Monthly Archives: October 2016

The Wrap: Mapping which South Florida real estate markets have the worst crime, Blackstone cashes in on China’s overseas shopping binge…and more

Aerial view of Broward County (Credit: Francisco Azola)

1. Mapping which South Florida real estate markets have the worst crime [SFBJ]
2. Blackstone cashes in on China’s overseas shopping binge [Wall Street Journal]
3. Venezuelans give up on counting piles of cash and start weighing them [Bloomberg]
4. The truth about the gender divide in real estate [SFBJ]

Sean Stewart-Muniz

Source:: The Real Deal

Estates at Acqualina’s second tower now on hold

Rendering of Estates at Acqualina and Jules Trump

The Trump Group is delaying construction and sales on the second planned condo tower of its $1.5 billion Estates at Acqualina in Sunny Isles Beach, amid the market slowdown, The Real Deal has learned.

Rather than wait to reach 80 percent pre-sales of both towers — the requirement for financing — the developers will focus on sales on the South Tower and build the project in two phases, developer Jules Trump, told TRD. The amenity villa, called Villa Acqualina, will be built on the original timeframe, at the same time as the first tower, he said.

“Sales are a little bit slower than expected….” Trump said. “Rather than sell another 100 units, it’s a lot less units we have to sell and it ensures delivery by 2020.”

Estates at Acqualina, the Trump Group’s next luxury project after Mansions at Acqualina and Acqualina, is now planned to have a South Tower of 150 units and a North Tower of 92 units, for a total of 242 condos, rather than 265, as previously conceived. The buildings will be 51 stories and 49 stories.

To date, a total of 85 units are firm reservations converting to contracts, said Michael Goldstein, president of sales at the Trump Group. That represents 55 percent of the first tower’s units.

A $10 million sales gallery opened in July, but sales have slowed as the currencies and economies of countries of major markets, like Russia, Brazil and Canada have been “badly hit,” as have other Latin American nations like Argentina and Venezuela, Trump said.

So far, 50 percent of sales have been to buyers from the United States, with the remainder to purchasers from Mexico, Chile, Argentina, Brazil, Switzerland, Germany and other countries, Goldstein said.

“In this market, selling at these prices, [$3.8 million to $9 million and up to $36 million for penthouses], it’s not such an easy [sale], so we want to be conservative and make sure we can deliver,” Trump said.

As part of the move to phase construction, all the 32 buyers of previously pre-sold units at the second tower have been moved to the first, wider South Tower, known as 777 Via Acqualina, at 17895 Collins Avenue, he said.

The developers have also upgraded the size of the units from the 31st to the 47th floors on the South Tower, by 102 square feet to 595 square feet. Units now range from 2,910 square feet to 5,540 square feet.

Other improvements at the South Tower include boosting the size of the balconies along the ocean; adding more bedrooms to most units; increasing the size of the master bedrooms, master baths and master bedroom closets; and enlarging the “sunset” terraces with spas and summer kitchens and offering options for converting the terraces to extra bedrooms.

“So people who bought in the first building will get 10 percent more space, more terraces,” Trump said.

Units will still feature high-end appliances, imported stone countertops and smart-home technology. Each master suite will have his and her bathrooms with a steam mist shower, a free-standing tub, an ocean-view shower. The tower will also feature a lobby designed by Karl Lagerfeld, the creative director of Chanel and Fendi.

Villa Acqualina is planned to encompass 45,000 square feet of amenities, including a spa and fitness center, restaurant and Circus Maximus, a floor of amenities that will include an ice skating rink, bowling lanes and a movie theater, as well as a Wall Street Trader’s Club room. The Estates’ 5.6 acres of grounds will have landscaped gardens, multiple infinity pools, a FlowRider for surfers, a basketball court, bocce court, dog park, soccer field, and a beachfront restaurant.

Construction on the South Tower and the amenity villa will now begin in the third or fourth quarter of 2017, rather than the second quarter of 2017, Trump said. At the same time, the foundation will be laid for the second tower.

Pre-sales of the second tower will start again when the first tower’s sales reach 80 percent, Goldstein said.

Estates at Acqualina is the latest South Florida project to be placed on hold, canceled or delayed amid a slowdown in the condo market this cycle, as the strong U.S. dollar and foreign economic turmoil continue to dampen sales.

Among the developments, Alan Faena has placed his Versailles planned condo project on hold and is considering building another hotel instead; H3 Hollywood, a planned condo tower, has put construction on hold while its developer seeks financing; Boulevard 57, a planned mixed-use project on Biscayne Boulevard in Miami, called off condo sales this summer, and the entire site is now being marketed for sale. And Auberge Miami, a planned condo tower just north of downtown Miami is delaying construction until at least late 2017.

Source:: The Real Deal

Turnberry, LeFrak refinance SoLe Mia land with $67M loan

Rendering of SoLe Mia and Jeff Soffer, Jackie Soffer and Richard LeFrak

Turnberry Associates and Richard LeFrak just refinanced the North Miami land where they’re building SoLe Mia, a $4 billion mixed-use project, with a $66.5 million loan from HSBC.

County records show Oleta Partners, the ownership entity for SoLe Miami, took out the mortgage on its 183-acre development site at 15045 Biscayne Boulevard. The loan is a boost from Turnberry and LeFrak’s existing $37 million loan from Wells Fargo, which county records indicate was transferred to HSBC.

Jackie Soffer, CEO of Turnberry, said in a statement that the loan is “standard, low-level financing” that’s within the developers’ business plan for the sprawling project. HSBC has lent to major South Florida developments in the past, including the nearby Marina Palms Yacht Club & Residences, as well as Eduardo Costantini’s upcoming Oceana Bal Harbour.

The loan is a rare piece of financing for LeFrak and Turnberry, who told the Wall Street Journal last year that they would foot the bill for nearly all of the project’s $150 million worth of infrastructure improvements such as roads and sewers.

Construction began in June 2015, with the early work consisting of building the development’s “spine road” and filling in the property’s lakes.

The ambitious project is slated to bring 12 residential buildings totalling 4,390 units, more than 1 million square feet of commercial space, 37 acres of parks, two swimmable lagoons, and 4,171 parking spaces to North Miami when it’s completed over several phases.

Soffer said LeFrak and Turnberry are in the predevelopment stage and searching for tenants, with some retailers already expressing interest.

When asked whether there were any changes in the project’s timeline, Soffer said “We are on time, on budget, and on pace.”

Source:: The Real Deal

The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade County’s condo market picked up just in time for Halloween, with sales volume and average prices showing significant gains last week — largely thanks to a huge closing at the Continuum complex in South Beach.

Leading the pack was the $10.5 million sale of unit 1606/0 at the Continuum South Tower, which sold after spending 79 days on the market with Linette Guerra of La Playa Properties Group. The four-bedroom, 4.5-bathroom unit sits on the tower’s southeastern corner and boasts ocean views, modern style and stainless steel appliances. Its purchase price equates to $2,398 per square foot.

After that top deal, the next-most-expensive condo sale last week was unit 606 at the Grovenor House in Coconut Grove. The two-bedroom, 2.5-bathroom condo traded for $1.625 million, or about $925 per square foot. Its features include bay views, designer finishes and custom built-in closets. Jill Penman of One Sotheby’s International Realty had the listing, which took 116 days to close.

And the week’s third-priciest deal was the $1.5 million sale of unit 1905 at the Ocean Two building in Sunny Isles Beach. Olena Sartan of Deocrus Realty marketed the three-bedroom, four-bathroom unit for 451 days before it closed at $614 per square foot. The condo includes Italian hardwood floors, onyx bathrooms and ocean views.

The rest of Miami-Dade’s top 10 priciest sales ranged from $1.325 million to $680,000.

A total of 122 condos traded last week for $46.26 million, marking a significant uptick in dollar volume compared to the previous week, which saw 116 units sell for $33.13 million. Average prices also saw big gains, increasing from $285,629 per unit to $379,205, and from $267 per square foot to $270 per square foot.

Here’s a breakdown of the data for the week of October 23 to October 29. Click on the map for more information:

Most expensive
Continuum South Tower #1606, South Beach | $10.5M | $2,398 psf | 79 days on market | Linette Guerra of La Playa Properties Group

Least expensive
Ocean Two #1905, Sunny Isles Beach | $1.5M | $614 psf | 451 days on market | Olena Sartan of Deocrus Realty

Most days on market
Kenilworth #302, Bal Harbour | 608 days on market | $1.375M | $550 psf | Inga Boutboul of One Sotheby’s International Realty

Least days on market
Ocean One #407, Sunny Isles Beach | 7 days on market | $1.06M | $479 psf | Nancy Goldfarb of Douglas Elliman

Source:: The Real Deal

A condo boom that doesn’t add up

TRD Special Report: You’ve heard the tale a dozen times before: From 2012 to 2014, Manhattan’s luxury condominium market was on fire. Buyers couldn’t get enough of new development product, and brokers were selling, selling, selling. Act fast, or else!

But there’s more to the real story. Though those years did see a remarkable increase in sales velocity and prices, many brokers and developers anxious to lock in buyers appear to have inflated their success — and by extension the market’s — through a variety of tactics.

Fredrik Eklund [TRDataCustom] and John Gomes, for example, rose to the top of the New York luxury-broker food chain in part by mastering the art of publicity. Their listings and deals routinely get ballyhooed on reality television, Eklund’s popular social- media accounts and all over the international press.

In October 2013, Eklund sent The Real Deal an email noting he had sent out contracts for eight of 16 available units at VE Equities’ 11 North Moore Street, which he claimed made the building “50% sold in 72 hours.” Shortly after, TRD published an article noting that the building is “50 percent sold out after only 72 hours on the market, according to a release from the Eklund-Gomes team,” without mentioning that this number was based on contracts sent out. Eklund then shared the article on his public Facebook feed, in a post in which he repeated the claim.

Fredrik Eklunds October 2013 Facebook post in which he claims 11 North Moore hit the 50 sold mark

Fredrik Eklund’s October 2013 Facebook post in which he claims 11 North Moore hit the 50% sold mark (Credit: Facebook)

In fact, public records show that by the end of October of that year, just four units had gone into contract. The eighth contract at the building wasn’t signed until June 2014. The problem here is that just because contracts are sent out doesn’t mean they will be signed. “’Contract out’ means nothing,” Olshan Realty’s Donna Olshan said. In this case, the onus falls at least as heavily on TRD as it does on Eklund for pretending otherwise.

When asked to comment for this story, Eklund denied misrepresenting any information. He also threatened to sue TRD.

The 11 North Moore case is just one example of what has become a deep-rooted problem in New York’s luxury residential real estate market. Sales updates, strategically dished out via interviews and press releases, are a crucial marketing tool. But developers and their brokers, operating in a market lacking clear rules and oversight, often provide murky and misleading numbers, according to brokers, attorneys, and market observers.

“There’s an innate desire amongst some of us to distort information,” said Leonard Steinberg, president of Compass. “I’ve heard people say ‘it’s completely sold out’ and the next week, four units were available. It’s not a healthy practice.”

Deceptive numbers can impact buyers’ decisions by creating an embellished picture of a project’s success. Competing developments that don’t engage in the practice could see their projects fall behind as buyers flock to the hottest new building in town. And as the city’s luxury market slows down, the problem is bound to get worse.

“There’s so much pressure on these guys to sell,” Olshan said. “They’re just trying to invent ways to show their property is more successful than another one.”

Sleight of mouth

Stella Tower, Chelsea Green at 151 West 21st Street and the Schumacher at 36 Bleecker Street

Stella Tower at 425 West 50th Street, Chelsea Green at 151 West 21st Street and the Schumacher at 36 Bleecker Street

Developers rarely (if ever) get called out on the practice because sales numbers on new projects are hard to verify. Unlike closings, which appear in the public database ACRIS within a week or two of the event, information on signed contracts isn’t quickly available.

But once a sale closes (often several months or years after the contract was signed) the contract date enters public records as part of the deed document. Examining the deeds allowed TRD to track contract signings over time and compare them with public sales updates.

We found no instances of outright lying. Far more often, developers and brokers round up numbers or use figures selectively to make their projects look hotter than they actually are.

“There’s an innate desire amongst some of us to distort information.” – Leonard Steinberg, Compass Consider Chelsea Green, a 51-unit condo at 151 West 21st Street. Even in 2012, a robust year for the luxury market, the project by Alfa Development seemed to stand out. Sales kicked off in May 2012, and by mid-August, the New York Daily News had dubbed the project “New York real estate’s biggest summer success story,” referencing its sales prowess. On Oct. 17, 2012, Alfa’s Mike Namer told the New York Times the project was “90 percent sold.”

But public records indicate otherwise. Just 34 units, or 67 percent of the project, were in contract by Oct. 17, 2012, ACRIS data show. The building didn’t officially hit the 90 percent-sold mark until December 2014. According to a source, Namer had decided to buy eight units in the building for himself or family members at a later date and treated these units as sold. Even if you include them in the tally, the building was 82 percent sold by the time he spoke to the Times.

“Alfa Development communicates with full transparency and accuracy about the sales performance of its buildings,” a spokesperson for the firm told TRD.

On June 28, 2013, the New York Daily News gave the Schumacher, a 20-unit boutique condo at 36 Bleecker Street developed by Stillman Development and marketed by Eklund-Gomes, the full-page treatment. The story, which ran with a gushing headline, “Gallery-like units at The Schumacher fit for a fine art show,” said that just two weeks after hitting the market, half the project’s 20 units were already in contract. And Gomes made it sound like he could have sold the rest as well if he had really tried.

“We don’t want to sell too fast because we might sell ourselves short,” he said.

In fact, Eklund-Gomes hadn’t sold a single unit at the time of the article’s publication, public records show. Roy Stillman, president at Stillman Development, told TRD the building’s condo offering plan hadn’t been approved at the time. No actual sales contracts had been signed; instead, potential buyers had merely signed nonbinding reservation agreements with the help of a special permit from the New York attorney general — not actual sales contracts. According to Stillman, some of those buyers later changed their minds and got their deposits back.

It wasn’t clear whether Gomes or Stillman had relayed that crucial bit of information to the Daily News, and whether the latter had simply neglected to include it in the article. The article’s author, who no longer works for the publication, did not respond to a request for comment. Either way, the piece was never corrected. On July 19, an article in the Wall Street Journal repeated the (still inaccurate) claim that half the building’s units were in contract.

Asked to comment via email, Gomes denied that no units had sold by the time the Daily News article was published and accused this reporter of “dragging our names in the mud for your own benefit.”

Gray areas

Another common trick is to pick an artificially late official sales launch date to make sales velocity appear faster than it is. On June 5, 2014, for example, sources involved in the Stella Tower project told TRD that 60 percent of condos at the property sold “one month after hitting the market.” But public records show that the first contracts were signed on April 1, meaning they were likely up for sale as early as at least March — not May, as suggested. A spokesperson for JDS Development Group, which developed the project along with Property Markets Group, declined to comment.

And even if a public sales update is technically accurate, it can still be a misleading indicator of financial success. “The larger the unit, the slower the absorption rate,” said Jonathan Miller, CEO of appraisal firm Miller Samuel. “Typically, the initial units tend to be small to midsized.” Because smaller, cheaper units tend to sell faster, even if 50 percent of units are sold their combined sales revenue may be far less than 50 percent of the total projected sellout. At Stella Tower, for example, 53 percent of units have a contract date prior to June 5, 2014 – but their combined sales price only amounted to 39 percent of its projected sellout.

And developers don’t just enhance sales numbers. They sometimes use tricks to exaggerate sales prices.

Petro Zinkovetsky, an attorney who specializes in working with condo buyers, said that about 10 percent to 15 percent of deals he has worked on include a so-called price-concession. The publicly recorded condo sales price on ACRIS may be $10 million, for example, but the parties attach a rider document to the deed detailing a $1 million discount. In this scenario, the buyer only pays $9 million, but anyone who searches public records thinks she paid $10 million because the concession rider doesn’t hit ACRIS. Potential buyers may think that other units in the building sold for more than they actually did, which might persuade them to cough up more money themselves.

All sources interviewed by TRD insisted that false or misleading sales updates are not the norm. Jacky Teplitzky, a broker at Douglas Elliman, pointed out that condo sales in New York City are far more tightly regulated that than in other states, such as Florida, where practices like this are far more widespread.

And sometimes, even the most outlandish-sounding numbers turn out to be accurate. In April 2013, for example, Witkoff’s condo development 150 Charles Street reported that almost 80 percent of its 91 units had sold a mere two months after sales launched. A review of public records shows that this was indeed the case. Still, brokers and attorneys say fuzzy math is far too common.

The world Trump made

youve-been-trumped emerging picturesThe luxury condo market’s loose relationship with facts owes much to its pioneer: Donald Trump. New York has historically been a renters’ town, and large-scale condo construction didn’t take off until the early ’80s. Most new for-sale apartments at the time were moderately priced. It was Trump who played an outsized role in the rise of the Manhattan luxury condo. In 1980, he filed plans for his first major condo tower, Trump Tower at 725 Fifth Avenue, and followed it up with six more condo projects totaling 1,565 apartments, according to a recent TRD analysis.

He also ushered in an era of trumped-up sales numbers, a practice he described in his best-selling 1987 “The Art of the Deal,” as “truthful hyperbole.”

“I play to people’s fantasies,” Trump wrote. “People want to believe that something is the biggest and the greatest and the most spectacular. I call it truthful hyperbole. It’s an innocent form of exaggeration — and it’s a very effective form of promotion.”

That ethos seeped into the market, said one industry source speaking on condition of anonymity. “This is Trump and a version of him,” the source said. “It’s the same group, the same collective consciousness of going out there and saying whatever.”

So, what’s the big deal if developers and brokers want to exaggerate a little?

Because sales velocity is an indicator of a project’s desirability and value, giving false or misleading sales updates can trick people into buying condos they otherwise wouldn’t. It could also hurt prospects at rival projects, which may lose buyers to the development talking the biggest game. And though developers generally do far more due diligence than buyers, an unsavvy developer may see a nearby project’s inflated success as impetus to move ahead with his or her own project, even if the time is not quite right for it.

Official sales data are often incomplete and typically come with a time lag, so sales announcements are widely treated as an indicator of the strength of a project, and of the condo market. A Daily News reader who sees that pads at the Schumacher are flying off the shelves may conclude that Downtown luxury condos are a hot commodity and may decide to buy one nearby. In this sense, fudging sales updates can distort a condo market that has grown enormous — the combined value of all new condo offering plans approved in New York City in 2015 alone was $27.8 billion, larger than the individual GDPs of 92 countries, according to World Bank figures.

“There’s comfort in velocity,” said Jason Haber, a broker at Warburg Realty. “There’s comfort in knowing other people have bought there.

Misleading sales numbers may also impact a buyer’s ability to get cheap financing. The Federal Housing Agency generally requires that 35 percent of units in a new development condo be sold before buyers can get Fannie Mae or Freddie Mac loan. (The threshold was lowered from 50 percent in July.) Buyers who think a building is over 35 percent sold when it really isn’t may be in for a rude awakening when trying to get an FHA-backed loan.

Developers who publish false numbers also face legal risks. Giving false sales updates can be a “tremendous liability” for developers, said Pierre Debbas, a partner at law firm Romer Debbas. Because sales velocity in a building is “material information” buyers consider, they can later sue if it turns out they were tricked.

“When the recession took place everyone wanted out of their sponsor contracts, and a lot of people sued over false representation,” he said.

Trump was someone who learned that a little hyperbole isn’t always harmless. In November 2011, buyers at the Bayrock Group and Trump Organization’s Trump Soho sued the developers, claiming they were tricked into buying apartments through false sales updates. In June 2008, for example, Ivanka Trump told Reuters that 60 percent of units had been sold. In fact, only 15 to 30 percent of units had been sold by early 2009, according to a New York Times report. The developers agreed to settle and refund 90 percent of buyers their deposits.

That kind of blatant lying has become rare amid growing awareness of the consequences, said Adam Leitman Bailey, the attorney who filed the Trump Soho suit.

“They’re not lying,” Bailey said, “but they’re playing with the truth.”

Debbas said that developers are now far more reluctant to disclose sales information to buyers’ attorneys, for fear of legal liability if they turn out to be wrong. He predicted that a potential downturn in the luxury condo market could lead to more lawsuits in the mold of Trump Soho, as buyers look to get out of contracts for apartments whose value is falling. As these suits produce revelations of inflated sales numbers, they could in turn erode buyer confidence in the health of the condo market as a whole, and push the market even further into a funk.

“When the market is good people aren’t as concerned,” Debbas said. “It’s when the market goes south that people are saying: ‘Now I’m really worried.’”

“This is Trump and a version of him. It’s the same group, the same collective consciousness of going out there and saying whatever.” – source Doug Heller, an attorney at Herrick Feinstein, said that even misleading updates — such as claiming a building is 50 percent sold when contracts have been sent out for 50 percent of units, or treating non-binding reservation agreements as sales — can be a “misrepresentation.”

Developers who misrepresent facts run the risk of being banned from selling condos, Heller said, while brokers could lose their license.

It is telling that Vornado Realty Trust, a public company that faces stricter regulatory scrutiny than private developers, has refused to give sales updates on its luxury condo development at 220 Central Park South for five straight quarterly earnings calls.

Vornado CEO Steve Roth said on Aug. 2 that the development “is a very public project, so everything that I say gets into the newspapersand whatever, so we don’t have a lot to say about [it].”

But despite the legal dangers, false or misleading sales updates are still common, as some of the examples above show. So why take the risk?

One reason may be because people can get away with it. Heller said the AG simply lacks the staff and resources to go after any but the most extreme cases.

“People who lie are misleading the potential purchaser and commit fraud,” he said. “If the AG had the energy I’m sure they would be throwing the book at all of them.” The AG’s office declined to comment for this story.

Another explanation is the tremendous pressure developers put on new development marketing firms, one source said. As sales slow across the luxury market, sales brokers are replaced with increasing frequency, and to keep their assignments use any and all tricks to sell apartments.

Sometimes, developers will pressure brokers to publicize rosy sales updates to exempt themselves from any liability, the source said. And even when they don’t, they may still tacitly endorse the practice. “I honestly think [brokers] do know it’s illegal and wrong, and the sponsor knows what’s happening and he turns his back because it’s benefiting him,” a senior brokerage executive said. The problem, according to the executive, is a lack of oversight and enforcement.

“If the AG had the energy I’m sure they would be throwing the book at all of them.” – Doug Heller Adding more oversight shouldn’t be too hard. The AG’s office already requires developers to file condo offering plans, and all closed sales are recorded publicly. It could also compel developers to file monthly or quarterly sales updates as well. These numbers “should have to be disclosed so that buyers and their representatives know what they’re buying into,” the brokerage executive said. “We have the wherewithal and it’s an easy fix.”

Kyna Doles contributed reporting.

DATA PACKAGES

The Real Deal is making its proprietary research available to the public. Contact us [TRDatacf] to purchase these packages.
Residential Sales
Transactions
Price
Jan 1st 2011 to Oct 1st 2016
248,000 total
$500/borough
Jan 1st 2004 to Dec 31st 2010
309,000 total
$500/borough

Source:: The Real Deal

You can now spend the night in Bran Castle via Airbnb

Bran Castle, Romania. (Image Credit: Airbnb)

Searching for a truly terrifying Halloween experience? Why not sleep in a coffin in Transylvania like a true vampire? Bran Castle in Romania, which was the inspiration for Count Dracula’s castle in Bram Stoker’s classic story, has been listed on Airbnb as part of a Halloween giveaway.

The castle accommodates two people, who will get to sleep in individual specially designed, velvet-trimmed coffins for free on October 31.

Airbnb has partnered with novelist Dacre Stoker — “Dracula” author Bram Stoker’s great grand-nephew — who will provide a guided tour of the legendary 14th-century castle to the competition winners and give an insight into the historical truths behind the vampire myth.

Stoker will explain the historical connection of how Vlad the Impaler became known as Dracula, and how the legend lived on for centuries.

“Bram Stoker included many references to real people and real historical anecdotes and questioned whether vampires are really a myth at all,” said Stoker in an emailed statement.

This isn’t the first time Airbnb has turned to local legends for Halloween. In 2015, the website partnered with Paris Catacombs, offering a one-night stay inside a mass grave.

To enter, visit the Bran Castle listing and tell Stoker in no more than 550 characters what would you say to Count Dracula if you were to meet him in his castle.

Earlier this year the owners of the castle had to quash rumors that they were selling their spooky spread.

Source:: The Real Deal

New Jersey-based firm sells Naples shopping center

The Mission Hills Shopping Center, 7550 Mission Hills Drive in Naples

The Hampshire Companies, a New Jersey-based real estate investment firm with approximately $2.1 billion in assets, sold an 11-year-old, 97 percent leased shopping center in Naples.

Morristown, New Jersey-based Hampshire sold the 85,078 square-foot Mission Hills Shopping Center, a 19-acre property at 7550 Mission Hills Drive in Naples, for an undisclosed price.

The New Jersey-based company acquired the Naples shopping center in 2006, the year after it opened in 2005. The new owner is Phillips Edison & Company.

The anchor tenants are Anytime Fitness and Winn-Dixie. The supermarket chain has upgraded its Mission Hills location by making upscale-finish renovations to the store and improving its selection of wine, produce and organic products.

The shopping center has a total of 17 tenants including 11 that have renewed their lease at least once.

More than 3,000 homes are under construction within two miles of the Mission Hills Shopping Center and 1,000 more are planned at nearby sites, according to Hampshire.

Source:: The Real Deal

Greystone arranges $21.5M senior housing sale

Wyndham Lakes senior housing community in Jacksonville

Greystone Real Estate Advisors arranged the $21.5 million sale of Wyndham Lakes, a 254-unit senior housing complex in Jacksonville.

Greystone’s debt and structured finance team, led by Cary Tremper, arranged the acquisition financing through a regional bank.

“This non-recourse debt provided a low rate with prepayment flexibility to meet the client’s financing objectives,” Greystone said in a press release.

Greystone said a private equity group bought Wyndham Lakes on October 19 from a publicly traded real estate investment trust for a price equal to $84,645 per unit.

Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.

Wyndham Lakes is an assisted living, independent living and memory care community spanning 14 acres. Brookdale Senior Living formerly operated Wyndham Lakes.

The 160,970-square-foot senior housing property includes 12 residential buildings and one common-area building. The previous owner invested in upgrades to residential units, common areas and building exteriors during the last three years.

Source:: The Real Deal

Office buyer lands 7-year, $17.06M BankUnited loan

The Carillon Point office building in St. Petersburg

Miami Lakes-based BankUnited extended a seven-year, fixed-rate $17.06 million loan on a recently acquired five-story office building in St. Petersburg.

Holliday Fenoglio Fowler, L.P., (HFF) arranged the BankUnited loan to City Office REIT Inc., a New York Stock Exchange company publicly traded under ticker symbol CIO.

Managing director Chris Drew and associate director Brian Gaswirth led the HFF debt placement team that represented the borrower. HFF also handled the June sale of St. Petersburg office building, called Carillon Point, to City Office REIT.

Carillon Point is fully leased to a lineup of tenants including Paychex, Hull & Company and Peachtree Special Risk.

It is a 124,178-square-foot office building in the Carillon Point Office Park in northern St. Petersburg. Carillon Point Office Park is a 432-acre development with more than 3 million square feet of office space. The development is bordered by lakes, residences, shops and restaurants.

The office park’s location is equidistant from the downtown areas of Clearwater, Tampa and St. Petersburg, and it’s a short drive away from St. Petersburg-Clearwater International Airport and Tampa International Airport.

The office park’s address is near where Interstate 275 meets Ulmerton Road and Roosevelt Boulevard, two major thoroughfares in the Tampa Bay area.

Source:: The Real Deal

Sims Crane hires southern Florida safety director

David Wessin

Sims Crane & Equipment Company hired David Wessin as South Florida safety director.

Wessin will oversee project safety for the southern Florida branches of Sims Crane in Fort Myers, Miami and West Palm Beach.

Sims Crane was founded in 1959 and has 11 locations throughout Florida, according to the company’s website.

Before joining Sims Crane, Wessin was vice president, safety and loss control for Coastal Construction Group in Miami.

He previously served as corporate safety director for Coscan Construction Group in Fort Lauderdale and as director of sfety for Tudor-Perini Building Corp. in Fort Lauderdale.

Wessin is a member of the health and safety committee of the National Associated General Contractors of America.

He also is the founder and chairman of the Safety Alliance for Excellence, an organization with almost 200 South Florida members that serves as a resource for safety and risk management professionals. [LiftandAccess.com] — Mike Seemuth

Source:: The Real Deal