NEWS & NOTABLES

MIAMI—Terra's Bayshore Grove, a 98-unit apartment tower located at 2655 South Bayshore Drive, is now 80% leased just six months after the firm completed a full-scale renovation. The seven-story building is home to a mix of young professionals, families and empty nesters. Located in Coconut Grove across from the Grove Key Marina, Bayshore Grove is capitalizing on the influx of new residents moving to the neighborhood. The property is attracting renters who work in Coconut Grove, downtown Miami and other adjacent neighborhoods but desire easy pedestrian access to the waterfront, nearby parks, and the neighborhood's growing collection of new restaurants, boutiques and nightlife venues.

MIAMI—CBRE Group has been retained to provide management and leasing services for 1111 Lincoln Road. The property, best known for its striking parking garage designed by Herzog & de Meuron, includes 94,488 square feet of creative office space and 51,839 square feet of premier retail and restaurant space. The property is located on the corner of Alton Road and Lincoln Road, at the gateway to Lincoln Road's renowned pedestrian promenade. CBRE's Love Levy will spearhead management for 1111 Lincoln Road. Todd Siegel and Danny Diaz will lead the retail leasing. Diana Parker and Kevin Gonzalez will lead office leasing.

DEAL TRACKER

PALM BEACH GARDENS, FL—Ackman-Ziff Real Estate Group arranged $44.3 million of senior debt financing for the value-add acquisition of Golden Bear Plaza, a 243,000-square-foot three-building office complex along US Highway 1 in Palm Beach Gardens. The office complex, located along Florida's “Prestige Coast,” was originally developed by Jack Nicklaus' Golden Bear real estate development company, who remains a tenant at the property. Ackman-Ziff represented Alliance Partners HSP in the procurement of acquisition financing. The transaction was funded by Värde, a Minneapolis-based debt fund.

TITUSVILLE, FL—Marcus & Millichap brokered the sale of Heritage Apartments, a 56-unit apartment property, for $2.75 million. Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap's Tampa office, marketed the property for the seller, a limited liability company. They also secured the buyer, a limited liability company.

NAPLES, FL—Berkadia arranged a $52.2 million acquisition loan for Aventine at Naples, a 350-unit luxury multifamily property. Berkadia's South Florida team of Charles Foschini and Chris Apone arranged the financing on behalf of the borrower, Advenir LLC. Berkadia secured a fixed-rate loan at an aggressive rate, partial interest only, for a seven-year term, through lender Freddie Mac. “Freddie Mac continues to evolve as a very forward-thinking lender,” says Foschini. “Although Aventine at Naples is fairly new—built in 2002—the borrower saw inefficiencies in the asset's construction and viewed it as a value-add opportunity. We were able to work with Freddie Mac to allow this property to qualify for the green rewards program, which provides favorable financing terms for energy-saving retrofits. The improvements the borrower intends to make both aesthetically and environmentally to the asset will result in an exceptional investment for the borrower and an improved living experience for the residents.”

DELRAY BEACH, FL—NAI Miami's Joseph Gallaher and Jeremy Larkin, along with NAI Merin Hunter Codman, negotiated a 7,975-square-foot retail lease, located at 1545-1559 South Congress Avenue in Delray Beach, for AutoZone stores. The landlord is Gator Investments. The lease is valued at over $1.1 million.

FORT LAUDERDALE, FL—Rodney Langer, senior vice president and market leader for Equity's Fort Lauderdale office of Ohio-based Equity, represented Tarco Properties in its $3.5 million dollar purchase of a former Grainger Tool Supply facility in southern Miami-Dade County. The property, located at 10900 Quail Roost Drive, consists of a 16,500-square-foot building on 2.5 acres of land and features excellent exposure to the Florida Turnpike. Tarco plans to redevelop the site as part of its Value Store-it self-storage portfolio, by installing a mezzanine to the existing structure, building an adjacent tower and adding drive up units and parking storage. The total gross square footage once completed will be approximately 95,000 square feet.

DORAL, FL—NAI Miami's Lucia Custer and Gabriel Garcia-Menocal negotiated a retail sale for Westend of Miami, located at 8726 Northwest 26th Street. The buyer is Benessere, LLC. The sale was valued at $575,000. Benessere Miami is located in Doral, and is established and run by Regina Oyarce.

BUILDING BLOCKS

FORT LAUDERDLAE, FL—MORGAN, and institutional investors advised by J.P. Morgan Asset Management have broken ground on Pearl Flagler Village, a 350-unit urban rental community. Located at 400 Northeast 3rd Avenue, this is MORGAN's second project within the Flagler Village neighborhood. The seven-story building is designed to reflect the artistic FAT Village area just to the west. The opening of the first units is anticipated during the second half of 2018. The new community's unit mix includes 12 studios, along with 239 one-bedroom, 79 two-bedroom and 20 three-bedroom apartments. Also included is a small component of live-work units and commercial flex space fronting Northeast 3rd Avenue. Pearl Flagler Village is situated along the $140 million Wave Streetcar line just steps away from two stops.

MIAMI—This week in Florida saw strong news coming out of Central Florida's office market, new multifamily projects filling up fast, and new projects breaking ground. Florida's secondary markets are seeing consistent traction.

BY THE NUMBERS

Tampa organizations have created more than 150,000 jobs over the last four years and nearly a third of these are in office-using sectors, producing strong demand for office space throughout the region. Many companies are drawn to them Tampa Bay area by a skilled labor force and lower business costs than nearby Southern Florida markets. (Source: Marcus & Millichap)

Employment opportunities, a favorable lifestyle and warm weather attract job seekers and retirees to the region, boosting population growth and creating the need for medical and service-based office users such as doctors, accountants and lawyers. Overall, the sizable demand for office space has returned vacancy to 2008 levels and driven rents to new heights. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—Terra's Bayshore Grove, a 98-unit apartment tower located at 2655 South Bayshore Drive, is now 80% leased just six months after the firm completed a full-scale renovation. The seven-story building is home to a mix of young professionals, families and empty nesters. Located in Coconut Grove across from the Grove Key Marina, Bayshore Grove is capitalizing on the influx of new residents moving to the neighborhood. The property is attracting renters who work in Coconut Grove, downtown Miami and other adjacent neighborhoods but desire easy pedestrian access to the waterfront, nearby parks, and the neighborhood's growing collection of new restaurants, boutiques and nightlife venues.

MIAMI—CBRE Group has been retained to provide management and leasing services for 1111 Lincoln Road. The property, best known for its striking parking garage designed by Herzog & de Meuron, includes 94,488 square feet of creative office space and 51,839 square feet of premier retail and restaurant space. The property is located on the corner of Alton Road and Lincoln Road, at the gateway to Lincoln Road's renowned pedestrian promenade. CBRE's Love Levy will spearhead management for 1111 Lincoln Road. Todd Siegel and Danny Diaz will lead the retail leasing. Diana Parker and Kevin Gonzalez will lead office leasing.

DEAL TRACKER

PALM BEACH GARDENS, FL—Ackman-Ziff Real Estate Group arranged $44.3 million of senior debt financing for the value-add acquisition of Golden Bear Plaza, a 243,000-square-foot three-building office complex along US Highway 1 in Palm Beach Gardens. The office complex, located along Florida's “Prestige Coast,” was originally developed by Jack Nicklaus' Golden Bear real estate development company, who remains a tenant at the property. Ackman-Ziff represented Alliance Partners HSP in the procurement of acquisition financing. The transaction was funded by Värde, a Minneapolis-based debt fund.

TITUSVILLE, FL—Marcus & Millichap brokered the sale of Heritage Apartments, a 56-unit apartment property, for $2.75 million. Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap's Tampa office, marketed the property for the seller, a limited liability company. They also secured the buyer, a limited liability company.

NAPLES, FL—Berkadia arranged a $52.2 million acquisition loan for Aventine at Naples, a 350-unit luxury multifamily property. Berkadia's South Florida team of Charles Foschini and Chris Apone arranged the financing on behalf of the borrower, Advenir LLC. Berkadia secured a fixed-rate loan at an aggressive rate, partial interest only, for a seven-year term, through lender Freddie Mac. “Freddie Mac continues to evolve as a very forward-thinking lender,” says Foschini. “Although Aventine at Naples is fairly new—built in 2002—the borrower saw inefficiencies in the asset's construction and viewed it as a value-add opportunity. We were able to work with Freddie Mac to allow this property to qualify for the green rewards program, which provides favorable financing terms for energy-saving retrofits. The improvements the borrower intends to make both aesthetically and environmentally to the asset will result in an exceptional investment for the borrower and an improved living experience for the residents.”

DELRAY BEACH, FL—NAI Miami's Joseph Gallaher and Jeremy Larkin, along with NAI Merin Hunter Codman, negotiated a 7,975-square-foot retail lease, located at 1545-1559 South Congress Avenue in Delray Beach, for AutoZone stores. The landlord is Gator Investments. The lease is valued at over $1.1 million.

FORT LAUDERDALE, FL—Rodney Langer, senior vice president and market leader for Equity's Fort Lauderdale office of Ohio-based Equity, represented Tarco Properties in its $3.5 million dollar purchase of a former Grainger Tool Supply facility in southern Miami-Dade County. The property, located at 10900 Quail Roost Drive, consists of a 16,500-square-foot building on 2.5 acres of land and features excellent exposure to the Florida Turnpike. Tarco plans to redevelop the site as part of its Value Store-it self-storage portfolio, by installing a mezzanine to the existing structure, building an adjacent tower and adding drive up units and parking storage. The total gross square footage once completed will be approximately 95,000 square feet.

DORAL, FL—NAI Miami's Lucia Custer and Gabriel Garcia-Menocal negotiated a retail sale for Westend of Miami, located at 8726 Northwest 26th Street. The buyer is Benessere, LLC. The sale was valued at $575,000. Benessere Miami is located in Doral, and is established and run by Regina Oyarce.

BUILDING BLOCKS

FORT LAUDERDLAE, FL—MORGAN, and institutional investors advised by J.P. Morgan Asset Management have broken ground on Pearl Flagler Village, a 350-unit urban rental community. Located at 400 Northeast 3rd Avenue, this is MORGAN's second project within the Flagler Village neighborhood. The seven-story building is designed to reflect the artistic FAT Village area just to the west. The opening of the first units is anticipated during the second half of 2018. The new community's unit mix includes 12 studios, along with 239 one-bedroom, 79 two-bedroom and 20 three-bedroom apartments. Also included is a small component of live-work units and commercial flex space fronting Northeast 3rd Avenue. Pearl Flagler Village is situated along the $140 million Wave Streetcar line just steps away from two stops.