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Brass Enterprises acquired the recently developed 348-unit community in January from The Allen Morris Company of Coral Gables, FL in a deal valued at $107.6 million.
HFF represented the seller and worked with the buyer in the transaction to secure the acquisition financing from New York Life Insurance Co. Loan proceeds were used to acquire the property and provides additional capital for an upcoming building renovation, HFF reports.
In addition to its corporate headquarters at 5332 Avion Park Drive in Tampa, the firm also shut the doors at its other three locations—8888 E. Raintree Drive in Scottsdale, AZ; 450 N. New Ballas Road in the St. Louis suburb of Creve Coeur, MO and 644 Eden Park Drive in Cincinnati, OH.
Globest.com recently asked Philippe Houdard, co-founder of Pipeline Workspaces, to discuss the forces behind the growth in flex space in the Sunshine State and what it means for the future of co-working space here.
The Realtor organization blamed buyer uncertainty caused by the partial federal government shutdown, instability in the stock market and the specter of rising mortgage interest rates as the root causes of the lower sales volume in January.
The city in releasing the RFP is hopeful that the sale of the 18 acres will result in the development of mixed-use, residential or office and or hospitality and retail development on the site.