Early this week in Florida saw South Florida rising high. And Thor Equities launched construction on a new commercial real estate development in Miami.

BY THE NUMBERS

Economic fundamentals are strong and consumer confidence remains solid in Tampa. The unemployment rate has steadily declined, dropping 80 bps over the rate recorded in August 2016 to a current 4%, and the strong pace of job growth continues with over 55,000 new jobs added in the trailing 12-month period.

NEWS & NOTABLES

WEST PALM BEACH, FL—Chatham Lodging Trust commenced an underwritten public offering of 5 million common shares of beneficial interest, $0.01 par value per share. The company will grant the underwriter a 30-day option to purchase up to an additional 750,000 common shares. Barclays is acting as sole book-running manager for the offering.

DEAL TRACKER

DELRAY BEACH, FL—Marcus & Millichap is marketing offer The Dalley Building, a 2501-square foot office building in Delray Beach. The price is $1.8 million. Bregman is representing the seller, a private investor. Built in 1971 and completely renovated in 2012 including impact windows, The Dalley Building is currently set up as a professional office with a reception area, boardroom, six private offices, three bathrooms, kitchen area, huge saltwater fish tank, business center, impact windows and six private parking spaces in the rear of the building. The building will be made vacant upon the sale and is ideal for a professional office or could be converted into retail space.

FORT LAUDERDALE, FL—Marcus & Millichap brokered the sale of Commercial Retail Portfolio, a 19,126-square foot retail property located in Fort Lauderdale. The property sold for $4.75 million. The seller was a limited liability company. The buyer, a limited liability company, was secured and represented by Alan Lipsky, vice president investments, Barry M. Wolfe, senior managing director investments, and Evan Whelan, associate, all in Marcus & Millichap's Fort Lauderdale office. Commercial Retail Portfolio is located at 2400-2550 West Commercial Boulevard in Fort Lauderdale. The property includes three parcels consisting of a 2,000-square foot, two-suite retail center.

CORAL GABLES, FL—Giralda Place – Downtown Coral Gables' newest, mixed-use development, completed a nearly $3 million renovation to its East Tower class A office building. After 14 months of construction, enhancements to the 43,602-square-foot office tower were aimed at improving the quality of the prior structure to complement the new, neighboring Giralda Place residences, as well as improve its energy efficiency. Located in Downtown Coral Gables at 2222 Ponce de Leon Boulevard, the three-phase overhaul brings a new presence to the building, with a modernized façade that introduces contemporary elements, yet remains true to the Mediterranean style of the surrounding area. Additional upgrades included the interiors and new roofing.

ORLANDO—Carroll Organization completed the sale of ARIUM MetroWest and ARIUM Hunter's Creek in Orlando. These properties were both originally acquired in December 2015 as a part of both Carroll Multifamily Real Estate Fund III and Carroll Multifamily Real Estate Fund IV. “Orlando has experienced some of the best multifamily fundamentals in the country due to its high rate of job and population growth, diversifying economy, and minimal supply additions relative to new jobs. Carroll Organization has had a significant presence in Orlando for several years, but we are now seeing a flood of institutional equity coming to the market, fueling robust investment activity,” says M. Patrick Carroll, COO of Carroll Organization. “These two properties have performed exceptionally well under Carroll Management Group, but given the strong pricing we were able to achieve, we made the decision to sell after nearly two years of ownership and post an excellent return for our investors.”

BUILDING BLOCKS

MIAMI—Thor Equities commenced construction of Wynwood Walk in Miami. Running the entire block from Northwest 29th Street to Northwest 28th Street near Wynwood's northern entrance, the prime corner site will be home to approximately 63,000 square feet of new retail and restaurant space. Developed by Thor Equities and designed by Oppenheim Architecture, the project located at 2800 Northwest 2nd Avenue will include a green rooftop, a paseo, 300 feet of retail frontage on Northwest 2nd Avenue, and a landscaped terrace with outdoor seating.

Early this week in Florida saw South Florida rising high. And Thor Equities launched construction on a new commercial real estate development in Miami.

BY THE NUMBERS

NEWS & NOTABLES

DEAL TRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: Early This Week in Florida

Related Stories

Recommended For You