Southeast Real Estate Business

DEC 2016

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

Issue link: https://southeastrealestatebusiness.epubxp.com/i/756717

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10 December 2016 • Southeast Real Estate Business www.REBusinessOnline.com F L O R I D A SWIRE OPENS $1.05 BILLION BRICKELL CITY CENTRE'S OPEN-AIR SHOPPING CENTER MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has opened the first group of retail stores at Brickell City Centre, a $1.05 billion mixed-use destination in downtown Miami's Brickell district. The proj- ect's 500,000-square-foot, open-air shopping center housing more than 100 retailers and eateries, including a flagship Saks Fifth Avenue, Victo- ria's Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. Opening in 2017 will be a three-story Italian food hall that will feature a market, wine shop, ge- lato eatery, cheese bar and restaurant. Swire Properties has integrated the Miami Metromover transit system with Brickell City Centre with a stop that exits directly onto the shopping center's third floor. About 20 percent of the retail center at Brickell City Centre will feature retailers exclusive to the area and/or entering the United States for the first time from Europe and Latin America. The development, which also features two condo tow- ers, two Class A office towers and the EAST, Miami hotel, are linked togeth- er by Climate Ribbon, a $30 million el- evated trellis of steel, glass and fabric that is designed to harness Miami's bay breezes while deflecting direct sunlight. The shopping center is cur- rently 92 percent leased. GREYSTONE HELPS PRESERVE 1,058 AFFORDABLE HOUSING UNITS IN $130.8 MILLION DEAL NEW YORK — Greystone Affordable Housing Initiatives LLC has closed a $130.8 million transaction to help pre- serve 1,058 affordable housing units in Florida. The 24 aged properties are located in 12 counties throughout the state. Completed on behalf of owner and operator The Hallmark Cos. Inc., the financing included $41.6 million in tax-exempt bonds by Osceola County; Boston Financial purchasing $28.1 mil- lion in 4 percent Low-Income Hous- ing Tax Credits; HUD's assumption of $26.7 million of original USDA Section 515 debt, which provides subsidized financing to developers of affordable housing in rural markets; $29.9 mil- lion in senior debt; and $4.5 million in additional capital. Greystone worked closely with the USDA's Rural Hous- ing Service, as well as Osceola Coun- ty Housing Finance Authority and Florida Housing Finance Corp., in the transaction. Hallmark will use the funds to rehabilitate the interior and exterior of the 24 properties over the next 12 months at an average of $32,000 per unit. The redevelopment team includes Columbia, Mo.-based architect Wallace Architects LLC and Roswell, Ga.-based general contractor Formula Construction Group. CONCORD HOSPITALITY TO OPEN MARRIOTT AUTOGRAPH HOTEL IN WEST PALM BEACH WEST PALM BEACH, FLA. — Con- cord Hospitality Enterprises Co. plans to open a new hotel under the Mar- riott Autograph Collection brand at the former City Hall site in West Palm Beach. The 200-room hotel will anchor the $135 million redevelopment of the three-acre site. Navarro Lowrey Prop- erties is the developer of the project, which will include 27,000 square feet of retail space, up to 7,000 square feet of restaurant and outdoor dining space, 255 multifamily residences and a pub- lic park. The new hotel will overlook the Intracoastal Waterway and Palm Beach. Concord Hospitality plans to break ground on the hotel in 2017. CUSHMAN & WAKEFIELD BROKERS $113 MILLION SALE OF TROPHY OFFICE BUILDING IN FORT LAUDERDALE FORT LAUDERDALE, FLA. — Cush- man & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale's CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O'Donnell and Dominic Montazemi of Cushman & Wakefield's Capital Markets team rep- resented the seller, Dallas-based Gen- esis Capital Partners XI Ltd., a Gen- Cap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That's A Wrap, Dunkin' Donuts, Sabadell Bank, a car wash, wraparound out- door terrace, ballroom and conference facilities. MADISON CAPITAL PURCHASES RETAIL, PARKING DEVELOPMENT IN SOUTH BEACH FOR $57.3 MILLION MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach's South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital. COBB THEATRES SET TO OPEN 12-SCREEN THEATER AT ONE DAYTONA THIS MONTH DAYTONA BEACH, FLA. — Cobb Theatres is set to open the Cobb Day- tona Luxury 12 Theatres this month at One Daytona, a mixed-use and enter- tainment development underway in Daytona Beach. International Speed- way Corp. is developing One Dayto- na across from Daytona International Speedway, home of the Daytona 500 race. The 56,345-square-foot theater will feature 12 wall-to-wall screens, oversized electric reclining seats and a full-service restaurant and bar known as Cobbster's Kitchen. International Speedway Corp. plans to open the rest of One Daytona, which includes a Bass Pro Shops, Fairfield Inn & Suites by Marriott and retail and restaurants, in 2017. Brickell City Centre's 500,000-square-foot, open-air shopping center in Miami houses more than 100 retailers and eateries, including a flagship Saks Fifth Avenue store. Marketing 27 MILLION SF 347 shopping centers throughout the Southeast www.crossmanco.com | Licensed Real Estate Brokers LEASING | INVESTMENT SALES | MANAGEMENT

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