MIAMI—This week in Florida saw significant construction news in Miami. Deal flow was healthy across Florida submarkets.

BY THE NUMBERS

For all the talk of Miami's industrial commercial real estate industry, Orlando—and all of Central Florida—is also on a rapid rise. Specifically, Orlando will deliver another 1.5 million square feet of new industrial buildings in 2018, with industrial building sizes growing larger to accommodate the tenant demand. (Source: Foundry Commercial)

There will be a boomerang effect for core tenants in the 30,000- to 80,000-square-foot range due to strong Orlando fundamentals. 2017 saw a slight dip in these users and their need for class A rear load buildings, but landlords with new inventory will be the winners in 2018. (Source: Foundry Commercial)

DEAL TRACKER

MIAMI—Trez Forman Capital Group completed a $44.8 million loan to finance construction of a new maintenance-free residential community in Southwest Florida geared towards Baby Boomers. Trez Forman's Ben Jacobson originated the loan. The borrower is Sarasota Floridian, led by Larry Lieberman and Fred Starling. Sarasota Floridian, LLC is developing a 309-unit active-adult project called The Floridian Club of Sarasota in Venice, FL. Plans call for 261 single-story attached villas and 48 three-story units served by elevator. All have one and two bedrooms and one and two baths. Floor plans range in size from 991 square feet to 1,339 square feet. The villas offer an optional one-car garage.

MIAMI—The Fountains at Palm Beach Gardens, a 542-unit, value-add multifamily community in Palm Beach Gardens, FL, has traded hands. Advenir acquired the asset for $97.25 million, or $179,428 per unit. ARA Newmark brokered the sale. Executive managing directors Hampton Beebe and Avery Klann; director Jonathan Senn; transaction manager Matt Scarola; and vice chairmen Dick Donnellan and Marc deBaptiste represented the seller, Landmark at Garden Square.

BRANDON, FL—Phoenix Realty Group purchased Tuscany Villas Apartments through an affiliated entity. The property, a 248-unit class B multifamily apartment community, is located at 1919 Sterling Palms Court in Brandon, a city in the eastern section of the Tampa metropolitan area. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for prospective tenants in the area. The property will be rebranded as Alvista Sterling Palms, utilizing PRG's proprietary brand Alvista Communities.

CORAL GABLES, FL—The ownership parties of 250 Bird Road in Coral Gables, known as Coral Gables Luxury Holdings, have agreed and exclusively listed the property through court-appointed brokerage firm Avison Young. The ±2.8-acre development site, which encompasses an entire city block near luxury open-air shopping destination Shops at Merrick Park, is zoned for ±430,605 square feet and represents a unique opportunity for an investor or developer to purchase the sole assemblage of its size to meet Coral Gables' high demand for live-work-play developments. Avison Young's Florida Capital Markets Group principals Michael T. Fay, who is also managing director of the firm's Miami operations, John K. Crotty, and David Duckworth along with associate Colin Trabold lead the marketing and sale of the asset.

TAMPA, FL—Bob Hernandez, senior vice president/managing director of NorthMarq Capital's Tampa regional office, finalized a $15 million permanent loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot mixed use (office and retail) property located at 111 2^nd Avenue NE and 201 1^st Street Northeast in Saint Petersburg. The transaction was structured with a seven-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants include: Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.

MIAMI—Newmark Knight Frank's South Florida industrial brokerage team negotiated a 64,000-square-foot lease with Tropical Foods at International Corporate Park, Building 2, a 115,200-square-foot facility west of Miami International Airport. NKF represented the owner in the lease transaction, and was the only broker involved in the deal/ The new lease includes more than 50,000-square-feet of cooler space, plus offices and dry warehouse space.

BUILDING BLOCKS

MIAMI—Co-Developers CIM Group and Falcone Group topped-off construction at CAOBA, a 444-unit apartment tower located within Miami Worldcenter, the 27-acre mixed-use development in Downtown Miami. Formerly known as the first phase of the Seventh Street Apartments, the 43-story market-rate rental building becomes the first tower to top-off construction at the $2 billion Miami Worldcenter development, marking a major milestone for one of the largest urban development projects underway in the country. Construction of CAOBA is anticipated to be completed in the fall of 2018, with apartments set to open for pre-leasing this summer.

SARASOTA, FL—Mercedes Medical, a locally owned medical supply company, broke ground on its 60,000-square-foot corporate headquarters in the CORE project in Lakewood Ranch. The company purchased a 5-acre parcel located on Rangeland Parkway and Lakewood Ranch Blvd. for $900,000 and will begin construction immediately. Michele Fuller of Ian Black Real Estate represented Mercedes Medical in the purchase. SMR North 70 LLC was the seller. Mercedes Medical is expected to complete construction in Spring 2019.

Instant Insights /

Middle Market Digest: This Week in Florida

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