MIAMI—Here's a look at the trends, announcements and deals you may have missed early this week in Florida.

Early this week in Florida, saw a new groundbreaking in Palm Beach, as well as some musical chairs. Central Florida captured its fair share of commercial real estate news.

BY THE NUMBERS

After a 20-basis-point decrease in the prior year, occupancy in Florida climbed 130 basis points during the last 12 months to 73.2% in June. Room nights in the state rose 3.8% during this time, outpacing a supply increase of 1.8%. (Source: Marcus & Millichap)

NEWS & NOTABLES

CLEARWATER, FL—GSP announced retail veteran Margaret Sotrop has joined its Design Services team. As the new executive director, she will oversee everything from campaign development to visual merchandising. With a 25-plus- year career leading design, visual merchandising and photography teams, Sotrop joins GSP from Kreber, an omni-channel retail marketing agency. Prior to Kreber, she was the vice president of Home and Storewide Creative at Macy's, where she oversaw creative on a national level across print and online media. She built successful client merchandising strategies and vendor partnerships with Kate Spade as well as Macy's private labels of Martha Stewart Living, Hotel Collection and INC, a millennial brand.

DEAL TRACKER

ESTERO, FL—Greystone provided $44.6 million in Fannie Mae financing for a multifamily property in Estero, FL. The Fannie Mae 10-year loan has a 30-year amortization schedule after 2 years of Interest Only payments, and was originated by Nicholas Diamond of Greystone's New York office with Lighthouse Advisory and Jaya Capital acting as correspondents. The sponsor and developer is Daniel Kodsi, CEO of Royal Palm Companies. Estero Oaks is a 280-unit class A multifamily property built in late 2016 and situated around a four-acre lake in Estero.

WEST PALM BEACH, FL—KeyBank Real Estate Capital provided a $23 million bridge loan to Axonic Properties, a New York City-based real estate private equity firm, for Palm Hill Apartments in West Palm Beach. The 386-unit, garden-style condominium apartment complex on 24 acres of land. Built in 1981 and renovated in 2016, the property consists of 36, two-story apartment buildings. Axonic currently owns 298 of the total 386 units. Alan Isenstadt, a vice president within Key's Income Property Group, provided the balance sheet, floating rate loan with a two-year, interest-only term at competitive pricing of L+250bps. The loan will be used to refinance existing debt and make capital improvements to the property.

FORT LAUDERDALE—Cushman & Wakefield negotiated a 19,913-square-foot relocation lease with 3G Productions at Port 95 Business Center. The lease brings the warehouse and distribution center to full occupancy. Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented owner MSG Port 95 in negotiating the long-term release with 3G Productions. Steve Kaminer of Coldwell Banker Commercial represented 3G Productions In the lease negotiations.

SEBRING, FL—SVN Florida brokered the sale of Towne Square Shopping Center, a 116,000-plus-square-foot retail plaza anchored by Sav-A-Lot and Dollar General in Sebring. Rob Hamman's SVN Florida team represented the seller, Town Center Redevelopment, and LLLP. Ashley Bloom, National Land & Development Services Product Council Chairman for SVN, and SVN senior advisor Chris Malkin represented the buyer, Discount Mini Storage of Sebring.

BUILDING BLOCKS

MIAMI—13th Floor Homes, the homebuilding division of 13th Floor Investments, in partnership with BTI Developers, broke ground on Arbor Parc, a new gated community that will offer 500 single-family lakefront homes and townhomes in Palm Beach County. With Arbor Parc, 13th Floor is looking to fill a void for attainably priced new construction that currently exists in the Palm Beach market. A recent study reported that the median price of a single-family home in the county is now close to $340,000; home prices at Arbor Parc start in the $200,000s.

MIAMI—Here's a look at the trends, announcements and deals you may have missed early this week in Florida.

Early this week in Florida, saw a new groundbreaking in Palm Beach, as well as some musical chairs. Central Florida captured its fair share of commercial real estate news.

BY THE NUMBERS

NEWS & NOTABLES

DEAL TRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: Early This Week in Florida

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