MIAMI—This week in Florida saw strong numbers come out of Orlando's multifamily market and plenty of year-end musical chairs. There were also several significant headlines on the commercial real estate development front.

BY THE NUMBERS

ORLANDO—There is a robust need for rentals in Orlando. Job gains almost twice the national rate contributed to the in-migration of nearly 76,900 people over the last 12 months. Roughly 20 percent of these additional residents are 20- to 34-year-olds, the prime renter cohort, which is generating a significant need for housing. (Source: Marcus & Millichap)

ORLANDO—The relative affordability of renting compared with homeownership in the most desired neighborhoods of the market in Orlando, as well as the convenience and mobility of an apartment lifestyle, will continue providing a sizable renter pool. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Top-producing Orlando office broker Rick Solik, joined Colliers International Central Florida as executive managing director of Office Services. With more than 34 years of office leasing and sales experience, Solik has handled transactions totaling more than $2.8 billion. He has completed more than 9 million square feet of office projects, and spent a significant portion of his career working for a global commercial real estate firm in the Orlando market. Prior to that, he worked with regional and national developers such as Paragon Group and Tishman Speyer. He also worked for large institutional owners including Travelers, Parkway Properties and Banyan Street Capital. Solik has served as president of the local CoreNet Global chapter for three years, a global association for commercial real estate. He earned a Bachelor of Science in Business Administration in Finance from the University of Miami.

ORLANDO—Top-producing Orlando office broker Matthew McKeever, joined Colliers International Central Florida as executive managing director of Office Services. McKeever brings more than 30 years of experience in commercial real estate and has handled more than 1,000 transactions in his career, which have generated more than $2 billion in volume. He also worked for a substantial amount of time with an international commercial real estate firm in Orlando. Earlier in his career, he co-founded CommercialFirst Properties, a commercial real estate company that specializes in office tenant and landlord representation. Highly involved in the community, McKeever is a board member for the St. Margaret Building Board, Morning Star Charities, and the University of Central Florida Alumni Association. He earned a Bachelor

MIAMI—Horwath HTL Miami managing director Andrew Cohan announced the appointment of Agnes Pierre-Louis to his Miami strategic consulting team. Agnes is based in Miami Beach, and has industry experience in the UK, Europe and the Caribbean. Pierre-Louis holds a Bachelor's Degree in Hotel and Tourism Management from Ecole Hôtelière de Lausanne and an MBA from Kellogg School of Management. She is fluent in English, French, Spanish and Creole. A Caribbean native, Agnes previously managed Le Plaza Hotel in Haiti and was responsible for re-launching and restructuring the company. She also served on the board of the Haitian Tourism Association for several years through which she took an active role in drafting in the country's overall tourism strategy, and implemented training programs to support local operators.

DEAL TRACKER

PEMBROKE PINES, FL—Cushman & Wakefield negotiated the sale of Pembroke Pointe 880, a 143,535-square-foot class A office building Broward County. The Cushman & Wakefield Capital Markets team of Scott O'Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge represented Duke Realty in the disposition. Pembroke Pointe Office LLC, an affiliate of Miami-based Midtown Capital Partners, LLC, acquired the asset. Jason Hochman of Cushman & Wakefield's international Equity, Debt and Structured Finance (EDSF) platform assisted in securing a $22.7 million, long-term acquisition loan on behalf of the buyer. Pembroke Pointe 880 was developed in 2015. The building features 36,111-square-foot floor plates designed for maximum efficiency and space utilization; upscale lobby and common areas; ample parking for tenants (5.5 parking spaces per 1,000 rentable square feet); and Interstate 75 frontage with high-visibility signage opportunities.

PEMBROKE PINES, FL—HFF brokered the sale of LA Fitness at Chapel Trail Plaza, a 56,378-square-foot, fully leased, LA Fitness-anchored shopping center in the South Florida community of Pembroke Pines. The HFF team marketed the property on behalf of the seller, Regency Centers. The LA Fitness at Chapel Trail Plaza houses the only LA Fitness location within a five-mile radius. The property is situated on 10.25 acres at 18445 Pines Boulevard on one of Broward County's busiest east-west roadways and one that serves as the primary retail corridor for the Pembroke Pines retail submarket. LA Fitness at Chapel Trail Plaza is at the intersection of Pines Boulevard and SW 184th Street and is visible to more than 50,000 vehicles a day. More than 94,700 residents earning an average annual household income of $116,993 live within a three-mile radius of the property. The HFF team that represented the seller included senior managing director and co-head of HFF's retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams. “Lifestyle- and fitness-anchored centers continue to attract strong investor interest, particularly in growth markets like Florida,” says Williams. “LA Fitness at Chapel Trail Plaza represented the opportunity to acquire a dominant, high-traffic LA Fitness located in one of South Florida's top-tier retail submarkets.”

BUILDING BLOCKS

MIAMI—International development company Stripey Development reports its latest mixed-use residential project—26 Edgewater—is over 90% sold and expected to open in early 2018. Located in Edgewater at 321 Northeast 26th Street, the building is 10 stories with 86 units, ranging in size from 560 to 998 square feet. Designed by Modis Architects and built by Civic Construction, the project offers 86 one- and two-bedroom units featuring floor-to-ceiling impact windows and sliding glass doors, spacious glass balconies and nine-foot ceilings.

WESLEY CHAPEL, FL—Metro Development Group, a Tampa developer of master planned communities, completed the fill of the first-ever Crystal Lagoons' amenity in the US. Residents will have the 7.5-acre crystal-clear lagoon and a variety of aquatic recreational activities, such as swimming, kayaking, stand-up paddle boarding and even using small (non-motorized) sailboats. The lagoon at Epperson will have a waterslide, private cabanas, in-water obstacle platform, swim-up bar, tidal pool, restaurant, family beach, yoga lawn, an entertainment plaza, an area for special events and much more. Metro Development Group partnered with Crystal Lagoons back in September 2015 to be the first developer to bring these crystal-clear lagoons to the US

MIAMI—Two Roads Development broke ground on Elysee Miami, making it the newest luxury condominium tower to rise in East Edgewater, one of the fastest-growing neighborhoods in Miami's urban core. The 100-unit project, now rising at 788 NE 23^rd Street along Biscayne Bay, is being developed in partnership with entities managed by New York-based investment firm DW Partners. Delivery of the 57-story tower is expected in 2019. Designed by architect Bernardo Fort-Brescia of Arquitectonica, Elysee's three-tiered telescoping shape will provide direct 180-degree bay and city views from every residence.

Instant Insights /

Middle Market Digest: This Week in Florida

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