ORLANDO, FL—It's a record sale. Cushman & Wakefield negotiated the $47.9 million sale of LeeVista Business Center, a 479,100-square-foot warehouse and distribution portfolio next to Orlando International Airport. At $100 per square foot, the disposition achieved record per-square-foot pricing for an Orlando multi-tenant warehouse and distribution facility. CushWake executive director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented Atlanta-based McDonald Development Company in the disposition. Los Angeles-based Colony Capital acquired the asset. “This portfolio had all the attributes that discerning investors covet including high-quality construction, credit tenants, limited near-term rollover and an outstanding location adjacent to Orlando International Airport,” says Lerner. “As a result, the offering was hotly contested, and our client was able to achieve premium pricing.”

MIAMI—Elysee will debut as the first wellness multifamily residential development in Miami. Founded by real estate industry veterans Robert Thorne and Perla Machaen, Wellness Habitat Company is South Florida's first wellness real estate company specializing in developing and transforming indoor living spaces into healthy habitats. “We spend billions of dollars annually worldwide on products and services to improve our health, stay fit and prevent illness, yet after going to a med spa or picking up an organic juice, we spend 90% our time in our own homes where elements from floor to ceiling can have adverse effects on mental and physical wellbeing,” says Robert Thorne, CEO, Wellness Habitat Company. The 57-story tower in Miami's Edgewater neighborhood will incorporate a selection of The Wellness Habitat Company's healthy indoor habitat solutions in residences and common areas, including the lobby, the health club and activity floor and the 30th floor owner's sky lounge.

DEAL TRACKER

MIAMI—Transwestern's South Florida industrial team facilitated 73,000 square feet of leases at Corporate Park at Kendall, a 200,000-square-foot, class A business park in the southeast quadrant of Southwest 137th Avenue and Southwest 124th Street in Miami. The recent transactions bring the park to 100% occupied. Transwestern senior vice president Thomas Kresse completed the following transactions on behalf of ownership, Seagis Property Group:

Drew Estate, one of the premier global cigar manufacturers, renewed its 45,000-square-foot lease. GDI Technology, a global manufacturer, distributor, and service provider of CATV equipment and information technology, signed a new lease for 16,500 square feet. Lumilum, a manufacturer of LED lighting products, signed a lease for 11,500 square feet.

LAKELAND, FL—Coldwell Banker Commercial Saunders Real Estate's Dean Saunders brokered the sale of 2,526 acres to the State of Florida as a perpetual conservation easement. SY Hartt and Son Inc. in Sebring sold the property to the state's Rural and Family Lands Protection Program (RFLPP) for $4.3 million. Created in 2001 by the Florida Legislature, the Florida Forest Service, a division of the Florida Department of Agriculture and Consumer Services, oversees RFLPP. The program acquires perpetual conservation easements on Florida ranches and farms to protect rural and working agricultural lands threatened by development. RFLPP easements allow landowners to continue to work the lands, keep the property on the tax role, and remain agriculturally sustainable.

SANDFORD, FL—Avison Young senior vice president Lawson Dann closed the $1.6 million sale of Delphini Industrial Park, a 37,800-square-foot industrial-business park on 3.18 acres at 3650-3735 Delphini Park Lane in Sanford, FL. Dann represented PNC Bank (Land Holding, LLC) in the disposition to the buyer, Aim 786. Located just north of Orlando-Sandford International Airport within the in-demand Seminole County industrial market, Delphini Industrial Park offers grade-level buildings ranging from 3,000 to 6,000 square feet. According to recent market reports, distribution companies dominated leasing activity which was mostly concentrated within three submarkets: Southwest Orange County, Southeast Orange County, and Seminole County. As such, industrial opportunities in these areas continue to attract the competitive interest of buyers drawn to the markets' uptick in asking rates as a result of steadily decreasing vacancy rates.

KENDALL, FL—Marcus & Millichap senior vice president and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with vice president of investments and IPA director Benjamin H. Silver negotiated the sale of Bent Tree Commercial Center, a 52,664-square-foot commercial campus on 5.5 acres located at 13926 Southwest 47th Street in Miami.

The 1999-built commercial center was purchased for $11.5 million. The duo represented the seller. “While a fully vacant office park would typically be a challenging property to sell, it was an attribute, in this scenario, due to the extreme scarcity of available space in Kendall, as well as the property's unparalleled parking ratio of more than seven spaces per 1,000 square feet,” says Silver. “As anticipated by the brokers and owners, the asset received a lot of attention and ultimately went into contract at more than $200 per square foot and closed in just over three weeks.

SAINT PETERSBURG, FL—HFF arranged $17.062 million in financing for Carillon Point, a 124,178-square-foot, class A office building in Carillon Point Office Park in Saint Petersburg, FL.

HFF worked on behalf of the borrower, City Office REIT, to secure the seven-year, fixed-rate post-close acquisition loan through BankUnited. HFF also handled the sale of the property in June of this year. Carillon Point is part of Carillon Office Park, which features more than 3 million square feet of office space on 432 acres. HFF's debt placement team representing the borrower was led by managing director Chris Drew and associate director Brian Gaswirth.

OVIEDO, FL—HFF arranged $15.2 million in financing for Riverwind at Alafaya Trail Apartments, a 110-unit/436-bed student housing community serving the University of Central Florida in Oviedo, Florida. Working on behalf of Riverwind at Alafaya Trail Limited Partnership, HFF placed the 20-year, fixed-rate loan through Aegon USA Realty Advisors, a U.S.-based real estate asset manager and a member company of Aegon Asset Management, the global investment management division of the Aegon Group. The HFF debt placement team representing the borrower was led by director Trent Niederberger and associate director Brett Moss.

BUILDING BLOCKS

MIAMI—Aston Martin is collaborating with G and G Business Developments, the luxury real estate branch of the Coto family, on a waterfront real estate project at the mouth of the Miami River. Aston Martin Residences at 300 Biscayne Boulevard Way will rise 66 stories and offer 390 luxury condos with views of Biscayne Bay and the Miami area. The Aston Martin Residences at 300 Biscayne Boulevard Way is part of a curated collection of luxury projects and experiences within the Art of Living by Aston Martin portfolio. The sales center for the Aston Martin Residences at will open in March 2017. The project will break ground during Summer 2017.

ORLANDO—Presales will get underway soon for Downtown Orlando's élan on Marks, 10 luxury four-story residences with rooftop terraces Phil Kean designed. The project will rise on Marks Street in the heart of the “NorthQuarter” that's evolving as the fastest growing urban district in Orlando. The project will start construction in early 2017 and the exterior shells will be completely erected within 90 days. The solid precast tilt-up concrete walls, which have been tested and proven to withstand winds in excess of 250 mph, provide insulating and sound proofing.

Instant Insights /

Middle Market Digest: This Week in Florida

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