ORLANDO—Crossman & Company is shaking things up on the personnel front. Marc Cook has been promoted to senior vice president of client services and operations. Andy Lively has been promoted to vice president of administration. Lively will continue to provide leadership over Human Resources, Information Technology, Office Administration, and Corporate Accounting. With this promotion, Lively will focus more of his efforts on developing organizational systems and processes and providing additional insights into corporate finances.

DEAL TRACKER

MIAMI BEACH , FL—Marcus & Millichap announced the sale of a 20-unit apartment property. The asset sold for $4.8 million. Brett McMahon, Joseph P. Thomas and Adam G. Duncan, represented the seller, a private investor, and secured and represented the buyer, a private investor. “Although the property had a significant amount of deferred maintenance and limited in-place cashflow, we were able to generate 10 written offers during our marketing period as a result of the RM-2 zoning and the fact that the property can be converted to short-term rentals,” says Thomas. The property is located at 2150 Park Avenue in Miami Beach. It was originally constructed in 1947 and consists of 20 apartments, 9,792 square feet of adjusted living area and a 7,500-square-foot lot.

NAPLES, FL—KeyBank Real Estate Capital provided a $50 million bridge loan for Axonic Properties, a New York City-based real estate private equity firm. The financing was used to acquire 426 units (of 456) of Alvista at Laguna Bay Apartments, a multifamily complex in Naples. Alan Isenstadt, vice president and senior relationship manager in KeyBank Real Estate Capital's Income Property Group, arranged the financing inside of 30 days with a 90-day term and KeyBank will refinance the loan through agency permanent financing. Alvista at Laguna Bay Apartments is a garden-style, class A multifamily complex consisting of 28 two-story apartment buildings. Built in 1990, the property sits on 38 acres of land and 350 units have been renovated since 2015.

ALTAMONTE SPRINGS, FL—Emerson International selected Newmark Knight Frank as its exclusive office leasing agent for CenterPointe III as the owner prepares to break ground in early 2018 with delivery of 125,000 square feet of class A workspace in early 2019. Dan Caligiuri leads marketing and leasing for the project, which re-energizes the master plan for a 55-acre, mixed-use development in north metro Orlando. This listing represents the first major agency leasing assignment for the NKF Orlando office, which Caligiuri helped found in late 2016.

TAMPA, FL—The Shopping Center Group brokered the sale of two neighborhood retail centers within the Tampa MSA—Northbay Commerce Center on Hillsborough Avenue in Tampa and Weathersfield Commons in Dunedin. Under the leadership of Anthony Blanco and Lynn De Marco, directors of investment sales, the firm represented a CMBS special servicer that sold the centers to separate buyers for a total of nearly $20 million. “There is a significant upside to the purchase of these properties,” says Blanco. “Each center presents a realizable opportunity to grow net operating income in the immediate future through the lease of vacant space in well-located areas where rents are climbing and limited space is available.”

BUILDING BLOCKS

MIAMI BEACH, FL—Blue Road opened the four-star Berkeley Hotel at 1610 Collins Avenue in Miami Beach, after the completion of new construction, major renovations, and land purchases totaling $43 million. The hotel (originally built in the 1940s as the Berkeley Shore) features a new 10-story tower that increases the total number of available rooms from 64 to 96, a rooftop garden and swimming pool deck that overlooks Collins Avenue, and will soon add the BLT Steak restaurant, formerly located on Ocean Drive. The Berkeley will be the first hotel ever to be franchised by Spain-based IBEROSTAR Hotels & Resorts, and the second IBEROSTAR hotel in the United States. The company has more than 100 four and five-star hotels in Europe, Africa, the Mediterranean, the Caribbean, and the Americas. Blue Road purchased the Berkeley in 2013.

Early this week in Florida was fairly quiet. One firm is making key promotions. Another vintage Miami Beach multifamily project traded hands. The biggest news was Key Bank closing on a significant loan.

BY THE NUMBERS

Tampa office completions decline from last year's nearly 400,000 square feet. This year's total includes 140,000 square feet of medical office buildings. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Crossman & Company is shaking things up on the personnel front. Marc Cook has been promoted to senior vice president of client services and operations. Andy Lively has been promoted to vice president of administration. Lively will continue to provide leadership over Human Resources, Information Technology, Office Administration, and Corporate Accounting. With this promotion, Lively will focus more of his efforts on developing organizational systems and processes and providing additional insights into corporate finances.

DEAL TRACKER

MIAMI BEACH , FL—Marcus & Millichap announced the sale of a 20-unit apartment property. The asset sold for $4.8 million. Brett McMahon, Joseph P. Thomas and Adam G. Duncan, represented the seller, a private investor, and secured and represented the buyer, a private investor. “Although the property had a significant amount of deferred maintenance and limited in-place cashflow, we were able to generate 10 written offers during our marketing period as a result of the RM-2 zoning and the fact that the property can be converted to short-term rentals,” says Thomas. The property is located at 2150 Park Avenue in Miami Beach. It was originally constructed in 1947 and consists of 20 apartments, 9,792 square feet of adjusted living area and a 7,500-square-foot lot.

NAPLES, FL—KeyBank Real Estate Capital provided a $50 million bridge loan for Axonic Properties, a New York City-based real estate private equity firm. The financing was used to acquire 426 units (of 456) of Alvista at Laguna Bay Apartments, a multifamily complex in Naples. Alan Isenstadt, vice president and senior relationship manager in KeyBank Real Estate Capital's Income Property Group, arranged the financing inside of 30 days with a 90-day term and KeyBank will refinance the loan through agency permanent financing. Alvista at Laguna Bay Apartments is a garden-style, class A multifamily complex consisting of 28 two-story apartment buildings. Built in 1990, the property sits on 38 acres of land and 350 units have been renovated since 2015.

ALTAMONTE SPRINGS, FL—Emerson International selected Newmark Knight Frank as its exclusive office leasing agent for CenterPointe III as the owner prepares to break ground in early 2018 with delivery of 125,000 square feet of class A workspace in early 2019. Dan Caligiuri leads marketing and leasing for the project, which re-energizes the master plan for a 55-acre, mixed-use development in north metro Orlando. This listing represents the first major agency leasing assignment for the NKF Orlando office, which Caligiuri helped found in late 2016.

TAMPA, FL—The Shopping Center Group brokered the sale of two neighborhood retail centers within the Tampa MSA—Northbay Commerce Center on Hillsborough Avenue in Tampa and Weathersfield Commons in Dunedin. Under the leadership of Anthony Blanco and Lynn De Marco, directors of investment sales, the firm represented a CMBS special servicer that sold the centers to separate buyers for a total of nearly $20 million. “There is a significant upside to the purchase of these properties,” says Blanco. “Each center presents a realizable opportunity to grow net operating income in the immediate future through the lease of vacant space in well-located areas where rents are climbing and limited space is available.”

BUILDING BLOCKS

MIAMI BEACH, FL—Blue Road opened the four-star Berkeley Hotel at 1610 Collins Avenue in Miami Beach, after the completion of new construction, major renovations, and land purchases totaling $43 million. The hotel (originally built in the 1940s as the Berkeley Shore) features a new 10-story tower that increases the total number of available rooms from 64 to 96, a rooftop garden and swimming pool deck that overlooks Collins Avenue, and will soon add the BLT Steak restaurant, formerly located on Ocean Drive. The Berkeley will be the first hotel ever to be franchised by Spain-based IBEROSTAR Hotels & Resorts, and the second IBEROSTAR hotel in the United States. The company has more than 100 four and five-star hotels in Europe, Africa, the Mediterranean, the Caribbean, and the Americas. Blue Road purchased the Berkeley in 2013.