MIAMI—Ben Sarason joined Cushman & Wakefield as an associate broker on the Miami office brokerage team of executive director Tony Jones and director Ryan Levy. Sarason will provide business development support and help manage client relationships for the team.

Before joining CushWake, Sarason served as a business development manager for KW Property Management & Consulting, where he produced proposals, helped manage business development efforts and provided research for the firm's partners. Sarason also worked as a fund accountant for Kaufman Rossin Fund Services.

DEAL TRACKER

FORT MYERS, FL—Marcus & Millichap brokered the sale of Applebee's, a 4,942-square foot net-leased property located in Fort Myers. The asset sold for $4.852 million. James Medefind and Jim Shiebler, 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 trophy location, 1.33-acre parcel, traffic count of over 79,000 cars per day and the fact that the restaurant is operated by a regional powerhouse franchisee were the rare attributes that this Applebee's location possessed, M&M reports. Weldon also secured the buyer, a private investor from Connecticut.

JACKSONVILLE, FL—Transwestern closed the $15.2 million sale of One Enterprise Center, a 317,571-square-foot, 22-story office tower at 225 Water Street in Downtown Jacksonville. Transwestern managing director John Bell negotiated the sale of the landmark asset to Rosecrans 2004 LLC. “This listing was a rare opportunity to acquire a trophy building with compelling value-add potential. Currently 51 percent leased, the asset is positioned to experience an expedited lease-up with new, long-term ownership,” says Bell. “Universally considered one of the top office buildings in the Jacksonville Central Business District, the new ownership is committed to returning the building to its place as downtown's most sought-after business address.”

KISSIMMEE, FL—Deerfield Land Corporation, a subsidiary of Tupperware Brands Corporation, selected JLL to spearhead the marketing of 81 acres of office land entitled for up to 1 million square feet of office development at Osceola Corporate Center (OCC) near Kissimmee. The land sits on the border of Orange and Osceola counties and offers direct access to the Florida Turnpike, State Road 417, and Osceola Parkway. With this listing, JLL is targeting office users seeking build-to-suit-to-lease or build-to-suit-to-own opportunities ranging from 60,000 to 350,000 square feet. JLL executive vice president Nick Poole and JLL senior vice president, David Chapin will lead the sales efforts on behalf of Deerfield Land Corporation. OCC consists of approximately 500 acres of restaurant, retail, hotel, office and medical facilities and will soon feature an on-site SunRail commuter station.

SURFSIDE, FL—CBRE Group arranged the sale of a multi-tenant, street-retail property located at 9525-9537 Harding Avenue in Surfside. The sellers of the property were three related entities: Harding Avenue at Bal Harbour, LLC, Harding Avenue at Surfside, LLC, and Surfside Retail Properties, LLC. The property was acquired for $8.6 million by ErikDavid, LLC and 9525/37 Harding Avenue, LLC. CBRE's Todd Weintraub represented both the seller and buyer in the transaction. “This building is exceptionally well located on the east side of Harding Avenue in the trending Surfside business district, just south of the Bal Harbour Shops,” says Weintraub, first vice president with CBRE Investment Properties Group. “The property appealed to the investor due to the significant strength of the retail corridor and upside potential over the coming years.”

BUILDING BLOCKS

MIAMI—Unit closings are underway and residents are moving in at the newly-completed Biscayne Beach condominium in Miami's East Edgewater neighborhood, with more than 50% of the 52-story luxury tower's 391 residences successfully closed over the last 30 days. The news comes as Two Roads Development and GTIS Partners, Biscayne Beach's joint venture development team, retires its $120 million construction loan for the project. The loan, which was issued in 2014 by Blackstone Real Estate Debt Strategies, was used to help fund the development of the waterfront tower located at 2900 NE 7th Avenue. Construction of Biscayne Beach was officially completed last month with approximately 99% of the project's units already sold and under hard contract.

Early this week in Florida saw closure on a significant condo project in Miami, as well as plenty of action in Florida submarkets. Significant deals were inked as investors continue looking for prime deals in secondary markets.

BY THE NUMBERS

In Orlando, fast-food restaurants and drugstores near employment hubs, theme parks or upscale communities trade with yields in the 5% range. Restaurants remain a sought commodity, yet the widening price gap between investors for recently traded local franchises lifted cap rates 100 basis points to the mid-6% area. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—Ben Sarason joined Cushman & Wakefield as an associate broker on the Miami office brokerage team of executive director Tony Jones and director Ryan Levy. Sarason will provide business development support and help manage client relationships for the team.

Before joining CushWake, Sarason served as a business development manager for KW Property Management & Consulting, where he produced proposals, helped manage business development efforts and provided research for the firm's partners. Sarason also worked as a fund accountant for Kaufman Rossin Fund Services.

DEAL TRACKER

FORT MYERS, FL—Marcus & Millichap brokered the sale of Applebee's, a 4,942-square foot net-leased property located in Fort Myers. The asset sold for $4.852 million. James Medefind and Jim Shiebler, 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 trophy location, 1.33-acre parcel, traffic count of over 79,000 cars per day and the fact that the restaurant is operated by a regional powerhouse franchisee were the rare attributes that this Applebee's location possessed, M&M reports. Weldon also secured the buyer, a private investor from Connecticut.

JACKSONVILLE, FL—Transwestern closed the $15.2 million sale of One Enterprise Center, a 317,571-square-foot, 22-story office tower at 225 Water Street in Downtown Jacksonville. Transwestern managing director John Bell negotiated the sale of the landmark asset to Rosecrans 2004 LLC. “This listing was a rare opportunity to acquire a trophy building with compelling value-add potential. Currently 51 percent leased, the asset is positioned to experience an expedited lease-up with new, long-term ownership,” says Bell. “Universally considered one of the top office buildings in the Jacksonville Central Business District, the new ownership is committed to returning the building to its place as downtown's most sought-after business address.”

KISSIMMEE, FL—Deerfield Land Corporation, a subsidiary of Tupperware Brands Corporation, selected JLL to spearhead the marketing of 81 acres of office land entitled for up to 1 million square feet of office development at Osceola Corporate Center (OCC) near Kissimmee. The land sits on the border of Orange and Osceola counties and offers direct access to the Florida Turnpike, State Road 417, and Osceola Parkway. With this listing, JLL is targeting office users seeking build-to-suit-to-lease or build-to-suit-to-own opportunities ranging from 60,000 to 350,000 square feet. JLL executive vice president Nick Poole and JLL senior vice president, David Chapin will lead the sales efforts on behalf of Deerfield Land Corporation. OCC consists of approximately 500 acres of restaurant, retail, hotel, office and medical facilities and will soon feature an on-site SunRail commuter station.

SURFSIDE, FL—CBRE Group arranged the sale of a multi-tenant, street-retail property located at 9525-9537 Harding Avenue in Surfside. The sellers of the property were three related entities: Harding Avenue at Bal Harbour, LLC, Harding Avenue at Surfside, LLC, and Surfside Retail Properties, LLC. The property was acquired for $8.6 million by ErikDavid, LLC and 9525/37 Harding Avenue, LLC. CBRE's Todd Weintraub represented both the seller and buyer in the transaction. “This building is exceptionally well located on the east side of Harding Avenue in the trending Surfside business district, just south of the Bal Harbour Shops,” says Weintraub, first vice president with CBRE Investment Properties Group. “The property appealed to the investor due to the significant strength of the retail corridor and upside potential over the coming years.”

BUILDING BLOCKS

MIAMI—Unit closings are underway and residents are moving in at the newly-completed Biscayne Beach condominium in Miami's East Edgewater neighborhood, with more than 50% of the 52-story luxury tower's 391 residences successfully closed over the last 30 days. The news comes as Two Roads Development and GTIS Partners, Biscayne Beach's joint venture development team, retires its $120 million construction loan for the project. The loan, which was issued in 2014 by Blackstone Real Estate Debt Strategies, was used to help fund the development of the waterfront tower located at 2900 NE 7th Avenue. Construction of Biscayne Beach was officially completed last month with approximately 99% of the project's units already sold and under hard contract.