MIAMI—Early this week in Florida saw Miami and its surrounding areas making its mark on commercial real estate news. But Tampa and Orlando showed up strong in the stats.

BY THE NUMBERS

TAMPA, FL—Both the Tampa and Orlando metro areas exhibit strong market fundamentals. Over the next five years, building construction starts in Tampa are projected to total more than $12 billion, or an average of $2.3 billion dollars per year from 2018 to 2022, according to. In Orlando, building construction starts are projected to total more than $19 billion, or an average of $3.7 billion dollars per year from 2018 to 2022 (Source: Dodge Data and Analytics)

NEWS & NOTABLES

PALM BEACH, FL—Berkadia secured an $80 million value-add loan for the rehabilitation of The Fountains, a 542-unit multifamily community located in a premiere section of Palm Beach County. Berkadia South Florida senior managing directors Charles Foschini and Mitch Sinberg, along with managing director Chris Apone, associate director Matt Robbins, and senior analyst Lourdes Carranza-Alvarez, arranged the transaction on behalf of the buyer, Advenir at PGA LLC. Advenir acquired the property from Landmark at Garden Square LLC for $97.250 million.

DEAL TRACKER

WEST PALM BEACH, F—Avison Young's Florida Capital Markets Group is marketing for sale The Atrium, a 37,392-square-foot, single-tenant corporate office building situated on 3.16 acres at 5500 Village Boulevard within North Point Office Park in West Palm Beach. Carrier Corporation, a world leader in high-technology heating, air-conditioning, and refrigeration solutions, occupies 100% of the recently renovated Atrium property under a long-term lease agreement.

MIAMI—Leasing and initial site preparations for The Gateway at Wynwood, a 420,000 square-foot building located where Wynwood and Midtown meet, have begun—with groundbreaking expected in the next 90 days. The building is anchored by 200,000 square-feet of leasable Class A office space. R&B Realty, the New York-based real estate firm developing The Gateway at Wynwood, is financing the building's construction with equity. Project completion is expected in late 2019.

MIAMI—Marcus & Millichap brokered the sale of Griffing Place Apartments, a 12,600-square foot multifamily property in North Miami. The asset sold for $1.55 million. Griffing Place Apartments is located at 12133 Northeast 5th Avenue in North Miami. The property is a 16-unit apartment building located in Miami-Dade County. The property's unit mix is comprised of 10 one-bedroom/one-bathroom apartments and six, two-bedroom/one-bathroom apartments. The building was constructed in 1971 and has the 40-year recertification.

LAKEWOOD RANCH, FL—KW Realty acquired and has begun construction on the Shoppes at Commerce Park, a class A, 22,332-square-foot neighborhood retail plaza. Located at 4112 Lakewood Ranch Blvd in Lakewood Ranch, the service center is already 65% pre-leased with anchor tenant Keller Williams Realty of Manatee, a member of the Classic Group. Other tenants include X-30 Fitness, Skyline Chili, a nail salon, and a local pharmacy.

BUILDING BLOCKS

MIAMI—Florida East Coast Industries completed 3 MiamiCentral, its first mixed-use tower at MiamiCentral and welcome its first office tenant, Brightline. The 12-story building is comprised of 96,000 square feet of class A office space and a seven-story parking garage. Multiple retail spaces make-up the ground floor where Einstein Bros. Bagels and a major grocer will make their debut.

Instant Insights /

Middle Market Digest: Early This Week in Florida

Related Stories

Recommended For You