Tuesday, October 1, 2019

NAI Realvest closes on New Leases for Established Healthcare Practices Expanding into College Park and SoDo in Orlando, FL

Mary Frances West

 ORLANDO, FL  --- NAI Realvest completed two new lease agreements for medical professional offices – one in College Park and one in the Lake Lucerne area just south of downtown Orlando .

Lake Eola Dental, a downtown dental practice on N. Magnolia is expanding into a 4,000 square foot office in College Park at 1221 W. Fairbanks Ave.    Dr. Alex Ho and Dr. Connor Van are directing the opening of Lakeshore Dental Studio, their second location. 

Jeff Bloom 

 Mary Frances West, CCIM Vice President at NAI Realvest brokered the lease on behalf of the landlord Joseph Family Ltd. 

This January, Philadelphia-based Open Systems Healthcare will open an Orlando location in a 1,741 square foot suite at Lucerne Plaza , 100 W. Lucerne Circle just south of downtown. 

Amanda McClure 
 The home health service firm with a network of caregivers has nearly 20 locations in a dozen US cities mostly in the Northeast but also in St. Louis and West Palm Beach .

Amanda McClure of CBRE represented Open Systems and Jeff Bloom CCIM, Vice President at NAI Realvest represented Lucerne Plaza in the transaction.


Mary Frances West, CCIM, Vice President, NAI Realvest,
407-875-9989 mwest@realvest.com

Jeff Bloom, CCIM, Vice President NAI Realvest,
407-875-9989 jbloom@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest,
407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications,
407-644-4142 beth@larryvershel.com 
or 407-461-3781


Capital Market Borrowers Continue to Enjoy Low Rates

John Oharenko
Chicago, IL, Oct. 2, 2019 – According to The Real Estate Capital Institute, this year’s Fed’s second quarter-point rate cut was expected, as markets calmly reacted to the lower pricing. 

 Investors found the hike to yield mixed results.  Floating-rate debt clearly benefited, especially prime-based loans. 
 On the other hand, permanent debt, based upon the 10-year benchmark treasury, is only about 10 basis points lower.  In fact, this index, along with the 5-year treasury, is over 20 basis points higher than the beginning of last month.

 The Real Estate Capital Institute’s® executive director, John Oharenko, suggests, "As the five and ten-year treasury spreads narrow, inverted yield curve portend a recession is near. 

 However, the economy continues humming along for nearly a decade with no end in sight, at least in the immediate future.”

Borrowers continue to enjoy some of the lowest rates within the longest post-war economic boom on record.  Mortgage spreads remain unchanged, as the capital markets are flush with cash. 

 Lending discipline remains intact, as banks and other financial institutions maintain underwriting standards including, for example, 7.5% or greater debt yields and leverage ratios of 70% for senior debt.

 As floating-rate debt pricing continues benefiting from a stable and low-interest-rate environment, lenders incorporate mortgage language for replacing the LIBOR index over the next couple of years.  However, no clear index has emerged yet.

 All in all, permanent loans are starting in the lower 3%-range for conservatively leveraged loans based on 10-year terms.  

Otherwise, most loans are priced in the mid-to-higher-3% range.  Rates of 4% (or more) are reserved for structured debt with higher leverage, in tertiary markets, etc.

 The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  


John Oharenko
 Executive Director
The   Real Estate Capital Institute®
Chicago, Illinois USA 60622

JLL closes $25.7 million sale of Publix-anchored center in Pensacola, FL

Brad Peterson
ORLANDO, FL JLL announced it has closed the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot, Publix-anchored retail center in the Pensacola-area community of Pace, Florida.

JLL marketed the property on behalf of the seller. Stirling Properties purchased the asset.

Santa Rosa Commons is located 10 miles from downtown Pensacola in one of northwest Florida’s fastest-growing areas. The property is anchored by Publix, the No. 1 grocer in Florida. 

The next closest Publix east of the property is more than 35 miles away, allowing Santa Rosa Commons to benefit from an extended trade area. 

Whitaker Leonhardt
Completed in 2008, Santa Rosa Commons is 95.5% leased to a variety of tenants, including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. The center is shadow anchored by Target and The Home Depot.

The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Associate Ryan Stoffer along with Senior Managing Director Coler Yoakam.

“Santa Rosa Commons is a high-performing retail destination in the Florida Panhandle anchored by a strong-performing Publix and complemented by the other large national tenants,” Peterson said. 

Michael Brewster 
“The Pensacola retail market continues to perform well relative to many other markets in the Southeast, primarily driven by Pensacola’s low unemployment rate; high barriers to entry because of the geography; and the continued growth of the military, healthcare and tourism industries.”

“We had a lot of interest in this asset because of these unique dynamics of the area, and this is an ideal acquisition for the buyer to continue to bolster their presence throughout the Gulf region,” Leonhardt added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ryan Stoffer 
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Coler Yoakam
About Stirling Properties

Stirling Properties is one of the most diversified full-service commercial real estate companies in the country. 

Regionally focused and nationally acclaimed, Stirling Properties specializes in advisory services, commercial brokerage, development and redevelopment, asset and property management and investments over a wide array of property types across the Gulf South. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

Santa Rosa Commons Shopping Center, Pensacola, FL

In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.


 Kimberly Steele
JLL Digital Content/PR Specialist
Phone: +1 713 852-3420
Email: kimberly.steele@am.jll.com