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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 TAMPA, 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 | 2018-09-11T15:45:36+00:00 September 11th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $27M Sale of Redeveloped Tampa Shopping Center

Five RE Tampa Bay Center, LLC Sold the 142,350-SF Retail Property to Equity Management Partners, Inc. TAMPA, FL, AUGUST 28, 2018 – Cushman & Wakefield has negotiated the sale of Tampa Bay Center, a 142,350-square-foot urban infill shopping center in Tampa’s Westshore Business District. Anchored by Ashley HomeStore and Floor & Décor, the property is considered a best-in-class retail center with diverse internet-resistant tenancy. The Cushman & Wakefield team of Managing Director Jason Donald, Managing Director Patrick Berman and Associate Todd Tolbert represented Five RE Tampa Bay Center, LLC in the disposition of the property. The buyer is Equity Management Partners, LLC, a Tampa Bay area firm that acquires and manages income properties spanning a variety of asset types, including retail, office, hotel and multifamily. Tampa Bay Center is situated on 11.57 acres at 2905 N. Dale Mabry Highway, along Tampa Bay's primary commercial artery, just south of Raymond James Stadium. [...]

By | 2018-09-06T15:13:43+00:00 September 6th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates More Than $100M Recapitalization of Two Chicago-Area Continuing Care Retirement Communities

Sedgebrook Allen McMurtry, Paul Carr and David Kliewer Negotiated the Sale of Two Senior Living Campuses Totaling 1,071 Units in the Chicago Metro Area TAMPA, FL, August 14, 2018 – Cushman & Wakefield has negotiated the recapitalization of two Chicago-area senior living communities, Sedgebrook in Lincolnshire and Monarch Landing in Naperville, for a total purchase price in excess of $100 million. Monarch Landing Based in Cushman & Wakefield’s Tampa, Florida, office, Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented a partnership between Fundamental Advisors LP (Fundamental) and Senior Care Development LLC (SCD) in the transaction. The Fundamental-SCD partnership purchased the properties in 2010 after prior ownership found themselves in need of restructuring both communities. After 2010, the buyers implemented a series of initiatives including adjusting pricing to improve competitive position in their respective markets, investing significantly in capital improvement initiatives [...]

By | 2018-08-29T16:06:38+00:00 August 29th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $18.5M Sale of Tampa Office Building for Ryan Companies

Empire Square Group, LLC Acquired the 75,845-SF, Class A Suburban Asset TAMPA, FL, August 14, 2018 – Cushman & Wakefield has negotiated the sale of Citrus Park Crossings, a Class A office building in Northwest Tampa, for $18.5 million. The 75,845-square-foot, three-story property is the newest building in the submarket, completed in 2013, and was 100 percent leased at time of sale. The Cushman & Wakefield Capital Markets team of Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner represented the seller and developer of the property, Ryan Companies, in the disposition. The national firm designs, develops, finances and manages commercial projects spanning a wide variety of asset types around the country. The buyer, Empire Square Group, LLC, is a boutique private equity firm focused on investments in real estate and in high-growth companies in the United States. Citrus Park Crossings, considered a boutique, Core-Plus asset, is [...]

By | 2018-08-29T14:26:47+00:00 August 29th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield to Lease 1.2 Million Square Feet of Industrial Space in Tampa Bay for Ivanhoé Cambridge

Portfolio Consists of 10 Warehouse and Manufacturing Buildings for lease in St. Petersburg’s Gateway Submarket in Pinellas County TAMPA, FL (August 13, 2018) – Cushman & Wakefield has been named the exclusive leasing agent for a 1,168,225-square-foot industrial portfolio in St. Petersburg’s Gateway submarket. The 75-acre portfolio consists of 10 warehouse and manufacturing buildings situated centrally within the Tampa-St. Petersburg-Clearwater MSA. Evergreen Industrial Properties and its parent, Ivanhoé Cambridge, retained the Cushman & Wakefield team of Director John B. Jackson, CCIM, Senior Director Julia Rettig and Senior Associate Jessica Mizrahi. A global leader in the real estate industry, Ivanhoé Cambridge develops and invests in high-quality real estate properties. The company acquired the portfolio through its acquisition of Evergreen Industrial Properties in 2017. The portfolio is 88 percent occupied, with 295,000 square feet available, or soon to be available, for lease. The 10 buildings range from 46,535 square feet to 207,062 [...]

By | 2018-08-14T12:47:25+00:00 August 14th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of 435,000-SF Office Portfolio in Tampa for IP Capital Partners

Team of Mike Davis, Rick Brugge and Michael Lerner Secured $52M Sale to Priam Capital TAMPA, FL, August 9, 2018 – Cushman & Wakefield has negotiated the sale of The Collection at Sabal Park, a 435,837-square-foot, value-add office portfolio in suburban Tampa. Nashville-based Priam Capital acquired the eight-building portfolio for $52 million. The acquisition is the real estate investment firm’s first in the Tampa Bay market. The Cushman & Wakefield team of Vice Chairman Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented IP Capital Partners in the disposition. Based in Boca Raton, Florida, IP Capital Partners is a real estate investment and asset management firm focused on high-quality office, retail and industrial real estate in the major growth areas of Florida. Buyer Priam Capital retained Cushman & Wakefield to continue leasing and managing the eight properties. The leasing team of Senior Director Mercedes Angell and Director [...]

By | 2018-08-13T12:07:46+00:00 August 9th, 2018|In the News|0 Comments

Cushman & Wakefield Named Office Leasing Advisor for Midtown Tampa by Bromley Companies; Veteran Broker Returns to Lead Team

Robin Bishop Returns to Cushman & Wakefield to Head Up Leasing for 750,000 SF of Class A Office Space at the Highly Anticipated Mixed-Use Development Robin Bishop TAMPA, FL, August 9, 2018 – Cushman & Wakefield has been selected by Bromley Companies as the exclusive office leasing advisor for Midtown Tampa, a 1.8-million-square-foot, mixed-used project designed to connect Tampa’s downtown with its booming Westshore District. To lead the team, Cushman & Wakefield has welcomed back office leasing expert Robin Bishop, who previously worked with the firm, as a Senior Director. Bishop has been working with Bromley Companies on the Midtown Tampa project since its early stages through her own brokerage firm, Bishop & Associates, Inc. With the $500 million project officially approved and underway, Bishop has joined forces with Cushman & Wakefield to represent the developer in leasing what is one of Tampa’s largest office development projects in [...]

By | 2018-08-09T12:08:47+00:00 August 9th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Represents Chapters Health System in Office Building Sale and Relocation in Tampa

Chapters Health Sold a 28,445-SF South Tampa Property and Signed a 14,000-SF Lease at Meridian Three in the Westshore District TAMPA, FL, June 19, 2018 – Cushman & Wakefield has represented Chapters Health System, a not-for-profit healthcare provider, in relocating its Tampa office from a property it had owned to a leased space in a Class A office tower. Executive Managing Director Andy May, along with Director Nina Sullivan, represented Chapters Health in leasing a 14,205-square-foot space at Meridian Three, 4200 W. Cypress St., which is part of a three-building, Class A office complex in Tampa’s Westshore submarket. Lisa Coulter represented the landlord, Highwoods Properties, in the lease negotiations. May and Senior Director Barry Oaks also represented Chapters Health in the disposition of a 28,445-square-foot office building at 3010 W. Azeele St. in South Tampa, which sold at a record price per-square-foot for the South Tampa market. Clearview, represented by [...]

By | 2018-06-19T17:02:08+00:00 June 19th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of Class A Senior Living Community in Tampa Submarket

Allen McMurtry, Paul Carr, and David Kliewer Represented the Project Developer in the Sale of a 97-Unit Assisted Living and Memory Care Community TAMPA, FL, June 13, 2018 – Cushman & Wakefield has negotiated the sale of The Watermark at Trinity, a 97-unit, 84,217-square-foot senior living community located in the high-growth Trinity submarket of Tampa. Built in 2016, the Class A assisted living and memory care community sold for approximately $300,000 per unit. Based in Cushman & Wakefield’s Tampa office, Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented the development collaboration comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development, and Watermark Retirement Communities in the sale. The three-story community is considered the market leader, with a successful lease-up to 95+ percent occupancy since opening in July 2016. The community offers studio, one- and two-bedroom units and features a mix [...]

By | 2018-06-26T10:20:36+00:00 June 13th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of 169,000-SF Shopping Center on Florida’s East Coast for $19M

Jensen Beach Property’s Diverse Tenants Include Hobby Lobby, Dollar Tree, Buffalo Wild Wings and an Indoor Trampoline Park  JENSEN BEACH, FL, May 22, 2018 – Cushman & Wakefield has negotiated the sale of Marketplace Square, 169,223-square-foot shopping center, for $19 million. The Hobby Lobby-anchored retail plaza is situated in Jensen Beach on Florida’s east coast, about an hour north of West Palm Beach. The Retail Investment Advisory Team of Managing Director Patrick Berman, Managing Director Jason Donald and Associate Todd Tolbert represented the seller, Leon Capital Group, in the transaction. Leon Capital Group acquires, finances and develops assets across a diversified portfolio, including multi-family, retail, self-storage and residential properties. The buyer is Exchange Solutions, Inc. In addition to Hobby Lobby, tenants at Marketplace Square include Dollar Tree, Buffalo Wild Wings, Buddy’s Home Furnishings, Once Upon a Child and Rush Trampoline Park, as well as two outparcels occupied by KFC and [...]

By | 2018-05-24T12:35:06+00:00 May 24th, 2018|In the News, Press Release|0 Comments