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Cushman & Wakefield Negotiates Sale of Suburban Orlando Office Portfolio on Behalf of AEW

  The Two Class A Buildings Totaling 151,479 SF Are Part of Orlando’s SouthPark Center, a 162-Acre Master-planned Business Park ORLANDO, FL, November 6, 2018 – Cushman & Wakefield has negotiated the sale of a two-building office portfolio within Orlando’s SouthPark Center, a suburban master-planned business park near Orlando International Airport and the city’s tourism corridor. Pacer Partners, a boutique real estate investment and asset management company with offices in New York City and Boston, acquired the 151,479-square-foot portfolio. Executive Director Michael Lerner, Vice Chairman Mike Davis and Executive Director Rick Brugge, with Cushman & Wakefield’s Capital Markets Team, represented AEW Capital Management, a leading global institutional real estate investment manager, in the disposition. The two buildings in the portfolio, 700 and 800 SouthPark Center, are 100 percent leased to a diverse group of credit-worthy, industry-leading companies including Catamaran (subsidiary of UnitedHealth Group), Walgreen’s and Banco de Brasil. Both buildings feature [...]

By | 2018-11-12T11:43:57+00:00 November 12th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $49.75M Sale of Deerwood Village Apartment Homes

Jay Ballard and Ken Delvillar Represented Cortland in the Disposition of the 328-Unit Apartment Community in Ocala, FL OCALA, FL, October 11, 2018 — Cushman & Wakefield has negotiated the sale of Deerwood Village Apartment Homes, a 328-unit, garden-style, luxury multifamily community in Marion County. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented owner Cortland in the disposition. An affiliate of Boston-based West Shore, LLC acquired the asset for $49.75 million ($151,677 per unit). Deerwood Village Apartment Homes was constructed in 2006 and comprises 40, two-story residential buildings, one clubhouse and one maintenance building in a low-density, Big-House design. The property offers a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266 ($1.24 per square foot). The community was 94% occupied at the time of sale. All units at Deerwood Village Apartment [...]

By | 2018-10-22T16:54:48+00:00 October 22nd, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Arranges $48M Sale of Canopy Apartment Villas

Jay Ballard and Ken Delvillar Represented Robbins Property Associates and LEM Capital in the Disposition of the 296-Unit Apartment Community in Orlando, FL ORLANDO, FL, October 12, 2018 — Cushman & Wakefield has arranged the sale of Canopy Apartment Villas, a 296-unit value-add multifamily community in Central Florida. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented the ownership group of Tampa-based Robbins Property Associates and Philadelphia-based LEM Capital in the disposition. An affiliate of Boston-based Taurus Investment Holdings, LLC acquired the asset for $47.95 million ($161,993 per unit). Canopy Apartment Villas was developed in 1981 and comprises 56 one- and two-story villa and townhome-style residential buildings. The property offers a mix of one-, two- and three-bedroom units with an average size of 1,090 square feet and an average market rent of $1,355 ($1.24 per square foot). The community was 96.3% occupied at the time of [...]

By | 2018-10-22T16:59:50+00:00 October 22nd, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield’s Midyear Multifamily Report Cites Record Pricing, Deliveries in North and Central Florida

Experts Anticipate New Construction to Slow as Demand Catches Up With Supply, Although Population and Job Growth Will Continue to Bolster Multifamily Sector ORLANDO, FL, September 11, 2018 – Cushman & Wakefield has released a midyear report on the North and Central Florida multifamily markets. Authored by the firm’s Florida Research Team, the report examines how such factors as the region’s dynamic population growth and strong labor trends affect multifamily real estate in the Tampa Bay, Orlando and Jacksonville markets. Over the past decade, these three regions have been some of the most active in Florida in terms of apartment demand, which was fueled by elevated gains in population. During this cycle, absorption continuously exceeded new supply and led to some sharp declines in vacancies even as the number of new units delivered annually increased. Currently, supply has started to catch up with demand, with absorption rates softening slightly as [...]

By | 2018-09-11T15:46:50+00:00 September 11th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $49M Multifamily Sale in Central Florida on Behalf of Waypoint Residential

Insula Companies Acquired the 320-Unit, Value-Add Property in Kissimmee ORLANDO , FL (July 10, 2018) – Cushman & Wakefield has negotiated the sale of Arrow Ridge Apartment Homes, a 320-unit garden apartment community in Kissimmee, Florida, for $49 million. The buyer is Sarasota, Florida-based Insula Companies, which operates apartment communities throughout Central and Southwest Florida. Senior Director Jay Ballard and Senior Director Ken Delvillar, with Cushman & Wakefield’s Florida Multifamily Team, represented the seller, Waypoint Residential, in the disposition. The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and presents a strong value-add opportunity for the new ownership. The residences range from one-bedroom, one-bathroom units to four-bedroom, three-bathroom units. The community was constructed in 1999, and amenities include a business center, sparkling swimming pool, gazebo and covered picnic areas, sand volleyball court, children’s play area and a [...]

By | 2018-07-10T12:54:27+00:00 July 10th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of Five-Building Medical Office Portfolio in Orlando for $16.2 Million

Anne Spencer and Travis Ives Represented a Private Group of Investors ORLANDO, FL, March 28, 2018 – Cushman & Wakefield has negotiated the sale of a Class A medical office portfolio for $16.2 million. The portfolio consists of five buildings totaling 59,644 square feet, which are each 100 percent leased to a single, credit-rated Orlando-based health system. Senior Director Travis Ives Director Anne Spencer Orlando-based Director Anne Spencer and San Diego-based Senior Director Travis Ives, both with Cushman & Wakefield’s Healthcare Advisory Practice, represented a private group of investors in the portfolio’s disposition. Spencer specializes in healthcare real estate services throughout Florida. She collaborated on this assignment with Ives, a member of the firm’s national Healthcare Capital Markets team. The buyer is Global Medical REIT, which acquires healthcare assets throughout the United States, including several recent acquisitions in Central Florida. “We implemented a controlled and competitive [...]

By | 2018-05-03T14:30:11+00:00 April 2nd, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $11M Sale of La Quinta Distribution Center

Mike Davis, Michael Lerner and Rick Brugge Represented Colony Northstar in the Disposition of a ±181,000-Square-Foot Warehouse and Distribution Facility in the Orlando Central Park Submarket ORLANDO, FL, March 19, 2018 — Cushman & Wakefield has negotiated the sale of La Quinta Distribution Center, a 181,394-square-foot industrial facility in the Orlando Central Park industrial market. Executive Director Rick Brugge Executive Director Michael Lerner Vice Chairman Mike Davis The Cushman & Wakefield capital markets team of Vice Chairman Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge negotiated the sale on behalf of Dallas-based Colony Northstar. Cabot Properties, a Boston-based private equity real estate investment firm, acquired the asset for $11 million. La Quinta Distribution Center is a single-story, front-load warehouse and distribution facility developed in 1973. The concrete block building is located on a 9.2-acre site at 1264 La Quinta Drive. La Quinta Distribution Center was fully occupied by two tenants at the [...]

By | 2018-05-03T14:30:11+00:00 March 20th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale and Financing of Murano Apartments in Orlando

Robert Given, Jay Ballard and Ken Delvillar Negotiated the Sale and Robert Kaplan, Chris Lentz and Mark Rutherford Arranged the Financing of the 240‐Unit Luxury Apartment Community ORLANDO, FL, February 27, 2018 — Cushman & Wakefield has arranged the sale and financing of Murano Apartments, a 240-unit luxury multifamily apartment community in the South Orlando/Hunters Creek submarket. The Cushman & Wakefield Multifamily Advisory team of Robert Given, Jay Ballard and Ken Delvillar represented the partnership of The Courtelis Company, Kislak Organization and HMG/Courtland Properties in the disposition. Aventura, FL-based Cardone Real Estate Acquisitions, LLC acquired the asset. Cushman’s Equity, Debt and Structured Finance team of Robert Kaplan, Chris Lentz and Mark Rutherford arranged the senior debt on behalf of the buyer. Murano Apartments is a three-building, four-story suburban mid-rise multifamily community built in 2016 on a ±9.5-acre site at 9932 Grande Lakes Boulevard. Located in southern Orlando, between Disney and the Orlando International Airport, the property is walking distance from local schools and Darden’s 650,000-square-foot corporate headquarters. Murano Apartments is also [...]

By | 2018-05-03T14:30:11+00:00 February 28th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield’s 2018 Florida Population Report Predicts Top Growth Markets

Highest Growth Rates Expected in Fort Myers and Orlando ORLANDO, February 22, 2018 – Cushman & Wakefield has released its 2018 Florida Population Reports, which detail projected population growth statewide and in nine major markets throughout Florida. The overall report predicts that Florida’s population will increase by just over 450,000 people in 2018, as compared to 430,000 in 2017. In the next five years, the state’s population is expected to increase from 21 million to 23.3 million. Of the markets examined, the Fort Myers MSA will see the greatest change in year-over-year population growth, while Miami is expected to see the smallest change. Tampa ranks as the largest MSA in the state, and Orlando boasts the lowest unemployment rate. “Florida’s population grew significantly in 2017, aided by continued net migration from northern and high-tax states,” said Chris Owen, Cushman & Wakefield’s Florida Research Manager. “In addition, thousands of Puerto Rico residents also [...]

By | 2018-05-03T14:30:11+00:00 February 22nd, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of ±390-Acre Residential Site in Daytona Beach

Andy Slowik and Margery Johnson Represented the Seller in the $3.3 Million Disposition DAYTONA BEACH, FL, January 24, 2018 — Cushman & Wakefield has negotiated the sale of a ±390-acre residential site fronting Interstate 95 in Volusia County. Senior Associate Andy Slowik Senior Director Margery Johnson The Cushman & Wakefield Land Brokerage team of Senior Associate Andy Slowik and Senior Director Margery Johnson represented the seller in the disposition. New Smyrna Beach, FL-based investor Masroc Land, L.P. acquired the land for $3.3 million ($8,462 per acre). SVN’s Chris Butera represented Masroc Land, L.P. in the transaction. The infill residential site, located on the east side of Interstate 95 just south of the Interstate 4/Belleville Road Interchange, features ±6,000 feet of frontage on Interstate 95 and ±5,400 feet of frontage on Willamson Boulevard. The land has the potential to yield up to 1,000 single-family homes. “We believe the buyer will be successful with this property given the recent development [...]

By | 2018-05-03T14:30:11+00:00 January 25th, 2018|In the News, Press Release|0 Comments