Florida's numbers still looked strong in the third quarter—and some significant deals were inked early this week to put an exclamation point on the statistical reports that flooded my inbox.

Also noteworthy is the rise of Cushman & Wakefield in the South Florida region. A couple of years ago, the firm was losing talent left and right. Now, through recruiting and strategic acquisitions, the firm is inking deals—both transactions and leasing engagements—left and right. Two of them are noted below.

I saw greater diversity early this week than in weeks past, with net lease assets selling along with industrial and hotel action. Of course, multifamily is still in the thick of the news.

NEWS & NOTABLES According to a recent report issued by the Institute for Economic Competitiveness, Florida's economy as measured by real GDP is expected to expand at an average annual rate of 2.9% through 2019, outpacing the national projection in that same period. Florida's economy is also expected to break the $1 trillion mark in nominal gross state product by 2018. This level today would rank the state's economy as the 16th largest in the world. Furthermore, as of August 2016, Florida's unemployment rate stood at 4.7%, marking the third consecutive month the state has outperformed the national average. (Source: Avison Young)

Miami-Dade County continues to experience positive economic activity as demonstrated by the 5.5% local unemployment rate—an 80 bps decrease over the past 12 months. Market fundamentals remain relatively strong with positive net absorption, active speculative construction and an increase in nonagricultural employment by 11,700 jobs in the trailing 12-month period. (Source: Avison Young)

NEWS & NOTABLES

PALM BEACH, FL—Capital One served as sole lead arranger and administrative agent for a $162.5 million senior secured credit facility consisting of a real estate term loan, a capex line of credit and an asset-based revolver. Palm Garden Healthcare, the borrower, owns 14 skilled nursing facilities and an assisted living facility in Florida with a total of 1,931 beds. The company is using the proceeds to refinance existing debt and provide capital to expand and improve its facilities.

FORT LAUDERDALE, FL—Cushman & Wakefield announced today that it

has been named exclusive leasing agent and property manager for 110 Tower, a 394,830-square-foot trophy office tower in the Fort Lauderdale CBD. Boca Raton-based IP Capital Partners, which recently acquired the asset, selected CushWake managing director Donna Korn and director Jennifer Gemma. 110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.

CORAL SPRINGS, FL—Cushman & Wakefield has been named exclusive office leasing agent for University Place at City Center, a 205,000 square-foot class A office building in Coral Springs, FL.Building owners, Bristol Group and Butters Construction & Development, selected CushWake executive directors Deanna Lobinsky and Travis Herring, along with managing director Donna Korn and director Jennifer Gemma, to handle leasing. University Place at City Center was developed in 1985 and has undergone a multimillion-dollar renovation starting in 2013.

WESTON, FL—Avison Young has been named the exclusive listing agent to market and sell the 52,960-square-foot office building located at 1725 North Commerce Parkway in Weston. “Southwest Broward County's office leasing activity continues to accelerate with mid-year 2016 reports showing decreasing vacancy rates, currently at 14.6 percent. As vacancy is absorbed, we are seeing rental rate growth outpacing inflation, growing over 2 percent annually since 2013,” says David Duckworth, principal of investment sales at Avison Young. “These market trends, coupled with the long-term credit tenant in place and recent renovations completed, make 1725 North Commerce Parkway an amazing investment opportunity.” Recent renovations include a new roof, a new back-up generator, exterior paint, and class A finishes.

DEAL TRACKER

MIAMI—Madison Capital acquired the retail and garage component located at 2000 Collins in Miami Beach for $57.3 million. The property is part of a 2010 mixed-use development which includes a boutique hotel and spans nearly the entire city block between 20th Street and 21st Street and Collins Avenue and Liberty Avenue. “The acquisition of 2000 Collins in one of the premiere locations in South Beach is testament to the capability and commitment of the Madison Capital team to acquire prime retail and parking assets in major urban markets across the US,” says Kenneth Zakin, senior managing director of NGKF who represented Madison.

MIAMI—NAI Miami's Harry Jordan, along with the team of Gabriel Garcia-Menocal and Lucia Custer, negotiated the sale of a 2,495-square-foot industrial building located at 6988 Southwest 47th Street in Miami. Spirited Gifts acquired the asset from Elisas Holdings. This industrial sale is valued at $475,000. Spirited Gifts is a premier gift concierge service for sending wine and liquor gifts online.

SAINT PETERSBURG, FL—Marcus & Millichap brokered the sale of Bayview Apartments, a 13-unit multifamily property with a single-family home located in Saint Petersburg. The asset sold for $875,000. Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap's Tampa office, represented the seller, a private investor. “Bayview Apartments is in a prime location just north of downtown St. Petersburg and adjacent to the Fresh Market off 4th Street,” says Teplitzky. “The property piqued the interest of several multifamily buyer types ranging from local, out-of-area and even developers. Through creating an auction environment and generating multiple offers we were able to sell the property at list price, which equated to over $130 per square foot.”

WINTER PARK, FL—Marcus & Millichap's Institutional Property Advisors brokered the sale of of Calibre Bend Apartments, a 212-unit luxury multifamily community in Winter Park. The $29 million sales price equates to $137,000 per unit. “The property is an extensively renovated, impeccably maintained asset with a 25-year history of institutional ownership,” says Steve Witten, an executive director of IPA's Northeast and Florida team. Witten, along with Frank Carriera, first vice president investments, and Michael Regan, first vice president investments, represented the seller and procured the buyer.

SAINT PETERSBURG, FL—Calkain Companies brokered the sale of a two-tenant strip center in Saint Petersburg. The property, featuring new 10-year leases with Sleep Number and BayCare Urgent Care, along with a Wells Fargo ATM, traded for $3.9 million, representing a 6.01% cap rate. “Like a lot of our Florida properties, this center garnered a lot of interest,” says Patrick Nutt, managing partner at Calkain. “Considering the location, this was one of the higher yielding assets due to the multi-tenant structure and investors quickly took notice. The property was built new in 2016 and offers excellent visibility on a main thoroughfare.

Instant Insights /

Middle Market Digest: Early This Week in Florida

Related Stories

Recommended For You