NEWS & NOTABLES

TAMPA, FL—Berkshire Hathaway HomeServices Florida Properties Group acquired The Gulf Life Realty Group, a boutique real estate firm with expertise in waterfront properties, high-end condominiums and single-family homes. Berkshire Hathaway HomeServices Florida Properties Group has 22 offices throughout the Tampa Bay area.

FORT LAUDERDALE, FL—Christina Stine joined Cushman & Wakefield as an associate broker on the Broward County office brokerage team of executive director Jeff Holding and senior director A.J. Belt. Stine will provide business development support and help manage client relationships for the team. Stine joins CushWake from Lochrie & Chakas, PA, a Fort Lauderdale-based law firm specializing in land use and zoning issues. As a clerk for Lochrie & Chakas, Stine drafted legal memoranda, managed government relations and helped develop and implement strategies for navigating the development entitlement processes in Broward County.

SARASOTA, FL—Jim Paulmann, senior principal in Stanteca's Sarasota office, has been promoted to Geographic Discipline Leader for Stanteca's Planning Practice for the United States. Paulmann brings more than four decades of professional planning experience to this role, and will coordinate the services of Stanteca's more than 200-plus planners throughout the country. Paulmann is a known expert in the coordination of master planning and entitlement procurement for large-scale new communities, several of which have won regional and national awards.

DEAL TRACKER

WESLEY CHAPEL, FL—Marcus & Millichap brokered announced the sale of Shops at Mystic Oak, a 10,500-square foot retail property located in Wesley Chapel. The asset sold for $2.975 million. Nicholas Ledvora and Bradford Lineberry, investment specialists in M&M's Orlando and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was secured and represented by Dean Zang, an investment specialist in the firm's Washington, DC office. Shops at Mystic Oak is located at 3741-57 Bruce B Downs Boulevard.

HIALEAH, FL—Cushman & Wakefield negotiated the sale of Miami International Logistics Center, a 506,000-square-foot warehouse and distribution facility and prime infill redevelopment opportunity in Hialeah. Executive managing directors Mike Davis, Rick Brugge and Michael Lerner, in conjunction with the South Florida Industrial Brokerage Team of executive director Wayne Ramoski, director Gian Rodriguez and the Florida Multifamily Brokerage Team of vice chairman Robert Given and senior managing director Troy Ballard, represented Keating Resources in the disposition. Dallas-based Lincoln Property Company acquired the asset for $27.38 million.

KENDALL, FL—Keystone Property Group acquired Dadeland Towers South, a portfolio comprised of two office buildings totaling 228,136 square feet and an on-site 246,319-square-foot parking garage, for $36 million. The property is located at 9400-9500 South Dadeland Boulevard in the Kendall submarket of Miami. Avison Young's John K. Crotty, principal, and Michael T. Fay, principal and managing director of the firm's Miami operations, represented Keystone Property Group in the acquisition. Keystone concurrently completed a 102,000-square-foot lease with the seller, AvMed, Inc., a Florida-based health insurance company, which will remain at the property for the long term.

MIAMI—Cushman & Wakefield negotiated a 21,111-square-foot relocation lease with Subway Latin America & Caribbean at Doral Concourse. Managing director Gordon Messinger, representing building owner DRA Advisors, secured a long-term lease with Subway in the Class A office building located at 8400 Doral. Subway Latin America & Caribbean oversees franchises of the Subway restaurant chain throughout Latin America and the Caribbean. The company will relocate from Airport Financial Center at 700 South Royal Poinciana Boulevard in Miami. Subway Latin America & Caribbean will move 65 employees into space on the second and fifth floors of Doral Concourse in the fourth quarter of 2017 before ramping up its headcount to 100. “Credit-worthy tenants continue pushing west into the Doral market, and Doral Concourse has been the most popular landing spot,” says Messinger.

MIAMI—NAI Miami's Harry Jordan negotiated a 14,808-square-foot industrial sale, plus an additional half acre of land for their client HC Property Company, located at 512-582 West Mowry Drive in Homestead, Florida. The property sits on 1.25± acres of land in total, and the buyer is First American Exchange Company. The sale was valued at $2.15 million.

TAMPA, FL—Cushman & Wakefield negotiated the sale of a 318,171-square-foot industrial building on a 21.8-acres site at 10901 North McKinley Drive near the University of South Florida and Florida Hospital Tampa. Executive managing director Mike Davis, director Julia Silva Rettig and associate Jessica Mizrahi represented building owner Sweetwell Industrial Associates LP. Limited in the disposition. Moffitt Cancer Center, represented by Savills Studley's Cheri O'Neil, acquired the property for $11.75 million.

BUILDING BLOCKS

BAY HARBOR ISLANDS, FL—Miller Construction Company completed the upscale Sereno at Bay Harbor Islands condominium community for co-developers Integra Investments and 13^th Floor Investments. Located on one of the last developable waterfront sites in the affluent, residential Bay Harbor Islands neighborhood, the $20.8 million project involved unusual construction challenges. Staging and deliveries had to be meticulously coordinated within the tight site to confirm to strict code provisions and avoid inconveniencing neighbors, according to Brian Sudduth, Miller senior vice president, preconstruction. The new community replaces an aging condominium at the site.

This week in Florida saw some encouraging news come out of the multifamily market, along with more commercial real estate industry consolidation and musical chairs. The ink also dried on plenty of deals worth noting.

BY THE NUMBERS

Market conditions in the metro remain strong. Hiring and a low cost of living will elevate the rate of household formation in both Hillsborough and Pinellas counties in 2017. Expansion of the metro's healthcare and retail trade industries combined with increased government, hospitality and financial services hiring will boost demand for multifamily rentals across all asset classes. The strong labor market continues to drive healthy demographic trends in Tampa Bay and attract new residents to the area. (Source: Marcus & Millichap)

Last year, more than 24,000 new households were created, among the highest totals during the current economic cycle. An unemployment rate near 4.7% could require employers to recruit beyond the metro, maintaining a wave of relocations and new rental demand. (Source: Marcus & Millichap)

NEWS & NOTABLES

TAMPA, FL—Berkshire Hathaway HomeServices Florida Properties Group acquired The Gulf Life Realty Group, a boutique real estate firm with expertise in waterfront properties, high-end condominiums and single-family homes. Berkshire Hathaway HomeServices Florida Properties Group has 22 offices throughout the Tampa Bay area.

FORT LAUDERDALE, FL—Christina Stine joined Cushman & Wakefield as an associate broker on the Broward County office brokerage team of executive director Jeff Holding and senior director A.J. Belt. Stine will provide business development support and help manage client relationships for the team. Stine joins CushWake from Lochrie & Chakas, PA, a Fort Lauderdale-based law firm specializing in land use and zoning issues. As a clerk for Lochrie & Chakas, Stine drafted legal memoranda, managed government relations and helped develop and implement strategies for navigating the development entitlement processes in Broward County.

SARASOTA, FL—Jim Paulmann, senior principal in Stanteca's Sarasota office, has been promoted to Geographic Discipline Leader for Stanteca's Planning Practice for the United States. Paulmann brings more than four decades of professional planning experience to this role, and will coordinate the services of Stanteca's more than 200-plus planners throughout the country. Paulmann is a known expert in the coordination of master planning and entitlement procurement for large-scale new communities, several of which have won regional and national awards.

DEAL TRACKER

WESLEY CHAPEL, FL—Marcus & Millichap brokered announced the sale of Shops at Mystic Oak, a 10,500-square foot retail property located in Wesley Chapel. The asset sold for $2.975 million. Nicholas Ledvora and Bradford Lineberry, investment specialists in M&M's Orlando and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was secured and represented by Dean Zang, an investment specialist in the firm's Washington, DC office. Shops at Mystic Oak is located at 3741-57 Bruce B Downs Boulevard.

HIALEAH, FL—Cushman & Wakefield negotiated the sale of Miami International Logistics Center, a 506,000-square-foot warehouse and distribution facility and prime infill redevelopment opportunity in Hialeah. Executive managing directors Mike Davis, Rick Brugge and Michael Lerner, in conjunction with the South Florida Industrial Brokerage Team of executive director Wayne Ramoski, director Gian Rodriguez and the Florida Multifamily Brokerage Team of vice chairman Robert Given and senior managing director Troy Ballard, represented Keating Resources in the disposition. Dallas-based Lincoln Property Company acquired the asset for $27.38 million.

KENDALL, FL—Keystone Property Group acquired Dadeland Towers South, a portfolio comprised of two office buildings totaling 228,136 square feet and an on-site 246,319-square-foot parking garage, for $36 million. The property is located at 9400-9500 South Dadeland Boulevard in the Kendall submarket of Miami. Avison Young's John K. Crotty, principal, and Michael T. Fay, principal and managing director of the firm's Miami operations, represented Keystone Property Group in the acquisition. Keystone concurrently completed a 102,000-square-foot lease with the seller, AvMed, Inc., a Florida-based health insurance company, which will remain at the property for the long term.

MIAMI—Cushman & Wakefield negotiated a 21,111-square-foot relocation lease with Subway Latin America & Caribbean at Doral Concourse. Managing director Gordon Messinger, representing building owner DRA Advisors, secured a long-term lease with Subway in the Class A office building located at 8400 Doral. Subway Latin America & Caribbean oversees franchises of the Subway restaurant chain throughout Latin America and the Caribbean. The company will relocate from Airport Financial Center at 700 South Royal Poinciana Boulevard in Miami. Subway Latin America & Caribbean will move 65 employees into space on the second and fifth floors of Doral Concourse in the fourth quarter of 2017 before ramping up its headcount to 100. “Credit-worthy tenants continue pushing west into the Doral market, and Doral Concourse has been the most popular landing spot,” says Messinger.

MIAMI—NAI Miami's Harry Jordan negotiated a 14,808-square-foot industrial sale, plus an additional half acre of land for their client HC Property Company, located at 512-582 West Mowry Drive in Homestead, Florida. The property sits on 1.25± acres of land in total, and the buyer is First American Exchange Company. The sale was valued at $2.15 million.

TAMPA, FL—Cushman & Wakefield negotiated the sale of a 318,171-square-foot industrial building on a 21.8-acres site at 10901 North McKinley Drive near the University of South Florida and Florida Hospital Tampa. Executive managing director Mike Davis, director Julia Silva Rettig and associate Jessica Mizrahi represented building owner Sweetwell Industrial Associates LP. Limited in the disposition. Moffitt Cancer Center, represented by Savills Studley's Cheri O'Neil, acquired the property for $11.75 million.

BUILDING BLOCKS

BAY HARBOR ISLANDS, FL—Miller Construction Company completed the upscale Sereno at Bay Harbor Islands condominium community for co-developers Integra Investments and 13^th Floor Investments. Located on one of the last developable waterfront sites in the affluent, residential Bay Harbor Islands neighborhood, the $20.8 million project involved unusual construction challenges. Staging and deliveries had to be meticulously coordinated within the tight site to confirm to strict code provisions and avoid inconveniencing neighbors, according to Brian Sudduth, Miller senior vice president, preconstruction. The new community replaces an aging condominium at the site.