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Monthly ArchiveDecember 2017

Industrial complex next to Sarasota airport fetches $56 per square foot

Airport Commerce Center near Sarasota-Bradenton International Airport

Two investors paid $10.4 million for a complex of eight industrial buildings next to Sarasota-Bradenton International Airport.

Investors Lee Rosner and Jim Tsunis paid about $56 per square foot for the Airport Commerce Center, located just north of the airport. Rosner and Tsunis own approximately one million square feet of industrial space across the country.

Rosner, based in Islandia, New York, told the Sarasota Herald-Tribune the Airport Commerce Center is in “fair to good condition” and that he and Tsunis plan turn it “back into first-class industrial warehouse space.”

About 11,000 square feet, or 7 percent, of the 183,283-square-foot industrial complex is vacant.

The property was built in phases from 1985 to 1994 in the 7000 block of 15th Street East and the 1100, 1200, 1300 and 1400 blocks of Tallevast Road, along the north side of Sarasota-Bradenton International Airport.

Previous owners of the Airport Commerce Center include Airport Commerce LLC, which  bought the property for $8.3 million in 2012, and a Miami-based entity that paid $15.25 million in 2006. [Sarasota Herald-Tribune] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

Tampa student housing complex commands $26M

The Social at South Florida

A 180-unit apartment complex in Tampa that caters to students at the University of South Florida sold for $26 million.

Vesper Holdings paid about $145,000 per unit for the complex, called The Social at South Florida, and plans to spend $1 million on property upgrades.

The apartment complex was built in 2000 at 2919 Network Place in Tampa, near a Walmart Supercenter, Lettuce Lake Park and the USF Contemporary Art Museum.

The Social at South Florida is a complex of 12 buildings, each three stories tall, with two-bedroom and four-bedroom apartments ranging in size from 930 square feet to 1,494 square feet.

The apartments feature private bedrooms and bathrooms, built-in desks and bookshelves, a private balcony or patio, and walk-in closets, plus flat screen televisions, internet access and full-sized washers and dryers.

Common-area amenities include a car wash, clubhouse, basketball court, outdoor lounge and patio, swimming pool, study room and tanning suite.

The Social at South Florida was Vesper’s second acquisition of a Tampa apartment property catering to students at the University of South Florida.

In 2014, Vesper acquired The Ivy at 3424 Jefferson Commons Drive in Tampa near USF. [Multi-Housing News] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

Office buildings in downtown Naples sell for $13.9M

Petit Square at 294 14th Avenue South in Naples

A major investor in commercial properties in Naples bought two office buildings in the downtown area for $13.9 million.

Hoffman Commercial Real Estate paid $7.3 million for Petit Square, an 8,616-square-foot office building at 294 14th Avenue South.

Hoffman paid $6.63 million for another office building at 271 Broad Avenue South.

The two office buildings bring to 17 the number of Naples properties that Hoffman has acquired in the last three years.

Hoffman has contracts to buy four more buildings in downtown Naples by the end of January, which would boost the company’s total investment in Naples properties to more than $250 million.

According to its website, Hoffman is based in Chicago and ranks as the largest owner of commercial property in Naples. [Business Observer] — Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

Restaurateur sells Belle Meade home for $4.3M


7321 Belle Meade Island Drive in Miami

Restaurateur Steven J. Perricone, owner of Perricone’s Marketplace & Cafe in Miami’s Brickell area, and his wife Marjorie Perricone sold their house on Miami’s Belle Meade Island for $4.3 million.

The couple sold the house for $700,000 less than their original $5 million asking price and provided the buyer with $3.44 million of seller financing.

The Perricones sold the 5,823-square-foot house at 7321 Belle Meade Island Drive to Paolo Buonfante, an executive of DAS Model Management in Miami Beach.

The couple built the waterfront house in 2003 on a 13,200-square-foot lot. It has four bedrooms, six bathrooms, a half bathroom, a pool and a dock.

The Perricones have moved to a larger house at 5020 Southwest 86 Street in Miami, a 9,439-square-foot residence they bought for $4.3 million.

In October, Perricone sold the property where Perricone’s Marketplace is located for $16.18 million and leased it back.

The buyer of the restaurant property at 955 South Miami Avenue and 15 Southeast 10th Street is an affiliate of citizenM Hotels, which plans to build a hotel on the site, where Perricone’s Marketplace would continue to operate as a tenant in the hotel. [South Florida Business Journal] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

Wellington rejects new uses for two golf courses

Glennn Straub (Source: Casino.org)

Finding new uses for his money-losing golf courses apparently won’t be easy for Wellington-based developer Glenn Straub.

The Wellington Village Council unanimously rejected Straub’s proposals to allow all sports, without a special permit, at his Wellington golf courses, Palm Beach Polo and Country Club and Polo West.

Straub, who says the golf courses are unprofitable, amended his proposal for Polo West to allow only equine sports there.

But the village council rejected that proposals, too, over the course of an eight-hour council meeting that attracted a large crowd of opponents, including many who publicly criticized Straub’s proposals as threats to their safety  and their property values.

As a result, Straub plans to convert Palm Beach Polo and Polo West from private to public golf courses “in order to increase golf revenues,” may his attorney Alexander Domb said in a prepared statement.

Straub says his golf courses are unprofitable. His rejected proposals to allow all sports on the golf courses also would have allowed construction of access roads connecting Palm Beach Polo and Polo West to main roads. [WPTV] — Mike Seemuth

Source: http://feeds.feedburner.com/trdmiami

Publix pays $24.45M for Coral Springs retail center it anchors

Lakeview Center at 1300 and 1478 Coral Ridge Drive in Coral Springs (Credit: South Florida Business Journal)

Publix Super Markets paid $24.45 million for a shopping center in Coral Springs where the supermarket operator is the anchor tenant.

Publix paid $305 per square foot for Lakeview Center, an 83,288-square-foot shopping center at 1300 and 1478 Coral Ridge Drive.

The seller is Lakeview Shopping Center LLC, an affiliate of AEW Capital Management in Boston.

The last time it was sold, the Coral Springs shopping center traded in 2000 for $11.55 million, less than half the price Publix paid.

Lakeview Center was built on a 9.9-acre site in 1996. Together with Publix, the shopping center’s tenants include AT&T Store, Hair Cuttery, Joe’s Pizza & Pasta, Subway and UPS Store.

Buying shopping centers that it anchors has been an important element of Publix’s real estate strategy, according to the Tampa Bay Business Journal. [South Florida Business Journal] — Mike Seemuth

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Hawaii real estate in pictures — the top slideshows of 2017

During 2017, Pacific Business News took readers on many real estate tours — from new condominiums in Honolulu to a celebrity home on Maui to the winner of an HGTV contest on the Big Island.

Here are PBN’s 10 most-viewed real estate slideshows of 2017:

1. Stanford Carr’s Keauhou Place opens

Stanford Carr Development’s 423-unit mixed-use condominium and townhouse complex called Keauhou Place opens to its first residents.

2. Target opens store at Ala Moana Center

Before opening to the public,…

Source: http://feeds.bizjournals.com/industry_21

Silicon Valley sees big jumps and big scores for 2017 lists

In three years as the Silicon Valley Business Journal’s lead tesearcher, I have parsed a lot of data sets. Part of my job is to take note of trends and anomalies, while tracking list placements and movements year-to-year.

Last week, we published the annual Book of Lists — a collection of most of the more than 80 lists that run in the Business Journal. Here, I’ve compiled 10 items that I think reveal quite a bit about the status of specific industries, the growing popularity of certain regions…

Source: http://feeds.bizjournals.com/industry_21

South Florida’s top multifamily deals of 2017

South Florida’s top multifamily deals of 2017

Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million.

At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly 400-unit development in Doral.

Here’s a look at the five priciest multifamily investment sales of this year:

1) Montage at City Center, Pembroke Pines
$158.5 million

AVR Realty Company sold the 700-unit Montage at City Center in Pembroke Pines to Harbor Group International. Despite setting a record price for this year, AVR paid the same amount, $158.5 million, for the project in two purchases in 2014 and 2015.

Montage at City Center, at 10170 Southwest Seventh Street, consists of 12 mid-rise buildings and 28 townhome structures, with a mix of one-, two- and three-bedroom units. The development was built in two phases, in 2014 and 2015. Amenities include a LEED Gold-certified clubhouse, two pools, a fitness center, business center and game room.

The deal also included the assumption of a $100 million loan. It broke down to about $226,000 per apartment.

2) Manor at CityPlace
$135 million

The Related Group, Shoma Group and PGIM Real Estate Investors sold a piece of CityPlace Doral in August for a whopping $135 million.

The developers sold the Manor at CityPlace, at 3450 Northwest 85th Court, to TA Realty affiliate FHF I Manor Doral for an amount that breaks down to nearly $343,000 per apartment.

Related and its partners completed the 394-unit luxury apartment complex in 2014 and secured $74 million of long-term debt for the property in May 2016. It was fully leased at the time. The six-story building sits on 5.8 acres just southwest of the shops at CityPlace.

3) Amaray Las Olas
$134 million

A luxury rental tower in downtown Fort Lauderdale that could eventually be converted to condos traded hands for $133.55 million in June, marking the third-largest multifamily deal to close this year.

A joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas to a company managed by Boston-based GID, a real estate developer, property management and acquisition firm. The GID affiliate financed the deal with a $65 million mortgage from TIAA.

Amaray hit the market in January with its brokers expected it to sell for upwards of $150 million. At $133.55 million, Amaray sold for nearly $526,000 per apartment.

4) Solano at Miramar
$120 million

Atlanta-based JMG Realty paid $119.75 million for the 512-unit Solano at Miramar

UBS Realty Investors sold the complex at 11700 Southwest 26 Street at a loss, as it paid $124.3 million for the property in 2007.

The Mediterranean-style project, built in 2008, sits on a nearly 30-acre lot, which includes an adjacent 7.35-acre vacant lot. It’s split between a 364-unit apartment community and a 148-townhome community offering three-story units with two-car garages, according to its website.

5) Quaye at Palm Beach Gardens
$118 million

In July, Tampa-based Carlyle Investments sold a 340-unit apartment complex in Palm Beach Gardens for $118 million to PGIM Real Estate.

PGIM paid about $347,000 per apartment at the Quaye at Palm Beach Gardens.

The 34-acre development, at 10000 South Gardens Drive, was completed in 2015. Carlyle financed construction with a $47.6 million mortgage from Columbus, Georgia-based Synovus bank.

Harunobu Coryne contributed reporting.

Source: http://feeds.feedburner.com/trdmiami

‘No Man’s Land’: the first U.S. maps forgot about this Colorado ski town

Breckenridge’s roots have grown from gold, brothels, booms and busts to tourist-attractions, snow and shopping.

It is ranked among the best ski resorts in the world, and why not?

The resort boasts 34 ski lifts with 2,908 acres of skiable terrain and runs for skiers and snowboarders of all levels and ages.

And beyond all that powdery perfection (sometimes) is a 4.68-square-mile town home to about 5,000 permanent residents and about 450 businesses — including boutiques, stores, lodges, restaurants/bars…

Source: http://feeds.bizjournals.com/industry_21

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