This week in Florida saw strong numbers emerge in Broward's industrial market. Florida submarkets also reported significant commercial real estate activity.

BY THE NUMBERS

FORT LAUDERDALE, FL—Strong market fundamentals have developers searching for industrial opportunity in every corner of Broward county. Broward's industrial market realized an 84% increase in construction activity year-over-year, closing 2017 with 1,167,965 square feet of new product going vertical. (Source: CBRE)

FORT LAUDERDALE, FL—Developers are displaying confidence in South Florida's industrial market, as most of the construction underway is speculative. Roughly 66% of the pipeline is still available for lease. Broward's three most active submarkets, in terms of industrial space under construction, are Southwest Broward, with 371,524 square feet under construction Coral Springs, with 366,536 square feet under construction, and Northeast Broward, with 355,114 square feet under construction. (Source: CBRE)

NEWS & NOTABLES

MIAMI—Monument Capital Management named Donte Harris director of student housing. Harris will be based in Monument's corporate offices in Miami. Bringing a decade of experience in property management and operations throughout multiple markets in the southeast, Harris will be responsible for coordinating communications between community managers and the corporate office, reviewing occupancy statuses and recommending rent schedules, inspecting properties to ensure they meet high standards, and coordinating preparation of annual operating and capital budgets. Prior to joining Monument, Harris served as general manager at Asset Campus Housing, where he was responsible for building and developing leasing and marketing teams comprised of 12 to 18 individuals. Prior to that, he served as director of community operations at Greystar Management Services, where he developed and implemented marketing strategies for operational assets in numerous markets.

DEAL TRACKER

LAKELAND, FL—The sale of a 91,000-square-foot industrial building was inked by Kyle Vreeland and Greg Smith of Coldwell Banker Commercial Saunders Ralston Dantzler Realty (CBCSRD). The property was purchased by BMR Suspension, a manufacturer of after-market automotive products. The facility currently houses Alabama Metal Industries Corporation (AMICO), a manufacturer of industrial flooring and grating. AMICO is a subsidiary of Gibraltar Industries, a producer of building materials with over $1 billion in annual revenues. Gibraltar is leasing back 50,000 square feet from BMR Suspension for AMICO's continued operations. BMR plans to move its operations from Seffner, FL to Lakeland and bring along more than 60 employees.

ORLANDO, FL—KeyBank Real Estate Capital secured a $13.3 million Freddie Mac, floating rate loan for Aventura Apartments in Orlando. The 144-unit multifamily property was built in 1984 and has undergone extensive renovations over the past two years. The property will reserve 20% of the units for families and individuals earning 80% AMI. Jeff Rodman of Key's Commercial Mortgage Group and Kelly Frank of Key's Community Development Lending & Investment (CDLI) group arranged the financing with a seven-year term and a 30-year amortization schedule. The loan features a 15-month earnout provision, which is collateralized by a KeyBank provided letter of credit. The loan will be used to refinance existing debt.

MIAMI—CBRE Hotels brokered the sale of The Hall South Beach, located at 1500 Collins Avenue in Miami Beach. A Spanish conglomerate purchased the hotel from Rockwood Capital. CBRE's Paul Weimer and Christian Charre arranged the sale on behalf of the seller. The 163-room hotel is in the heart of South Beach's Art Deco district. Built in 1940, The Hall building was designed by famed architect L. Murray Dixon. The property features a courtyard with an indoor/outdoor restaurant, beer garden, library, bar and swimming pool. Lincoln Road, Ocean Drive, and Española Way are all within a two-block radius. The seller had recently completed a major renovation, significantly improving the property.

OLDSMAR, FL—City of Oldsmar selected CBRE to sell a 349,257-square-foot vacant site for a Town Center development opportunity. Adjacent to the City Hall at 100 State Street West in Oldsmar, the site is being marketed to private developers or development teams. The city hopes for the site to be a mixed-project with office, retail, hotel and residential components. The Tampa-based CBRE team marketing the site is led by Tom Karpenske and Hans Kaunath, in collaboration with CBRE's public sector experts, Lee Ann Korst and Michael McShea.

PEMBROKE PARK, FL—Transwestern's South Florida industrial announces it secured a long-term lease renewal for 72,199 square feet with Feeding South Florida at Seneca Industrial Park, an 885,000-square-foot, class A distribution and warehouse park at 2500 Southwest 32nd Avenue in Pembroke Park. Feeding South Florida is a nonprofit food bank and leading domestic hunger-relief organization in South Florida. Transwestern senior vice president Thomas Kresse, senior managing directors Ben Eisenberg and Walter Byrd, and senior associate Carlos Gaviria represented the landlord, TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), during the transaction.

WELLINGTON, FL—NAI Miami's Josh Rodstein and Brandon Weiss negotiated a five-year retail lease for their client, Amazing Lash Studio. The 2,000-square-foot lease is located at 2557 South State Road 7 in Wellington. The landlord is WRI Wellington Green, LLC. The lease is valued at over $409,000. Amazing Lash Studio was founded in 2010 and specialize in perfection, long-lasting and professionalism in the eyelash extension industry. They have franchise locations all over the United States and are headquartered in Scottsdale, AZ.

POMPANO BEACH, FL—Cushman & Wakefield negotiated three warehouse and distribution leases totaling 54,726 square feet at Pompano Center of Commerce II in Broward County. The South Florida industrial brokerage team of Chris Metzger, Richard F. Etner Jr., Christopher Thomson, and Matthew G. McAllister represented building owner Pompano Industrial Venture, a joint development between Butters Construction & Development and an institutional capital partner, in securing leases with Electriduct, Midwest Hose and Service Quick, Inc.

BUILDING BLOCKS

SUNNY ISLES BEACH, FL—Jade Signature has received its temporary certificate of occupancy (TCO), signaling the start of closings for the ocean-facing luxury tower. Residents are now slated to begin moving in within the next few weeks. Developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, and created by the Pritzker-Prize winning architecture firm Herzog & de Meuron—in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles—sales and construction began in 2013. To date, 95% of the 192 residences have been purchased by an array of buyers spanning the US, Latin America and Europe. Financing for the 57-story tower, which is located at 16901 Collins Avenue in Sunny Isles, was provided by HSBC. With this initial TCO achieved, the development team expects that the building will be fully completed for its official opening at the end of the first quarter.

Instant Insights /

Middle Market Digest: This Week in Florida

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