Miami

Holliday Fenoglio Fowler, L.P. reports it arranged $20.30 million in financing for Tricera Capital's purchase of the 360,000-square-foot building at 2751 South Dixie Highway.

In addition to its corporate headquarters at 5332 Avion Park Drive in Tampa, the firm also shut the doors at its other three locations—8888 E. Raintree Drive in Scottsdale, AZ; 450 N. New Ballas Road in the St. Louis suburb of Creve Coeur, MO and 644 Eden Park Drive in Cincinnati, OH.

The site is currently planned for the development of approximately 560,000 square feet of office space and is located along the pedestrian bridge to MARTA's Buckhead station adjacent to a number of dining, retail, high-rise residential and hotels properties.

Weaver, in his South Florida Multifamily 2019 Forecast report, stated that the near decade of strong performance is not setting up the multifamily sector in South Florida for another crash.

The property is currently 76% occupied. Bridge Investment Group, which acquired more than 6 million square feet of space in the US in 2018, says it plans to undertake a $5-million capital improvement program at the campus.

A total of 2,600 homes are approved, with current plans calling for 1,300 single-family homes to be built in the gated Cresswind community.

Industrial owners at the forum said they do not foresee an oversupply of inventory in the next two years and believe cap rates will settle at 4.5% or less this year.

Many new purchasers have named SALT as the motivating factor for seeking a residence in South Florida.