MIAMI—Ian Rosa joined Highline Real Estate Capital firm a vice president focused on acquisitions. Highline is a South Florida based real estate investment company formed by former CREC principal David Moret in February 2016. Previously, Rosa was a senior associate at Rialto Capital Management, where he was actively involved in the acquisition of institutional quality commercial real estate assets. Before that, he worked as an acquisition analyst for IP Capital. He started his career as an attorney, where he specialized in business and real estate transactional matters. Through his career, Rosa has been involved in the acquisition and development of over $250 million of commercial real estate.

DEAL TRACKER

JACKSONVILLE, FL—HFF arranged a refinancing for Village Walk, a 240-unit, class A, garden-style apartment community in Jacksonville. HFF worked exclusively on behalf of the borrower, Venterra Realty to place the seven-year, 3.51%, fixed-rate loan with a life company lender. Village Walk is located at 7651 Gate Parkway near the nexus of Loop 295 and Highway 202 in Jacksonville's Southside submarket. The HFF debt placement team representing Venterra was led by managing directors Cortney Cole and Elliott Throne.

LAKELAND, FL—Marcus & Millichap brokered the sale of two multifamily assets in Central Florida: LeMans Apartments, Lakeland, a 197-unit garden-style apartment complex in Lakeland; and LeMans Apartments, Sebring, which features 87 units and is located in Sebring, FL. Together, the two properties sold for $14.025 million which represents nearly $50,000 per unit. “Sold by the original developer, this portfolio was 70% occupied with 52 units set aside for nightly rentals,” says Nicholas Meoli, senior vice president investments in Marcus & Millichap's Tampa office.

LADY LAKE, FL—Berkadia brokered the sale of Carmendy Square, a multifamily property. Managing director Cole Whitaker and director Mary Beale worked on behalf of the buyer and the seller to complete the $16.45 million sale. The buyer was Maxus Properties, based in Kansas City, MO, and the seller was Houston-based ApexOne Investment Partners. “Carmendy Square was an attractive property with continued upside for potential investors,” Whitaker says. “Maxus Properties were drawn to it due to the community's proximity to The Villages, the townhome-style construction and the ability to complete an already-established value-add program.”

OCALA, FL—Marcus & Millichap brokered the sale of three Florida Wendy's located in the cities of Ocala, Dunnellon and Tamarac. The portfolio sold for $7.98 million. Ronnie Issenberg and Gabriel Britti, investment specialists in the firm's Miami office, had the exclusive listings to market the properties on behalf of the sellers, limited liability companies from Florida. “We had multiple backup offers at ask price for these assets, which shows the demand, not only for South Florida Real Estate, but also for fast food assets” says Issenberg. “In an economy where most investors are afraid of the internet and Amazon hurting their retail investments, fast food net-leased assets really stick out. As of now, you cannot order a hamburger and fries on Amazon. In our opinion, QSR net-leased assets will continue to be the most favorable for investors, which will lead to cap rates holding steady throughout the next few quarters.”

BUILDING BLOCKS

ORLANDO, FL—BBX Capital Real Estate, a division of BBX Capital Corporation, announced the first two buildings of apartment homes at The Addison on Millenia has been completed and the first residents have moved in. Located within BBX Capital Real Estate's 47-acre mixed use development known as Gardens on Millenia in Orlando, The Addison on Millenia is expected to consist of 10 buildings with a total of 292 apartment homes. Located on an approximate 11.5-acre parcel, the community features a mix of studio, one, two, and three bedroom apartment homes ranging from 592 to 1,413 square feet.

Early this week in Florida, smaller commercial real estate markets won the attention of investors. Musical chairs are still prevalent in the south.

BY THE NUMBERS

Employment in Orlando grew at two times the US rate over the past year. During this time, 43,000 workers were added to payrolls. The unemployment rate remained unchanged over the past year at 4.5%. Though hiring remains robust, the pace slowed in several sectors over the past year, including professional and business services. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—Ian Rosa joined Highline Real Estate Capital firm a vice president focused on acquisitions. Highline is a South Florida based real estate investment company formed by former CREC principal David Moret in February 2016. Previously, Rosa was a senior associate at Rialto Capital Management, where he was actively involved in the acquisition of institutional quality commercial real estate assets. Before that, he worked as an acquisition analyst for IP Capital. He started his career as an attorney, where he specialized in business and real estate transactional matters. Through his career, Rosa has been involved in the acquisition and development of over $250 million of commercial real estate.

DEAL TRACKER

JACKSONVILLE, FL—HFF arranged a refinancing for Village Walk, a 240-unit, class A, garden-style apartment community in Jacksonville. HFF worked exclusively on behalf of the borrower, Venterra Realty to place the seven-year, 3.51%, fixed-rate loan with a life company lender. Village Walk is located at 7651 Gate Parkway near the nexus of Loop 295 and Highway 202 in Jacksonville's Southside submarket. The HFF debt placement team representing Venterra was led by managing directors Cortney Cole and Elliott Throne.

LAKELAND, FL—Marcus & Millichap brokered the sale of two multifamily assets in Central Florida: LeMans Apartments, Lakeland, a 197-unit garden-style apartment complex in Lakeland; and LeMans Apartments, Sebring, which features 87 units and is located in Sebring, FL. Together, the two properties sold for $14.025 million which represents nearly $50,000 per unit. “Sold by the original developer, this portfolio was 70% occupied with 52 units set aside for nightly rentals,” says Nicholas Meoli, senior vice president investments in Marcus & Millichap's Tampa office.

LADY LAKE, FL—Berkadia brokered the sale of Carmendy Square, a multifamily property. Managing director Cole Whitaker and director Mary Beale worked on behalf of the buyer and the seller to complete the $16.45 million sale. The buyer was Maxus Properties, based in Kansas City, MO, and the seller was Houston-based ApexOne Investment Partners. “Carmendy Square was an attractive property with continued upside for potential investors,” Whitaker says. “Maxus Properties were drawn to it due to the community's proximity to The Villages, the townhome-style construction and the ability to complete an already-established value-add program.”

OCALA, FL—Marcus & Millichap brokered the sale of three Florida Wendy's located in the cities of Ocala, Dunnellon and Tamarac. The portfolio sold for $7.98 million. Ronnie Issenberg and Gabriel Britti, investment specialists in the firm's Miami office, had the exclusive listings to market the properties on behalf of the sellers, limited liability companies from Florida. “We had multiple backup offers at ask price for these assets, which shows the demand, not only for South Florida Real Estate, but also for fast food assets” says Issenberg. “In an economy where most investors are afraid of the internet and Amazon hurting their retail investments, fast food net-leased assets really stick out. As of now, you cannot order a hamburger and fries on Amazon. In our opinion, QSR net-leased assets will continue to be the most favorable for investors, which will lead to cap rates holding steady throughout the next few quarters.”

BUILDING BLOCKS

ORLANDO, FL—BBX Capital Real Estate, a division of BBX Capital Corporation, announced the first two buildings of apartment homes at The Addison on Millenia has been completed and the first residents have moved in. Located within BBX Capital Real Estate's 47-acre mixed use development known as Gardens on Millenia in Orlando, The Addison on Millenia is expected to consist of 10 buildings with a total of 292 apartment homes. Located on an approximate 11.5-acre parcel, the community features a mix of studio, one, two, and three bedroom apartment homes ranging from 592 to 1,413 square feet.