Capital Markets

Cushman & Wakefield Report: Record Low Vacancies Highlight Bullish South Florida Multifamily Market​

Calum Weaver Authored Cushman & Wakefield’s 2018 South Florida Multifamily Midyear Market Update​ MIAMI, September 4, 2018— Cushman & Wakefield has released its 2018 South Florida Multifamily Midyear Market Update. The semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman & Wakefield’s South Florida Multifamily Team, details the state of the multifamily market in the three counties comprising South Florida — Miami-Dade, Broward and Palm Beach. The report finds record low vacancy rates in a South Florida multifamily market supported by a continuing trend of positive historic market fundamentals. Significant highlights of the report include: Through the first two quarters of 2018, there were 133 multifamily sales in South Florida valued at nearly $2 billion. While year-over-year sales activity slowed for the second year in a row, these values are still the third-highest ever recorded in the first half of any year. As a whole, sales activity in South Florida was split relatively evenly [...]

2018-09-06T16:09:06+00:00 September 6th, 2018|Capital Markets, Florida, In the News, Multifamily, Press Release|

Cushman & Wakefield Arranges $59.75M Sale of Miami Apartment Community for Rilea Group

Advenir, Inc. Acquired Vista Verde at Westchester for $197,848 Per Unit MIAMI, August 15, 2018 – Cushman & Wakefield has negotiated the sale of Vista Verde at Westchester, a 302-unit, value-add apartment community, for $59.75 million. The property is adjacent to Florida International University, a public university with an enrollment of over 55,000 students, as well as a Publix-anchored shopping center. Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn with Cushman & Wakefield’s Florida Multifamily Team represented Rilea Group in the disposition. The Miami-based real estate developer invests in value-add multifamily, office and retail properties throughout South Florida. The buyer is Advenir, Inc., an Aventura, Florida-based real estate investment company that acquires and operates multifamily communities throughout the United States on behalf of high-net worth and institutional investors. Vista Verde was built in 1993. The property traded for [...]

2018-08-17T14:54:58+00:00 August 17th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates Sale of 69-Unit, Luxury Townhome Community in Hollywood, FL for $23M

Calum Weaver Represented Royal Oaks United, LLC in the Disposition HOLLYWOOD, FL (August 6, 2018) – Cushman & Wakefield has negotiated the sale of Royal Oaks Townhomes in Hollywood, FL, for $22.78 million. The luxury townhome community has 69 units and was 90 percent occupied at the time of sale. Executive Managing Director Calum Weaver, with Cushman and Wakefield’s Florida Multifamily Team, represented the seller, Royal Oaks United, LLC, in the disposition of the property. The buyer is Preston Giuliano Capital Partners, LLC, a private investment firm focused on the acquisition and repositioning of multifamily real estate in South and Central Florida. Royal Oaks Townhomes was completed in 2009. The fully gated community sits on 5.19 acres and features two-story units with three bedrooms, 2.5 bathrooms and 1,695 square feet of living space. Each residence includes a private garage, terraces and balconies and a semi-private back yard. Luxury community amenities [...]

2018-08-08T14:42:33+00:00 August 8th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $23M Sale of Airport East Distribution Center​

The Cushman & Wakefield Team of Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner Represented Equitable Real Estate Partners in the Disposition MIAMI, FL, August 6, 2018— Cushman & Wakefield has negotiated the sale of Airport East Distribution Center, a 397,585-square-foot distribution complex in Miami-Dade County. The Cushman & Wakefield team of Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner represented Miami-based Equitable Real Estate Partners in the disposition. The asset was acquired by CenterPoint Properties for $22.96 million ($58 per square foot). Airport East Distribution Center is a three-building industrial campus featuring concrete block construction, 18- to 22-foot clear heights, sizeable truck courts and exterior storage. The campus is situated on an ±18-acre site providing ample space for parking and staging. The complex was 76 percent leased at the time of sale. Airport East Distribution Center is located at 7000 NW 32nd Avenue, strategically positioned near Miami International Airport and PortMiami in the East Hialeah submarket. “Airport [...]

2018-08-08T14:05:42+00:00 August 8th, 2018|Capital Markets, In the News, Industrial, Press Release|

Cushman & Wakefield Assists in Sale Negotiation of 39,000-SF Value-Add Industrial Portfolio in Jupiter, Florida

 Scott O’Donnell, Robert Smith, Dominic Montazemi, Miguel Alcivar and Greg Miller Represented Seller in the Disposition JUPITER, FL, July 24, 2018 – Cushman & Wakefield has assisted the seller in negotiating the sale of The Pointe at Jupiter Park of Commerce, a 39,328-square-foot, two-building light industrial portfolio in Jupiter, Florida, for $5.2 million, or approximately $132 per square foot. Cushman & Wakefield Executive Director Scott O’Donnell, Managing Director Dominic Montazemi, Director Miguel Alcivar and Senior Associate Greg Miller, along with CBRE Executive Vice President Robert Smith, represented the seller, 1201 JCP TIC, LLC & CKJCP TIC, LL, in the transaction. The buyer is Nationwide Development Corporation. The property sits on 3.17 acres at 1201 and 1251 Jupiter Park Drive. The 1201 building consists of 23,660 square feet with 19,660 square feet of office/showroom space and 4,000 square feet of fully air-conditioned warehouse space. The 1251 building consists of 15,578 square [...]

2018-07-26T14:56:56+00:00 July 26th, 2018|Capital Markets, In the News, Industrial, Press Release|

Cushman & Wakefield Negotiates Sale and Financing of Kendall Summit Office Park

Miguel Alcivar, Mike Davis, Dominic Montazemi, Scott O’Donnell, Greg Miller, Rick Brugge and Michael Lerner Negotiated the $34.75 Million Disposition on Behalf of TA Realty. Jason Hochman Secured a $26 Million Acquisition Loan for the Buyer, COFE Properties MIAMI, FL, June 29, 2018 — Cushman & Wakefield has negotiated the sale and financing of Kendall Summit Office Park, a six-building office campus in the dense Kendall micro-market of Miami-Dade County. The Cushman & Wakefield Capital Markets team of Miguel Alcivar, Mike Davis, Dominic Montazemi, Scott O’Donnell, Greg Miller, Rick Brugge and Michael Lerner negotiated the sale on behalf of Boston-based TA Realty. Miami-based COFE Properties acquired the 173,661-square-foot office park for $34.75 million ($200 per square foot). Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted COFE Properties in securing a $26 million non-recourse acquisition loan with a low interest rate. The loan provided funds at closing and additional proceeds for future property renovations and leasing costs. Kendall Summit Office Park was developed between [...]

2018-06-29T14:26:11+00:00 June 29th, 2018|Capital Markets, In the News, Office, Press Release|

Cushman & Wakefield to Market Dania Beach Mixed-Use Project

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn was Selected by ahs Residential to Market The Place at Dania Beach, a 144-Unit Multifamily Community with Ground-Floor Retail DANIA BEACH, FL — Cushman & Wakefield has been named exclusive advisor for the disposition of The Place at Dania Beach, a recently completed 144-unit luxury mid-rise multifamily community with 6,771 square feet of ground-floor retail in downtown Dania Beach. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn was selected to market the asset by Miami-based developer ahs Residential. The offering is unpriced. The Place at Dania Beach was completed in 2017 and comprises a single seven-story residential building with ground-floor retail, a rooftop pool and amenity deck and attached structured parking. Units at The Place at Dania Beach average 890 square feet with an average market rent of $1,784 per unit. The property is already 100% leased. The [...]

2018-05-09T12:03:28+00:00 May 9th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Completes Two South Beach Multifamily Sales Totaling $33 Million

The Beach is Back – Two Property Sales at 550 9th St. and 250 Collins Ave. Highlight Resurgence of Investor Interest in South Beach Multifamily Market MIAMI, FL – Cushman & Wakefield has negotiated the disposition of two multifamily properties in Miami’s South Beach totaling $33 million. The sales are indicative of increasing investor interest and sales activity in the South Beach market. Cushman & Wakefield Executive Managing Director Calum Weaver and Senior Financial Analyst Perry Synanidis represented the sellers in both transactions. The first transaction was a six-story, 52,133-square-foot redevelopment property at 550 9th St., which sold for $17.6 million, or $338 per square foot to 550 9th LLC. The seller was ADME Real Estate LLC. The second transaction was for a 23,260-square-foot ultraluxury property at 250 Collins Ave., which sold for $14.6 million to Drago Capital Miami LLC. The 27-unit property traded for $540,000 per unit, or $770 [...]

2018-04-23T18:42:57+00:00 March 28th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $6M Sale of Allapattah Commercial Property

The Cushman & Wakefield South Florida Commercial Team Negotiated the Disposition of the ±33,000-Square-Foot Centennial Express Building on Behalf of Centennial Express, Inc. MIAMI, FL, March 9, 2018 — Cushman & Wakefield has negotiated the sale of the Centennial Express Building, a 33,339-square-foot commercial property in Miami’s Allapattah neighborhood. The Cushman & Wakefield Capital Markets team of Miguel Alcivar and Dominic Montazemi, in conjunction with Cushman & Wakefield leasing partners Tony Jones and Frank Begrowicz, negotiated the disposition on behalf of Centennial Express, Inc. New York-based Edenderry Properties, LLC acquired the asset for $6 million ($180 per square foot). Scott Sime of Sime Realty Corporation represented the buyer. The Centennial Express Building was developed in 1945 on a ±1.7-acre parcel at 1251 NW 36th Street. The concrete block building occupies an entire city block. The property is centrally located along NW 36th Street, a main east-west arterial connecting the trendy neighborhoods surrounding Biscayne Boulevard to Miami International Airport and Doral. This location, just north [...]

2018-04-23T18:42:58+00:00 March 12th, 2018|Capital Markets, In the News, Office, Press Release, Retail|

Cushman & Wakefield Represents Stock Development in Record Fort Myers Multifamily Sale

$71 Million Transaction Sets New Price-Per-Unit Record FORT MYERS, FL — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Spectra Apartments for $71.425 million ($220,448 per unit). The per-unit price for the 324-unit community established a new high water mark for the Fort Myers market. Led by Vice Chairman Robert Given, the Cushman & Wakefield investment sales team responsible for executing the disposition was comprised of Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman. Spectra Apartments was developed and sold by Naples-based Stock Development. Stock has a long history of developing luxury single-family homes and Spectra marks its first completed multifamily asset. The property was acquired by an entity affiliated with Coastal Ridge Real Estate based in Malibu, CA. Completed in July 2017, Spectra consists of 324 luxury apartments in 12, three-story apartment buildings on 32.5-acre site. The average unit size is approximately 993 [...]

2018-04-23T18:42:58+00:00 March 2nd, 2018|Capital Markets, In the News, Multifamily, Press Release|