MIAMI—Early this week in Florida saw more musical chairs. And Stiles Construction is breaking ground on a new multifamily project in Downtown Fort Lauderdale.

BY THE NUMBERS

The average price of Downtown Miami condos increased 20%, from $666,000 in the third quarter of 2016 to $799,000 in the third quarter of 2017. (Source: Brown Harris Stevens)

NEWS & NOTABLES

MIAMI—Ericka Witkowski joined Cushman & Wakefield as director of office leasing in its Miami office, where she will team with managing director Gordon Messinger. Witkowski joins Cushman & Wakefield from Avison Young, where she specialized in agency leasing and tenant representation and established herself as one of South Florida's top office leasing professionals. Witkowski played an integral part in improving Avison Young's Miami agency portfolio performance by 56% in just 18 months while representing clients such as Odebrecht Construction, Intel, Infinity Insurance and ACS Group. For her efforts, Witkowski was recently named Young Gun of the Year in Avison Young's Miami office. Witkowski has also worked for Colliers International South Florida.

DEAL TRACKER

BOCA RATON, FL—Meridian Capital Group negotiated $23.6 million in balance sheet financing to refinance The Atrium, a multifamily and retail property Miami, on behalf of PMC Property Group. The seven-year fixed-rate loan, provided by a New York-based balance sheet lender, features a rate of 3.75%. This transaction was negotiated by Meridian's David Fisher and Scott Jackson. The Atrium, located at 150 Southeast Third Avenue, is a newly revitalized 107-unit, five-story, loft-style multifamily building in the heart of Downtown Miami that includes 24,629 square feet of ground floor retail space.

WEST PALM BEACH, FL—Marcus & Millichap brokered the sale of Mango Drive Villas, a 15-unit apartment property, and Belvedere Apartments, a 16-unit apartment property, both located in West Palm Beach. The Mango Drive Villas sold for $1.575 million and Belvedere Apartments sold for $1.28 million. Evan Richardson, Daniel J. Cunningham, and Derek R. Gibbs, represented the seller, an individual/personal trust, and secured the buyer, a private investor.

POMPANO BEACH, FL—Cushman & Wakefield arranged financing of KEI Properties' six-building office and flex portfolio in Broward County's Park Central Business Park. CushWake's Jason Hochman represented KEI Properties in securing an $11.2 million permanent, fixed-rate loan from Wells Fargo. CushWake's Scott O'Donnell, Greg Miller and Dominic Montazemi, in conjunction with Richard F. Etner Jr. and Christopher Metzger, had previously negotiated the cash sale of the asset to KEI Properties in November 2016.

TAMPA, FL—NAI Realvest represented separate sellers in the assemblage and sale of two adjacent retail properties located in the Town N' Country submarket of Tampa. Both were sold to Hills & Kelly, LLC, an affiliate of RMC Property Group, for a total of $1.775 million. Jeffrey Tanner and Kimberly Manson, investment and retail specialists at NAI Realvest, represented Richard S. Cohen, Trustee in the $975,000 sale of a 0.62-acre site at 7534 Hillsborough Avenue. The team also represented Atlanta-based Thomas Family Group, LLC in the $800,000 sale of an adjoining 0.38-acre site at 5323 Kelly Road.

BUILDING BLOCKS

FORT LAUDERDALE, FL—Stiles Construction has been selected to build a 25-story luxury apartment project in the heart of Downtown Fort Lauderdale. The 327-unit high-rise owned and operated by Greystar will be located at 790 East Broward Boulevard at the intersection of Southeast 8th Avenue. The project will consist of nearly 661,000 square feet which includes a 508-space structured parking garage and a recreational deck featuring an array of luxury amenities. The project site is a former Chase Bank location. Most recently, Stiles completed the construction of Amaray Las Olas, a 254-unit luxury high-rise located only one block from this latest project. Amaray Las Olas was nominated for a Pillar Award by the National Association of Home Builders.

MIAMI—Early this week in Florida saw more musical chairs. And Stiles Construction is breaking ground on a new multifamily project in Downtown Fort Lauderdale.

BY THE NUMBERS

The average price of Downtown Miami condos increased 20%, from $666,000 in the third quarter of 2016 to $799,000 in the third quarter of 2017. (Source: Brown Harris Stevens)

NEWS & NOTABLES

DEAL TRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: Early This Week in Florida

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