The Deal Sheet
ARA principal Hampton Beebe tells us that since 2008, there have been just six multifamily sales in Boca Raton with more than 150 units. (They like to keep it at an even one per year ratio... it's just easier to remember.) “Properties marketed in Boca Raton have historically drawn activity well above the average,” he says. So when San Marco at Broken Sound came on the market recently, it got a lot of attention.
The Boca Raton office of Atlanta-based ARA brokered the sale of the property, a 336-unit Boca Raton complex, for $80M. Factors driving investor interest, Hampton says, are that Boca Raton incomes exceed the Palm Beach Country median by 35%, and the combined 7M SF of Class-A office in Arvida Park of Commerce and Boca Corporate Center represents a deep employment base. Hampton and colleague Avery Klann repped the seller, Chicago-based Capri Capital Partners, in the deal; ARA managing partners Marc deBaptiste and Richard Donnellan also participated.
CBRE’s David Donnellan and Todd Weintraub arranged the sale of Marketplace at Tamarac, a 67k SF retail center located at 6801-6997 West Commercial Blvd in Tamarac. Marketplace at Tamarac LLC purchased the property for $10M from Joge Investments, which hired CBRE to market the asset for sale. The shopping center is 100% leased; tenants include Floors Direct, Sherwin Williams, and Tamarac Preschool Academy.
Separately, David and Todd oversaw the sale of Shoppes of Weston, a 21k SF unanchored retail center at 1908-1952 Weston Rd in Weston. SVS Weston purchased the property for $10M from 6767 Sunset Plaza LLC and Aloha Hawaii LLC, which hired CBRE to market the asset.
JKG Group, a marketing support services company, has leased more than 87k SF at Building 4 of Quiet Waters Business Park, a seven-building Class-A office campus located at 710-750 South Powerline Rd in Deerfield Beach. The lease consolidates JKG’s three existing locations into one office space. Avison Young principal Wayne Schuchts (left) and Samoset Realty prez Steve Caster repped the tenant in the deal.
CONSTRUCTION & DEVELOPMENT
Landmark Development and the nonprofit developer Carrfour Supportive Housing have completed the redevelopment of Hampton Village Apartments in Miami’s Brownsville neighborhood. The 100-unit affordable housing property was formerly an abandoned 1950s apartment. The $21M redevelopment was financed by federal stimulus monies allocated at the local level through the HUD’s Neighborhood Stabilization Program.
Miami Worldcenter Associates, the Forbes Co, and Taubman submitted plans to the City of Miami for the first phase of development of Miami Worldcenter, a mixed-use development. The plans for Phase 1, designed by architectural firm Elkus-Manfredi Architects, have been submitted to the City for design review, the required first step under the review process. The largest component will be the Mall at Miami Worldcenter, a 765k SF shopping center anchored by Bloomingdale’s and Macy’s.
TSG (The Solution Group) Paragon Development unveiled plans for Cassa Brickell, which will be developed in collaboration with architect Carlos Ponce de Leon. Slated to break ground at the end of 2014, the property will include 81 units, and feature a rooftop vegetable garden accessible to residents and an on-site collection of original works of art.
A JV between South Florida-based Eastview Development and New York’s GTIS Partners broke ground for Biscayne Beach, a 51-story condo tower at 711 NE 29th St along Biscayne Bay. Completion is slated for 2016.
Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, provided a $14.6M HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living facility in Tequesta. Capital One SVP of origination Carolyn Whatley, in the company’s Palm Beach office, oversaw the deal. Tequesta Terrace is owned by Terrace Communities, which also owns AL properties in Vermont, New Hampshire, Maine, and other parts of Florida.
Home Financing Center, an independent mortgage HQ'd in Coral Gables, has become an approved mortgage lender by Freddie Mac. The new arrangement with Freddie Mac enables the company to provide its customers more mortgage loan options, particularly in the condo market. Home Financing Center now provides mortgage loans from all the GSEs: Fannie Mae, Freddie Mac, and Ginnie Mae. There are only 250 Ginnie Mae-approved direct lenders and servicers.
Blanca Commercial Real Estate vice chairman Danet Linares (right, with Bilzin Sumberg partner Suzanne Amaducci) has been elected as the chair of the Greater Miami Chamber of Commerce’s New World Center Committee. The committee aims to strengthen the voice of the downtown Miami businesses by engaging decision makers and by recruiting new members to become active members of the committee. Danet also serves on the board of the Miami Downtown Development Authority.