MIAMI—Early this week in Florida saw strong numbers coming out of the Tampa-Saint Pete region. Overall, there was strong activity across the Central Florida region.

BY THE NUMBERS

TAMPA, FL—Growth in logistics and e-commerce firms is generating demand for warehouse and distribution space across Tampa-Saint Petersburg. A budding population and Florida's largest port influence more industrial firms to expand operations within the metro. This year, FedEx will occupy a new center in Saint Petersburg, following recent expansion by Walmart. The arrival of two Post-Panamax cranes at Port Tampa Bay will bolster the facility's container ship operations, heightening interest for nearby space. Encouraged by vacancy falling below 5 percent, developers are scheduled to bring more speculative space online. Tampa's East End and the Interstate 4 corridor in general will receive speculative warehouses and distribution centers in 2017. Overall absorption will outpace construction activity this year, compressing vacancy to a historically low level, pushing rents higher. (Source: Marcus & Millchap)

NEWS & NOTABLES

VIERA, FL—In January of each year John Burns Real Estate Consulting releases a list of the Top 50 Master-Planned Communities across the United States. Viera was listed as 24th in the nation for 2017, a 17-spot jump from the previous year. Rankings for the John Burns Real Estate Consulting Top 50 list are based on new home sales with feedback from industry contacts and boots-on-the-ground consultants that support the research which goes into producing the prestigious annual rankings. “Viera remains one of the only master-planned communities in Brevard County, and continues to attract both families—working in the high-tech sectors around Cape Canaveral—to retirees who are attracted to the MPC's activities and retail offerings,” says Lesley Deutch, principal at John Burns.

DEAL TRACKER

CUTLER BAY, FL—NAI Miami's Jeremy Larkin and Jospeh Gallaher negotiated the sale of The Shoppes of Old Cutler located at 20210 – 20236 Old Cutler Road in Cutler Bay. The seller was Lider Net Mall. The buyer is New Cutler Bay Shops. The sale price: $4.875 million or approximately $330 per square foot. Shoppes of Old Cutler was originally developed by NAI Miami for Old Cutler in 2005 and was sold by the Larkin/Gallaher Team in 2012 for $3.5 million to Lider Net Mall, LLC. Since developing the shopping center, NAI Miami leased and managed the nearly 15,000 square foot retail asset, maintaining its occupancy levels close to 100%.

MIAMI—State Street Realty started 2018 on a positive note by completing more than 100,000 square feet of office and industrial transactions in the Miami commercial real estate market. State Street Realty's George Pino, Ed Lyden, Frank Trelles, and Brian Cabielles worked on behalf of landlords, tenants and other clients. “In 2018, you will continue to see a significant amount of industrial space absorbed, low vacancy and subsequently rental rates will continue to trend up,” says Pino.

DEERFIELD BEACH, FL—Tom Robertson, cofounder and senior managing partner with CRE Rauch Robertson, brokered the sale of an industrial property located at 3411 Southwest 11th Street to RMB Holdings LLC for $2.7 million. The 21,165-square-foot facility, built in 1987, is situated on 1.3 acres, which fronts both Southwest 10th and Southwest 11th Street. Robertson has represented the leasing and sale interests for this building since 2002.

SAINT PETERSBURG, FL—Institutional Property Advisors, a division of Marcus & Millichap brokered sale of Urban Style Flats, a 481-unit multifamily asset in Downtown Saint Petersburg. The multifamily property sold for $46.25 million, which equates to more than $96,000 per unit. The property is located at 300 10th Street South in Downtown Saint Petersburg, within walking distance of Tropicana Field and Central Avenue, near the University of South Florida's Saint Pete Campus and Saint Petersburg College's downtown campus. New developments in the vicinity include a waterfront pier project, the Al Lang Stadium expansion, a Johns Hopkins research center, The Tom and Mary James Museum of Western and Wildlife Art, and One St. Petersburg, a 41-story mixed-use project.

TAMPA, FL—Cushman & Wakefield negotiated the sale a 60,000-square-foot office building leased fully to UnitedHealth Group in East Tampa for $10.5 million. The tenant, which ranks in Fortune 500's top 10 companies, uses the space a corporate call center. The Cushman & Wakefield Capital Markets team of Rick Brugge and Michael Lerner represented seller 10210 Windhorst Blvd LLC, a private investment partnership. The buyer, Tampa-based Christian Tyler Properties, is a privately held, full-service real estate development, acquisition, investment and management company with assets throughout the Southeast. The property is located at 10210 Windhorst Boulevard in Pinebrooke Commerce Center, a premier mixed-use park in east Hillsborough County, near Tampa's Brandon submarket. It is convenient to Interstate 75 and Interstate 4, as well as an array of dining, retail, entertainment and housing options.

Instant Insights /

Middle Market Digest: Early This Week in the Southeast

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