REBusinessOnline

Florida

Orlando’s Suburban Office Sector is Ready for its Time to Shine

The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though...

September 25, 2017

Axilla Capital Arranges $15.5M Loan for Hotel Near Orlando

KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded..

September 22, 2017

TH Real Estate Buys Two Industrial Assets in Broward County for $54M

DAVIE AND TAMARAC, FLA. — TH Real Estate, an affiliate of Nuveen, has acquired two industrial properties in South Florida for $54 million. Principal Global Investors sold the properties, which include Pointe West in Davie and Westpoint in Tamarac. Constructed between 2001 and 2004, the warehouses were 93 percent leased at the time of sale to tenants including Daikin and Kapco Global.

September 21, 2017

Regeneration of Retail Spurring New Development, Investment Activity in Orlando

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in..

September 20, 2017

Jernigan Capital Invests $14.7M for Self-Storage Project in Miami

MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of..

September 19, 2017

Marcus & Millichap Brokers $12.8M Sale of Retail Center Near Fort Lauderdale

DEERFIELD BEACH, FLA. — Marcus & Millichap has arranged the $12.8 million sale of the Shoppes of Hillsboro, a 61,465-square-foot retail center located at 2201-2265 W. Hillsboro Blvd. in Deerfield Beach, roughly 18 miles north of Fort Lauderdale. Douglas Mandel and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the sellers, BREF Hillsboro LLC, managed by Butters Construction and Development Partners, and Dhanya of Miami, managed by Sukrit Agrawal. The team..

September 19, 2017

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida..

September 14, 2017

Arrimus Capital Acquires 264-Unit Student Housing Property Near Florida State University

TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with..

September 12, 2017

Asset Campus Housing Delivers 125-Unit Student Housing Property Near Florida State University

TALLAHASSEE, FLA. — Asset Campus Housing has completed development of Domain at Tallahassee, a 125-unit student housing property located half a mile from Florida State University. Meeks + Partners was the architect for the project, which features a swimming pool, computer lab, study lounge and a fitness center. The five-story community offers a mix of one- to four-bedroom units ranging in size from 659 to 1,399 square feet. Domain at Tallahassee began leasing for students entering the fall..

September 11, 2017

KeyBank Secures $10.1M Loan for Multifamily Property in Central Florida

SANFORD, FLA. — KeyBank Real Estate Capital has secured a $10.1 million Fannie Mae Loan for Dalton Place Apartments, a 172-unit multifamily community in Sanford, a city in Central Florida. Hayley Suminski of KeyBank arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Proceeds of the loan were used to refinance existing debt. Constructed in 1985, Dalton Place features a swimming pool, playground, tennis court and a picnic area.

September 11, 2017