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Cushman & Wakefield Arranges Sale of SkyHouse Channelside in Downtown Tampa for AVR Realty

Transaction Underscores Strong Investor Appetite for Core-Plus Multifamily Properties in the South-Eastern United States TAMPA, FL, November 19, 2018 — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of SkyHouse Channelside, a 320-unit, trophy apartment community in downtown Tampa. Senior Director Luis Elorza, Senior Director Brad Capas and Vice Chairman Robert Given represented New York-based AVR Realty Company in the disposition. The buyer is an entity led by Willner Realty & Development Company, a privately held real estate investment company headquartered in Pennsylvania. This is Willner Realty’s fourth multifamily acquisition brokered by Cushman & Wakefield in the Tampa Bay area. Completed in August 2015, SkyHouse Channelside is a 23-story, luxury high-rise tower with sweeping city and water views; an expansive 567-space parking garage; and 6,482 square feet of ground-floor retail. Units range from studio to three-bedrooms and average 794 square feet. At 112 N. 12th St., the property [...]

By | 2018-11-19T16:27:22+00:00 November 19th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Arranges $49.7 Million Sale of Mosaic at the Forum Apartments in Fort Myers

Transaction Underscores Strong Investor Appetite for Southwest Florida Multifamily Properties FORT MYERS, FL, November 9, 2018 — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Mosaic at the Forum, a 252-unit, newly constructed apartment community in Fort Myers, Florida. The property sold for $49.7 million or $197,321 per unit, marking Cushman & Wakefield’s second Class A apartment sale in Fort Myers this year. Senior Director Brad Capas, Senior Director Luis Elorza and Vice Chairman Robert Given represented St. Petersburg, Florida-based Mosaic Development in the transaction. Mosaic Development has multifamily development ongoing throughout southwest Florida, Tampa and Orlando. The buyer is an entity led by InvestRes, a privately held real estate investment company with multifamily assets throughout Florida and several other states. InvestRes has a Florida headquarters in Tampa. Completed in December 2017, Mosaic at the Forum, which was managed by Incore Residential, experienced a rapid lease-up and was approximately 95 percent occupied at the time of sale. The gated [...]

By | 2018-11-16T11:53:08+00:00 November 16th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Arranges 12,000-SF Lease with Old Republic Title at SunTrust Financial Center in Fort Myers

The 60,264-SF, Class A Office Building at College Parkway is Now 88 Percent Occupied FORT MYERS, FL, October 30, 2018 – Cushman & Wakefield has arranged a 12,000-square-foot lease at SunTrust Financial Center with Old Republic Title. The 60,264-square-foot, Class A building is situated at 12751 New Brittany Blvd., at the intersection with College Parkway in the desirable South Fort Myers submarket. Cushman & Wakefield Managing Director Jason Donald, along with SunTrust First Vice President Thomas Crociata, represented SunTrust, which owns and anchors the building, in the lease negotiations. Cushman & Wakefield Director Alex Beacham represented Old Republic Title, a Tampa, Florida-based title insurance company that provides comprehensive title and escrow products and services for individuals, businesses and government entities. The company is relocating its Fort Myers office from 4315 Metro Parkway. SunTrust Financial Center was built in 1997 and offers frontage and visibility from College Parkway, one of Fort [...]

By | 2018-11-01T13:59:06+00:00 November 1st, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Arranges Sale and Financing of Iconic Tampa City Center

A Partnership Between Affiliates of Banyan Street Capital and Oaktree Acquired the 38-Story, Class A, Downtown Tampa Office Tower for $110M from an Affiliate of Alliance Partners HSP TAMPA, FL, October 19, 2018 – Cushman & Wakefield has arranged the sale and financing of Tampa City Center, a 38-story, 757,425-square-foot office tower in downtown Tampa. The Class A property sold for $110 million to a partnership between affiliates of Banyan Street Capital and funds managed by Oaktree Capital Management L.P. (“Oaktree”). Banyan Street Capital is a Miami-based firm that owns and operates premier office assets in multiple markets in the eastern United States. Oaktree is a leading global alternative investment management firm, which invests in real assets as one of its four main strategies. The Cushman & Wakefield team of Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner represented an affiliate of Alliance Partners HSP, [...]

By | 2018-10-23T13:55:24+00:00 October 23rd, 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 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