FORT LAUDERDALE, FL—SRS Real Estate Partners added two senior investment services professionals and a new market leader to the SRS South Florida office. Steve Miskew joins as managing principal, Investment Properties Group and as market leader of the South Florida office. Shannon Rex joins SRS as senior director, Debt & Equity Group. Miskew will focus on investment property sales and acquisitions for clients in South Florida and beyond. He will also lead the South Florida office and be tasked with recruiting, expansion, and elevating the SRS brand in the region.

DELRAY BEACH, FL—The Palm Beach County Board of Commissioners has voted unanimously to approve 13^th Floor Homes' plans for Avalon Trails, a 55-plus age-restricted community in Palm Beach County. The new community will redevelop the former Marina Lakes Golf Course and contain 521 high-quality residential homes in an island-like setting surrounding by lakes and landscape buffers. With this approval, 13^th Floor Homes will move forward with the final permitting process, with sales expected to commence in 2018.

DEAL MAKER

FORT LAUDERDALE, FL—Avison Young facilitated the $5 million acquisition of a fully renovated 24,976-square-foot office building located at 2727 West Cypress Creek Road on a 1.04-acre lot in Fort Lauderdale on behalf of the buyer, Steinger, Iscoe & Greene, P.A., a Florida-based law firm specializing in personal injury. Following an extensive building search in Fort Lauderdale's Cypress Creek submarket, Mark M. Rubin, vice president with Avison Young, sourced the off-market, move-in-ready opportunity and facilitated a swift purchase for his client. “In today's rising-rental-rate and low-interest-rate environment, many companies are seeking owner-user opportunities as they reduce occupancy costs as opposed to leasing,” says Rubin. “With its current lease soon to expire, Steinger, Iscoe & Greene desired a 'plug-and-play' office asset that could quickly accommodate its growing Fort Lauderdale operations. Due to our extensive network and knowledge of the market, we successfully secured an ideal asset off market.” Robert Listokin, executive vice president with Colliers International South Florida, represented the seller, Camelot Properties of South Florida, during the transaction.

KISSISSIMME, FL—KeyBank Real Estate Capital arranged $25.7 million in Fannie Mae financing for Sonoma Pointe Apartments. The 216-unit, class A apartment complex was built in mid-2015 and stabilized in 2016. Chris Black of Key's National Multifamily Accounts Group arranged the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to facilitate the acquisition of the property.

MIRAMAR, FL—Sunbeam Properties & Development announced that HapCor, an international retail grocery product distributor and food service provider, leased 32,013 square feet of office and warehouse space at 9587 Premier Parkway in the Miramar Park of Commerce. HapCor relocated its headquarters from Davie to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. In the transaction, HapCor was represented by Carlos Velasquez of Vivo Real Estate Group and Tom Viscount of Butters Realty. The Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development.

DELRAY BEACH, FL—ARA Newmark Company brokered a $54.3 million sale of The Atlantic at East Delray, a 228-unit, core-plus, luxury garden-style community. The property sold for $238,268 per unit and $221 per square foot to New York-based global investment management company TH Real Estate. Executive managing directors Avery Klann and Hampton Beebe, director Jonathan Senn, transaction manager Matthew Scarola and vice chairmen Dick Donnellan and Marc deBaptiste represented the sellers, a joint venture comprised of Pollack Shores and an affiliate of Heitman, in the transaction. Klann says, “The seller implemented a significant repositioning of the property, including a first-class interior renovation, new paint, enhanced landscaping and upgraded clubhouse, gym, pool and amenities. Our team brought the property to market to take advantage of the strong desire for well-located, core-plus assets and ultimately identified an aggressive and well-capitalized buyer.”

BUILDING BLOCKS

PALM BEACH GARDENS, FL—Silverstone Healthcare Company just opened HarborChase of Palm Beach Gardens. This new 120-unit, class A, assisted living and memory care community is located at 3000 Central Gardens Way. HarborChase of Palm Beach Gardens is operated by Harbor Retirement Associates. Silverstone's financial partner in HarborChase of Palm Beach Gardens is a client of L&B Realty Advisors, LLP. HarborChase of Palm Beach Gardens construction financing was provided by Texas Capital Bank. Proctor Construction Company served as the contractor while BOKA Powell and Thoma-Holec Design served as architect and interior designer, respectively.

MIAMI—Early this week in Florida saw some interesting statistics come out of Little Havana. Meanwhile, new single-family home projects are still winning approvals and Delray Beach saw a strong multifamily transaction.

BY THE NUMBERS

Revitalization efforts underway in the Little Haiti and Little Havana neighborhoods will spur buyer interest for older properties with value-add opportunities. Class B and C properties outside the urban core where rents are more affordable remain highly in demand and have going-in cap rates that fall in the high-6 to low-9% range. (Source: Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—SRS Real Estate Partners added two senior investment services professionals and a new market leader to the SRS South Florida office. Steve Miskew joins as managing principal, Investment Properties Group and as market leader of the South Florida office. Shannon Rex joins SRS as senior director, Debt & Equity Group. Miskew will focus on investment property sales and acquisitions for clients in South Florida and beyond. He will also lead the South Florida office and be tasked with recruiting, expansion, and elevating the SRS brand in the region.

DELRAY BEACH, FL—The Palm Beach County Board of Commissioners has voted unanimously to approve 13^th Floor Homes' plans for Avalon Trails, a 55-plus age-restricted community in Palm Beach County. The new community will redevelop the former Marina Lakes Golf Course and contain 521 high-quality residential homes in an island-like setting surrounding by lakes and landscape buffers. With this approval, 13^th Floor Homes will move forward with the final permitting process, with sales expected to commence in 2018.

DEAL MAKER

FORT LAUDERDALE, FL—Avison Young facilitated the $5 million acquisition of a fully renovated 24,976-square-foot office building located at 2727 West Cypress Creek Road on a 1.04-acre lot in Fort Lauderdale on behalf of the buyer, Steinger, Iscoe & Greene, P.A., a Florida-based law firm specializing in personal injury. Following an extensive building search in Fort Lauderdale's Cypress Creek submarket, Mark M. Rubin, vice president with Avison Young, sourced the off-market, move-in-ready opportunity and facilitated a swift purchase for his client. “In today's rising-rental-rate and low-interest-rate environment, many companies are seeking owner-user opportunities as they reduce occupancy costs as opposed to leasing,” says Rubin. “With its current lease soon to expire, Steinger, Iscoe & Greene desired a 'plug-and-play' office asset that could quickly accommodate its growing Fort Lauderdale operations. Due to our extensive network and knowledge of the market, we successfully secured an ideal asset off market.” Robert Listokin, executive vice president with Colliers International South Florida, represented the seller, Camelot Properties of South Florida, during the transaction.

KISSISSIMME, FL—KeyBank Real Estate Capital arranged $25.7 million in Fannie Mae financing for Sonoma Pointe Apartments. The 216-unit, class A apartment complex was built in mid-2015 and stabilized in 2016. Chris Black of Key's National Multifamily Accounts Group arranged the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to facilitate the acquisition of the property.

MIRAMAR, FL—Sunbeam Properties & Development announced that HapCor, an international retail grocery product distributor and food service provider, leased 32,013 square feet of office and warehouse space at 9587 Premier Parkway in the Miramar Park of Commerce. HapCor relocated its headquarters from Davie to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. In the transaction, HapCor was represented by Carlos Velasquez of Vivo Real Estate Group and Tom Viscount of Butters Realty. The Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development.

DELRAY BEACH, FL—ARA Newmark Company brokered a $54.3 million sale of The Atlantic at East Delray, a 228-unit, core-plus, luxury garden-style community. The property sold for $238,268 per unit and $221 per square foot to New York-based global investment management company TH Real Estate. Executive managing directors Avery Klann and Hampton Beebe, director Jonathan Senn, transaction manager Matthew Scarola and vice chairmen Dick Donnellan and Marc deBaptiste represented the sellers, a joint venture comprised of Pollack Shores and an affiliate of Heitman, in the transaction. Klann says, “The seller implemented a significant repositioning of the property, including a first-class interior renovation, new paint, enhanced landscaping and upgraded clubhouse, gym, pool and amenities. Our team brought the property to market to take advantage of the strong desire for well-located, core-plus assets and ultimately identified an aggressive and well-capitalized buyer.”

BUILDING BLOCKS

PALM BEACH GARDENS, FL—Silverstone Healthcare Company just opened HarborChase of Palm Beach Gardens. This new 120-unit, class A, assisted living and memory care community is located at 3000 Central Gardens Way. HarborChase of Palm Beach Gardens is operated by Harbor Retirement Associates. Silverstone's financial partner in HarborChase of Palm Beach Gardens is a client of L&B Realty Advisors, LLP. HarborChase of Palm Beach Gardens construction financing was provided by Texas Capital Bank. Proctor Construction Company served as the contractor while BOKA Powell and Thoma-Holec Design served as architect and interior designer, respectively.