Two Urban Centre Leases Full Floor to Mortgage Contracting Services

By Georgiana Mihaila, Associate Editor

In a move to consolidate its two Tampa locations into a single space, Mortgage Contracting Services has signed a long-term lease for 33,000 square feet of Two Urban Centre.

The national property preservation and inspection company will move from its current locations in One Urban Centre and Bank of America Tower to occupy the entire fifth floor at 4890 West Kennedy Boulevard this fall.

Two Urban Centre is one of the two twin nine-story buildings located at the southwest corner of Westshore and Kennedy Blvd.; the two buildings are connected by the Intercontinental Hotel and make up for nearly 550,000 square feet of office space. Both One Urban Centre and Two Urban Centre are managed and leased exclusively by Jones Lang LaSalle.

Urban Centre is Westhsore’ s premier Class A office and hotel complex; each office building features a nine-story glass atrium with multi-tiered granite fountains, mature landscaping and many on-site amenities including 24-hour security, four restaurants, full-service hair salon, full-service fitness center, lobby with wi-fi, sundry shop, auto detailing and conference center.

Jones Lang LaSalle’s Deana Beer represented the landlord in lease negotiations, while John Heald of Jones Lang LaSalle represented the tenant.  “With the consolidation to Urban Centre, Mortgage Contracting Services is allowing for a more efficient operation without drastically changing their square-footage needs,” stated Heald. “This move allows for growth as they continue to strengthen their Tampa presence.” The financial terms of the lease were not disclosed.

Image Courtesy of Schwartz Media Strategies

Container Store to Enter Florida Markets

By Georgiana Mihaila, Associate Editor

The Container Store has announced plans to enter the Tampa market in 2013. The retailer currently has two Florida stores, in Hallandale Beach and Miami, and plans on opening three more: in Tampa, Orlando and Boca Raton.

“The Container Store is extremely deliberate in selecting A-plus real estate sites across the country surrounded by a dense population of our time- and space-starved customers,” said Kip Tindell, chairman & CEO of The Container Store. “We’re thrilled to bring our unique concept to these three markets and are confident they will perform as top-level stores from the first day the doors open.”

The new stores, expected to create more than 180 jobs, will be consistent with The Container Store’s goal of offering a solutions-based approach to retail, with each full-time salesperson receiving more than 263 hours of training in their first year, compared to the retail industry average of seven to 10 hours. In addition, the retailer pays its employees 50 to 100 percent higher than the retail industry average. It’s this commitment to an employee-first culture that has landed The Container Store on FORTUNE Magazine’s annual list of “100 Best Companies to Work For” for the past 13 years, with the most recent ranking being announced in January.

For each new location, The Container Store will partner with a local nonprofit that will receive 10 percent of its grand opening weekend sales as part of the retailer’s commitment to give back to its local communities.

The Tampa store will occupy 25,000 square feet on the southwest corner of West Shore Boulevard and Spruce Street, one block south of International Plaza Mall. An opening date is still to be determined.

“We look forward to astonishing new and existing Florida customers alike with The Container Store’s unique shopping experience, product collection and renowned customer service delivered by our great employees,” continued Tindell. “Our goal is to have each customer do a little dance every time they open the doors of their organized closet, pantry or home office.”

Hard Rock Casino Expands in Tampa to Become Fourth-Largest Casino in Nation

By Georgiana Mihaila, Associate Editor

Following its recently completed $75 million expansion, the Seminole Hard Rock Casino in Tampa is now the fourth-largest casino in the nation, the Tampa Bay Times reports.

With a casino floor the size of five football fields, more than 5,000 slot machines, 110 table games and 50 poker tables, the Seminole Hard Rock Casino now places Tampa on the world map of gambling cities; based on the number of seats where people can play slots, poker and other games, the casino now ranks sixth worldwide.

The expansion added 32,000 square feet, bringing the total gaming space to 190,000 square feet, with 800 new slot machines; 1,300 new parking spaces brought the total to 5,000. Improvements also included a new room with 71 slots reserved for non-smokers and carpeting replaced on most of the gaming floor.

The expansion created 400 new jobs in gaming, restaurants, hotel operations, maintenance and security, resulting in a massive job fair. According to The Tampa Tribune, the expanded casino could employ more than 3,500 people.

Casino operations remain limited due to the lack of sufficient hotel rooms—currently only 250—as the 22-story hotel planned a few years back for a nearby location was put on hold. But it has increased the number of visitors to approximately 20,000 per day, and even 30,000 on crowded weekends or special days.

Grocery-Anchored Shopping Centers Attract Interest in Tampa Bay Area

By Georgiana Mihaila, Associate Editor

TNP Strategic Retail Trust—a public non-traded REIT that invests in grocery- and drug store-anchored retail properties—purchased the Bloomingdale Hills retail center in the Tampa suburb of Riverview for an undisclosed amount.

Anchored by Wal-Mart Neighborhood Market, the 78,686-square-foot Bloomingdale Hills is set at the intersection of West Bloomingdale Avenue and Providence Road in Riverview. The property comprises approximately 78,500 square feet of rentable space, as well as a fully improved, undeveloped land parcel.

Built in 2002, the center is 100 percent leased to multiple tenants, including St. Joseph’s Children’s Hospital of Tampa. Moreover, anchor tenant Wal-Mart is signed to a 15-year lease and holds a Standard & Poor’s ‘AA’ credit rating as one of the world’s largest retailers.

This is not the sole Tampa Bay-area shopping center to change hands in the past weeks. J.S. Karlton Co. recently acquired the Venice Pines Shopping Center in Venice, Fla., for the reported amount of $10.4 million, free and clear of debt. The 97,000-square-foot Venice Pines Shopping Center is located at 1254 Jacaranda Blvd., at the intersection of Center Road in Venice; the retail center features a Sweetbay Supermarket and serves a residential population of approximately 43,000 within a three-mile radius, with a median household income of $68,700.

Seller Weingarten Realty Investors—a commercial real estate owner, manager and developer—was represented in the transaction by Holliday Fenoglio Fowler L.P.’s senior managing directors Brad Peterson and Doug Hazelbaker.

According to Peterson, “This sale is another example of how the investment market has gotten red-hot for high-quality grocery-anchored centers like Venice Pines Shopping Center. HFF has recently marketed several grocery-anchored centers in Florida, including those anchored by Publix, Wal-Mart Neighborhood Market, Winn-Dixie and Sweetbay, and the interest level from investors has been exceptionally strong across the board.”

Image via Weingarten Realty Investors official website

Lighting Owner Relocates Vinik Asset Management’s HQ to SunTrust Tower

By Georgiana Mihaila, Associate Editor

Vinik Asset Management—the Boston-based hedge fund and investment firm founded and controlled by Tampa Bay Lightning owner Jeff Vinik—will soon relocate to Tampa’s SunTrust Financial Centre.

The firm recently signed a long-term lease for more than 20,000 square feet at Tampa’s iconic tower and will occupy the entire 31st floor of the building. While it will retain a presence in Boston, Vinik Asset Management will begin operating out of the new space this summer.

Jones Lang LaSalle Inc.’s Sharon Bragg represented the landlord—an affiliate of The Brookdale Group—during lease negotiations, while Andy May of Cushman & Wakefield Inc. represented the tenant. “The relocation of Vinik Asset Management’s headquarters is not only a great win for SunTrust Financial Centre but it will have a significant impact on the city of Tampa and overall absorption for the CBD,” said Bragg.

Tampa’s iconic SunTrust Financial Centre building is located at 401 E. Jackson St. in downtown Tampa, at the southeast corner of Jackson Street and Florida Avenue. The 36-story, 527,000-square-foot, Class A trophy office building, designed by U.S.-based Cooper Carry, features an all-white stair-stepped ziggurat roof that is illuminated at night, creating a “downtown beacon” that is visible for miles.

Designated the “Outstanding Building of the Year” by the Building Owners and Managers Association’s (BOMA) Tampa Bay chapter in both 2010 and 2011, the building traded in December for $82 million. Owner The Brookdale Group has granted Jones Lang LaSalle exclusive leasing assignments.

Vinik Asset Management’s relocation to Tampa follows the Vinik family’s purchase of two Palma Ceia properties, consisting of a $6 million, 8,300-square-foot home and a $3.2 million adjacent property. Vinik is also in the bid for acquiring the Channelside Bay Plaza shopping complex.

Image Courtesy of The Brookdale Group Official Website

Sarasota Multifamily Property Trades for $13.5M

By Georgiana Mihaila, Associate Editor

Tradition at Palm Aire—a 178-unit multifamily property located in the northern Sarasota community of Palm Aire—has been acquired by Preston Giuliano Capital Partners for $13.5 million, or $75,843 per unit.

The property, built in 1991, stands on 28.3 acres at 8445 Gardens Way, in the midst of the vibrant University Parkway area; encompassing 175,684 square feet, Tradition at Palm Aire consists of 45 one-bedroom, 105 two-bedroom and 28 three-bedroom apartments, with an average of 987 square feet per unit.

Each unit is appointed with laminate countertops, flat-panel thermofoil cabinetry with decorative hardware and GE appliances. All apartments also have full-size washers and dryers, kitchen pantries, large walk-in closets and screened patios. Second-floor units have vaulted ceilings and bonus rooms. Site amenities include a spacious two-story clubhouse with a large clubroom, a Wi-Fi business center, a fully appointed fitness center, three swimming pools, a spa, lighted tennis courts, two lakes with walking paths, numerous dog walking areas and a car-care center.

Seller Beachwold Residential was represented by Jamie May, a senior Florida director for Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap that serves the needs of institutional and major private investors.

“Originally a 248-unit condo conversion, Tradition at Palm Aire provides the new owner with 178 units at a significant discount to historical retail sales prices and well below replacement cost,” said May. “The units are presently 95 percent leased and generate strong cash flow, providing new ownership with the flexibility of holding units as rentals until the retail sales market for condominiums recovers.” May also referenced Florida’s recently extended Distressed Condominium Relief Act as contributing to the increasing attractiveness of purchasing and owning fractured condominiums.

Altman Eyeing Tampa for 2013 Development Pipeline

By Georgiana Mihaila, Associate Editor

While this year The Altman Cos. is bidding on the South Florida multifamily rental market, the company has announced that it might be targeting the Tampa Bay area for its next development line-up.

With four communities planned for the South Florida area in 2012—a potential addition of 1,110 units to the local inventory of rental apartments—Altman has also identified Tampa and Austin as great potential markets for new development starts.

“Our strategy is to have three to four new multifamily communities lined up per year, with a focus entirely on rentals,” said Altman chairman Joel Altman. He stated that rents are recovering and occupancies are high on his company’s existing inventory of rental properties, and said the current national shift from traditional home ownership to rentals is “being seen in all markets we’re in.”

Altman is already familiar with the Tampa Bay market; last year, the company acquired construction financing for Altis at Grand Cypress, a 258-unit development project planned for New Tampa in Pasco County; construction is currently underway and leasing is planned to start in June. The Altman Cos. is also the owner of the 70-unit Peninsula luxury residential community in Bolton Beach, a property acquired from PNC prior to being completed.

Altman has developed, constructed and managed more than 22,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. Its new Altis-branded communities are three-story walk-ups with no breezeways and private entries, plus expansive clubhouses and resort-style amenities.

Image: Tampa Skyline, Courtesy of Sonny SideUp via Wikimedia Commons

Rousse Properties Partners with Cinemark for New 12-Screen Lakeland Theater

• By Georgiana Mihaila, Associate Editor

The Lakeland Square Mall will soon be welcoming its own 12-screen, all-digital movie theater, according to an announcement by Cinemark Holdings Inc., one of the world’s largest motion picture exhibitors.

Cinemark has reached an agreement with Rouse Properties to become part of the Lakeland Square Mall in Lakeland, Fla. The Lakeland Square Mall, located on Interstate 4 and U.S. Highway 98, is launching a massive remodeling initiative for the development.

The new Cinemark NextGen theater will offer the latest technology, cutting-edge amenities and customer-preferred options, all under one roof. All of the stadium-seated auditoriums will offer a state-of-the-art viewing environment with wall-to-wall screens, 100 percent digital projection and enhanced sound systems equipped with higher-quality speakers and 7.1-capable Digital Surround Sound. Additionally, this theater complex will contain an extremely popular Cinemark XD Extreme Digital Cinema auditorium. Finally, the lobby will be designed around one of Cinemark’s innovative self-serve concession stands offering freshly popped popcorn, Coca-Cola fountain beverages and favorite candy brands.

The new Cinemark XD Extreme Digital Cinema auditorium will be the first in the Florida area. The XD auditorium is the largest in the theater complex and offers a complete entertainment environment, featuring a wall-to-wall and ceiling-to-floor screen, plush seating and a custom JBL sound system with higher-end components and 7.1-capable Digital Surround Sound. The XD auditorium will exhibit the newest movies every week, including 2D and Real D-3D pictures.

“We are looking forward to introducing our new Cinemark NextGen movie theater concept to guests in Lakeland, and this new complex will be a great addition to the Lakeland Square Mall development,” commented Tim Warner, Cinemark’s CEO. “We plan to move very quickly to open the theater in 2013.”

Photo Credits: YLakeland

Ryland Homes Announces Grand Openings in Four Tampa Bay Communities

By Georgiana Mihaila, Associate Editor

In the attempt to stay faithful to its commitment of delivering energy-efficient, high-quality homes, Ryland Homes has recently announced the grand opening of new model homes and new home sites for sale in four Tampa Bay-area communities. Offering a mix of both styles and prices, the homes try to offer a wide array of opportunities for new homeowners.

Both the WaterGrass community, located in Wesley Chapel, and Palmer Lake, set in Sarasota, offer the new Sabal Series of floorplans starting from the $150s. Specially designed to accommodate families, the units feature four bedrooms, two-and-a-half bathrooms, a den and a loft. The WaterGrass community also features an onsite elementary school and will soon add a clubhouse, pool, tennis and basketball court, along with a playing field.

Ryland Homes also introduces the American Classic Series of floorplans in Rocky Creek. These luxury floorplans offer upscale living in a private community close to Citrus Park. The classic one- and two-story homes range from 2,155 to 3,514 square feet. The fully decorated Hemingway model features a downstairs master bedroom, an upstairs loft and a covered patio.

Bayou Cove is a small community in Pinellas Park featuring homes with three-car garages. The Siesta model showcases five bedrooms, three-and-a-half baths, an upstairs game room, a breakfast nook and a formal dining room. These homes are approximately 3,154 square feet, with pricing starting at $348,990.

Photo Credits: Ryland Homes Official Website

Colliers Brokers Sales of Two Tampa Bay-Area Multifamily Properties

By Georgiana Mihaila, Associate Edior

Colliers International Tampa Bay and Colliers National Senior Housing (also based in the Tampa Bay Colliers office) have successfully closed two multifamily sales in the Tampa Bay area.

The first is a 55,275-square-foot assisted living facility located at 1120 33rd Ave. Langdon Hall, which sold for $4.9 million, was 88 percent occupied at the time of the closing. The 80-bed, 66-unit property provides its residents with a healthcare center, daily activities, dining services, housekeeping and special services including rehabilitation, hospice care, a pharmacy and a beauty/barber shop. The facility focuses on providing assisted living yet allowing the residents an independent lifestyle, with one-third of the units designed as one-bedroom units—an unusual feature for a facility built in the mid-’80s.

The seller, Langdon Hall L.L.C., owned the 27-year-old property for seven years. The buyer, Aviv REIT Inc., a Chicago-based institutional real estate entity with a substantial portfolio of skilled nursing facilities, purchased the facility at $74,788 per unit. Saber Healthcare Group L.L.C., an Ohio-based operator of 56 skilled nursing facilities, recently began operating the facility under a long-term lease.

For the other property—the 236-unit Martin’s Landing Apartments—Colliers International Tampa Bay worked in conjunction with Auction.com, the nation’s leading real estate auctioneer, in order to reach a larger group of potential buyers. Following a four-week auction period, the winning bid for the property was an all-cash offer for $6.8 million.

Prior to being listed for auction, the investment property had attracted five offers resulting from a 30-day Internet and e-mail marketing campaign by Colliers, which had exposed the listing to more than 3,200 prospects. The seller did not accept the offers and instructed Colliers to also use Auction.com to publicize the property. With the help of Auction.com, Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, received an overall total of 115 inquiries and seven site visits before the deal was done.

John Stone, CCIM, principal & managing director of multi-family investment services with Colliers International Tampa Bay, represented the seller, 3520 Cleveland Heights L.L.C. The buyer, Integritas Residential L.L.C., represented by Kevin Kelleher of Franklin Street, purchased the 37-year-old apartment complex for the equivalent of $29,034 per unit, well below replacement cost.

Photo Credits: Langdon Hall Official Facebook Page 

Groundbreaking Nears for Taubman’s $315M Sarasota Mall

By Georgiana Mihaila, Associate Editor

Taubman Centers Inc. announced that construction will start later this year on its state-of-the-art, 880,000-square-foot Mall at University Town Center. Partnering with Benderson Development on the $315 million project, Taubman will own 50 percent of the shopping center, while also being responsible for development, management and leasing.

According to an official statement, the two-level enclosed shopping center will feature an 80,000-square-foot Saks Fifth Avenue, a 160,000-square-foot Macy’s and a 180,000-square-foot Dillard’s, along with approximately 115 stores—more than half expected to be new to the market. In addition, a fourth department store is planned to be added at a future date.

Located at I-75 and University Parkway in Sarasota, the shopping center is expected to open in the fall of 2014.

“The Mall at University Town Center will be one of the premier shopping destinations on the west coast of Florida,” said Robert Taubman, chairman, president & CEO of Taubman Centers, “and it will be the preferred shopping destination in the Sarasota region for locals and visitors alike.”

The Mall at University Town Center joins several other dominant fashion centers in Florida owned or co-developed by Taubman, including International Plaza in Tampa, Waterside Shops at Pelican Bay in Naples and Mall at Millenia in Orlando.

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super-regional shopping centers. Taubman’s 27 U.S.-based owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Mich., and its Taubman Asia subsidiary is headquartered in Hong Kong.

Image Courtesy of Taubman Centers, Inc. 

HFF Secures $30M Financing for One Progress Plaza

By Georgiana Mihaila, Associate Editor

Holliday Fenoglio Fowler L.P. has secured $30.8 million in financing for the tallest building in Pinellas County—One Progress Plaza—according to company officials. Working exclusively on behalf of owner Kucera Properties, HFF placed the 10-year, fixed-rate loan with American National Insurance Co., which is headquartered in Galveston, Texas. The financing replaces an existing maturing loan, and the new financing will be serviced by HFF.

The HFF team representing Kucera Properties was led by senior managing director Paul Stasaitis, who was assisted by director Chris Drew and associate director Kim Flores.

“This transaction is emblematic of how capital sources today are viewing overall market conditions as opposed to, say, 12 months ago. Most lenders today are focused on high-quality assets within their respective markets and are holding the notion that the overall economy’s ‘floor’ is now behind us. As such, we are able to provide borrowers more creative and further expansive sources of capital for the recapitalization of their real estate assets,” said Stasaitis.

The 28-story One Progress Plaza is located at 200 Central Ave., east of Interstate 275 in downtown St. Petersburg. The location is less than one mile from direct access to I-275, which links St. Petersburg to Tampa and Sarasota, with a commute of approximately 25-30 minutes. Due to the setting, middle and upper floors enjoy unobstructed views of both Tampa Bay and the Gulf of Mexico.

The 295,200-square-foot, Class A office building is currently 83 percent occupied by a variety of tenants associated with wealth management, legal and other financial services.

Photo credits: Google Maps

Award-Winning Colliers Tampa Bay Closes Industrial Lease

By Georgiana Mihaila, Associate Editor

Colliers International Tampa Bay has become a regular feature in local media this past month, having won six major honors at the Florida Gulfcoast Commercial Association of Realtors and Real Estate Professional’s annual Pinnacle Awards.

Colliers International Tampa Bay professionals claimed their awards during a ceremony held on March 27 at A La Carte Pavilion, with the firm’s Pat Marzulli landing the title for overall Deal of the Year for the sale of a 67,431-square-foot building set on 5.5 acres in Largo. Marzulli was also honored as the third-highest producer in the industrial category, national division.

Just last week, Colliers Tampa Bay closed a lease for 25,482 square feet of flex space at 501 Hobbs St. in Tampa. The new tenant, Florida Asset Remarketing, chose the location—which offers both office and warehouse space—in a move to accommodate its anticipated growth.

The property is compact, with 3,000 square feet of office space, and features grade-level loading in a convenient location near I-75 and I-4.

“We wanted to stay as close to the I-75 corridor as possible, as this is a desirable location for distribution-oriented businesses,” said Mike Herman, president of Florida Asset Remarketing. “And it gives us the additional office and warehouse space we need to grow.” The new property is more than double the size of the company’s previous location a few miles away.

According to an official statement, the company plans on hiring two new employees this month and intends for Florida Asset Remarketing to expand its market and take on new customers in the near future.

Ed Miller and Dee Seymour of Colliers International Tampa Bay represented the tenant, Florida Asset Remarketing, which reconditions, leases and sells copiers and copying equipment. Mark McKell of Colliers International Tampa Bay represented the landlord, Franklin Park Properties L.L.C.

Partnership Buys Tampa Land for New $37M Apartment Community

By Georgiana Mihaila, Associate Editor

Following the acquisition of 25 acres of land in Tampa, a partnership formed by Crescent Resources L.L.C. and Global Growth Trust plans on developing a 344-unit garden-style apartment community. The location of the newly acquired land is adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway, seven miles from downtown Tampa.

UT Plans New Athletic and Intramural Complex

By Georgiana Mihaila, Associate Editor

The University of Tampa recently announced plans for a new student intramural and athletic complex, to be set on the west side of the campus.

The proposed plans for the new facility call for a multi-purpose field, a 1,450-seat stadium, two spectator berms, restrooms, a concession area, parking, team meeting rooms and a support building. The field will serve as home to the UT men’s lacrosse team—which is playing its inaugural season this spring—but will also be used for numerous intramurals as well as other sports. A new women’s lacrosse team, which will begin play during the 2013-2014 academic year, will also call the field home. According to an official statement, the complex is expected to be completed by December 2012.

To prepare for construction of the athletic and intramural complex—which is roughly bordered by Kennedy Boulevard to the south, North A Street to the north and Delaware Avenue to the east—UT will clear several of its properties fronting Kennedy Boulevard. The field is planned to be artificial turf. A custom fence, similar to the one along UT’s current campus bordering Kennedy Boulevard, will be erected, as will a high net to keep athletic balls from disrupting traffic. The new facility would be consistent with UT’s design and use standards that have already been maintained on campus and on Kennedy Boulevard, and would provide an appealing entry into Tampa’s downtown.

The center will be named the Naimoli Family Athletic and Intramural Complex, in honor of the Naimoli family, which has been involved with the university since the 1980s and is partly funding the addition to the campus. Vince Naimoli, chairman & founding partner of the Tampa Bay Rays, is a chairman emeritus of the University of Tampa board of trustees, and in 1999 established UT’s Naimoli Institute for Business Strategy. The Naimoli family’s support has also funded improvements at UT’s tennis and softball complexes, now called, respectively, the Naimoli and Young Family Tennis Complex and the Naimoli Family Softball Stadium.

“The progress the University of Tampa has made in the past 25 years—in academics, athletics and the entire college experience—has been impressive,” Naimoli said. “I’m pleased to support such a fine institution and future generations of its students.”

 Photo Credits: Courtesy of The University of Tampa Official Website

Local Beer Distributor Buys 96-Acre Tract in St. Petersburg

By Georgiana Mihaila, Associate Editor

Alter+Care to Develop Wellness Plaza at Florida Hospital Wesley Chapel

By Georgiana Mihaila, Associate Editor

The yet-to-be-completed Florida Hospital Wesley Chapel Medical Center will soon have a new neighbor, as Alter+Care is currently developing an adjacent 100,000-square-foot, three-story medical office and wellness facility: Wellness Plaza at Florida Hospital Wesley Chapel.

According to Donna Jarmusz, Alter+Care’s senior vice president for business development and strategic initiatives, “Wellness Plaza at Florida Hospital Wesley Chapel reflects the new integrated model for healthcare by combining a comprehensive wellness center, physician offices and hospital-based services in one convenient location on the new medical center campus.” Designed by Ohlson Lavoie Collaborative, the building will be connected to the hospital via a short, covered walkway. The hospital will have the potential for expansion to 288 beds, to be constructed in multiple phases to meet growing healthcare community needs.

Located in Wesley Chapel—approximately 25 miles north of downtown Tampa—the property will house a 50,000-square-foot wellness center that will include a 25-meter lap pool; a warm-water therapy pool; locker rooms for men, women and family; an indoor walk/jog track; massage services; group exercise studios; conference rooms; cardio and free weight equipment; a heart-healthy café; a logo shop; and disease management and wellness education programs. The rest of the space will be leased to physicians and ancillary healthcare service providers.

Alter+Care—ranked by Modern Healthcare as one of the nation’s leading healthcare real estate companies—is developing the Wellness Plaza at Florida Hospital Wesley Chapel for the Adventist Health System, a not-for-profit healthcare organization established in 1973 that supports 43 campuses in 12 states and employs 55,000 individuals. Adventist Health System’s flagship, Florida Hospital, is one of the largest healthcare providers in the United States and a national leader in cardiac care.

Klein & Heuchan Closes Sales of Tampa Bay Properties

By Georgiana Mihaila, Associate Editor

Clearwater, Fla.-based commercial real estate firm Klein & Heuchan Inc. has made several appearances in the local press after mediating the successful sales of two commercial properties within the past week.

Klein & Heuchan represented owner Hallmark Development of Florida Inc. in the sale of its 7.4-acre Offices at Park Place, which traded for $9.1 million. Located at 83 Park Place Blvd., the property houses two LEED Gold-registered office buildings and a parcel ready for construction of a third office building. Built four years ago, the two buildings encompass 51,000 square feet of office space and lists among its tenants TUI Marine and Brown & Brown Insurance. According to the Tampa Bay Business Journal, the buyer of the property is GDB Holdings L.L.C. of Safety Harbor.

Klein & Heuchan also represented Learn International – US Inc. in the recent sale of the former Schiller International University Campus to Christian International School of Healthcare Professionals L.L.C. The property, located at 300 East Bay Drive in Largo, contains 32,936 square feet of space in two large buildings fronting Largo’s main east/west thoroughfare. With Klein & Heuchan’s Chris Howell representing the seller, the property commanded a sale price of $1.9 million.

“This highly visible campus is located in the heart of Largo, directly across from Largo Central Park. The two buildings were previously renovated to accommodate Schiller International University and provide a wonderful opportunity for the new school to quickly give its students a great learning environment,” said Steven Klein, vice president of Klein & Heuchan. This is the second campus the commercial real estate firm sold in the area, as they were also in charge of marketing the former Pinellas County Jewish Day School, sold in October 2011.

Portland Apartments Kicked Off Fully Leased

By Georgiana Mihaila, Associate Editor

The 12-story Portland Apartments in downtown St. Petersburg was not only completed in due time but made a grand entrance in the Tampa Bay market by starting out fully leased.

Developed by 908 Development Group, The Portland is a 68-unit, 12-story affordable-housing complex with three stories of garage parking. The one-, two- and three-bedroom apartment units feature modern energy-efficient appliances, hard-surface countertops, a fitness center, a community center and a fourth-floor amenity deck overlooking Mirror Lake. The building has been constructed with a number of sustainable building materials and practices, including low-flow water fixtures.  Batson Cook was the contractor for the project, which took 12 months to be completed, while ROJO Architecture provided the design.

According to an official release, 908 Development Group secured the necessary financing for completion of the project from several sources, including the American Recovery & Reinvestment Act, as well as the city of St. Petersburg.

“The motivation for us to construct the building utilizing green practices and materials is to improve the indoor air quality and environment for the residents, reduce the impact on the surrounding environment, and reduce energy consumption and thus monthly utility costs for the residents,” stated Justin Wilson, principal for The Portland Apartments. The developer is anticipated to seek a LEED certification from the U.S. Green Building Council.

The project makes a contribution to the significant lack of workforce housing for downtown St. Petersburg’s essential service personnel. Rents start at $591 per month for a one-bedroom unit, $698 per month for a two-bedroom unit and $797 per month for a three-bedroom unit.

Colliers International Markets Trammell Crow’s SouthGate Tower

By Georgiana Mihaila, Associate Editor

Colliers International has been selected by Trammell Crow Co. to market the developer’s SouthGate project, the first hotel and office project to be built in downtown Tampa in more than 20 years.

The project, proposed for a four-acre parcel bordered by Whiting, Morgan and Brorein streets and Florida Avenue, consists of a 450,000-square-foot office tower, a 350-key luxury hotel and a 1,200-space parking garage. The SouthGate development will include an on-site fitness center, restaurant and covered deck, the Tampa Bay Business Journal reports. When news about the project was first reported back in August 2011, Trammell Crow was under contract to buy the property and was scouting for a hotel brand with which to partner.

Positioned north of the Tampa Convention Center and east of the University of South Florida’s Center for Advanced Medical Learning and Simulation, both the office tower and hotel are expected to draw demand from the two neighboring facilities. The 90.000-square-foot medical training center is regarded as a potential magnet for healthcare and medical tenants and is expected to draw as many as 60,000 healthcare professionals to downtown Tampa annually.

Bob Abberger, managing director of Trammell Crow, declared that rezoning for the site was completed in December with no opposition from the city council, and that the project will most likely be completed by early 2014. Trammell Crow had planned a similar office tower for Tampa’s Channel District prior to the recession, but the plans were dropped.

Colliers International managing director of office services Claire Calzon will be in charge of the leasing efforts for the SouthGate development.