This week in the Florida saw some noteworthy states out of Jacksonville's office market. Meanwhile, there was significant action in many of Florida's submarkets.

BY THE NUMBERS

At the close of the third quarter, office fundamentals in Jacksonville remained stable with a healthy 2.4 percentage point decline in the overall vacancy rate since year-end 2016 to a current 12.7%, and strong continued demand for quality space within the Interstate 95/9A Corridor where the direct weighted average asking rate is up $0.59 per square foot since the close of 2016. (Source: Avison Young)

Significant lease transactions in Jacksonville during the second quarter included SS&C Technologies' lease of 24,653 square feet at Gramercy Woods 700 in the Baymeadows area and a 17,247-square-foot lease with Early Learning Coalition at Bowden Commerce Center 200 in Southpoint. (Source:Avison Young)

NEWS & NOTABLES

NORTH BAY VILLAGE, FL—The North Bay Village Commission voted unanimously to provide site plan approval for 7918 West Drive, a technologically advanced waterfront condominium development. The developer is P&O Global Technologies, an international leader in surveillance camera systems and other sophisticated technology. Self-financed through P&O Technologies, Inc., the project is expected to be completed in summer 2019. Pre-sales will not be used to finance the project. P&O expects units to be offered at a starting price of $650 per square foot.

MIAMI—EisnerAmper announced Steve Kreinik, CPA, has joined the firm. He will be a partner in the firm's Personal Wealth Advisory group serving clients primarily from the firm's South Florida offices. With more than 20 years of experience in the field of personal wealth, Steve is a veteran manager of advisory teams focused on tax, charitable, and estate planning, and related tax compliance for high net worth individual and multi-generational families.

DEAL TRACKER

GAINESVILLE, FL—Marcus & Millichap brokered the sale of Barracuda Boat & RV Storage, a 36,720-square-foot self-storage facility. The asset sold for $2.3 million. Nathan Coe, Brett Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, and fielded multiple offers throughout the process. Broker of record, Kirk Felici, assisted in closing this transaction. Barracuda Boat & RV Storage is located at 6401 Northwest 120th Lane. The facility was renovated in 2007 and had a mix of traditional self-storage units, covered boat and RV spaces and outdoor vehicle storage.

PALM BEACH, FL—HFF brokered the announces the $30.7 million sale of and the $22.84 million financing for 125 Worth Avenue, a 50,017-square-foot, class A office property in Palm Beach. The HFF investment advisory team represented the seller, Crocker Partners, and procured the buyer, Frisbie Group. Additionally, the HFF debt placement team worked on behalf of the buyer to secure the seven-year fixed-rate acquisition financing. The HFF investment advisory team that represented the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo. The HFF debt placement team representing the buyer/borrower included director Maxx Carney, and associate Matthew McCormack.

CLERMONT, FL—Transwestern closed the $2 million sale of Royal Oaks Plaza, a 15,782-square-foot, single-story, multitenant medical office building at 2105 Hartwood Marsh Road in Clermont. Transwestern managing director John Bell marketed and led the sale of the asset on behalf of a special servicer. Royal Oaks Medical Plaza LLC acquired the property. Currently 73.5% occupied with a majority of long-term leases from established tenants, Royal Oaks Plaza offers the buyer, a private investor, the security of established in-place income along with two vacant spaces totaling 4,182-square-feet that are built-out and ready for immediate occupancy. According to a recent report by Real Capital Analytics, year-to-date sale transaction volume in Orlando's office market from private buyers was up to 37% compared to 26% from the previous year.

TAMPA, FL—Meridian Development Group sold Meridian East, a three-building 200,000-square-foot industrial center to Boston-based High Street Realty Company for $8.25 million. Meridian acquired the 11-acre property four years ago for $5 million when the Eastside submarket carried 4.5 million square feet of available space and the property itself was 33% vacant. Meridian's managing director Steven Kossoff believed the completion of the Interstate 4-Expressway connector, completed a few months after the acquisition, would attract tenants with the new ease of access.

MARGATE, FL—Berkadia arranged the refinancing of Celebration Pointe, a newly-built, 282-unit luxury rental community located in Margate. The $43.34 million loan assumes a portion of the original construction loan and provides additional financing to cover stabilization of the property, currently 83% occupied. Berkadia South Florida senior managing director Charles Foschini, senior director Jared Hill, and senior analyst Lourdes Carranza-Alvarez arranged the loan on behalf of borrower Celebration Pointe North. Freddie Mac provided the fixed-rate, 11-year loan with an interest rate below 4%.

SAINT PETE BEACH, FL—HFF brokered the sale and financing of the Postcard Inn on the Beach, a 196-room, recently renovated, beachfront hotel in the Tampa-area community of Saint Pete Beach. The HFF team marketed the property on behalf of the seller, The Carlyle Group. Procaccianti Companies purchased the asset free and clear of debt and unencumbered of management. TPG Hotels & Resorts, the firm's hospitality management affiliate, will manage the property. Working on behalf of the new owner, the HFF team placed the seven-year, fixed-rate loan with BankUnited.

TAMPA, FL—Marcus & Millichap brokered the sale of Garden Del Rey, a 12-unit apartment property located in Tampa. Shawn Rupp, Casey Babb and Luis Baez marketed the property on behalf of the seller, a private investor. The Marcus & Millichap investment specialists also secured and represented the buyer, a private investor.

BUILDING BLOCKS

SUNRISE, FL—Metropica completed the first of two planned infrastructure phases totaling more than $50 million, readying the iconic, master-planned community for its multiple phases of construction. The multimillion-dollar infrastructure package is chiefly underground and unseen, focusing on next-generation utilities, drainage systems and technologies that allow for the engineering of sustainable development. The infrastructure work was managed by John Moriarty & Associates. Conclusion of this phase of infrastructure also marks Metropica's first two named streets, Metropica Boulevard and Metropica Way, which will be key arteries as the project evolves. The 65-acre, $1.5 billion urban high street development, located at 1800 Northwest 136th Avenue in Sunrise will ultimately encompass approximately 4 million square feet, consisting of residential condominiums, apartments, a boutique hotel, commercial office space and a broad range of retail and entertainment offerings.

Instant Insights /

Middle Market Digest: This Week in Florida

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