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Hillsborough County Enters Race for 1M-Sq.-Ft. Amazon Facility

25 Jun 2013, 7:46 pm

By Georgiana Mihaila, Associate Editor

Amazon’s plan of expanding in Florida—and of adding 3,000 permanent jobs in the process—might bring an assembly and distribution center to Hillsborough County.

According to a recent announcement made by Gov. Rick Scott, the online retail giant has already signed a deal that calls for a $300 million investment in the state of Florida, but did not disclose the exact location.

Nevertheless, Hillsborough County officials said that Amazon is looking into the possibility of developing a 1 million-square-foot facility in the South Shore Corporate Park located at Interstate 75 and State Rd 674.

While Amazon has not made any official announcement, nor has it hinted at a specific date when it will make its decision, the company qualifies for an incentive package. While the property tax break is reportedly worth approximately $910,000 a year for the following seven years, commissioners will vote on that during their July 17 meeting, reports The Tampa Tribune.

Amazon’s presence on the Florida market could bring many jobs and an investment of up to $200 million, but it would also mean that its Florida customers will have to start paying taxes on their Internet purchases. Current regulation states that the collection of sale taxes following online purchase is only possible if a company has a physical presence in a state.

Wells Fargo Center Welcomes New Tenants, Renews Existing Leases

31 May 2013, 9:51 pm

By Georgiana Mihaila, Associate EditorWells Fargo Center Tampa

The millions of dollars spent on modernizing Wells Fargo Center in downtown Tampa seem to be paying off as the tower has attracted two new tenants, as well as renewed two existing leases.

One of the nation’s largest law firms, Jackson Lewis LLP, will soon be moving into the tower, after having signed a 6,277 –square-foot lease. The firm, who opened its first Tampa office earlier this year in temporary office space in the Westshore Business District will soon be relocating to the 22-story building. Co-brokers Brian Wyatt and Ryan Reynolds of Cassidy Turley represented Jackson Lewis in the transaction.

First Florida Insurance Brokers—a subsidiary of Lake Mary-based First Florida Insurance Brokers—will also be relocating to Wells Fargo Center after signing a lease for a lease for 3,100 square feet. Represented by David Culligan and Jon Slater of Studley Inc. the firm is relocating from offices in Channelside.

While USAA Realty has not only signed a renewal, but also a 1,776-square-foot lease extension, Gator Capital has also signed on to remain a tenant of the 388,000 -square-foot Wells Fargo Center.

Located near the Tampa Convention Center in downtown Tampa, the 22-story, 388,000 square foot Wells Fargo Center is one of Tampa’s premier Class A office buildings with unobstructed views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline.  Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, the LEED Gold-certified Wells Fargo Center is currently 78 percent leased.

Owners Feldman Equities, Inc. and Tower Realty Partners—which purchased the building back in January for $44.8 million—have recently completed a multi-million dollar renovation involving the modernizing of the building systems and telecommunications infrastructure. Renovations to the multi-tenant corridors, currently half way through, include new lighting, new carpeting, and bathroom upgrades.  Ownership is also proceeding with extensive upgrades to the building’s leasing amenities including a new restaurant, a high-end fitness center as well as a major upgrade to the parking building’s parking garage.  These improvements will begin this summer and will be completed by year end.

Redwood Capital Group Grabs Largo Multifamily Complex for $17M

18 May 2013, 1:59 am

By Georgiana Mihaila, Associate Editor

Redwood Capital Group has recently added 304 units to its growing multifamily portfolio with the purchase of a 304-unit multifamily complex in the central Pinellas County city of Largo.

Jamie B. May with Institutional Property Advisors—the multifamily brokerage division of Marcus & Millichap—mediated the Landmark at Largo Crossing deal on behalf of the owner, a joint venture between Landmark Residential and Brookfield Real Estate Opportunity Fund. Buyer Redwood Capital Group paid $16,750,000 for the property, or $55,000 per unit.

“Landmark at Largo Crossing is a recently renovated asset that was offered free and clear of debt,” says May. “The new owner is well positioned to reap the benefits provided by the area’s resurgent job market, promising demographic trends and changing housing preferences.”

Located at 305 Glades Circle on the north side of Ulmerton Road in Largo, the property is part of a vibrant commercial corridor featuring office parks, shopping plazas and restaurants. Built in 1974 on approximately 10.7 acres, Landmark at Largo Crossing was renovated in 2011. Composed of 28 two-story concrete buildings with stucco exteriors and pitched asphalt shingle roofs, the community consists of 144 one-bedroom units, 128 two-bedroom apartments and 32 three-bedroom units.

Amenities include a resort-style pool with cabanas and a large brick paver sundeck, a newly constructed fitness center building, a multi-use sport court, a large laundry center, a car care center, an enclosed dog park and a spacious picnic and barbecue area.

Image via Landmark at Largo Crossing’s Facebook Page


Looking to Expand, MIG Real Estate Buys Hilton Garden Inn

25 Apr 2013, 4:25 pm

By Georgiana Mihaila, Associate Editor

MIG Real Estate closed on its fourth Florida hotel, adding the Hilton Garden Inn Tampa East/Brandon to its 11-property hotel portfolio.

The Newport Beach, Calif.-based firm is currently pursuing an aggressive expansion strategy, seeking core-plus, value-add and opportunistic investments in select-service hotels, grocery-anchored shopping centers, and office, industrial and multi-family properties.

“We are pleased to add the first Hilton Garden Inn to our hotel portfolio, furthering our relationship with the Hilton family of brands,” said Greg Merage, CEO of MIG Real Estate. “This is a very high-quality product featuring an outstanding location in a mature business park with direct accessibility to other nearby East Tampa employers, amenities and attractions.”

Built in 2002, the Hilton Garden Inn sits on a 3.53-acre property at 10309 Highland Manor Drive and consists of 152 guestrooms. The property features approximately 4,500-square feet of flexible indoor and outdoor meeting space, outdoor swimming pool, exercise room, business center, restaurant and guest laundry.

The location places the Hilton Garden Inn within the Highland Oaks business park, adjacent to an Interstate 75 off-ramp and approximately 18 miles east of the Tampa International Airport. Nearby attractions include Florida State Fairgrounds, 1-800-Ask Gary Amphitheatre, the Bob Thomas Equestrian Center and the Seminole Hard Rock Hotel & Casino, all within three miles of the hotel.

Hodges Ward Elliot represented the seller in the transaction and MIG Real Estate represented itself. The property is being operated by Raleigh-based Concord Hospitality Enterprises. The financial details of the transaction have been disclosed.

Image: Hilton Garden Inn Official Website

Phillips Edison Purchases 2 Shopping Centers in Tampa Bay Metro Area

11 Apr 2013, 9:59 pm

By Georgiana Mihaila, Associate Editor

Phillips Edison-ARC Shopping Center REIT has shown a great deal of interest in metro Tampa properties this past week. It recently purchased two Publix-anchored grocery stores in the area.

The two new properties—Lutz Lake Crossing and Publix at Seven Hills—have brought the company’s portfolio to a total of 39 properties, with a portfolio aggregate purchase price of approximately $486.3 million. The company did not disclose the price of the recently-acquired properties.

Lutz Lake Crossing is a 64,986-square-foot shopping center located in Lutz, Fla., approximately 15 miles north of Tampa. The shopping center is anchored by a Publix grocery store, the No. 1 traditional grocer in the Tampa area by market share and is currently 86 percent occupied.

The other shopping center, Publix at Seven Hills, is a 72,590-square-foot shopping center located in Spring Hill, Fla. Anchored by a Publix store, the retail center is currently 91 percent leased.

Lutz Lake Crossing was not the sole Lutz retail property to trade these past days. Van Dyke Commons, a 139,347-square-foot retail center located at the intersection of Van Dyke Road and North Dale Mabry Highway, exchanged hands in a $30 million deal.

Buyer Prestige Properties & Development purchased the unencumbered property from seller iStar Financial Inc., which was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Brad Peterson and Director Analyst Kim Flores.

 “Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally-owned submarket. The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages. However, what really captivated investors was the strong performance by each of the anchors, shop occupancy, retention rate and the huge volume of daily traffic to the property driven by LA Fitness,” commented Peterson.

Van Dyke Commons, located 15 miles northwest of downtown Tampa, is anchored by LA Fitness, HomeGoods, and GolfSmith. Built in 2007, the 100 percent-occupied retail center also includes a 0.88-acre undeveloped land parcel.

Image via Van Dyke Commons property brochure


35K SF Nordstrom Rack Coming to Shoppes at University Town Center

29 Mar 2013, 8:12 pm

By Georgiana Mihaila, Associate Editor

Nordstrom, Inc. will soon be attending to its customers in the Sarasota-Bradenton metro area. The fashion specialty retailer opened a 35,000-square-foot Nordstrom Rack shop at the Shoppes at University Town Center.

The central location, set across the street from the future Mall at University Town Center, is the site of a former Circuit City space, and it has direct access from University Parkway. Located at the intersection of I-75 and University Parkway, the center is also home to tenants such as Marshalls, Ross, and Pier 1 Imports, among others.

The Shoppes at University Town Center is adjacent to the University Park Country Club—a private community featuring 31 neighborhoods—and Lakewood Ranch. The densely populated Sarasota/Bradenton corridor offers the metro area’s largest concentrations of retail stores, restaurants and Class A office space.

“We’re excited to have found this terrific location that will enable us to bring the Rack treasure hunt experience to our customers in the Sarasota-Bradenton metro area and throughout Sarasota County,” said Geevy Thomas, president of Nordstrom Rack. “We look forward to getting our doors open and serving customers at the Shoppes at University Town Center.”

Nordstrom Rack—the off-price retail division of Nordstrom, Inc.—will be offering on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. The retailer currently operates nine full-line stores and eight Rack stores in Florida, having recently announced two additional new Rack stores in Jacksonville and Naples scheduled to open this fall in addition to the full-line store slated to open in Jacksonville next year. The Sarasota store will be opening in fall 2013.

Image: Shoppes at University Town Center via Benderson Development

JLL Signs 16K Sq. Ft. of Office Space at One Urban Centre for Regus

13 Mar 2013, 10:10 pm

By Georgiana Mihaila, Associate Editor

Global office space provider Regus will soon be tapping into office space at Tampa’s premium Urban Centre.

Jones Lang LaSalle, the exclusive manager and leasing broker for the building, secured a long-term lease for 16,072 square feet of office space on behalf Regus at One Urban Centre. JLL Vice President Deana Beer represented One Urban Centre, while Brent Miller, also vice president for JLL, represented the tenant in the transaction.

Regus, the world’s largest provider of flexible workplaces, will use the space as its fifth Tampa Bay area business center; it will offer executive suite offices, meeting space and virtual offices, starting this spring.

The Class A mid-rise building, located at 4830 W Kennedy Blvd. in Tampa’s Westshore submarket, has undergone extensive renovations valued at more than $10 million to the atrium lobby, common area corridors and restrooms, elevators, roof replacement and courtyards. The property is 92 percent leased and houses elite tenants such as American Momentum Bank, UNUM Life Insurance, Ideal Image and MassMutual. It boasts a nine-story atrium, four-star hotel, private membership club, restaurants, dry cleaners, auto detailing, fitness center, state of the art conference center and more.

Along with its twin Two Urban Centre, the building has recently received NAIOP’s 2012 Best Office Building Award and BOMA of Greater Tampa Bay’s 2012 Outstanding Building of the Year (TOBY) Award in the Suburban Office Park, Mid-Rise category.

“It is wonderful to have Regus as a tenant, as it will fulfill the needs of single and small office space users, startups and traveling executives,” said Beer. “Urban Centre is truly a city within a city. Regus and its tenants will benefit from its high-profile location, unmatched amenities and unique personal and business offerings.”

Image Courtesy of Schwartz Media Strategies

Crescent Changes Name of $86M Tampa Multifamily Community

28 Feb 2013, 8:09 pm

By Georgiana Mihaila, Associate Editor

Following the recent groundbreaking ceremony held on Feb. 13, developer Crescent Resources is changing the name of its landmark $86 million multifamily development in Tampa from “Circle” to “Crescent”.

“Crescent is focusing on innovation in all aspects of our work, including how we design and build multifamily communities for the way people live today,” said Brian Natwick, president of Crescent’s Multifamily Division. “By shifting the name of our apartment communities, we are signifying that when you see the Crescent name on a development, whether it’s apartments or mixed use, you can be confident of a thoughtful approach to every aspect of the community, from site selection to amenities and from sustainability to community building.”

First announced in September 2012, Crescent Bayshore— the company’s fifth multifamily project in Tampa—is a 367-unit apartment community currently underway at 319 Bayshore Blvd. The development will feature studio, one-, two-, and three-bedroom floor plans and include amenities such as three secluded courtyards, two rooftop terraces or the 7,000-square-foot resort-style pool deck complete with an outdoor kitchen, covered dining, and bay-side lounging.

The units will feature gourmet kitchens with granite countertops, prep islands, and stainless steel appliances, while bathroom finishes are set to include granite countertops, ceramic tile floors and tub and shower surrounds. Each unit will have high ceilings, spacious walk-in closets, and private balconies as well as recessed lights, fans, and built-in USB outlets.

Consistent with all of Crescent’s developments, Bayshore will incorporate many sustainable features and materials. The community has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.

MSA Architects of Miami designed the Spanish Eclectic eight-story structure, while Moss & Associates of Fort Lauderdale will serve as general contractor. The first apartments are expected to be complete in the first quarter of 2014.

Image via Circle Bayshore official website

Moffitt Cancer Center to Add $74.2M Facility in Phase I Expansion

13 Feb 2013, 10:54 pm

By Georgiana Mihaila, Associate Editor

In a move that expands its footprint in the Tampa Bay area, Moffitt Cancer Center recently broke ground on a 200,000-square-foot outpatient facility on its McKinley campus.

A groundbreaking ceremony was held on Feb. 1. Special guests and speakers included Moffitt CEO Alan List, survivor Ron Giovannelli, State Surgeon General John Armstrong, Florida House Speaker Will Weatherford, Tampa Mayor Bob Buckhorn, U.S. Rep. Kathy Castor, Florida Rep. James W. Grant and founder H. Lee Moffitt.

The $74.2 million project was made possible by a 30-acre land donation from the city of Tampa and Hillsborough County, as well as support from the Florida Legislature.

“We are so grateful that the city and county have stood in full support of Moffitt’s mission — to contribute to the prevention and cure of cancer — since we opened,” said Alan F. List, M.D., Moffitt president and CEO. “And this new facility would not have been possible without the foresight and vision of our Florida Legislature, including the tireless efforts of Rep. James Grant and Sen. Ronda Storms.”

The new McKinley facility will include clinics, an ambulatory surgery center, infusion and imaging facilities, research labs, and space for blood draws. Approximately $54.2 million will be spent on the eight-story building and parking garage, with $20 million being the estimated cost necessary to equip it.

Tampa Mayor Bob Buckhorn

Tampa Mayor Bob Buckhorn discusses Moffitt’s importance to the Tampa Bay community

According to the company, the clinics will include screening services moved from Moffitt Cancer Center Screening and Prevention’s location on Fowler Avenue. The four new ambulatory surgery suites will serve patients with cancers including breast, melanoma, head and neck, and sarcoma. Clinical space will include breast and skin cancer programs, as well as associated imaging. Accompanying the medical services areas will be offices, administration facilities and dining areas.

The new facility, slated to open in 2015, is the first phase of the McKinley campus expansion. Moffitt’s McKinley campus–located less than a mile from the cancer center’s main campus—opened in 2009.

Images via Moffitt Official Facebook page

Standard Pacific Homes Buys 675 Acres in Wiregrass Area of Tampa

30 Jan 2013, 10:41 pm

By Georgiana Mihaila, Associate Editor

Well-known homebuilder Standard Pacific Homes has officially announced buying 675 acres in the Wiregrass area of New Tampa from Sierra Properties.

The developer plans to create over 20 all-new luxurious architectural designs to be offered on 1,180 homesites within four distinctive Wiregrass neighborhoods, all targeting the move-up buyer segment. With a grand opening planned for the beginning of 2014, Standard Pacific Homes will offer all-new home designs that feature large-scale open spaces and thoughtful design details suited for modern people.

“As one of the few remaining parcels of land in this prestigious setting, Wiregrass is a perfect match for Standard Pacific Homes’ growth strategy which focuses on building exceptional communities in premier locations,” said Southeast Regional President for Standard Pacific Homes, David Pelletz. “The top-caliber quality of the community will serve as a flagship for future master-planned communities being created by Standard Pacific Homes in the Florida market.”

The homes will range in size from 1,800 to 5,000 square feet and will feature elegant exterior styles including Italianate, Spanish and European Cottage. Another notable feature is the highly-appointed gourmet kitchen that flows into an expansive great room, an ideal space for entertaining and everyday life, says the company. The homes will also introduce an indoor/outdoor living concept as well as master suites outfitted with spa-like master baths.

The amenity package includes a clubhouse, tennis courts, a lap pool, a lagoon-style pool, a community playfield and a walking trail system. Located less than two miles from the community is The Shops at Wiregrass, an affluent shopping mall offering 800,000 square feet of retail, restaurants and entertainment options. The surrounding area also includes quality schools, a community college, the Florida Hospital–Wesley Chapel–and a 100-acre regional park. Plus, the community offers direct access to job opportunities as one of the two main gateways into the Tampa Business District.

Image: Italianate home exterior, courtesy of Standard Pacific Homes


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