JLL announced today that it has closed the $103.45 million sale of 500 Harbour Island, a 235-unit, luxury high-rise community in Tampa.
JLL marketed the property on behalf of the seller, a joint venture between Forge Capital Partners and Intown/Framework Group, and procured the buyer, Northwestern Mutual. The property was acquired free and clear of existing financing.
500 Harbour Island is located on Harbour Island at the intersection of Knights Run Avenue and Beneficial Drive immediately south of downtown Tampa. The island boasts some of Tampa’s most expensive homes and condominiums and has a variety of on-island amenities, including restaurants, coffee shops, boat rentals and Harbour Island Athletic Club. Completed in 2017, the 21-story property offers a variety of spacious studio, one- and two-bedroom units averaging 1,087 square feet. The property offers five-star, hotel-style amenities, including an expansive two-story lobby with concierge; outdoor amenity deck with skyline views, al fresco dining and grilling, lounging areas and bocce court; private dog run with washing station; full-service spa and treatment rooms; heated, infinity-edge pool with waterfall, deck speaker system and cabana area; state-of-the-art fitness center; social spaces throughout the building for gaming, lounging, reading and entertaining; conference room with video conferencing and library area; and catering kitchen.
“Harbour Island is a wonderful place to live and will only get better as downtown Tampa continues to emerge as a premier live-work-play environment,” said John Jacobs of Northwestern Mutual Real Estate. “500 Harbour Island offers residents spacious, condominium-quality units with great amenities just a short distance from the excitement of the central business district.”
Northwestern Mutual has engaged ZRS Management, a leading property management company specializing in upscale apartment communities, to oversee 500 Harbour Island.
“With the acquisition of 500 Harbour Island, Northwestern Mutual has purchased a preeminent community in one of Tampa’s most sought-after neighborhoods” said Darren Pierce of ZRS Management. “ZRS is honored to expand our relationship with Northwestern Mutual and excited to create the highest caliber living experience for the residents of 500 Harbour Island.”
The JLL Capital Markets team representing the seller was led by Senior Managing Director Matt Mitchell and Senior Directors Zach Nolan and Brett Moss.
“This transaction is another example that the Tampa market is a top-tier market for commercial real estate investment,” Mitchell added. “The capital markets view Tampa’s growth and fundamentals very favorably, and the continued transformation of downtown Tampa is very appealing to investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 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.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Forge Capital Partners
Forge Capital Partners is a diversified, commercial real estate investment and management company. The company carries out its business strategy through its series of real estate private equity funds and through an affiliated group of companies, which include: Forge Capital Management, Forge Property Management, Forge Development Group and Forge Real Estate Services. Located in Tampa, Florida, Forge was founded in 2005 by Robert Moreyra and Peter Collins. Since its founding, Forge and its principals have successfully invested over $1 billion of capital throughout the southeastern United States and Puerto Rico. In the past few years, Forge has successfully developed multifamily communities in downtown Tampa, Clearwater and Sarasota.
About Intown/Framework Group
Intown/Framework Group, LLC, is a joint venture between Intown Group, LLC (“Intown”) and Framework Group, LLC (“Framework”). Intown was instrumental in the development of several urban Tampa development projects, including SkyPoint and Element in the Central Business district. Its principal, Greg Minder, has been involved in many aspects of Downtown Tampa’s urban revitalization. Framework is owned and managed by Phillip A. Smith, former Multi-Family Development Head for Crosland in Florida. Smith has developed over 3,500 luxury apartment units in nine major metropolitan areas in the northern and southeastern United States and has been instrumental in many urban infill development projects reflecting the core mission of bringing active infill development projects to the intown neighborhoods of Tampa. Partners since 2006, Intown and Framework Group actively have worked in partnership with the City of Tampa and key stakeholders to bring the highest quality infill development solutions to some of the most complex and sensitive locales.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, personalized planning approach, Northwestern Mutual combines the expertise of its financial advisors with a digital experience to help its clients navigate their financial lives every day. With $272.2 billion in assets, $28.5 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages nearly $150 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 111 on the 2019 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2019.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
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. 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.