MIAMI—Early this week in Miami saw strong news coming out of the industrial market, which is not surprising but telling. TD Bank is making a shift and new construction is topping off.

BY THE NUMBERS

Miami set an all-time industrial market high with a $9 average asking rate in the fourth quarter of 2017. (Source: CBRE).

NEWS & NOTABLES

MIAMI—TD Bank named Gregory M. Santin as senior lender, Commercial Real Estate, based in Miami. He is responsible for developing new commercial real estate lending relationships with companies and organizations across South Florida. Santin has 25 years of experience in banking, lending and commercial real estate in South Florida, closing more than $5 billion in transactions to date in his career. Prior to joining TD Bank, he served at J.P. Morgan Private Bank as senior banker and at BankUnited as a senior relationship manager, Commercial Real Estate, focused on deposit and loan origination for a wide range of commercial real estate developers and investors in South Florida. Santin also worked in commercial real estate banking and risk management during a six-year stint at The Bank of New York Mellon Corporation.

DEAL TRACKER

MIAMI—CBRE has been hired to manage CMC Group's commercial portfolio, composed of 4000 Ponce de Leon – The Collection, the Grove Professional Building and 1550 Biscayne Boulevard. CBRE's Asset Services team, led by Patty Nooney and Mike Williams, will spearhead the assignment. “The CMC Group portfolio requires a high level of service due to the buildings' locations, caliber of tenants and CMC's brand and reputation in the real estate market,” says Nooney, senior managing director, CBRE Asset Services.

BONITA SPRINGS, FL—Hanley Investment Group Real Estate Advisors brokered the sale of a single-tenant BB&T Bank in Bonita Springs. The purchase price was $6.4 million for a 3,272-square-foot building, representing $1,956 per square foot, ranking the transaction in the all-time top 1% for a single-tenant bank sale nationwide, according to CoStar. Eric Wohl and Andrew Cunningham represented the seller, Pontus Capital of La Jolla, California. The buyer, a Southern California-based investor, was represented by Daniel Chiprut, senior managing director, Newmark Grubb Knight Frank in Los Angeles.

WESTON, FL—As construction continues at Terra's Botaniko Weston, sales have eclipsed the $100 million mark. With 125 architecturally-distinctive estate homes set on 121 acres bordering the Florida Everglades, Botaniko marks the first luxury community to be developed in the suburban neighborhood of Weston in over a decade. Homes at Botaniko, which range from four to seven bedrooms and 3,500 to 9,700 square feet in size, are capturing prices between $1.5 million and $3 million. Approximately 85% of the development's first phase has been pre-sold, with about 40 homes currently under construction and set to begin delivering early this year.

CRESTVIEW, FL—Institutional Property Advisors (IPA), a division of Marcus & Millichap, is marketing Bel Aire Terrace, a 324-unit apartment community in Crestview. The price is open bid. “Bel Aire Terrace is a stabilized asset with inherent upside,” says Frank Carriera, senior director. “During the past 12 months, the property has seen a more than 14 percent gain in effective gross income.” Completed in 2010 on just less than 30 acres at 100 Bel Aire Drive in Crestview, Bel Aire Terrace consists of 16 three-story residential buildings and a clubhouse.

BUILDING BLOCKS

MIAMI—Suffolk topped-off Royal Caribbean Cruises Ltd.'s Terminal A at PortMiami. The new terminal at PortMiami will be home to two of the world's largest cruise ships Allure of the Seas and – Symphony of the Seas, which is currently under construction and will become the largest in the world in November 2018. Once completed in October 2018, Royal Caribbean will implement the best technologies to deliver a state-of-the-art guest experience. The project is being completed for SMBC Leasing and Finance, Inc. and RCL. In addition to Royal Caribbean's PortMiami Terminal A, Suffolk is managing several other major construction projects in South Florida, including the Brightline's MiamiCentral Station, Jade Signature, Seminole Hard Rock Hotel & Casino Hollywood, Privé, The Bristol and Met Square.

Instant Insights /

Middle Market Digest: Early This Week in Florida

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