South Florida Area News

Washington Prime Group Cuts Deal to Sell 41 Restaurant Parcels to Four Corners Property Trust

At a time of tightened liquidity for mall owners, Washington Prime Group Inc. (NYSE: WPG) is raising money where it can, that includes selling undervalued assets. The Columbus, OH-based REIT agreed to sell 41 restaurant outparcels to Four Corners Property Trust Inc. (NYSE:FCPT) for $67.2 million. This pricing reflects a mid-6% capitalization rate on in-place net operating income. Lou Conforti, CEO and director of Washington Prime Group, said...
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Posted: September 21, 2017, 1:44 am

Two New Finance REITs Launch

The ranks of alternative CRE lenders continue to grow as two new REITs launched this week: FS Credit Real Estate Income Trust, a nontraded REIT, and Tremont Mortgage Trust, publicly traded on the Nasdaq Exchange. FS Credit REIT FS Credit Real Estate Income Trust commenced operations and cut its first two deals. The nontraded REIT continues to offer shares seeking to raise a maximum amount of $2.75 billion. Already this week, Philadelphia-based...
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Posted: September 20, 2017, 6:04 am

HFF Names Van Reken Managing Director in Orlando

Rebecca Van Reken has been hired as a managing director in the Orlando, FL office of Holliday Fenoglio Fowler, L.P. (HFF). As head of the structured finance team, Van Reken will originate debt and equity placement transactions throughout the Southeast U.S. The 15-year commercial real estate finance and capital markets veteran comes to the firm from A10 Capital where she served as an executive vice president. Preceding A10, Van Reken spent nearly...
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Posted: September 20, 2017, 2:19 am

Florida, Texas CRE Begin Long Recovery Effort from Back-to-Back Storms

With relief efforts under way in areas ravaged by Hurricanes Harvey and Irma, analysts are now beginning to assess the broader questions of how the back-to-back natural disasters could potentially affect U.S. economic growth, the nearterm impact of the thousands of residents and tenants displaced by the storms, and how the threat of future storms may affect investor appetite for coastline property in areas with elevated exposure to destructive tropical...
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Posted: September 14, 2017, 10:57 am

Market Trend: Orlando's Mid-Year Industrial Deliveries, Construction and Inventory

During the second quarter 2017, seven buildings totaling 609,660 square feet were completed in the Orlando market area. This compares to eight buildings totaling 1,136,503 square feet that were completed in the first quarter. There were 1,655,643 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: Air Commerce Park - Phase I, a 478,400-square-foot facility that...
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Posted: September 14, 2017, 6:43 am

Millenia Plaza Bldg 2 Trades for $7.1M

Millenia Plaza LLC acquired the Millenia Plaza shopping center Building 2 at 4724 Millenia Plaza Way in Orlando, FL from private investors for $7.1 million, or about $866 per square foot. The 8,200-square-foot retail strip center was built in 2016 in the Orlando Central Park submarket of Orange County. Jerry Jones at Diversified Corporate Services Int’l, Inc., along with Zeb Ripple and Chris Kostanecki with Capital Pacific, represented the sellers...
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Posted: September 11, 2017, 7:05 am