NEWS & NOTABLES

ORLANDO—Marcus & Millichap announced the expansion of the Douglas Kinson and Joseph Russo Net Leased Property Team. With more than 45 years of combined investment sales and commercial development experience, which has included over 3.75 million square feet and $400 million of retail development and brokerage services, the team specializes in investment sales and acquisitions of net leased properties. The team recently added Shawn Dickmann, a recent graduate of the University of Central Florida, to their investment team. Renee Ellis also joined the team as a marketing specialist who brings with her 20 years of real estate experience, and added two agent assistants, Dillon Wilson and Maurizio Piedra.

FORT LAUDERDALE, FL—Evan Kristol of Marcus & Millichap's Fort Lauderdale office has been named an executive managing director investments. Previously, Kristol was a senior managing director investments. Kristol specializes in multifamily property investments and is a senior director of Marcus & Millichap's National Multi Housing Group. He has been with the firm since 1991.

DEAL TRACKER

MIAMI GARDENS, FL—CBRE has been exclusively selected to sell 5901 Commons, a three-story, 56,650-square-foot office building on Northwest 183rd Street, just off Red Road (Northwest 57th Avenue). Built in 2008, the property offers access to Interstate 75, Palmetto Expressway and the Florida Turnpike, the region's super highways. CBRE's David J. Wigoda, Carol Ellis-Cutler and Sean Kelly are marketing the property on behalf of the owner.

DORAL, FL—State Street Realty leased 30,000 square feet of industrial space to LAX Floral Import at Beacon Centre Business Park located within the Miami-Airport West submarket. Beacon Centre Building 3, a 114,000-square-foot building within a class A industrial business park at 1617 Northwest 84 Avenue, is now 100% occupied. The vacancy rate for industrial space in the Miami Airport-Doral area is approximately 4%. State Street Realty president George Pino, represented the landlord, Prologis. State Street Realty vice president Frank Trelles represented the Tenant, LAX Floral Import.

KISSIMMEE, FL—ARA Newmark brokered the sale of Sonoma Pointe, a modern 216-unit, class A, garden-style asset in the Kissimmee submarket of Orlando. The sale comes at an opportune time for the Central Florida market, as the Orlando economy continues to be among the strongest in the country with 50,300 jobs added in 2016 and a 4.3% unemployment rate. In addition, Orlando ranked seventh in effective rent-growth markets among the Axiometrics Top 50 metro areas. Executive managing directors Patrick Dufour and Kevin Judd, along with director Scott Ramey, represented Palm Beach Gardens, FL-based seller Eastwind Development Group and Index Investment Group in the sale to Bluerock Real Estate. The New York-based national real estate investment firm purchased the property with 94% occupancy.

ORLANDO—The Shopping Center Group brokered the sale of a Dollar Tree at the entrance of Orlando's Avalon Park, a new, urban master-planned community close to the University of Central Florida. Anthony Blanco, director of investment sales, partner, represented Avalon DT Investors in the sale of the 10,700-square foot, freestanding building for $2.5 million to a private investor. “Dollar Tree is the largest and most successful single-price point retailer in North America,” offers Blanco. “Operating under a relatively new ten-year lease with three five-year extension options, this net-net building, in this area of Orlando, is an incredibly prudent investment for the buyer.”

TAMPA, FL—As a massive wave of baby boomers are set to reach their 70s and 80s in the coming years, the need for senior care facilities is projected to explode. Florida is poised to see the greatest economic impact from an aging population as the state is home to 3.3 million residents aged 65 and older. As senior living facilities around the state are preparing for growth, Aztec Group secured over $5 million in refinancing for two assisted living facilities in Tampa and Greater Orlando. The firm represented the ownership group of Memory Lane Cottage, assisted living facilities specializing in serving individuals with Alzheimer and dementia-related disease, in the refinancing of its 20-bed facilities in Tampa and Oviedo, FL.\

COCONUT GROVE, FL—KeyBank Community Development Lending & Investment provided $30.6 million in financing to the Housing Trust Group of Coconut Grove, FL for the new construction of Princeton Park Apartments, a 150-unit LIHTC affordable apartment property located approximately 25 miles southwest of Miami. Specifically, KeyBank arranged a $23.3 million construction loan and a $7.3 million permanent loan through a Freddie Mac 9% LIHTC Forward Commitment product from its Targeted Affordable Housing platform. Kyle Kolesar and Jeff Rodman of KeyBank's Commercial Mortgage Group arranged the financing. The National Equity Fund acted as the tax credit investor and syndicator on the project.

BUILDING BLOCKS

MIAMI—Real estate investment and development firms Key International and 13th Floor Investments completed the 389-unit 1010 Brickell. The luxury residential tower, which marks the partnership's third completed project in the current real estate cycle, received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. After nearly 36 months of construction, 1010 Brickell will begin closings in early September, with its first residents scheduled to occupy the building shortly thereafter. The 50-story condo tower is 99% sold, with only three units remaining.

This week in Florida saw strong numbers coming out of the southwest region of the state. The market also saw a significant building completion and several strategic deals.

BY THE NUMBERS

Fort Myers has become one of the fastest growing cities in the United States, as people migrate to the area for new jobs being created primarily in the healthcare, construction, research and consulting industries. (Source: Moody Analytics)

This healthy job growth has driven the region's unemployment rate down to 4.5%. Despite the influx of people moving into the region, Fort Myers has seen limited new multifamily construction to support the growing population. (Source: Moody Analytics)

NEWS & NOTABLES

ORLANDO—Marcus & Millichap announced the expansion of the Douglas Kinson and Joseph Russo Net Leased Property Team. With more than 45 years of combined investment sales and commercial development experience, which has included over 3.75 million square feet and $400 million of retail development and brokerage services, the team specializes in investment sales and acquisitions of net leased properties. The team recently added Shawn Dickmann, a recent graduate of the University of Central Florida, to their investment team. Renee Ellis also joined the team as a marketing specialist who brings with her 20 years of real estate experience, and added two agent assistants, Dillon Wilson and Maurizio Piedra.

FORT LAUDERDALE, FL—Evan Kristol of Marcus & Millichap's Fort Lauderdale office has been named an executive managing director investments. Previously, Kristol was a senior managing director investments. Kristol specializes in multifamily property investments and is a senior director of Marcus & Millichap's National Multi Housing Group. He has been with the firm since 1991.

DEAL TRACKER

MIAMI GARDENS, FL—CBRE has been exclusively selected to sell 5901 Commons, a three-story, 56,650-square-foot office building on Northwest 183rd Street, just off Red Road (Northwest 57th Avenue). Built in 2008, the property offers access to Interstate 75, Palmetto Expressway and the Florida Turnpike, the region's super highways. CBRE's David J. Wigoda, Carol Ellis-Cutler and Sean Kelly are marketing the property on behalf of the owner.

DORAL, FL—State Street Realty leased 30,000 square feet of industrial space to LAX Floral Import at Beacon Centre Business Park located within the Miami-Airport West submarket. Beacon Centre Building 3, a 114,000-square-foot building within a class A industrial business park at 1617 Northwest 84 Avenue, is now 100% occupied. The vacancy rate for industrial space in the Miami Airport-Doral area is approximately 4%. State Street Realty president George Pino, represented the landlord, Prologis. State Street Realty vice president Frank Trelles represented the Tenant, LAX Floral Import.

KISSIMMEE, FL—ARA Newmark brokered the sale of Sonoma Pointe, a modern 216-unit, class A, garden-style asset in the Kissimmee submarket of Orlando. The sale comes at an opportune time for the Central Florida market, as the Orlando economy continues to be among the strongest in the country with 50,300 jobs added in 2016 and a 4.3% unemployment rate. In addition, Orlando ranked seventh in effective rent-growth markets among the Axiometrics Top 50 metro areas. Executive managing directors Patrick Dufour and Kevin Judd, along with director Scott Ramey, represented Palm Beach Gardens, FL-based seller Eastwind Development Group and Index Investment Group in the sale to Bluerock Real Estate. The New York-based national real estate investment firm purchased the property with 94% occupancy.

ORLANDO—The Shopping Center Group brokered the sale of a Dollar Tree at the entrance of Orlando's Avalon Park, a new, urban master-planned community close to the University of Central Florida. Anthony Blanco, director of investment sales, partner, represented Avalon DT Investors in the sale of the 10,700-square foot, freestanding building for $2.5 million to a private investor. “Dollar Tree is the largest and most successful single-price point retailer in North America,” offers Blanco. “Operating under a relatively new ten-year lease with three five-year extension options, this net-net building, in this area of Orlando, is an incredibly prudent investment for the buyer.”

TAMPA, FL—As a massive wave of baby boomers are set to reach their 70s and 80s in the coming years, the need for senior care facilities is projected to explode. Florida is poised to see the greatest economic impact from an aging population as the state is home to 3.3 million residents aged 65 and older. As senior living facilities around the state are preparing for growth, Aztec Group secured over $5 million in refinancing for two assisted living facilities in Tampa and Greater Orlando. The firm represented the ownership group of Memory Lane Cottage, assisted living facilities specializing in serving individuals with Alzheimer and dementia-related disease, in the refinancing of its 20-bed facilities in Tampa and Oviedo, FL.\

COCONUT GROVE, FL—KeyBank Community Development Lending & Investment provided $30.6 million in financing to the Housing Trust Group of Coconut Grove, FL for the new construction of Princeton Park Apartments, a 150-unit LIHTC affordable apartment property located approximately 25 miles southwest of Miami. Specifically, KeyBank arranged a $23.3 million construction loan and a $7.3 million permanent loan through a Freddie Mac 9% LIHTC Forward Commitment product from its Targeted Affordable Housing platform. Kyle Kolesar and Jeff Rodman of KeyBank's Commercial Mortgage Group arranged the financing. The National Equity Fund acted as the tax credit investor and syndicator on the project.

BUILDING BLOCKS

MIAMI—Real estate investment and development firms Key International and 13th Floor Investments completed the 389-unit 1010 Brickell. The luxury residential tower, which marks the partnership's third completed project in the current real estate cycle, received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. After nearly 36 months of construction, 1010 Brickell will begin closings in early September, with its first residents scheduled to occupy the building shortly thereafter. The 50-story condo tower is 99% sold, with only three units remaining.