Top Stories in Florida Commercial Real Estate
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Highwoods pays $24M for 4200 W. Cypress
TAMPA - Highwoods Properties Inc. acquired a 220,000sf, 10-story Class A office building at 4200 West Cypress St. in Tampa. Including planned improvement costs, Highwoods expects the total investment to be $24.7 million. The property is 93% occupied and generates annualized net operating income of approximately $3.1 million.
Including this acquisition, the Highwoods now owns or has interest in 14 office buildings in the Westshore submarket encompassing 2.1 msf that are, on average, 90.5% occupied.
Mosaic reveals plans for 16,000-acre Polk resort
FORT MEADE - Phosphate company Mosaic has announced plans to build a luxury resort on some 16,000 acres of reclaimed mine land west of Fort Meade in Polk County, according to The Ledger, a Lakeland newspaper.
The $50 million to $80 million project could open as early as 2013, company officials told the newspaper. The proposed resort site is bounded by the Polk-Hardee county line on the south, Fort Green Road to the West, SR 630 West along most of the northern perimeter and District Line Road along most of the east.
Calkain releases first cap rate report
RESTON, Va. - Through Calkain Site Services, the research and due diligence division of Calkain Companies, Calkain has released its first-ever Net Lease Single-Tenant Retail Report: Fall 2009, which is a net lease market report trending cap rates and market conditions across segments.
Rowley joins forces with Flagler RE Services
CORAL GABLES - Flagler Real Estate Services LLC has joined forces with the Rowley Group LLC.
The new combined Flagler Real Estate Services division will continue to be based out of Flagler?s Coral Gables headquarters. Stephen ?Pike? Rowley, president of Rowley Group. will serve as president of Flagler Real Estate Services LLC, which now ranks as the largest property management firm in Florida and one of the largest commercial brokerages in South Florida.
Office construction on hold in Miami-Dade
MIAMI - Concerns earlier in the year about the effects of new supply on near-term office property performance measures in Miami-Dade County have eased, supplanted by the realization that job losses continue to weaken space demand, according to a fourth-quarter Office Research Report by Marcus & Millichap.
Projected completions for 2009 have been scaled back, as two developments totaling more than 1.1 msf have been delayed until 2010, presumably as a result of tepid pre-leasing.
Smith Equities closes $37M bulk condo sale
ORLANDO - Smith Equities Real Estate Investment Advisors announced what is to date the largest bulk sale of unsold condominium units in Florida since the condo market downturn in 2007.
AMB releases new industrial research
SAN FRANCISCO - AMB Property Corp., a global owner, operator and developer of industrial real estate, released a research report titled, ?Inside the Global Supply Chain: Production, Trade, Inventories and a New Demand Model for Industrial Real Estate.?
Commercial real estate distress far from over, survey shows
WASHINGTON - With high unemployment pushing up vacancies, no credit capacity and property values plummeting, commercial real estate markets remain extremely stressed with little prospect for significant near-term improvement, according to The Real Estate Roundtable?s latest quarterly survey of senior commercial real estate executives.
New Boston leases 110,000sf to AT&T
FORT LAUDERDALE - New Boston Fund Inc., a private real estate investment, development and management firm, has announced a lease renewal for 110,477sf of space with AT&T at the AtlanTech Tower in Fort Lauderdale.
The lease with AT&T is one of the largest renewals on record in Southeast Florida this year. AT&T will continue to occupy more than 25% of the building.
AtlanTech Tower is the largest building in Broward County. It is a 12-story, Class A building with a single-story annex totaling 413,390sf of office space.
CMSA paper talks about REMIC rules
NEW YORK - The Commercial Mortgage Securities Association has issued a paper that describes how recent changes to REMIC rules addressing CMBS loan modifications may impact commercial real estate finance market participants.
CMSA recognizes that the changes have sparked conversation among borrowers, lenders, servicers, investors and industry groups about the practical effect the recent IRS final regulations have had on their businesses.
The paper - Clarifications and Changes to the REMIC Rules - is available now on CMSA?s Web site: www.cmsaglobal.org.
