well as whole floor spaces spanning 8500 square feet. Contract conversions began last May and the property is now 70% sold-out. The building is set for delivery in the second quarter of 2018 with occupancy expected shortly thereafter. “Aventura is one of the most populated and affluent submarkets of Miami-Dade, with tremendous demand for class A office space, as well as new retail destination complexes,” says Javier Rabinovich, principal of CK Privé Group. “We've spent considerable time understanding the needs of Aventura and North Miami Beach markets, which allows us to know the markets on an intimate level and deliver projects that will better the community as a whole. This makes us incredibly confident in the future.”