MIAMI—This week in Florida saw some interesting deal flow out of Orlando. From office stats to office sales, Orlando made a big splash this week.

BY THE NUMBERS

ORLANDO—Class A office asking rents in Downtown Orlando have reached $28.69 per square foot. (Source: JLL)

ORLANDO—This is the first time asking rents climb above $28 per square foot since the third quarter of 2009, almost a decade ago. This new peak in Downtown Orlando office rental rates is fueled mostly by consistent tenant demand.

NEWS & NOTABLES

ORLANDO—The Courtelis Company, Kislak Organization and HMG/Courtland Properties sold Murano Apartments in Orlando. The trio of real estate companies broke ground on the project in May 2015, began leasing in summer 2016. The luxury property was more than 95% occupied when sold this week to Murano 240, LLC, a Grant Cardone entity. Principals for the sellers, who developed Murano Apartments, were Elias Vassilaros, president, development and asset management services, for Courtelis; Thomas Bartelmo, president and CEO, for Kislak; and Maurice Wiener, chairman of the board of directors, president and CEO of HMG/Courtland Properties. Robert Given, Jay Ballard, Ken Delvillar and their Cushman & Wakefield team represented the sellers.

DEAL TRACKER

ORLANDO—Southwest Value Partners retailed JLL to manage three class A office buildings that the ownership group recently acquired in Downtown Orlando. The Bank of America Center, Citrus Center and One Orlando Centre comprises a portfolio totaling more than 1 million square feet. JLL's Sean McNamara will spearhead the management efforts.

BOYNTON BEACH, FL—Tiktin Real Estate Investment Services has been named the exclusive sales agent of 2600 Quantum Office Campus, a 6.96-acre, class A office complex within Quantum Business Park located at 2600 Quantum Boulevard in Boynton Beach. The site includes two buildings that total 21,732 square feet, an improved pad site for future development, and offers lake views. TREIS senior associate Cliff Weisner listed the property for $5.7 million.

MIAMI—An office condo at Trump Plaza in West Palm Beach, FL, had traded hands. The sale price of $1.2 million may not qualify as a mega deal in the market but it's telling on the office condo scene and the Palm Beach County office market at large. Crossman & Company negotiated the sale of the office condo. Crossman & Company senior associates Kim and John Fitzgerald represented the seller. Judge Moss with Sotheby's International Realty represented the undisclosed buyer.

ORLANDO—JLL closed on a new 2,846-square-foot lease with Taco Bell. The franchise will be introducing its new “Cantina” concept at the Plaza on University, the leading student housing development located at one of Orlando's busiest intersections and across the street from The University of Central Florida. The Taco Bell Cantina will be the first of its kind to open in Central Florida. JLL's Brandon Delanois represented the landlord in the lease negotiations.

BOCA RATON, FL—Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 Northwest Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton. On behalf of the landlord, Avison Young principals Greg Martin and Keith O'Donnell facilitated the transaction.

JACKSONVILLE, FL—KeyBank Real Estate Capital originated a $31.5 million first mortgage loan for LUX, a class A, garden-style apartment complex located in Jacksonville. Built in 2017, the 265-unit, multifamily property is comprised of four, three-story residential buildings. Caleb Marten of Key's Commercial Mortgage Group arranged the non-recourse loan through a life company relationship with a 12-year term and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

FORT LAUDERDALE, FL—Cushman & Wakefield has negotiated the sale of The Queue Apartments, a 191-unit boutique urban-core multifamily community located in Downtown Fort Lauderdale. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn negotiated the disposition on behalf of Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset for $53 million ($277,487 per unit).

WESTON, FL—KBS Realty Advisors Newport Beach brokered a new lease at the Weston Corporate Center I & II. The Ultimate Software Group, a provider of cloud-based human capital management solutions, signed a new lease for 20,749 square feet. Weston Corporate Center I & II is comprised of two, class A buildings totaling 149,103 square feet. The office park has hurricane impact windows and individually controlled HVAC systems for each suite for 24/7 use. The property also offers an above-market parking ratio of 4.7 spaces per 1,000 square feet.

TAMPA, FL—JLL completed a 48,818-square-foot office lease expansion on behalf of Equinix, an interconnection and data center company. The company will be growing from its original space of 30,164 square feet to occupy the 7^th and 8^th floors at Two Harbour Place on the waterfront community of Harbour Island in the heart of Downtown Tampa. The expansion has brought Two Harbour Place to 92% occupancy.

Instant Insights /

Middle Market Digest: Early This Week in Florida

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