NEWS & NOTABLES

TAMPA, FL—Electra America, along with its management affiliate Robbins Electra, has added over 5,000 new apartments to itsmultifamily portfolio since the start of 2017, for a total investment of $638 million. Electra's multifamily portfolio now includes more than 22,500 apartment units totaling over $2.5 billion in value. So far during 2017, the companies have acquired 15 multifamilycommunities comprising 5,160 apartments. Electra America plans to acquire several more multifamily communities by year end, boosting its portfolio by another 1,500 units.

ORLANDO—This Fall The Mall at Millenia announced new store openings and updates. Kendra Scott will join the already open House of Hoops. Existing store renovations include Ray-Ban (formerly Apex), Tory Burch, plus an all new and expanded Janie and Jack.

DEAL TRACKER

CORAL GABLES, FL—Avison Young has been retained as the exclusive leasing agency for 120 Giralda Avenue, a 17,000-square-foot mixed-use building on the Giralda Plaza in Coral Gables, recently acquired by Maven Real Estate, LLC. Giralda Plaza is the first pedestrian-only thoroughfare in Coral Gables' Central Business District serving over 4.5 million square feet of office space as well as the diverse and affluent residential communities in and around the city.

BOCAL RATON, FL—Cushman & Wakefield was named exclusive advisor for the disposition of 850 Boca, a 370-unit trophy multifamily community in Boca Raton. CushWake's Robert Given, Zachary Sackley, Troy Ballard and Neal Victor are marketing the asset for a partnership between CC Residential and The Praedium Group. The property will go to market unpriced. 850 Boca was completed earlier this year and features a mix of five-story elevator mid-rise buildings and two-story garage townhome units.

MIAMI—Cushman & Wakefield negotiated the sale of 50Forty on 7th, an 82,763-square-foot mid-rise office building in Miami's Airport West Submarket. CushWake's Miguel Alcivar, Dominic Montazemi and Scott O'Donnell, working in conjunction with Frank Guerra of Altis Cardinal, LLC, represented TMSA Altis 5040 LLC, an entity affiliated with a Canadian fund based in Montreal, in the disposition. Israeli investor Netz USA LLC acquired the asset for $10.9 million ($132 per square foot).

LAKELAND, FL—Hunt Mortgage Group provided a conventional Fannie Mae loan in the amount of $14.4 million to refinance a multifamily property located in Lakeland. Park at Verona is a garden-style apartment complex comprised of 236-units housed in 22 buildings. The unit mix includes 60 one-bedroom units, 100 two-bedroom apartments and 44 three-bedroom units. The borrower has owned and operated the property since 2012 when it was acquired as part of a portfolio transaction. The transaction is structured for a 12-year term with an 11.5-year yield maintenance period and 30-year amortization with seven-years of interest only.

TALLAHASSEE, FL—Hotel Equities was selected as the management firm for the TownePlace Suites by Marriott in Tallahassee. Edgewater Group owns the property and Terry Foye serves as the general manager. The extended stay hotel is located on Capital Circle Northeast between Centerville and Miccosukee Roads. It stands less than a mile from Florida State University and directly across from Capital Regional Medical Center.

POMPANO BEACH, FL—Penthouse B, the second penthouse at Sabbia Beach, the first ultra-luxury oceanfront residential development in Pompano Beach in almost a decade, recently sold for $5.35 million, or $943 per square foot. The elegant 5,675-square-foot residence features six bedrooms and six and one-half bathrooms. In January 2017, Sabbia Beach set the Pompano Beach record for the highest sale price per square foot with the sale of its Terrazza B residence, which sold for $969 per square foot, or $3 million. Before that time, Sabbia Beach held the record for the highest per-square-foot sale in Pompano Beach history with the $5.5 million or $934-per-square-foot sale of its Penthouse D.

MIAMI—Marcus & Millichap brokered the sale of Little Havana – Hard Corner with income in Miami. The asset sold for $1.84 million. Jean-Baptiste Ramet, Kirk D. Olson and Drew A. Kristol, investment specialists in M&M's Miami office, are representing the seller, a private investor. “This property presented an investor with the rare opportunity to acquire a 24,242-square-foot property in the heart of Little Havana,” says Ramet. “Along with the T6-8-O zoning that allows for up to eight floors in height, this shopping strip shows wonderful potential for future development.”

BUILDING BLOCKS

FORT LAUDERDALE, FL—Miller Construction Company completed the nation's largest BMW dealership, Holman Automotive'ssleek new Lauderdale BMW East. With its two-story showroom and five-story garage optimizing a 2.65-acre site at 1441 South Federal Highway, the facility spans 283,430 square feet.