Southeast Real Estate Business

AUG 2018

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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10 • August 2018 • Southeast Real Estate Business F L O R I D A POLLACK SHORES SELLS 400-UNIT APARTMENT COMMUNITY IN TAMPA FOR $82 MILLION TAMPA, FLA. — Pollack Shores has sold Lexington Park at Westchase, a 400-unit apartment community in Tampa. The Tampa Bay Business Journal reports the Atlanta-based de- veloper and owner sold the asset to Greystar for $82 million. Walker & Dunlop arranged the transaction. Pollack Shores originally acquired the asset in 2015 and invested $7 mil- lion in renovations. The project in- cluded the renovation of 50 percent of the residential units and upgrades to exterior elements. Lexington Park at Westchase is located adjacent to a Publix-anchored shopping center and features a swimming pool, business center, playground, clubhouse, movie theater and social room. ENCORE CAPITAL SIGNS AETNA TO 85,000 SF OFFICE LEASE AT PLANTATION WALK PROJECT IN PLANTATION PLANTATION, FLA. — Encore Capital Management has signed an 85,000-square-foot lease with Aetna at Plantation Walk, a $350 million mixed-use project under development in Plantation. The healthcare company will move from its current location in Sunrise to a 160,000-square-foot office building at the new development in December. Aetna's new location will house several divisions of the company including commercial business, Medicare, Medicaid and Aetna International. At full build- out, Plantation Walk will feature 700 multifamily units, 200,000 square feet of retail and restaurant space, 160,000 square feet of office space, a 263-room Sheraton Hotel and two parking garages. Aetna is the first announced tenant at the new office building. PASSCO BUYS APARTMENT COMMUNITY IN JACKSONVILLE FOR $70 MILLION JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community locat- ed at 3050 Tamaya Blvd. in Jackson- ville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partner- ship between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition fi- nancing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is locat- ed near St. Johns Town Center, one of Florida's largest retail centers, as well as the Mayo Clinic, which is currently undergoing a 300,000-square-foot ex- pansion. LLOYD JONES ACQUIRES 444-UNIT APARTMENT COMMUNITY IN TALLAHASSEE FOR $57.8 MILLION TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apart- ments, a 444-unit multifamily com- munity located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fit- ness centers, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami- based private equity investor's second acquisition in the Tallahassee area. JEFFERSON, STARWOOD SELL POMPANO BEACH MULTIFAMILY COMPLEX FOR $55 MILLION POMPANO BEACH, FLA. — Jefferson Apartment Group, in a joint venture with Starwood Asset Management, has sold Jefferson Lighthouse Place, a 243-unit apartment community lo- cated in Broward County's Pompano Beach. Norfolk, Va.-based Harbor Group International purchased the property for $55 million. Built in 2015, Jefferson Lighthouse Place features a resort-style pool, fitness center, out- door living room, kitchen and grill area with a TV, billiards and lounge seating. CUSHMAN & WAKEFIELD BROKERS $49 MILLION SALE OF MULTIFAMILY COMMUNITY IN CENTRAL FLORIDA KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 mil- lion sale of Arrow Ridge Apartment Homes, a 320-unit multifamily com- munity in the Central Florida com- munity of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Resi- dential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of in- terest-only payments. Arrow Ridge in- cludes a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, ga- zebo, covered picnic areas, sand vol- leyball court and a fitness center. TRIFORCE DEVELOPMENT TO BREAK GROUND ON RETAIL CENTER IN JACKSONVILLE JACKSONVILLE, FLA. — Triforce De- velopment is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jackson- ville. The development is an outparcel property at the Tinseltown Movie The- atre complex. Franklin Street's North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019. COASTAL RIDGE, H. KATZ CAPITAL BUY STUDENT HOUSING ASSET IN FORT MYERS FOR $44 MILLION FORT MYERS, FLA. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing commu- nity in Fort Myers, for $44 million. The community is located at 19401 Skidmore Way, less than three miles from Florida Gulf Coast University. Coastal Village Apartments features four-bedroom, fully furnished units. Community amenities include a lake- side pool, clubhouse, fitness center, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzalez, Jason Stanton and Cole Whitaker of Berkadia arranged the transaction on behalf of the undisclosed seller. CORAL GABLES, FLA.— NP International (NPI) has selected Balfour Beatty to construct the 1.3 mil- lion-square-foot Gables Station mixed-use devel- opment in Coral Gables, a suburb of Miami. Comprising three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the Miami Metrorail, providing easy access to Miami International Airport. The project will be directly connected to Underline Park, a 10-mile park and urban trail. The development's two apartment buildings will include a combined 450 units. Facing the Under- line Park on the ground level, one of the residential buildings will feature 19,000 square feet of retail space, while the second will include 18,000 square feet of retail space. Gables Station's third building will be home to a limited-service hotel, which will house 68,000 square feet of retail space for lifestyle and wellness tenants. Earlier this year, NPI received a $158.4 million construction loan for the project and negotiated a lease for Life Time Fitness at the development, ac- cording to the South Florida Business Journal. The project, designed to achieve LEED Silver- certification, is slated for completion in the fourth quarter of 2020. Architect Jorge Hernandez de- signed the project in partnership with Gensler. NPI, which has an office in Coral Gables, has de- veloped, built, managed and wholly owned more than 6 million square feet of real estate throughout the United States. Headquartered in London with offices across the United States, Balfour Beatty provides general contracting, at-risk construction management and design-build services for public and private sector clients. Kristin Hiller NP INTERNATIONAL TO BUILD 1.3 MILLION SF MIXED-USE DEVELOPMENT IN CORAL GABLES The Point at Tamaya in Jacksonville features a Peloton studio, fitness center, pool, yoga pavilion, outdoor sports bar, coffee bar, fire pit, business center and a pet park.

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