MIAMI—Early this week in Florida significant awards go to Marcus & Millichap. Strong numbers are also emerging out of Tampa's multifamily market. Get all the details.

BY THE NUMBERS

TAMPA—Multifamily deliveries in Tampa are soaring as major redevelopment projects get underway and residential growth spreads outward. Completions this year will reach the highest point since 2002 and keep climbing in the quarters ahead as builders have thousands of units underway with more planned. Although nearly every submarket in the metro is scheduled to receive new inventory in 2017 or 2018, development is heavily concentrated in Central Tampa. Here significant mixed-use developments including the Westshore Marina District and Water Street are underway. These projects will contribute to thousands of new rentals near the city core over the next several years and as multiple buildings begin leasing, vacancy will soften further, inhibiting class A rent gains. (Source: Marcus & Millichap)

NEWS & NOTABLES

ORLANDO—Six Marcus & Millichap's commercial real estate investment professionals in the firm's Orlando office won honors in seven award categories from the Central Florida Chapter of NAIOP: Ray Turchi placed in the Top 10 Brokers of the Year, President's Circle and Top 10 Retail Brokers of the Year; Chris Travis and Ray Turchi placed in the Top 5 Multifamily Brokers of the Year; Nicholas Hanson placed in the Top 5 Developing Leaders;Kent Hricko placed in the Top 5 Multifamily Brokers of the Year; and Scott Gould placed in the Top 10 Retail Brokers of the Year.

BUILDING BLOCKS

MIAMI—Plaza Construction plans to open an office in Central Florida as part of the firm's continued growth in the Southeast region. Todd Fultz, an industry veteran with more than 20 years of construction experience on projects in the hospitality, corporate office, multi-family, retail, aviation, education and sports market sectors, has been hired as part of Plaza's expansion into important markets in the region, including Tampa and Orlando, as a Managing Director. In this role, he will be responsible for leading the direction of Plaza's Central Florida operations. “We view the Central Florida market as having a lot of potential, not least because of its connectivity, world-class educational institutions, and lower land costs compared to metro areas like Miami or Fort Lauderdale,” saidBrad Meltzer, President of Plaza Construction Group Florida. “We look forward to levering our unique expertise and international reach to bring the area's most exciting projects to fruition.”

DEAL TRACKER

MIAMI—American Realty Advisors acquired Transal Park, a 134,175-square-foot, six-building, multi-tenant industrial campus in the Miami Airport West submarket. The Transal Park deal follows ARA and Foundry Commercial's recent acquisition of Miami Free Zone, an 823,000-square-foot industrial complex, which brings ARA's holdings in the area to more than 1.6 million square feet. “This is a strong class A asset in one of Florida's most dynamic markets,” says Kirk Helgeson, Chief Investment Officer at ARA.

MIAMI—As investor demand for South Florida multifamily continues to surge, a never-before listed 444-unit, garden-style, multifamily portfolio has hit the market, comprised of two established income-producing properties in Miami and Davie. Colliers International South Florida senior vice president Larry Stockton is listing the portfolio, with sites located at 11325 Northwest 7^th Street in Miami and 6857 College Court in Davie. “True value-add, garden-style multifamily is incredibly difficult to find right now in South Florida—and even more scarce because it's what everyone in the market seems to want,” says Stockton. “These assets are located in high barrier-to-entry neighborhoods and have never been on the market before, giving prospective buyers the opportunity to acquire meticulously-maintained single-owner properties with significant upside potential.”

PLANTATION, FL—Institutional Property Advisors, a division of Marcus & Millichap brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-rentable-square-foot office portfolio located within the Jacaranda Park of Commerce in Plantation. “Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development,” says Douglas K. Mandel, senior managing director. “Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements.” Mandel and C. Todd Everett represented the seller, a limited liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.

MIAMI—Madison Realty Capital provided a $26 million first mortgage loan, collateralized by two development sites located at 7880 Biscayne Boulevard located respectively in the Little River and El Portal sections of Miami. The borrower, who currently owns the two unencumbered sites, will utilize the proceeds to finance costs for a new two-acre development at the 7880 Biscayne Boulevard site to be known as the Triton Center. In addition, the borrower also plans to develop a large scale multifamily housing project at the 8540 Biscayne Boulevard location. The 7880 Biscayne Boulevard site, located at the southwest corner of 79th Street and Biscayne Boulevard, currently includes a vacant 11-story former office building that formerly housed the US Immigration and Naturalization Service and was acquired by the borrower in November 2013. The borrower has since cleared the 7880 Biscayne Boulevard site, demolished the interior of the building and secured approval on plans to convert the existing building into a 139-key Hilton Garden Inn hotel.

Instant Insights /

Middle Market Digest: Early This Week in Florida

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