This week in Florida saw some interesting activity in smaller commercial real estate submarkets. But major hubs like Miami, Orlando and Fort Lauderdale dominated the headlines.

BY THE NUMBERS

A significant year-over-year increase in net absorption will coincide with a jump in deliveries. Buildings with more than 200 units are on tap in Central Tampa and, to a lesser extent, Saint Petersburg and Largo. (Source: Marcus & Millichap)

This year's completions could mark the peak of the current cycle, with a gradual tapering in volume starting in 2018. Currently, approximately 8,960 units are underway and slated for completion over the next two years. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Coastal Construction Group plans to open a Central Florida office in Orlando, expanding its operations and appointed Sean DeMartino as president of its new Central and North Florida division. DeMartino most recently served as division president for Balfour Beatty Florida. He has more than 30 years as a construction leader, heading a variety of mid- and large-scale commercial projects spanning the hospitality, entertainment, corporate office, large public assembly, mixed use, multifamily, aviation, upper level education, and  governmental sectors including projects and clients such as  Walt Disney's Land of Pandora: The World of Avatar, Sapphire Falls Resort at Universal Orlando, the Hyatt Regency Hotel in Orlando, FIU Student Academic Success Center, The Windsor at Celebration Skilled Nursing and Assisted Living Center, 420 East Church Street / Artisan Multifamily with Jefferson Apartment Group and the Jacksonville Aviation Authority expansion  Hangar at Cecil Field and Hold Baggage System at Jacksonville International Airport.

MIAMI—JLL has hired Eric DeRiso as senior project manager with JLL's Project and Development Services group and Tyler Reynolds as an associate joining the tenant advisory and brokerage team in South Florida. De Riso will be responsible for helping to drive business development, client relationship management and project delivery. Reynolds will specialize in office tenant representation and will be responsible for lease negotiations, financial analysis, real estate consultation as well as supporting new business development efforts.

DEAL TRACKER

PENSACOLA BEACH, FL—HFF secured $12.6 million in non-recourse financing for the acquisition and repositioning of the Days Inn Hotel, a 123-room beachside hotel in Pensacola Beach. HFF worked on behalf of the borrower, a joint venture between RREAF Holdings and Innisfree Hotels, to place the floating-rate loan with two one-year extension options with Benefit Street Partners Realty Trust.  Innisfree will be a partner in the hotel and will manage the property. The HFF debt placement team representing the borrowers was led by director Jeff Bucaro and associate Nicole Schmidt. This represents the 10th financing transaction completed by Bucaro for the two borrowers.

GAINSESVILLE, FL—Peachtree Hotel Group acquired the 96-suite TownePlace Suites Gainesville Northwest from Gainesville Investment Lodging, a subsidiary of 3H Group, for an undisclosed sum. The transaction was brokered by Hospitality Real Estate Counselors. Located at 7451 West Newberry Road just four miles from The Swamp and Ben Hill Griffin Stadium, the four-story, extended-stay hotel provides spacious suites with fully equipped kitchens and high-speed Internet access.

CASSELBERRY, FL—Marcus & Millichap brokered the sale of Howell Branch Corners, a 14,765-square-foot retail property located in Casselberry. The asset was 77% occupied at the time of sale and sold for $6.525 million, or $442 per square foot. Douglas K. Mandel, senior managing director investments and Nicholas Hanson, associate, represented the seller, a partnership, and secured and represented the buyer, a limited liability company. Mandel says, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

BOCA RATON, FL—Avison Young closed the $3.6 million sale of ERC Center, a fully-leased 32,554-square-foot multi-tenant office and warehouse property located at 6450-6468 East Rogers Circle. Avison Young's Mark M. Rubin, vice president, and Gary A. Gottlieb, principal, marketed the property and represented seller, East Rogers Realty in the disposition to K&L Management Company. Daryl Perkowski, senior property manager with Avison Young, spearheaded management, and Gottlieb led the leasing efforts focusing on restructuring and renewing established leases to maintain 100% occupancy.

MIAMI—NAI Miami's Edward Schmidt and Sherry Halstead negotiated a five-year, 3,435-square-foot office lease for 7800 Red Road located at 7800 Red Road in South Miami. The lessee is GACP Stem Cell Clinics Coral Gables and was represented by Brown Harris Stevens with Avatar. 7800 Red Road is 60,923-square-foot newly renovated class A office building located conveniently in South Miami. There is currently 800 to 10,000 square feet available ranging in price from $40-$48 per square feet full service.

FORT LAUDERDALE, FL—Bridge Development Partners completed of a long-term lease agreement with US Venture for 97,326 square feet of space in Building 2, which will be delivered on schedule next month. Located immediately off Interstate 95, the two-building, 306,466-square-foot Bridge Point I-95 industrial park is now 77% preleased. Building 1, approximately 140,000 square feet, was delivered on time in the second quarter of this year. CBRE's Advisory and Transaction Services team in South Florida represented both sides of the transaction, with Tony Hoover representing Bridge Development Partners and Jeffrey Kapcheck representing the tenant.

ORLANDO—Franklin Street arranged the $23.35 million sale of the Ovation Town Center, a 96,750-square-foot, Publix-anchored shopping center in the Davenport submarket of Orlando. Bryan Belk and John Tennant of Franklin Street's Atlanta office represented the seller, Armstrong Development, in the transaction. The property was purchased by Publix Super Markets. Ovation Town Center is located at 7800 Lake Wilson Road approximately 10 minutes from Disney World and just south of Orlando.

BUILDING BLOCKS

FORT LAUDERDALE, FL—The development team behind Auberge Beach Residences & Spa Fort Lauderdale topped out of the North Tower. The building is set for completion in mid-2018. The 171-unit development will feature residences ranging in size from 1,500 to 5,000 square feet across two iconic towers on the site of the former Ireland's Inn. The building features designs by interior design firm Meyer Davis Studios and architecture firm Nichols, Brosch, Wurst, Wolf & Associates.

This week in Florida saw some interesting activity in smaller commercial real estate submarkets. But major hubs like Miami, Orlando and Fort Lauderdale dominated the headlines.

BY THE NUMBERS

A significant year-over-year increase in net absorption will coincide with a jump in deliveries. Buildings with more than 200 units are on tap in Central Tampa and, to a lesser extent, Saint Petersburg and Largo. (Source: Marcus & Millichap)

This year's completions could mark the peak of the current cycle, with a gradual tapering in volume starting in 2018. Currently, approximately 8,960 units are underway and slated for completion over the next two years. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Coastal Construction Group plans to open a Central Florida office in Orlando, expanding its operations and appointed Sean DeMartino as president of its new Central and North Florida division. DeMartino most recently served as division president for Balfour Beatty Florida. He has more than 30 years as a construction leader, heading a variety of mid- and large-scale commercial projects spanning the hospitality, entertainment, corporate office, large public assembly, mixed use, multifamily, aviation, upper level education, and  governmental sectors including projects and clients such as  Walt Disney's Land of Pandora: The World of Avatar, Sapphire Falls Resort at Universal Orlando, the Hyatt Regency Hotel in Orlando, FIU Student Academic Success Center, The Windsor at Celebration Skilled Nursing and Assisted Living Center, 420 East Church Street / Artisan Multifamily with Jefferson Apartment Group and the Jacksonville Aviation Authority expansion  Hangar at Cecil Field and Hold Baggage System at Jacksonville International Airport.

MIAMI—JLL has hired Eric DeRiso as senior project manager with JLL's Project and Development Services group and Tyler Reynolds as an associate joining the tenant advisory and brokerage team in South Florida. De Riso will be responsible for helping to drive business development, client relationship management and project delivery. Reynolds will specialize in office tenant representation and will be responsible for lease negotiations, financial analysis, real estate consultation as well as supporting new business development efforts.

DEAL TRACKER

PENSACOLA BEACH, FL—HFF secured $12.6 million in non-recourse financing for the acquisition and repositioning of the Days Inn Hotel, a 123-room beachside hotel in Pensacola Beach. HFF worked on behalf of the borrower, a joint venture between RREAF Holdings and Innisfree Hotels, to place the floating-rate loan with two one-year extension options with Benefit Street Partners Realty Trust.  Innisfree will be a partner in the hotel and will manage the property. The HFF debt placement team representing the borrowers was led by director Jeff Bucaro and associate Nicole Schmidt. This represents the 10th financing transaction completed by Bucaro for the two borrowers.

GAINSESVILLE, FL—Peachtree Hotel Group acquired the 96-suite TownePlace Suites Gainesville Northwest from Gainesville Investment Lodging, a subsidiary of 3H Group, for an undisclosed sum. The transaction was brokered by Hospitality Real Estate Counselors. Located at 7451 West Newberry Road just four miles from The Swamp and Ben Hill Griffin Stadium, the four-story, extended-stay hotel provides spacious suites with fully equipped kitchens and high-speed Internet access.

CASSELBERRY, FL—Marcus & Millichap brokered the sale of Howell Branch Corners, a 14,765-square-foot retail property located in Casselberry. The asset was 77% occupied at the time of sale and sold for $6.525 million, or $442 per square foot. Douglas K. Mandel, senior managing director investments and Nicholas Hanson, associate, represented the seller, a partnership, and secured and represented the buyer, a limited liability company. Mandel says, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

BOCA RATON, FL—Avison Young closed the $3.6 million sale of ERC Center, a fully-leased 32,554-square-foot multi-tenant office and warehouse property located at 6450-6468 East Rogers Circle. Avison Young's Mark M. Rubin, vice president, and Gary A. Gottlieb, principal, marketed the property and represented seller, East Rogers Realty in the disposition to K&L Management Company. Daryl Perkowski, senior property manager with Avison Young, spearheaded management, and Gottlieb led the leasing efforts focusing on restructuring and renewing established leases to maintain 100% occupancy.

MIAMI—NAI Miami's Edward Schmidt and Sherry Halstead negotiated a five-year, 3,435-square-foot office lease for 7800 Red Road located at 7800 Red Road in South Miami. The lessee is GACP Stem Cell Clinics Coral Gables and was represented by Brown Harris Stevens with Avatar. 7800 Red Road is 60,923-square-foot newly renovated class A office building located conveniently in South Miami. There is currently 800 to 10,000 square feet available ranging in price from $40-$48 per square feet full service.

FORT LAUDERDALE, FL—Bridge Development Partners completed of a long-term lease agreement with US Venture for 97,326 square feet of space in Building 2, which will be delivered on schedule next month. Located immediately off Interstate 95, the two-building, 306,466-square-foot Bridge Point I-95 industrial park is now 77% preleased. Building 1, approximately 140,000 square feet, was delivered on time in the second quarter of this year. CBRE's Advisory and Transaction Services team in South Florida represented both sides of the transaction, with Tony Hoover representing Bridge Development Partners and Jeffrey Kapcheck representing the tenant.

ORLANDO—Franklin Street arranged the $23.35 million sale of the Ovation Town Center, a 96,750-square-foot, Publix-anchored shopping center in the Davenport submarket of Orlando. Bryan Belk and John Tennant of Franklin Street's Atlanta office represented the seller, Armstrong Development, in the transaction. The property was purchased by Publix Super Markets. Ovation Town Center is located at 7800 Lake Wilson Road approximately 10 minutes from Disney World and just south of Orlando.

BUILDING BLOCKS

FORT LAUDERDALE, FL—The development team behind Auberge Beach Residences & Spa Fort Lauderdale topped out of the North Tower. The building is set for completion in mid-2018. The 171-unit development will feature residences ranging in size from 1,500 to 5,000 square feet across two iconic towers on the site of the former Ireland's Inn. The building features designs by interior design firm Meyer Davis Studios and architecture firm Nichols, Brosch, Wurst, Wolf & Associates.