REBusinessOnline

Preferred Apartment Communities Funds $10.9M Investment Loan for Multifamily Property in Orlando

ORLANDO, FLA. — Preferred Apartment Communities Inc. has provided a $10.9 million investment loan for TDK Development’s Vintage Horizon West project. Vintage Horizon West is a planned 340-unit multifamily property in Orlando’s Horizon West neighborhood. With the investment, PAC will have the option to acquire the community following stabilization. The property will offer one-, two- and three-bedroom floor plans. TDK expects to complete the project in two

Kolter Group Buys Development Site in St. Petersburg for 35-Story Residential Tower

ST PETERSBURG, FLA. — Real estate developer The Kolter Group has acquired the 1.7-acre parking lot of the Hilton St. Petersburg Bayfront Hotel, with plans to construct a 35-story residential tower on the site. …

Cracker Barrel Acquires Maple Street Biscuit for $36M

JACKSONVILLE, FLA. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra …

Bridge Investment Group Purchases 259,666 SF Office Tower in Downtown Miami

MIAMI — Bridge Investment Group LLC has purchased Museum Tower, a 29-story, 259,666-square-foot office building in downtown Miami. The property is located 150 W. Flagler St. The tower was originally built in 1986 and has undergone $3 million worth of renovations since 2016. Bridge plans to invest an additional $4.5 million for amenities and other enhancements, including restroom upgrades and new common area finishes throughout, the addition of a building conference center and lobby, and …

Stan Johnson Negotiates Sale of 375,600 SF Distribution Center in Central Florida

OCALA, FLA. — Stan Johnson Co. has negotiated the sale of a 375,600-square-foot distribution center in Ocala. Custom Window Systems fully occupies the building, using it for company headquarters, manufacturing and distribution. Custom Window Systems has 15 years left on a triple-net lease. The company has occupied the building since it was constructed in 2006. In 2017, the facility was expanded by 150,000 square feet. Sky Management Services acquired the building for an undisclosed price. The …

Queensgate Investments Acquires Freehand Hotels for $400M

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf …

Orlando’s Retail Market is Thriving Both in the Core and Suburban Submarkets

Orlando’s retail market happens to be a really good representation of the national market. By every metric, Orlando is doing well as both rental rates and occupancy rates have been increasing. Orlando is one of the fastest growing cities in America, adding roughly 1,000 new residents each week. Tourism numbers continue to climb with 75 million visitors in 2018, according to Visit Florida. Downtown is experiencing an economic resurgence with a new collegiate campus (more on this later). As a …

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the …

Cushman & Wakefield Negotiates $55.6M Sale of Ventura Pointe Apartment Complex in Broward County

PEMBROKE PINES, FLA. — Cushman & Wakefield has negotiated the $55.6 million sale of Ventura Pointe, a 206-unit multifamily property in Pembroke Pines. The seller, Eastwind Development, built the community in 2018. The apartment complex offers one-, two- and three-bedroom floor plans averaging 958 square feet. Ventura Point comprises two four-story buildings and two five-story buildings. Communal amenities include a swimming pool with lounge area; outdoor kitchen and grills; indoor lounge …

Housing Trust Group Breaks Ground on 110-Unit Affordable Housing Community Near Tampa

DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. …

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