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Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 26, 2012 

Industrial Income Trust acquired a fully leased four-building 208k SF industrial portfolio for $18.9M (which is about $90/SF). The portfolio was developed and owned by an affiliate of the Butters family.
5330 NW 35th Ave
Marcus & Millichap VP of investments Douglas Mandel of Fort Lauderdale brokered the sale with Butters Realty & Management prez Malcolm Butters. The properties: the 125k SF Tamarac Business Center at 6701 Nob Hill Rd and 49k SF Tamarac Commerce Center at 6501 Nob Hill Rd, both in Tamarac; 10k SF Sunny Morning Foods at 5330 NW 35th Ave (pictured); and 24k SF Sun Sentinel building at 3585 NW 54th St, both in Fort Lauderdale. The industrial sector's inherent stability, ties to growth-leading industries, and higher spreads relative to the cost of debt continue to create investor interest, says Douglas. This portfolio is a blend of single-tenant and multi-tenant assets across an array of product types, including warehouse, flex and cold-storage distribution.


Developer Francisco Fernandez purchased about an acre of multifamily residential-zoned vacant land located at 6401 W 41st St in Davie. Brenner Real Estate Group's Bert Freehof was exclusive broker for the seller, NAFH Bank. The buyer plans to develop a 16-unit town home project there. East Coast Realty’s Mildred Altuve repped the buyer.


Henry C. Petri Revocable Living Trust purchased a 20k SF vacant lot of industrial land on SW 9th Terrace in Pompano Beach with plans to use the land for additional parking for the adjacent Petri's Positive Pest Control at 737 SW 9th Terrace. Brenner Real Estate Group's Kathleen Alberts and Helen Weissman were the transaction brokers. The sellers, L. Sultan and Camille Sultan, repped themselves.



The Oasis

Related Cos closed the Related Real Estate Recovery Fund with equity commitments of $825M. The distressed asset fund's target of $750M was exceeded because of high investor interest and strong investment deal flow, ranking it among the largest US real estate-related vehicles raised in 2011 and one of the largest operator-led investment funds. Its primary focus: the acquisition of distressed loans that were originated for new development, property conversion, and renovation, as well as equity positions in properties that require significant repositioning. The fund is managed by Related Fund Management. Greenhill & Co was the fund's exclusive global placement agent. Among the fund’s investments: Oasis in Fort Myers and a fund portfolio recap.


The City of Lantana purchased a 45k SF waterfront lot at 106-122 North Lake Dr in Lantana from Real Estate Property Holdings II with plans to preserve the space as a waterfront community park. Colliers International South Florida’s David Metalonis, Michael Fay, and John Crotty repped the seller in the all-cash deal. David says the site had previous plans and approvals for a 15-unit townhouse project, but the market fundamentals didn’t warrant new development, allowing the city to acquire the waterfront parcel and preserve open green space and water access for local residents at an attractive price.
350k SF Hollywood Beach multi-use property

The Capponi Construction Group has a pipeline of commercial, residential, and mixed-use projects in South Florida and Haiti that are projected to triple the firm's business over last year. The largest: the 350k SF Hollywood Beach multi-use property (above) with 225 hotel rooms, retail and entertainment component, and four restaurants, which will revitalize the area and transform it into a new entertainment district. Other projects in Florida include a 27k SF historic PineTree residence; a 10k SF residence in Coral Gables; and South Beach restaurant Villa Azur. In Haiti, we'll see a 44-room boutique hotel. Capponi is also providing part pro-bono services to the Miami Rescue Mission for the construction of a 125-bed homeless shelter for men.


Marriott International plans a new Edition luxury lifestyle brand hotel (created in partnership with Ian Schrager) in five markets including Miami Beach. The company said that the brand is on track to have the hotels operating in 2015. Other cities include London and New York. The company expects to recycle its property investments over time through the sale of the hotels, while maintaining long-term management contracts.


Northbridge Centre
Northbridge Centre, aka the Darth Vader Building, will see $500k invested by Gaedeke Group to build and equip ground-floor space in the property's four-story pavilion for a new Northbridge Fitness Center. The owner is also seeking LEED certification. Construction is slated to start in 30 to 45 days, opening in late spring.


Avnet inked a 103k SF lease renewal at Beacon at 97th at 2100 NW 97th Ave in Miami.  Avnet will continue to use the space for the distribution of electronics to Latin America. The acquisition of two businesses, Tallard Technologies and BellMicro, triggered Avnet’s need to sublease a facility it had leased at 1935 NW 87th Ave and consolidate products in Miami as well as merge multiple locations in South America. Colliers International South Florida SVP Carol Ellis-Cutler repped the tenant.


Miami Tower
Transwestern's South Florida office repped almost 41k SF of lease renewals and expansions to legal tenants in Miami Tower at 100 S.E. 2nd St. Among the deals: Boies, Schiller & Flexner signed a long-term lease renewal and expansion of 6,000 SF, totaling 23k SF in the building; Boyd Richards Parker & Colonnelli signed a long-term lease renewal for 10k SF; and DRRT added 3,000 SF to bring its lease to almost 8,000 SF.
loan secured property
Holland & Knight represented Ocean Bank in connection with several loans, aggregating more than $26M made to MMG Equity Partners, a real estate investment firm led by Gabriel Navarro. The loans were secured by several properties in South Florida: a shopping center anchored by a Navarro Discount Pharmacy, Starbucks, and T-Mobile at Bird Road and SW 144th Ave in Miami; a shopping center anchored by a Navarro Discount Pharmacy and T-Mobile at Sunset Drive and SW 107th Ave in Miami; a free standing T-mobile in Kendall; and three free-standing Navarro Discount Pharmacies in Miami, Sunny Isles Beach, and Miami Beach. The Holland & Knight team: Josias Dewey, Ilana Strickon, and Elena Aidova. The Ocean Bank team: Rafael Gonzalez-Jacobo, Federico Tunnermann, and Silvio Santana.


Calkain Realty Advisors VP Michael Zimmerman is the newest addition to Calkain Cos. He is a net lease practitioner procuring more than $325M in transactions throughout Florida and the southeastern US.


The Related Group named Arden Karson SVP of the acquisitions, distressed debt, and strategic opportunities division. Arden and her team will pursue of opportunistic acquisitions, including mixed-use assets, hotels, shopping centers, land, and multifamily/broken condo deals throughout the Southeast and in major US metros.


Berger Commercial Realty Corp hired Joseph Byrnes as VP. He has more than 27 years of real estate experience in Broward County. At Berger, he will be responsible for a full range of CRE and brokerage services, including the representation of property owners in the sale, lease, and oversight of their assets. He currently reps more than 800k SF of office, industrial, and retail space.
Michael Eisner
Brenner Real Estate Group prez/CEO Scott Brenner and VP of commercial brokerage Michael Eisner (pictured) were selected to serve on the board of the Realtors Commercial Alliance of Greater Fort Lauderdale. Scott says much emotional revenue occurs from giving back to the community that has given so much to you.
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