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Cushman & Wakefield Negotiates $6.1M Sale of Southside Industrial Building

 Mike Davis, Rick Brugge, Michael Lerner and Tyler Newman Represented Exeter Property Group in the Sale of 11902 Central Parkway to Colony Northstar JACKSONVILLE, FL, December 21, 2017 - Cushman & Wakefield announced today that it has negotiated the sale of 11902 Central Parkway, an ±85,000-square-foot, single-tenant industrial building in Jacksonville’s Southside industrial market. The Cushman & Wakefield Capital Markets team of Mike Davis, Rick Brugge, Michael Lerner and Tyler Newman represented Conshohocken, PA-based Exeter Property Group in the disposition. Los Angeles-based investor Colony Northstar acquired the building for $6.1 million ($71.55 per square foot). Executive Managing Director Mike Davis Executive Director Rick Brugge Executive Director Michael Lerner Director Tyler Newman               11902 Central Parkway is a manufacturing and distribution facility developed in 1997. The dock-high building features 24-foot clear heights, an ESFR (Early Suppression, Fast Response) fire safety system; T–5 lighting, 10 loading doors, and heavy electric service. [...]

By |2018-05-07T10:15:17-04:00December 22nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $27.5M Sale of 223-Unit St. Augustine Senior Community

Allen McMurtry, Paul Carr, David Kliewer and Megan Fetter Represented Life Care St. John’s Inc. in the Sale of Glenmoor to Westminster Communities of Florida ST. AUGUSTINE, FL, OCTOBER 26, 2017— Cushman & Wakefield announced today that it has negotiated the sale of Glenmoor, a 223-unit senior living community in the World Golf Village. Based in Cushman & Wakefield’s Tampa office, Executive Director Allen McMurtry, Senior Director Paul Carr, Senior Director David Kliewer and Senior Director Megan Fetter represented Life Care St. John’s Inc., an affiliate of Ponta Vedra Beach, FL-based Life Care Pastoral Services, Inc., in the disposition. Orlando, FL-based Westminster Communities of Florida acquired the asset for $27.5 million. The property will be renamed Westminster St. Augustine. Westminster St. Augustine was developed in 2001 on a ±40-acre campus at 235 Towerview Drive in St. Augustine’s World Golf Village. The property’s 223 total units comprise 87 cottage homes, 70 independent living apartments, 36 assisted living units and 30 skilled nursing units. Community amenities include [...]

By |2018-05-07T10:15:18-04:00October 27th, 2017|In the News, Press Release|0 Comments

Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects

New Cushman & Wakefield Research Report Explores the Grave Situation on the Ground in Puerto Rico, the Anticipated Puerto Rican Migration to Florida and the State’s Role in the U.S. Territory’s Recovery MIAMI, October 23, 2017 — Cushman & Wakefield today announced the publication of Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects, a report examining the potential impact of a mass Puerto Rican migration to the U.S. mainland in the wake of Hurricane Maria. Florida Research Manager Chris Owen The report, authored by Chris Owen, Cushman & Wakefield Florida Research Manager, details how the widespread destruction caused by Hurricane Maria exacerbated an already dire situation on the ground in Puerto Rico and examines the role Florida will play in the U.S. territory’s recovery and the lives of hundreds of thousands of Puerto Ricans going forward. Highlights of the report can be found below: Florida officials are estimating up to 250,000 [...]

By |2018-05-07T10:15:18-04:00October 24th, 2017|Press Release|0 Comments

Cushman & Wakefield’s 2017 Florida Logistics Report Provides Detailed Insight into State’s Supply Chain Network

Florida’s Demand for Warehouse and Distribution Space May Soon Outpace Supply if the State’s Explosive Population Growth Continues ORLANDO, FL, September 21, 2017 — Cushman & Wakefield announced today that it has published its 2017 Florida Logistics Report. The report, authored by Florida Research Manager Chris Owen and Research Analyst Michelle McMurray, highlights Florida’s vital role in the global supply chain network and the unique strengths and challenges of its major logistical centers: Miami-Dade County, Broward County, Palm Beach County, Tampa, Lakeland, Orlando and Jacksonville. Download a copy of the report here. The 2017 Florida Logistics Report also examines the road, rail, air and sea capabilities and capacities for each of Florida’s major markets and analyzes the issues of supply and demand throughout the state. Notable findings include: Capacity and efficiency improvements over the next five years at Florida ports have the potential to capture market share from out-of-state ports and change supply chain dynamics. Highway and [...]

By |2018-05-07T10:15:18-04:00September 22nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Report: Office Rents Up Year-Over-Year in All Major Florida Markets

Class A Office Rents in Florida’s Major Markets Increased 6.2 Percent and Have Grown 16 Percent Since 2009​ ORLANDO, FL, September 1, 2017 — Cushman & Wakefield announced today that it has published its Second Quarter 2017 Florida Rental Report. The report, authored by Cushman & Wakefield Florida Research Manager Chris Owen and Research Analyst Gareth Watson, highlights Class A office market rental fundamentals in Florida’s major markets (Broward County, Jacksonville, Miami, Orlando, Palm Beach County and Tampa Bay) and compares the current quarter’s rates to those at the height of the last real estate cycle (2008–09). Key findings in the report include: Statewide, full-service asking rental rates for Class A office space increased 6.2 percent over the past year to $34.28 with all markets showing increases in asking rents. The latest jobs report shows a 2.7 percent increase, or the addition of 226,200 new jobs, over the past year, enhancing demand for office space. Overall, higher [...]

By |2018-05-07T10:15:19-04:00September 5th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $7.43M Sale of Jacksonville Industrial Portfolio

Tyler Newman, Jacob Horsley and Mike Davis Represented The Mid-America Management Corporate in the Disposition of the Three-Building Portfolio in the Westside Submarket JACKSONVILLE, FL, August 30, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of a three-building, ±237,000-square-foot, multi-tenant industrial portfolio in Jacksonville’s Westside submarket. Vice Chairman Mike Davis Director Jacob Horsley Director Tyler Newman The industrial brokerage team of Director Tyler Newman, Director Jacob Horsley and Vice Chairman Mike Davis represented Beachwood, OH-based The Mid-America Management Corporation in the sale of Westgate Distribution Center, consisting of two buildings at 5501 and 5599 Commonwealth Avenue, and Agmac Distribution Center at 5858 Broadway Avenue. Coral Springs, FL-based The Eisenberg Group acquired the assets for $7.43 million through their affiliate Jax Industrial, LLC. “We are extremely pleased to add these buildings to our Jacksonville portfolio,” said Jay Eisenberg, Principal at The Eisenberg Group. “These assets match our core acquisition values, which target value or value-added industrial properties [...]

By |2018-05-07T10:15:19-04:00September 5th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Report Highlights Growth of Florida’s Industrial Markets

Industrial Fundamentals Have Improved in All of Florida’s Major Markets Prompting a Spate of Speculative Development ORLANDO, FL, August 23, 2017 — Cushman & Wakefield Research announced today that is has released Florida’s Industrial Evolution, a report highlighting the strengthening of industrial markets throughout the state of Florida and a return to pre-recession industrial occupancy and rental rates. The document, authored by Cushman & Wakefield Research Analysts Kathleen Krilanovich and Michelle McMurray, also details positive industrial construction trends in Florida’s major markets — Tampa Bay, Miami, Orlando, Jacksonville, Broward County and Palm Beach County. “With nearly every major market performing at or better than pre-recession levels, Florida is a prime location for new construction and tenant expansion,” said Krilanovich. “Economic expansion, job growth and an influx of new people into the state contribute to increases in consumer spending and support the underlying demand for industrial space in Florida.” “For the first time since 2009, spec construction drove [...]

By |2018-05-07T10:15:19-04:00August 24th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Reports Office and Industrial Growth in All Florida Markets

Fundamentals Have Improved in Office and Industrial Markets Throughout the State of Florida ORLANDO, FL, August 18, 2017 — Cushman & Wakefield announced today that it has released its 2Q 2017 Florida Office and Industrial Statistics Reports. The quarterly reports, authored by Cushman & Wakefield Research, track the performance of office and industrial markets in Florida’s major metropolitan areas. Cushman & Wakefield’s research indicates that office and industrial market fundamentals have improved year-over-year in all Florida markets. Florida Office Statistics The state-wide office vacancy rate is the lowest it has been since the second quarter of 2007. New construction remained muted, but activity was rising. Statewide, full-service asking rental rates increased 3.8% over the past year to $28.23 per square foot (PSF) with rates for Class A product up 6.2% to $34.28 PSF. Florida Industrial Statistics The current overall vacancy rate of 5.0% is lower than pre-recession levels, dating back to the second quarter [...]

By |2018-05-07T10:15:19-04:00August 22nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Report: Florida is the Ideal Location for E-Commerce Business

An Interactive Infographic Produced by Cushman & Wakefield Research and Marketing Documents the Factors Driving the Success of Florida’s E-Commerce Industry ORLANDO, FL, July 17, 2017 — Cushman & Wakefield today released an interactive infographic highlighting Florida’s status as an e-commerce market leader. The document shows Florida’s leading role in the e-commerce industry which is supported by a booming economy and steady population growth as well as in-place last mile infrastructure and unique geographic advantages. “E-commerce and the growth of online shopping is changing the retail landscape in Florida. We see first-hand the development of last mile supply chain strategies which are driving efficiencies and disrupting traditional retail business models,” said Florida Research Manager Chris Owen. “Florida is a prime location for many e-commerce companies,” added Owen. “With nearly 800 people a day moving here, the state has the consumer power and density to support both regional fulfillment hubs and same day, last mile delivery practices.” [...]

By |2018-05-07T10:15:20-04:00July 17th, 2017|In the News, Press Release|0 Comments

U.S. Industrial Market Maintains Record-Breaking Pace

Robust Leasing and Absorption Fueling Pipeline of Speculative Development CHICAGO, April 25, 2017 — U.S. industrial markets absorbed 53.8 million square feet (MSF) of space in the first quarter of 2017, well above the quarterly absorption average of 49.3 MSF witnessed during the current economic expansion and significantly higher than the average quarterly absorption of 40.6 MSF registered during the last two economic growth cycles, according to Cushman & Wakefield’s first quarter industrial market report. Head of Industrial Research, Jason Tolliver Executive Managing Director John Morris The national industrial vacancy rate continued to decline in the first quarter, falling 20 basis points (bps) from Q4 2016 and 80 bps from a year ago to 5.3%. Industrial vacancy is now a full 300 bps below the 10-year historical average of 8.3%. Vacancy rates declined or held firm during the quarter in 51 of the 79 markets tracked by Cushman & Wakefield. [...]

By |2018-05-07T10:15:20-04:00April 25th, 2017|In the News, Press Release|0 Comments