BY THE NUMBERS

A resurgence in the local housing market and tourism industry are

bolstering retail sales. Tampa Bay's tight labor market is drawing job seekers to the region, creating the need for housing and pushing wage growth. As a result, the residential market is taking off with more then 16,100 homes delivered in the second quarter. This all bodes well for retail spending, which remains above the national level. (Source: Marcus & Millichap)

Advancement in Jacksonville's medical community, as well as other high-paying professional industries, is encouraging to both consumers and retailers. As buyer confidence is heightened this year, retail sales are anticipated to grow more than 6% for a second consecutive year. In the coming months, Wal-Mart, Winn-Dixie and Publix will open new stores in the metro, as will smaller necessities-based retailers, CVS and multiple dollar stores. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—The Coral Gables Community Foundation honored Armando Codina, executive chairman of real estate investment and development firm Codina Partners, with its Legacy Award at its 25th annual gala on Friday, October 14, 2016 at the Coral Gables Country Club.

“Mr. Codina is a family man, a judicious businessman and dedicated philanthropist who has made many impactful contributions to our community,” says Mary Snow, executive director of the foundation. “We couldn't think of anyone else more deserving of this year's award as the legacy of thoughtful development he has bestowed on Coral Gables will benefit our city for generations to come.” Codina was honored for his many years of commitment to improving the quality of life for those who live, work and play in the city. The civic leader and Coral Gables resident has a long history of helping to transform Coral Gables into a metropolitan, walkable community, while ensuring it maintains its historic charm. Codina's most recent mark on Coral Gables is mixed-used development 2020 Salzedo, which is being built by CC Residential, a multifamily community developer and affiliate of Codina Partners.

MIAMI—ONE Sotheby's International Realty (ONE SIR), South Florida's leading luxury and global real estate brokerage firm, acquired Bay Harbor-based luxury real estate company Crescendo Real Estate. Recognized in the Bay Harbor and Aventura markets as a top-producing boutique brokerage firm led by president and seasoned sales executive, Ivan Ramirez, Crescendo Real Estate will be absorbed into the daily operations of ONE Sotheby's. Ramirez, who brings almost 20 years of experience and $2 billion in sold real estate, founded Crescendo five years ago and is well-respected as one of the leading real estate figures in the North Dade market, where his team represents numerous luxury commercial and residential developments. He will join ONE SIR as its Development Division's regional sales director.

DEALTRACKER

WESLEY CHAPEL, FL—Pasco Woods Apartments, a 200-unit affordable housing apartment community located in Wesley Chapel, FL, and Park Springs, a 200-unit low income housing tax credit (LIHTC) property located in Plant City, FL, have traded hands. The assets sold for $28.4 million with a cap rates of 5.9% and 5.34%, respectively. Ray Turchi, Chris Travis, and affordable housing specialist Kristin Boekhoff, commercial real estate agents based in Marcus & Millichap's Orlando office, represented the buyer and seller. “Within three weeks each property generated more than 10 offers, which speaks to tremendous interest from buyers for this property type,” says Turchi.

LITTLE HAVANA, FL—David Viña and Daniel Lehnhard of RE/MAX Advance Realty broker local commercial property that has operated as a Catholic school in Miami's Little Havana neighborhood for $3.2 million. Located at 2609 Northwest 7 Street, the property is comprised of three buildings totaling 10,504 square foot of building area on a 54,375 square foot parcel of land. “This school has been my client's life work and a Little Havana mainstay for several decades,” said Viña. “While they are sad about leaving this neighborhood, they are excited that the site will continue to be a house of learning for a new generation of Miami residents, and for the opportunity to consolidate their full attention on their school's thriving Hialeah location.”

DEERFIELD BEACH, FL—CRE Florida Partners' senior managing partners Michael Rauch and Tom Robertson, represented General Electric Company in the sale of a laboratory/ manufacturing building located in Newport Center at 1121 W Newport Center Drive in Deerfield Beach, FL. The property sold for $3 million, equating to $128 per square foot on a 7% capitalization rate. The 23,360-square-foot asset has been owned and operated by GE since 1998, when it developed the proprietary processes for manufacturing synthetic diamonds.

“This is the third asset in South Florida that we have exclusively represented for GE,” says Robertson. “Inventory is low and CRE Florida Partners is currently working with several buyers looking for similar properties in Broward and Palm Beach counties.”

TAMPA, FL—Hold-Thyssen negotiated two new long-term lease agreements totaling 2,569 rentable square feet at office facilities in the Tampa Bay area. Leasing associate Theresa Margaris at Hold-Thyssen's Clearwater office, negotiated the transactions representing the landlords. At Westchase Commons, 13015 West Linebaugh Avenue in Tampa Margaris represented the landlord Tampa Rejuvenation Holdings in the lease of 1,620 square feet to Pedro Soler, M.D., a plastic surgery practice relocating to the newly constructed building with build-to-suit shell units. At Terrace Court, 11424 North 53rd Street in Temple Terrace, Margaris represented the landlord Pylon in a lease agreement with Freeman Support Care Services Corp., a home health company providing Medicaid Waiver Services who is doubling its space at the office building at Terrace Court.

BUILDING BLOCKS

FORT LAUDERDALE, FL—Bridge Development Partners inked an 82,755-square-foot, long-term lease agreement at Bridge Point I-95 industrial park located immediately off Interstate 95 in Fort Lauderdale, FL. Floor & Décor, a national leader in the hard surface flooring market, represents the first tenant at the two-building, 306,466-square-foot industrial park slated for completion in the first quarter of 2017. “Since establishing a foothold in South Florida four years ago, key market fundamentals have remained strong, fueling our brisk speculative development and leasing pace,” says Kevin Carroll, a principal of Bridge Development Partners and Florida market leader. The CBRE team of Tony Hoover, first vice president, and Larry Genet, senior associate, represented the developer. Melody Spano and Mercedes Loftus of SRA represented the tenant.

SINGER ISLAND, FL—VistaBlue Singer Island, a boutique oceanfront condominium developed by Third Palm Capital and under construction. Designed by architect GliddenSpina and award-winning design firm Interiors by Steven G., the 19-story condominium features 58 residences ranging in price from $1.4 million to nearly $8 million for penthouse residences. VistaBlue Singer Island residences range from 2,784 to 6,423 square feet, and feature 10-foot ceilings—12-foot in penthouses—open floor plans, designer kitchens with Poggenpohl custom kitchen cabinetry and Miele appliances, and high-end finishes including imported porcelain tile floors.