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SRS Real Estate Welcomes New First Vice President in Tampa

6 Nov 2013, 5:15 pm

By Balazs Szekely, Associate Editor

Thomas Michael McNamara recently joined SRS Real Estate Partners’ Tampa office as first vice president.

Headquartered in Dallas, SRS Real Estate Partners is exclusively dedicated to retail services, and it is the largest real estate company of this kind in the U.S. The firm has more than 20 offices worldwide and provides brokerage, corporate, development, management and investment services.

The new first vice president’s responsibilities will include providing tenant representation, landlord representation and land brokerage services across Tampa Bay and Central Florida. McNamara is an experienced a veteran as he has more than 23 years behind his back in the commercial real estate industry. He had most recently worked with Sperry Van Ness as a senior advisor specializing in the sale and leasing of retail, office and industrial properties in the Sarasota, Orlando and Tampa Bay markets.

McNamara is from Orlando by birth but he’s been living in Tampa for several years. He has a master’s degree from the University of Central Florida, and he also acquired a bachelor’s degree from Florida State University. He is member of the International Council of Shopping Centers as well as NAIOP, the Commercial Real Estate Development Association. He has previously been working as the on-site real estate consultant for Hughes Supply, a Fortune 500 company acquired by Home Depot. At Hughes he directed site selection, leasing and transaction analysis among other aspects of real estate transactions. McNamara has also managed leasing and sales for a 500,000- square-foot office and retail center.

John Artope, executive vice president and market leader for the Orlando, South Florida and Tampa offices takes delight in McNamara’s transfer. They are “pleased to bring in a broker with such a strong background,” he said in a statement. “Michael is going to do great things for the Tampa office,” he added.

Photo Credits: T. Michael McNamara via Facebook

More Homes Likely to Be Built in Channing Park

1 Nov 2013, 6:48 pm

By Balazs Szekely, Associate Editor

Developers of Channing Park, near the intersection of Boyette and Dorman roads  in Southeast Tampa, await zoning hearings on incorporating more homes into a subdivision next to FishHawk Ranch.

Hillsborough County Planner Michelle Heinrich told the Tampa Bay Tribune that the current plan allows 443 town homes or single family units. If the request is approved, 146 more homes can be added. The preliminary hearing will be held Dec. 16 and the one with Hillsborough County Commission is scheduled for Feb. 11, 2014.

The requested rezoning should allow building two units per acre instead of only one units per acre. Clayton Bricklemyer, the attorney representing the builder, told the Tribune that the units would be grouped in a way that allows more open space in order to avoid urban sprawl. Channing Park’s original developer, Taylor Morrison will be commissioned with continuing the constructions in the additional 73 acres. Bricklemyer is not aware of any environmental issues on the property, with the exception of a small swamp near Boyette.  He said that during site work, the developers will fully comply with the wetlands rules. Nearby residents should get official notifications of rules by Nov. 15th.

The property is located in Lithia, on the edge of Hillsborough County’s urban service area, which is targeted for growth. The neighboring areas are called rural service areas and are reserved for environmentally sensitive lands, agricultural uses, etc.

Photo Credits: Taylor Morrison

USAA Real Estate to Build $200M Amazon Fulfillment Center

16 Oct 2013, 10:16 pm

By Balazs Szekely, Associate Editor

An Amazon warehouse will be built on a nearly 80-acre site acquired by RELP Tampa LLC. The site was purchased from South Shore Corporate Park LLC for $14.6 million last Thursday.

County and state officials hope the yet-to-be-built $200 million, 1.1-million-square-foot, fulfillment center will breathe life into a still-struggling corner of the community. The project is expected to bring 1000 permanent jobs, out of which 375 would pay above the state average, as well as seasonal and construction work to Hillsborough county.

The seller is an affiliate of Minneapolis-based Ryan Companies U.S. Inc., while the buyer is USAA Real Estate Co., operating as RELP Tampa.

According to Tampa Bay Business Journal, over the past two years USAA Realco has already built seven Amazon fulfillment centers totaling about 8 million square feet of warehouse space. This project has gone public in June when the online retail giant announced that it will open its first Florida distribution center.

Speculation had originally pointed to sites in Hillsborough and Polk counties, both of which considered offering financial incentives to lure a warehouse.

Hillsborough County Commissioner Al Higginbotham recently said Amazon signed a long-term lease for the property, and the incentives would not kick in until the project meets benchmarks. In July, county commissioners voted to waive half of Amazon’s property tax bill for the first seven years, about $6.4 million in total, Tampa Bay Times reported.

Image: UK distribution center Photo courtesy of James Allan via Wikimedia Commons 

Tampa Council Approves $6.5M Restoration of Long-Closed Water Works Park

4 Oct 2013, 3:54 pm

By Balazs Szekely, Associate Editor

Water Works Park, tucked away just north of Interstate 275 on the edge of downtown Tampa, is soon to be reopened after decades of neglect.  The City Council voted in late September to move ahead on a $6.5 million plan to restore the park by the spring of 2014.

According to The Tampa Tribune, work could begin in October. Mayor Bob Buckhorn hopes to have the park done by the time Richard Gonzmart’s new Columbia-chain restaurant, Ulele, opens in the spring, or at least to get to a phase where the developments don’t interfere with the restaurant’s activity. As reported by the same newspaper in May, Gonzmart will lease the city’s old Water Works Building for $1 a year for 20 years, with the option to renew for up to three additional 20-year terms. He plans to invest more than $4 million in the nearly 10,000-square-foot building. Gonzmart’s restaurant in the Water Works Building “and us investing in Water Works Park will help to energize and stimulate the redevelopment of Tampa Heights, which will pay huge dividends in terms of property tax revenue,” Buckhorn said. The property is also expected to complement a planned redevelopment of Tampa Heights.

Once it reopens, Buckhorn hopes the park will be as popular as it was after World War I, when the spring was surrounded by a lily pond that was a fashionable spot for Sunday picnics. The 5-acre park already has plenty of oak trees and a view of the Hillsborough River. The City of Tampa plans to complete the project with a further section of the Riverwalk, playgrounds, an event stage, public boat slips, restrooms and a restored spring. The spring, originally named after 19th century Tampa judge James T. Magbee, has been known as Ulele Spring since 2006, when a the City Council changed its name to honor the daughter of a Timucuan chief who is said to have saved the life of a young 16th century Spanish explorer.

The renovation will be carried out by Belleair-based Biltmore Construction. One of the major expenses of the the project is a $976,000 property cleanup. The property was previously used as a fuel depot for the Tampa Police Department.

Photo credit: City of Tampa

Tampa M-F Property Part of $170M Landmark Apartment Trust Purchase

19 Jul 2013, 9:42 pm

By Georgiana Mihaila, Associate Editor

Richmond, Va.-based Landmark Apartment Trust of America has gone on a buying spree. A Tampa property was among its most recent acquisitions.

Following a series of four separate transactions—with a combined price of approximately $169.3 million—Landmark added a total of 2,252 apartment units to its growing portfolio. Combined, the eight properties are currently 95 percent occupied.

“These strategic acquisitions directly align with our focus of purchasing apartment communities in quality locations throughout the Sunbelt region at advantageous pricing and significant discount to replacement cost,” said Stanley J. Olander, CEO of Landmark Apartment Trust of America. “We plan to leverage our deep local market knowledge and our proven redevelopment capabilities to create incremental value at each property.”

The third transaction in this list of recent acquisitions closed July 1, and consisted of four properties totaling 1,006 units. Two of the properties are located in Charlotte, N.C., one in Jacksonville, Fla., while the fourth is located at 8412 Rio Bravo Court in Tampa, Fla.

The 296-unit Landmark at Courtyards on the River in Tampa, Fla. is a gated community with controlled access, built in 1972. One-, two- and three-bedroom units are equipped with frost-free refrigerators, gourmet kitchens and large walk-in closets. The property also lists 24-hour emergency maintenance, clothes care center, fitness center, tennis court and swimming pool as community privileges.

Joseph Lubeck, executive chairman of Landmark Apartment Trust, added, “These acquisitions presented an attractive opportunity to grow our portfolio in markets where we already have a strong presence and considerable insight. Our dedicated and experienced team has a strong track record of unlocking asset value in these markets, and this provides us with a significant competitive advantage.”

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


Hines Taps Into Tampa Bay Market with 308-Unit Apt. Complex

17 Jan 2013, 4:09 pm

By Georgiana Mihaila, Associate Editor

International real estate firm Hines recently started construction on its first St. Petersburg project, the 308-unit Azure Residences multifamily complex. 

Located within the Carillon Park master-planned community, Azure will include 308 luxury garden-style residences in seven three-story buildings and one four-story building with direct entry and detached parking garages. Consisting of one-, two- and three-bedroom apartments with sizes ranging from 655 to 1,376 square feet, the complex will feature an amenity package including a clubhouse, a resort-style swimming pool, a state-of-the-art fitness center, an Internet café and a sports lounge.

Designed by The Preston Partnership of Atlanta, Azure’s architecture is meant to evoke a coastal style with buildings clad in clapboard siding and incorporating shake accents, wide eaves, metal roof accents and stucco at the buildings’ bases. Upper-level apartments will also benefit from water views of Tampa Bay.

Located in proximity to Roosevelt Boulevard, Ulmerton Road and I-275, Azure Residences will be a drive away from some of the region’s best beaches in St. Petersburg and Clearwater. Furthermore, as part of the Carillon Park community—comprised of more than two million square feet of Class A office space, a Publix grocery-anchored retail center, a four-star hotel and a 60,000-square-foot outpatient clinic—the multifamily community will benefit from the neighboring employers in the area that include Raymond James, Franklin Templeton, Aegon, Fidelity National, General Dynamics, Jabil Circuit and PCSU Financial.

According to an official Hines announcement, the general contractor Urban Oaks Builders expects occupancy of the first units in October 2013, with final completion set for October 2014.

Hines Managing Director and leader of the firm’s Southeast Region multifamily platform Jon Wood said, “Azure is a significant project for us as it will occur on one of the few remaining apartment sites in St. Petersburg and within one of the best locations in the area, Carillon Park. We look forward to growing our multifamily presence in Central Florida.”

Hines is the developer of the 276-unit Ponce & Bird multifamily project currently underway in Miami, and is highly familiar with the Florida market; the company’s experience in Florida includes the development of 3,000 acres of master-planned communities including Palencia, Glen St. John and Woodlawn in Jacksonville; the 16-story, 101-unit luxury condominium tower, Madeira on Marco Island; the 55-story Wachovia Financial Center in Miami; and the 12-story 2525 Ponce de Leon building in Coral Gables. Hines recently acted as the development manager for the Frank Gehry-designed New World Center performing arts center in Miami Beach, as well as the new Dr. Phillips Performing Arts Center currently under construction in the City of Orlando.

Image courtesy of Hines


Driftwood Hospitality Buys Hyatt Regency Tampa, Plans Hilton Rebranding

28 Dec 2012, 10:51 pm

By Georgiana Mihaila, Associate Editor

After being on the market for nearly six months, the 521-room Hyatt Regency in downtown Tampa is now under new ownership. Driftwood Hospitality Management LLC purchased the property for an undisclosed amount.

The acquisition marks Driftwood’s re-entry to the Tampa market; “We are excited to return to the Tampa market and believe this property is poised for success with terrific core offerings and a central location that appeals to business and leisure travelers alike,” said Mike Diaz, CEO of Driftwood Hospitality Management.

The Hyatt Regency is located at 211 North Tampa Street in downtown Tampa. The hotel features a full-service Avanzare restaurant and lounge, a heated outdoor pool, rooftop whirlpool, gift shop and fitness center. The 521-room hotel boasts 30,000 square feet of flexible function space and access to nearby beaches, golf courses, tourist attractions and local corporations.

The new owner plans on investing $13 million into property renovations, which are expected to commence within the coming weeks. As part of Driftwood’s planned renovation program, the company will reconfigure the hotel’s first floor, updating the lobby and restaurant. When complete, the location will be home to Tampa’s newest Starbucks and will feature a variety of other new amenities. Guestrooms and meeting spaces will also be refreshed in late 2013.

Effective immediately under Driftwood’s management, the Hyatt Regency Tampa will operate as Hotel Tampa – A Hilton Affiliated Property. Upon completion of the first phase of the renovation, which is slated for Q2 2013, the property will be reflagged as the Hilton Hotel Downtown Tampa.

Seller AREA Property Partners was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Daniel Peek, Associate Directors Paul Hsu and Max Comess and Senior Real Estate Analyst Cyrus Vazifdar.

Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase

18 Dec 2012, 3:34 pm

By Georgiana Mihaila, Associate Editor

Parkway Properties Inc.has closed on the acquisition of the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million. Parkway Properties has recently been on a shopping spree.

The company has first shown interest in the 170,000-square-foot building in early October; “Westshore Corporate Center is well located within the Westshore submarket and is one of our third-party managed assets in the former Eola Capital portfolio, allowing Parkway to achieve attractive pricing given the $850,000 credit we will receive at closing,” said Parkway’s President and CEO, James R. Heistand, at the time.

Located at 600 N. Westshore Blvd., Westshore Corporate Center was built in 1988 and is currently 77.7 percent leased. Parkway expects the property to generate a 2013 estimated cash net operating income yield of approximately 8.5 percent based on the net purchase price. The company will own 100 percent of the asset and plans to assume the in-place first mortgage secured by the property, which has a current outstanding balance of approximately $14.5 million with a fixed interest rate of 5.8 percent and a maturity date of June 1, 2015.

Westshore Corporate Center is currently managed by Parkway Realty Services and was formerly part of the Eola Capital LLC portfolio before Eola merged with Parkway in May 2011. Given the agreement formed between Parkway and the former Eola principals in December 2011, 100 percent of any proceeds received by the former principals were granted to Parkway. Therefore, Parkway will only be required to pay a purchase price of $22.5 million, which is net of an $850,000 credit that would have otherwise been paid to the former Eola principals.

In its effort to pursue high-quality assets, Parkway Properties has also announced entering into a purchase and sale agreement to acquire Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston for $124.5 million; Tower Place 200, a 260,000 square foot office tower located in the Buckhead submarket of Atlanta for $56 million; and 525 North Tryon, a 406,000 square foot office tower located in the central business district (CBD) of Charlotte, N.C. for $47.4 million.

Image: Westshore Corporate Center via tampachamber.com


Parmenter Realty Buys Two Tampa Office Buildings from Prudential for $85M

30 Nov 2012, 8:32 pm

By Georgiana Mihaila, Associate Editor

Miami-based Parmenter Realty Partners added 494,813 square-feet of office space to its portfolio when it purchased two Class A office buildings on Rocky Point Island in Tampa, Fla. for $85 million.

Seller Prudential Real Estate Investors first started looking for a buyer for the Island Center and Waterford Plaza buildings in mid-2009, but withdrew the properties from the market only to restart marketing efforts approximately four months ago.

Mike Davis, executive director of Cushman & Wakefield’s Southeast Capital Markets Group—the firm that negotiated the transaction on behalf of the seller—said that “The capital markets again view Tampa positively from a long-term investment perspective.  Accordingly, well-positioned core assets are in high demand.”

The Cushman & Wakefield’s Southeast Capital Markets Group sales team was formed by Mike Davis, executive director, Rick Brugge, CCIM, associate director and Michael Lerner, senior director. Cushman & Wakefield was assisted by CLW Real Estate Services.  The sale price of $85 million equates to approximately $169 per square foot.

Totaling 494,813 square feet, Island Center and Waterford Plaza are both Class A, 12-story office buildings and have been built in 1985 and 1986 respectively. The 249,797-square-foot Island Center is located at 2701 Rocky Point Drive and spans over 2.9 acres, while the Waterford Plaza, located at 7650 Courtney Campbell Causeway, encompasses 245,016 square feet.

The two buildings were 85 percent leased at the time of the sale, with a tenant roster that includes URS Corp., Cigna Healthcare, GXS Inc. and TCM Bank.

Image: Island Center via LoopNet

Richman Group Plans $45M Apt. Community on Industrial Park Site

15 Nov 2012, 10:05 pm

By Georgiana Mihaila, Associate Editor

The Richman Group of Florida unveiled plans for a $45 million luxury apartment community named Gateway Centre. To be located on the 40-acre site of a former industrial park, the four-story complex will rise on Gandy Boulevard. The site was purchased by The Richman Group last month from flea-market magnate Hardy Huntley.

According to Tampa Bay Times, Winter Park-based Douglas Partners had similar plans for the property, but as the deal failed to materialize, the owner started seeking new investors for the Pinellas County property.

Gateway Centre will consist of 432 units sized between 870 and 1,500 square feet, featuring nine-foot ceilings and granite countertops, with rents ranging from $1,000 to $1,800 per month. Amenities will include a clubhouse, an outdoor kitchen, tennis courts and a nature trail.

Developer The Richman Group will break ground on the project next year. Plans call for a 2014 opening date, when the first phase of the Gateway Centre—consisting of 320 units—is scheduled for completion.

No multifamily projects were delivered in the Tampa-St. Petersburg metro area in 2011. By contrast, Marcus & Millichap predicts that market-rate rental inventory will expand by 1 percent during 2012 with the completion of 1,500 units. Also this year, permitting remains on track to increase by more than 50 percent to 3,600 units of multifamily housing. According to the same report, approximately 2,000 units were under construction at the end of the second quarter, representing a potential 1.3 percent increase in market-rate stock. The total includes 344-unit second phase of the Circle at Crosstown in the Brandon/Plant City submarket, which broke ground in the second quarter. Projects containing 1,500 rentals will come online in the metro during 2012, including more than 1,000 units in Hillsborough County.

Chart courtesy of Marcus & Millichap

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