Florida Commercial R.E.

FORT MYERS - Great Northern Investments LLC recently purchased a 41,648 square foot warehouse building on Eighth Street West, south of Lee Boulevard. The purchase price was $2.54 million. This price equated to $61 per square foot of building space. The building, which sits on a 2.9 acres parcel, is currently leased to LeeSar Great Northern Investments for its record storage and management offices.
The property is located at 5597 Eighth St. W., in Lehigh Acres. It is approximately 7 miles east of Fort Myers.
Bob Johnston and Jerry Messonnier with Grubb & Ellis | 1st Commercial LLC represented the seller, Westgate Medical Records LLC. The buyer was represented by Tom Daugherty of Daugherty & Associates.
The building is leased to a documents storage company.
It was built in 2005, the facility features a two-story 6,400-square-foot office space and a 7,000-square-foot clean room.
The purchase price equated to a healthy 8.7% cap rate.
http://nnncorners.blogspot.com/

MIAMI - Holliday Fenoglio Fowler LP have negotiated almost $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities, These 2 Apartment communities have a total of 357 units, in Longwood. Longwood is 12.5 miles north of Orlando.
Holliday Fenoglio Fowler is one of the largest and most successful commercial real estate capital intermediaries in the country. HFF has one of it’s many offices at 2 Alhambra Plaza, in beautiful Coral Gables.
HFF sought out financing on behalf of NTS Development Company to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program. A $14.63 million loan was made for Golf Brook, and a $9.6 million loan was arranged for Sabal Park. These loans will be serviced by HFF.
Golf Brook Apartments, located at 385 Golf Brook Circle, has 195 units averaging 1,538 square feet each and is currently 92.3% leased.
While Sabal Park Apartments is located at 32 Sabal Park Place, and offers 162 units averaging 1,497 square feet. Sabal Park is approximately 90.7%-occupied.
NNN Signalized Corner of Palm Beach

http://nnncommercialrealestate.blogspot.com/

ORANGE CITY - The Polk City Dollar General Store sold recently for $550,000.
Mr. Bob Manor of Coldwell Banker Commercial AI Group, in Orange City negotiated the sale. of a to a St. Petersburg company. Bob Manor represented the seller, Sand Dollar LLC of Fort Smith, Arkansas.
The buyer was R2 Property Company Ltd. They were represented by Bob White of Bob White Realty, of St. Petersburg
The store is 8,000 sf and is located at 620 Broadway Blvd. S.E. This location is 2 blocks from Hungry Howies Pizza & Subs‎.
Polk City is 47 miles north east of Tampa Bay.
"Florida NNN Commercial Real Estate"

http://nnncorners.blogspot.com/

ORLANDO - The Orlando office of CB Richard Ellis negotiated a 10-year lease on 13,455 square feet for the Orange County Library System. The location is in the Highland Lakes Shopping Center, on West Colonial Drive. This Orlando Library happens to be in a portion of the former Office Max.
Margo Thomas, senior retail specialist, at CB Richard Ellis did negotiations.
Genny Spies and Christin Jones of the Shopping Center Group represented the landlord, Simon Property Group.
"NNN Signalized Corner of Palm Beach"

http://nnncommercialrealestate.blogspot.com/

PALM BEACH - WBS Properties which is a subsidiary of Estates of Grand Oaks LLC has just closed on the 40-acre lakefront development of Grand Oaks, in Avon Park. Avon Park is approximately 122 miles, north west of NNN Palm Beach headquarters.
This gated community consists of 127 finished lots, according to a press release from the company. Also, there are 25 premium lakefront lots which have unobstructed views of the 280-acre Lake Damon. The 100 other lots are located on well landscaped and buffered cul-de-sac streets.
The purchase price was noted to be $1.4 million.
The new owners, Estates of Grand Oaks LLC, are very seasoned Commercial Real Estate owners and developers, throughout the southeast. Currently the company owns the shopping center in Avon Park where a great Publix is located.
The new owners were represented by Steven Aberman of Brookside Realty Corp., in this transaction. The sellers were represented by Chip Boring of RE/MAX.
"NNN Signalized Corner"

http://nnncorners.blogspot.com/

ORLANDO - Homewood Suites by Hilton announced the opening of its newest property in Orlando. The huge, seven-story, 130-suite hotel is owned and managed by Kalson’s Hospitality, Inc.
The location of the Hotel is at 11428 Marbella Palm Court, in expanding Orlando. This hotel is conveniently situated just 17 miles away from the Orlando International Airport and one mile from Walt Disney World theme parks and Downtown Disney.
Homewood Suites by Hilton - Lake Buena Vista/Orlando will offer studio, one and two bedroom suites, and five handicap-accessible suites.
The hotel also offers a Caribbean-style swimming pool, sports court, spa, video game room. It also will be sporting 5,800 square feet of flexible meeting space, at the adjacent Hilton Garden Inn Conference Center.
Submitted by NNN Signalized Corner of Palm Beach

http://nnncommercialrealestate.blogspot.com/

ALTAMONTE SPRINGS - Mercantile Capital Corporation, the Florida-based firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or expand their operations. They have announced a new Community Bank Loan Program.
The company will provide financing for bank clients who have projects outside of the bank’s lending parameters and geographic areas. Some examples are special-use properties like restaurants, daycare facilities and marinas. This program is greatly needed as Florida has some of the finest deepwater Marinas.
Through Mercantile’s Community Bank Loan Program, banks would be able to offer their small business clients up to 90% financing (including closing costs) to purchase or construct owner-occupied properties.
"NNN Commercial Real Estate in Florida"

http://nnncorners.blogspot.com/

SARASOTA - The appetizing and affordable, Pei Wei Asian Diner chain has plans for South Florida-based RCC Associates General Contractors to build another restaurant location. The new Pei Wei Asian Diner will be at University Center, in Sarasota.
This will be another Florida Pei Wei establishment combining with others in Tampa Bay, Orlando and Boca Raton.
Pei Wei Asian Diner belongs to its parent company, P.F. Chang’s China Bistro, based in Phoenix.
The new location for Pei Wei will be at 8511 Cooper Creek Blvd., by University Parkway.
It is projected to be a restaurant sized at 3,027 sf, capable to seat 94 hungry people.
This Sarasota Pei Wei Asian Diner is scheduled for completion in September.

http://nnncommercialrealestate.blogspot.com/

TAMPA - A new businesses venture has opened up for Bertrand Ollier, it is the Tampa Bay Grand Prix. It is a unique indoor car racing venue for amateur car racing enthusiasts.
Ollier has signed a lease for approximately 40,000 square feet of space. The described lease is for the entire industrial building at 12350 Automobile Blvd. in Clearwater. His real estate advisor for this project is Jon Slater.
Mr. Slater is Managing Director of the international commercial real estate services firm, Studley.
In 2004, Studley established its 18th office in Tampa, Florida, in order to better serve tenants in the burgeoning Florida office market.
Ollier will specialize in hosting corporate events, but will also accommodate families.
The landlord for this fine space is Automobile Boulevard LLC. Automobile Boulevard LLC was represented by John Jenkins and Brooke Pillinger of CB Richard Ellis.
This future indoor car racing venue is only 4.5 miles south of PIE, aka St. Petersburg-Clearwater International Airport.

http://nnncorners.blogspot.com/

BOYNTON BEACH - A sweet contract for the new 15,000 sf Walgreen’s, at Canyon Town Center retail center , was awarded to SIKON Construction Corp. Canyon Town Center is located at Boynton Beach Boulevard and Lyons Road in Boynton Beach.
The project was designed by FWH Architects and will be developed by RAM Development, of West Palm Beach. It will sit across from the Publix Grocery Store at Canyon Town Center, which was constructed by SIKON.
The tenants now open at Canyon Town Center are Publix, a great Panera Bread, U.S. post office, Bank of America, Wachovia, Shop on Impulse, V & Mi Nails and Mergen Martial Arts.
Businesses set to open in the near future at the shopping center are AmTrust, Frozen Delight Ice Cream, Dry Clean USA, After the Stork Baby Clothes, Conte Salon, Comcast, Sports Rehab & Chiropractor, Massage Envy, Hair Cuttery, Walgreens and Burn Fitness.
SIKON Construction Corporation is a national leader, in the industry. They provide exceptional personal service to their clients and implement the latest, in information technology.

"NNN Palm Beach Corner"

http://nnncorners.blogspot.com/

BOCA RATON - Local heavyweight Office Depot Inc. has been trying to raise money in the wake of their slight slump. Tuesday it received a $350 million investment from BC Partners, which is a London-based private equity firm.

This group of funds will come in handy now. After approximately 17 years headquartered in sunny Delray Beach, the office-supplies retailer built a $100 million corporate headquarters less than three miles away in ritzy Boca Raton.

Office Depot sold its Delray Beach campus for $80 million to Lincoln Financial, which is an insurance firm based near Philadelphia.
"NNN Palm Beach"

http://nnncommercialrealestate.blogspot.com/

TAMPA - Crosland LLC recently announced the opening of several new businesses to it’s MiraBay Village. The businesses are the Incognito Lounge, Marco Nail & Spa, Satterfield Law Firm and the Apollo Beach Chamber of Commerce.
MiraBay Village is a 31-acre village center located at the entrance to MiraBay, which is a 750-acre waterfront community in Apollo Beach. Apollo Beach is 20 miles south of Tampa.
The new tenants total more than 8,100 sf. This site is presently anchored by a 50,000 square foot Sweetbay Supermarket.

The Apollo Beach Chamber of Commerce relocated to MiraBay Village in late April. The relocation was found to be necessary because of the chamber’s growth.

Crosland is one of the leading diversified real estate companies in the Southeastern region of the United States.

MIAMI - Wachovia has broken ground on a 4,500 square foot branch located at The Palms at Town & Country. Flagler Development Group and TIAA-CREF Global Real Estate have announced this development which is under construction at 8268 Mills Drive in Kendall.
The Palms at Town & Country, is owned by TIAA-CREF and being redeveloped by Flagler Development Group, will unfold a total of 700,000 sf of mixed retail components, including 400,000 sf of beautiful, new Mediterranean-themed open-air retail and a 133,000 sf professional arts center.
Palms at Town & Country, was formerly called Kendall Town & Country Center.
With an unrivaled combination of prime land holdings, Class-A properties, vast capital resources and market knowledge, Flagler Development Group is one of the leading integrated commercial real estate firms specializing in commercial and industrial workplaces in Florida.
"NNN Florida Commercial Real Estate"

http://nnncorners.blogspot.com/

LARGO - This summer Largo shoppers will be able to purchase groceries at the renovated Barclay Square shopping center. Wal-Mart Neighborhood Market is scheduled to open in July at the 98,000 square-foot center. Barclay Square shopping center is located in Pinellas County, at the busy intersection of Walsingham Road and Indian Rocks Road. However this is not our desired NNN Signalized Intersection.

The Neighborhood Market, which is Wal-Mart’s grocery concept, will encompass 41,000 square feet. It will offer a full-line of grocery items, pharmacy and general merchandise.

A multimillion-dollar renovation of Barclay Square, including a completely remodeled facade, new lighting, enhanced landscaping and a resurfaced parking area will coincide with the grand opening of the Market.

Largo is one of the Tampa Bay area's largest cities. It is located near the Intracoastal Waterway. Barclay Square also draws customers from Belleair, Clearwater, Seminole and Indian Shores.

Wal-Mart Neighborhood Market will join over 15 local, regional and national retailers including Omega Cabinets & Granite, Tuesday Morning, Blockbuster, Edward Jones and a new Regions Bank.

Edens & Avant is the owner of the complex and is one of the leading retail real estate companies in the nation. The Company's portfolio consists of neighborhood, lifestyle and power centers, with many located in infill locations in urban markets. Edens & Avant has regional headquarters in Atlanta, Boston, Miami and a Corporate Office in Columbia, South Carolina.
"NNN Commercial Real Estate of Florida"

http://nnncorners.blogspot.com/

SARASOTA - Construction has started on DeSoto Palms. DeSoto Palms will be an assisted living facility, with 84 Units. The location is at 5601 N. Honore Avenue, just off DeSoto Road, in Sarasota.
CORE Construction Florida started the construction, as word has it from it’s President, John Wiseman.
Core Construction is a national builder that has offices in Florida, Arizona, Illinois, Nevada and Texas.
An investment group which is headed by doctors at Intracoastal Medical Group, in Sarasota, funded this project.
This facility will cost an estimated $13 million to build. The grand opening is expected in February, 2010.
Intercoastal Medical Group has 24 offices in the counties of Sarasota and Manatee.
When visiting you will be able to get your coffee at Starbucks‎, at 5191 Clark Road. This Starbucks is 0.3 miles south west from this future assisted living facility. This is not at a signlized corner.
BMW Southpointe‎ is located very close by at 5151 Clark Road.
"Florida Commercial Real Estate"

http://nnncommercialrealestate.blogspot.com/

NORTH PALM BEACH - Coconut Cay Shoppes, a retail strip center at 12100 US Highway 1, has recently obtained $3,000,000 in financing. Joseph A. Hepp of Dockerty Romer & Co. has arranged for the loan through a regional bank. Loan terms were a 6.25% interest rate, three-year term and a 25-year amortization schedule.
The property is a three-building unanchored strip center which houses the Siam Square‎ Thai Restaurant, in North Palm Beach. The complex is approximately 27,900 square feet. The location is half mile north of the busy signalized intersection of PGA Boulevard & US 1.
Currently the property is more than 90% leased.
Dockerty Romer & Co. is a boutique Real Estate Investment Banking firm that provides creative and responsive financial solutions for capitalizing commercial real estate.
Doval Investments LLC was the borrower. Doval Investments LLC has a portfolio of retail and multifamily properties throughout Florida and into our northern neighbor, Canada.

http://nnncorners.blogspot.com/

JACKSONVILLE - Southern Pines, a 200-unit apartment community, in Jacksonville, Florida has just sold. Walchle Lear Multifamily Advisors brokered the sale. Steve Lear and Bart Walchle of Walchle Lear Multifamily Advisors had an exclusive listing on the apartment community. Southern Pines was built in 1989, and is located at 10010 Belle Rive Boulevard.
The sale price was $13 million or $65,000 per unit.
Walchle Lear Multifamily Advisors is a Jacksonville, Florida based real estate service firm. Their focus is on the brokerage of multifamily communities and multifamily land in Florida.
The Buyer was the Real Estate Private Equity firm, Covenant Capital Group LLC.
Covenant Capital Group is a real estate private equity firm specializing in the acquisition and redevelopment of apartment communities. They often do this through joint ventures with local operating partners. Covenant manages approximately $360 million of equity invested in over $950 million of apartment assets.

"Florida Commercial Real Estate"

http://nnncorners.blogspot.com/

FORT MYERS - The SunTrust Bank branch at 4415 Metro Parkway, in Fort Myers, has completed their renovation. J.L. Wallace Inc. was in charge of seeing the renovation through.
David Grossman of J.L. Wallace was the project manager, with Joy Ready as project manager assistant. Brian Dragich served as superintendent.
The project saw the installation of new ceilings, lighting and flooring, in the existing 4,081sf building.
J.L. Wallace is based in Fort Myers, Florida. They have provided general contracting and construction management services in Southwest Florida, since 1997. The company specializes in commercial projects, including structures for retail, industrial, institutional and office use.
The Metro Parkway Branch, of SunTrust Bank is one of domestic offices in Fort Myers. It was established in 1981. SunTrust Bank has served as a Full Service Brick and Mortar Office.
"NNN Commercial Real Estate"

http://nnncorners.blogspot.com/

LONGWOOD - A KFC in Longwood, Florida was recently sold. This deal was for a single-tenant net lease deal. The location of this dining establishment is at 385 US 17-92 S. in Longwood, Florida. The price, paid by Jade Palace Longwood LLC, was $650,000.
You can't go wrong with most KFC's. The original recipe is hard to beat.
This restaurant is one and a half miles east from Ginellis Coffee Shop, located at
190 S Ronald Reagan Boulevard.
Wendy Supino, CCIM, of Sperry Van Ness in Lake Mary, represented the buyer. The buyer as previosly mentioned was Jade Palace Longwood LLC. Wendy Supino is a Senior Investment Advisor.
The Seller had representation from Nicole Barry of RRE Realty Services LLC, based in Orlando.
"Commercial Real Estate in Florida"
http://nnncommercialrealestate.blogspot.com/

MIAMI- Ocean Bank has announced that it provided a loan of approximately $11.7 million to Elias and Jorge Kasabdji. The Kasabdjis are principals of Flagler 4100 Property LLC. The funds are for construction of a 144-room Best Western hotel which will be located at 4100 W. Flagler Street, in Miami.
Armando Martinez and Iliana Ivis Rodriguez were the Ocean Bank loan officers handling this timely transaction. Brian L. Fink of Catlin Saxon Fink & Kolski LLP, in beautiful Coral Gables, represented Ocean Bank in the deal. 4100 Property LLC was represented by Lawyer Roberto F. Fleitas of Fleitas & Bujan, in Miami.
Ocean Bank, founded in 1982, and is the largest independent, state-chartered commercial bank based in Florida. Despite having an out of the ordinary start in trailer offices, Ocean Bank has more than $4.6 billion in assets.
Ocean Bank currently has branch locations in Dade and Broward Counties.
"NNN Signalized Corner of Palm Beach"

http://nnncommercialrealestate.blogspot.com/

PALM BEACH - The Palm Beach office of Love Funding closed a new construction/permanent loan, for $47,212,900. The loan is for the Village at Secret Lake, which is a planned 432-unit multifamily housing complex. The project is in Kissimmee, Florida.
Carolyn Whatley, first vice president and senior loan originator with the company’s Palm Beach office, originated this transaction, from sunny Florida. Love Funding is a national full-service, commercial mortgage-banking firm. Love Funding commenced mortgage-banking operations in 1984.
Village at Secret Lake is planned for 12 separate, four-story buildings which will have elevators. It will also feature a conservation area, pond, putting green, small tot lot and an oversized resort-style pool.
Love Funding was able to secure funding, for the construction of this proposed development, through an FHA-insured loan.

NNN Palm Beach

http://nnncommercialrealestate.blogspot.com/

North Palm Beach - The Enterprise National Bank Building has sold for $4 million or $192.59 per square foot. This is a two-story mixed-use building located at 11811 U.S. Highway 1, in North Palm Beach.
The Buyer was Urban Realty Partners.
CB Richard Ellis arranged the sale. Scott O’Donnell, senior V.P. with the Private Client Group in Boca Raton, and Dominic Montazemi, senior associate with the Private Client Group in Boca Raton, were the brokers on the sale. They exclusively represented the seller, in this transaction.
The 20,770-square-foot building is anchored by Enterprise National Bank, which features a three-lane bank drive-through and also has a Melting Pot restaurant.
This distinguished location has major frontage on U.S. 1. It is just north of a popular Signalized Corner of PGA Boulevard and US Highway 1.

"Florida NNN Commercial Real Estate"
"NNN Palm Beach Corner"

http://nnncorners.blogspot.com/

TAMPA - The Westshore Business District has more activity as The PBSJ Corp. will relocate its Tampa office to MetWest One. This building is a LEED-certified office building, which was recently opened at MetWest International.
The announcement comes from Taylor & Mathis of Florida.
The PBSJ Corp. is an engineering, architecture and construction company.
They signed a long-term lease for 83,000sf starting in January 2010.
The Westshore Business District location will serve as the company's headquarters.
Taylor & Mathis Managing Director of Leasing, Angela Odell, negotiated the transaction on behalf of the owner, MetLife.
In 2006, PBSJ moved its headquarters to Tampa from Miami.
They are currently located at Cypress Commons, 5300 W. Cypress Street. That Westshore building, which was constructed in 1985, is owned by Eola Capital LLC.
This location is at the signalized intersection of W. Cypress St. and E. Frontage Road.
Florida Commercial Real Estate
NNN Signalized Corner

http://nnncorners.blogspot.com/

NEW SMYRNA BEACH - Construction on 60 Condominiums will commence on Bouchelle Island. The DiMucci Companies, the developer for this project, which will overlook the gorgeous Intracoastal Waterway of Florida.
The DiMucci name has meant expert craftsmanship and superb attention to detail in the construction of beautiful buildings. The DiMucci name has been into developing since 1935.
DiMucci Companies have an office at 423 Bouchelle Drive, for New Development Sales, in New Smyrna Beach.
The New Smyrna Beach condos will be priced from the $180,000s to more than $300,000.

"Florida NNN Commercial Real Estate"
"NNN Corners of Palm Beach Florida"
http://nnncorners.blogspot.com/

BOCA RATON- A well known Boca Raton 360 Unit, Apartment community sold for $40 Million. The Arbor Oaks, in Boca Raton was purchased by a private Canadian investor.
$111,111 per unit is a great deal for both Buyer and Seller.
This Multifamily community is over 90% occupied. It has Class A amenities, such as ceramic tile floors, a gated entry, business center, spa, fitness center, swimming pool and tennis courts.
Th Arbor Oaks is out in west Boca Raton, just east of U.S. 441 aka State Road 7. It encompasses almost 28 acres, south of Glades Road.
Glades Road is a well established street with a beautiful Mall and many areas for shopping and dining.
Recent property tax records had valued the property near $35 Million.
The signalized corner at Glades Road and State Road 7 has Movie theatres, a Borders book store and many well known stores.

"Commercial Real Estate in Florida"

http://nnncommercialrealestate.blogspot.com/
NNN Corner of Palm Beach

LEHIGH ACRES - Carlisle Development Group just announced the grand opening of its Heron Pond II Apartments.
These new development is a senior affordable community, at 8421 Heron Pond Drive, in Lehigh Acres.
The price tag was approximately $14 million. This development consists of 60 one-bedroom units and 40 two-bedroom units.
The monthly rent is estimated to be under $500.
Lehigh Acres is 48 miles to Naples, Florida.

"Commercial Real Estate in Florida"

http://nnncommercialrealestate.blogspot.com/
"NNN Signalized Corner of Palm Beach"
http://nnncorners.blogspot.com/

MIAMI - Financing for the amount of $9.5 Million has been secured by Thomas D. Wood and Company. The financing is for the Galleria Mall, in Downtown Miami.

Thomas D. Wood Jr., is the company president. He arranged financing through Thomas D. Wood and Company’s relationship with a local bank.
Their loan has a fixed interest rate of 6.75% and a five-year term, based on a 25-year amortization schedule. The loan-to-value is under 50%. The building being financed is three-levels. It is 164,918 sf of retail and offices.
Marshalls is a major tenant and is located at 251 East Flagler Street.

"NNN Commercial Real Estate in Florida"

http://nnncommercialrealestate.blogspot.com/
"Commercial Property Finance"

http://nnncorners.blogspot.com/