ORLANDO—JLL hired Michael “Mike” Borling as a senior vice president at the firm's Orlando office. In his new role, Borling will focus on growing JLL's industrial agency portfolio in the Central Florida region. He brings over 2.2 million square feet of industrial agency property assignments, including Southridge Commerce Park totaling 1.2 million square feet, Sunport Center comprised of 372,199 square feet and Sunbelt Center consisting of 301,315 square feet. Borling brings to his role 30 years of industrial real estate experience including leasing, development, acquisitions, and build-to-suit expertise. Prior to joining JLL, Borling spent 15 years as the broker of record and director of leasing for EastGroup Properties Services of Florida, a self-administered equity REIT. While at EastGroup, he helped grow the company's portfolio from five buildings totaling 347,000 square feet to 41 buildings totaling 3.1 million square feet.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of 604 West Azeele, a five-unit apartment property located in Tampa. The asset sold for $400,000. Shawn Rupp, Casey Babb and Luis Baez, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. The trio also represented the buyer, a private investor. The multifamily property is located at 604 West Azeele Street.

MEDLEY, FL—Transwestern's South Florida industrial facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 Northwest 79^th Avenue in Medley. Transwestern senior managing directors Walter Byrd and Ben Eisenberg, senior vice president Thomas Kresse, and senior associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction. The tenant relocated from a smaller multitenant facility in Medley to a high-quality, freestanding building, picking up nearly 10% more total square footage and saving on annual rent costs.

HIALEAH, FL—Marcus & Millichap brokered the sale of a 12-unit apartment property located in Hialeah. The multifamily asset sold for $1.53 million. The buyer, a private investor, was secured and represented by Alejandro J. Gonzalez, associate, Evan P. Kristol, senior managing director Investments, and Felipe J. Echarte, first vice president Investments, all in Marcus & Millichap's Fort Lauderdale office. The property is located at 40-50 West 25th Street. “The buyer was very familiar with the area and on a 1031 exchange from New Jersey which prompted him to make an offer $126,000 above list price and with a non-refundable deposit of $100,000,” Gonzalez says.

PINECREST, FL—NAI Miami's Edward Schmidt and Timothy Merriman Jr. negotiated a seven-year, 5,664-square-foot retail lease for Pinecrest Village Plaza, located at 12455 South Dixie Highway in Miami. The lessee is LBU Lighting (Light Bulbs Unlimited), which is moving from its current location next door. This move will allow the company to display its lighting in an open showroom floor. This lease is valued at over $1.6 million. Pinecrest Village Plaza is a 32,000-square foot shopping center location off US 1 (Dixie Highway) between Dadeland and The Falls Mall in the heart of Pinecrest.

BUILDING BLOCKS

MIAMI—Codina Partners is starting construction on the second phase of The Shops at Downtown Doral with a golden shovel groundbreaking ceremony. Phase II will add to the 250,000 square feet of retail space in Downtown Doral. The tenant mix for phase II focuses on locally-owned storefronts, trendy eateries along with desirable service offerings to compliment the Downtown Doral lifestyle. Phase I of The Shops at Downtown Doral opened its first storefront in spring of 2016 and today features top-rated restaurants.

Early this week in Florida, saw news of a new groundbreaking in Doral. JLL is hiring up and Marcus & Millichap is still massively busy with smaller multifamily deals.

BY THE NUMBERS

Miami-Dade County's industrial market demand remains strong and vacancies are still near historic lows. Medley continues to have low overall vacancy rates of 4.5%, suggesting Medley is a prime location for both new and existing tenants. (Source: Transwestern)

NEWS & NOTABLES

ORLANDO—JLL hired Michael “Mike” Borling as a senior vice president at the firm's Orlando office. In his new role, Borling will focus on growing JLL's industrial agency portfolio in the Central Florida region. He brings over 2.2 million square feet of industrial agency property assignments, including Southridge Commerce Park totaling 1.2 million square feet, Sunport Center comprised of 372,199 square feet and Sunbelt Center consisting of 301,315 square feet. Borling brings to his role 30 years of industrial real estate experience including leasing, development, acquisitions, and build-to-suit expertise. Prior to joining JLL, Borling spent 15 years as the broker of record and director of leasing for EastGroup Properties Services of Florida, a self-administered equity REIT. While at EastGroup, he helped grow the company's portfolio from five buildings totaling 347,000 square feet to 41 buildings totaling 3.1 million square feet.

DEAL TRACKER

TAMPA, FL—Marcus & Millichap brokered the sale of 604 West Azeele, a five-unit apartment property located in Tampa. The asset sold for $400,000. Shawn Rupp, Casey Babb and Luis Baez, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. The trio also represented the buyer, a private investor. The multifamily property is located at 604 West Azeele Street.

MEDLEY, FL—Transwestern's South Florida industrial facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 Northwest 79^th Avenue in Medley. Transwestern senior managing directors Walter Byrd and Ben Eisenberg, senior vice president Thomas Kresse, and senior associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction. The tenant relocated from a smaller multitenant facility in Medley to a high-quality, freestanding building, picking up nearly 10% more total square footage and saving on annual rent costs.

HIALEAH, FL—Marcus & Millichap brokered the sale of a 12-unit apartment property located in Hialeah. The multifamily asset sold for $1.53 million. The buyer, a private investor, was secured and represented by Alejandro J. Gonzalez, associate, Evan P. Kristol, senior managing director Investments, and Felipe J. Echarte, first vice president Investments, all in Marcus & Millichap's Fort Lauderdale office. The property is located at 40-50 West 25th Street. “The buyer was very familiar with the area and on a 1031 exchange from New Jersey which prompted him to make an offer $126,000 above list price and with a non-refundable deposit of $100,000,” Gonzalez says.

PINECREST, FL—NAI Miami's Edward Schmidt and Timothy Merriman Jr. negotiated a seven-year, 5,664-square-foot retail lease for Pinecrest Village Plaza, located at 12455 South Dixie Highway in Miami. The lessee is LBU Lighting (Light Bulbs Unlimited), which is moving from its current location next door. This move will allow the company to display its lighting in an open showroom floor. This lease is valued at over $1.6 million. Pinecrest Village Plaza is a 32,000-square foot shopping center location off US 1 (Dixie Highway) between Dadeland and The Falls Mall in the heart of Pinecrest.

BUILDING BLOCKS

MIAMI—Codina Partners is starting construction on the second phase of The Shops at Downtown Doral with a golden shovel groundbreaking ceremony. Phase II will add to the 250,000 square feet of retail space in Downtown Doral. The tenant mix for phase II focuses on locally-owned storefronts, trendy eateries along with desirable service offerings to compliment the Downtown Doral lifestyle. Phase I of The Shops at Downtown Doral opened its first storefront in spring of 2016 and today features top-rated restaurants.