NEWS & NOTABLES

POMPANO BEACH, FL—ACES Risk Management promoted COO Phil McCall to president. In his new role, McCall will oversee all operations for the company, including the expansion of the ACES Audit Technology Platform. McCall, who has been with the company since 2014, is a respected subject matter expert in the field of mortgage quality control and championed the development and implementation of ARMCO's ACES Analytics. McCall has been in the mortgage industry for more than 25 years and has held numerous executive positions with both mortgage lenders and mortgage technology providers. In the past year, he received two top industry awards.

MIAMI—Monument Real Estate Services named Alisha Huntsinger vice president of operations. Bringing more than 13 years of experience in property management in a diverse array of assets, Huntsinger will be responsible for overseeing the day-to-day operations in support of the execution of the firm's strategy. In this role, she will be working with a leadership team of individuals which oversees over 20 communities across the north and southeast regions. Huntsinger's previous experience includes affordable housing from project-based Section 8, Hope VI, public housing and LIHTC as well as conventional housing ranging from luxury, student housing, mixed-use and workforce housing. Additionally, she developed best practices for both site-level and executive-level teams in her previous roles. Huntsinger holds certifications through the National Association of Home Builders as well as NAHMA and has held positions on multiple boards that work to improve the lives of at-risk families and youth.

DEAL TRACKER

DAYTONA BEACH, FL—Avison Young's Capital Markets Group brokered the $20.65 million sale of Volusia Marketplace, a 131,361-square-foot multi-anchored neighborhood shopping center located at 2400 West International Speedway Boulevard in Daytona Beach. Within three months of marketing the asset, Avison Young's John K. Crotty, Joshua Ladle, Steve Tanner, and Ray Hayhurst sold the 100% occupied retail center, which is home to eight nationally recognized tenants, to Festival Properties, Inc., on behalf of the seller. “Tremendous demand in the immediate market has driven the big-box vacancy rate down to practically zero percent, and centers in the immediate trade area are over 97% occupied at rental rates above the Daytona market averages, confirming the strength and extended draw of the submarket,” says Crotty. “Volusia Marketplace is poised for resilience during economic downturns due to its diversity in retail tenancy. Located at one of the major retail hubs in Daytona, the property presents excellent in-place income and stable long-term cash flow for the buyers.”

MIAMI—Cushman & Wakefield negotiated the sale of 78 out of 252 units within Caribbean Isle Villas, a residential condominium asset located at 2700 Pacific Boulevard Northeast in Homestead. Cushman & Wakefield's South Florida Multifamily team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of BC Caribbean, LLC. The asset was acquired by AQRE Caribbean, LLC for $8.2 million, or $96 per square foot. Caribbean Isle Villas was built in 2007 and is located in the eastern Homestead area, just south of Homestead Hospital. The unit mix includes 52 two-bedroom and 26 three-bedroom units.

HOLLYWOOD, FL—USA Pro Realty purchased a redevelopment property at 2215 North Federal Highway in Hollywood. The 9,553-square-foot retail property, built in 1952, was purchased for $940,000, or approximately $98.00 per square foot. The building, part of a multi-tenant retail space, sits on approximately 0.44 acres. USA Pro Realty represented itself in the purchase and plans to occupy 4,000 square feet. The commercial real estate brokerage firm will be relocating its offices from Aventura to the new location upon completion of an entire renovation and repositioning of the property. Ryan Shaw with Marcus Millichap represented seller, Augusto Schiano-Moriello, Jr. in the transaction.

FORT MYERS, FL—Marcus & Millichap brokered the sale of Bay Park Villas, an 88-unit apartment property located in Fort Myers. The asset sold for $4.03 million. Cameron Barbas, Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. They also represented the buyer, a private investor. Bay Park Villas is located in the Midtown redevelopment area of Fort Myers. “We're seeing a strong interest by multiple owners to buy into the high barrier of entry gulf coast cities in Southwest Florida,” says Teplitzky. “The buyers continue to find yield as well as a lower basis to enter such prime real estate.”

HOMESTEAD, FL—NAI Miami's Harry Jordan negotiated an 8,714-square-foot industrial sale for his client HC Property Company, LLC, located at 401 Northwest 14^th Avenue in Homestead. The property sits on a little over ¾ acres of land. The seller is NGP Properties, represented by Rick Swentek of Florida 1 Realty. The sale price was $1.05 million. The buyer intends to use the property for roofing contractor work.

COOPER CITY, FL—Marcus & Millichap brokered the sale of St. Michel Development Site, 150,282 square feet of land located in Cooper City. The asset sold for $3 million. Aaron O'Connor, senior associate, Adam G. Duncan, vice president investments, and Joseph P. Thomas, first vice president Investments, all in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor. The development site is located at Southwest 111 Terrace. The property has over 600 feet of frontage along Griffin Road, which is one of the most heavily traveled corridors in Cooper City, with over 30,000 vehicles traveling past the site daily.

MIAMI—NAI Miami's Tom Smith negotiated a 10-year, 2,2778-square-foot office lease at Kendall Executive Center, 9555 North Kendall Drive, Miami, for Theatre Realty, Inc. The tenant, Ravi S. Ramjit DDS, plans to open a dental practice at the location. Henmir Group represented the tenant.

BUILDING BLOCKS

PALM BEACH, FL—13^th Floor Homes, the homebuilding division of 13^th Floor Investments, in partnership with BTI Developers, launched pre-construction reservations at Arbor Parc, a new private residential community located just west of Interstate 95 in Riviera Beach in Palm Beach County. The community is being developed in two phases with the first focusing on lakefront single-family home collections. Arbor Parc will be comprised of 500 homes in a gated, lakeside setting. Pre-construction pricing starts in the $200,000s.

This week in Florida we saw promotions, new single-family home construction launching, and a significant retail deal in a Central Florida submarket.

BY THE NUMBERS

Home values in Palm Beach County reached a post-recession high this year, pricing that puts many would be first-time home buyers at risk of being pushed out of the market. (Source: Realtors Association of the Palm Beaches)

The median price of a single-family home sold in in May rose to $335,000, a 7.9% increase from a year ago. (Source: Realtors Association of the Palm Beaches)

NEWS & NOTABLES

POMPANO BEACH, FL—ACES Risk Management promoted COO Phil McCall to president. In his new role, McCall will oversee all operations for the company, including the expansion of the ACES Audit Technology Platform. McCall, who has been with the company since 2014, is a respected subject matter expert in the field of mortgage quality control and championed the development and implementation of ARMCO's ACES Analytics. McCall has been in the mortgage industry for more than 25 years and has held numerous executive positions with both mortgage lenders and mortgage technology providers. In the past year, he received two top industry awards.

MIAMI—Monument Real Estate Services named Alisha Huntsinger vice president of operations. Bringing more than 13 years of experience in property management in a diverse array of assets, Huntsinger will be responsible for overseeing the day-to-day operations in support of the execution of the firm's strategy. In this role, she will be working with a leadership team of individuals which oversees over 20 communities across the north and southeast regions. Huntsinger's previous experience includes affordable housing from project-based Section 8, Hope VI, public housing and LIHTC as well as conventional housing ranging from luxury, student housing, mixed-use and workforce housing. Additionally, she developed best practices for both site-level and executive-level teams in her previous roles. Huntsinger holds certifications through the National Association of Home Builders as well as NAHMA and has held positions on multiple boards that work to improve the lives of at-risk families and youth.

DEAL TRACKER

DAYTONA BEACH, FL—Avison Young's Capital Markets Group brokered the $20.65 million sale of Volusia Marketplace, a 131,361-square-foot multi-anchored neighborhood shopping center located at 2400 West International Speedway Boulevard in Daytona Beach. Within three months of marketing the asset, Avison Young's John K. Crotty, Joshua Ladle, Steve Tanner, and Ray Hayhurst sold the 100% occupied retail center, which is home to eight nationally recognized tenants, to Festival Properties, Inc., on behalf of the seller. “Tremendous demand in the immediate market has driven the big-box vacancy rate down to practically zero percent, and centers in the immediate trade area are over 97% occupied at rental rates above the Daytona market averages, confirming the strength and extended draw of the submarket,” says Crotty. “Volusia Marketplace is poised for resilience during economic downturns due to its diversity in retail tenancy. Located at one of the major retail hubs in Daytona, the property presents excellent in-place income and stable long-term cash flow for the buyers.”

MIAMI—Cushman & Wakefield negotiated the sale of 78 out of 252 units within Caribbean Isle Villas, a residential condominium asset located at 2700 Pacific Boulevard Northeast in Homestead. Cushman & Wakefield's South Florida Multifamily team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of BC Caribbean, LLC. The asset was acquired by AQRE Caribbean, LLC for $8.2 million, or $96 per square foot. Caribbean Isle Villas was built in 2007 and is located in the eastern Homestead area, just south of Homestead Hospital. The unit mix includes 52 two-bedroom and 26 three-bedroom units.

HOLLYWOOD, FL—USA Pro Realty purchased a redevelopment property at 2215 North Federal Highway in Hollywood. The 9,553-square-foot retail property, built in 1952, was purchased for $940,000, or approximately $98.00 per square foot. The building, part of a multi-tenant retail space, sits on approximately 0.44 acres. USA Pro Realty represented itself in the purchase and plans to occupy 4,000 square feet. The commercial real estate brokerage firm will be relocating its offices from Aventura to the new location upon completion of an entire renovation and repositioning of the property. Ryan Shaw with Marcus Millichap represented seller, Augusto Schiano-Moriello, Jr. in the transaction.

FORT MYERS, FL—Marcus & Millichap brokered the sale of Bay Park Villas, an 88-unit apartment property located in Fort Myers. The asset sold for $4.03 million. Cameron Barbas, Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a private investor. They also represented the buyer, a private investor. Bay Park Villas is located in the Midtown redevelopment area of Fort Myers. “We're seeing a strong interest by multiple owners to buy into the high barrier of entry gulf coast cities in Southwest Florida,” says Teplitzky. “The buyers continue to find yield as well as a lower basis to enter such prime real estate.”

HOMESTEAD, FL—NAI Miami's Harry Jordan negotiated an 8,714-square-foot industrial sale for his client HC Property Company, LLC, located at 401 Northwest 14^th Avenue in Homestead. The property sits on a little over ¾ acres of land. The seller is NGP Properties, represented by Rick Swentek of Florida 1 Realty. The sale price was $1.05 million. The buyer intends to use the property for roofing contractor work.

COOPER CITY, FL—Marcus & Millichap brokered the sale of St. Michel Development Site, 150,282 square feet of land located in Cooper City. The asset sold for $3 million. Aaron O'Connor, senior associate, Adam G. Duncan, vice president investments, and Joseph P. Thomas, first vice president Investments, all in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor. The development site is located at Southwest 111 Terrace. The property has over 600 feet of frontage along Griffin Road, which is one of the most heavily traveled corridors in Cooper City, with over 30,000 vehicles traveling past the site daily.

MIAMI—NAI Miami's Tom Smith negotiated a 10-year, 2,2778-square-foot office lease at Kendall Executive Center, 9555 North Kendall Drive, Miami, for Theatre Realty, Inc. The tenant, Ravi S. Ramjit DDS, plans to open a dental practice at the location. Henmir Group represented the tenant.

BUILDING BLOCKS

PALM BEACH, FL—13^th Floor Homes, the homebuilding division of 13^th Floor Investments, in partnership with BTI Developers, launched pre-construction reservations at Arbor Parc, a new private residential community located just west of Interstate 95 in Riviera Beach in Palm Beach County. The community is being developed in two phases with the first focusing on lakefront single-family home collections. Arbor Parc will be comprised of 500 homes in a gated, lakeside setting. Pre-construction pricing starts in the $200,000s.