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 years.
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.
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 Cochran, president and CEO of Cracker Barrel.
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 exterior improvements. Bridge Commercial Real Estate LLC will oversee all property management and redevelopment work at Museum Tower. Renovations will begin immediately, with completion scheduled for 2020. José Lobón and Christian Lee of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
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 property was listed for more than $28 million. Mollie Alteri, Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Co. represented the seller, a New York City-based institutional investor.
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 design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …
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 result of the city’s overall growth, Orlando is also experiencing suburban growth with noteworthy developments such as Lake Nona. However, it can be overwhelming in the sense that the industry and consumer demands continue to evolve. There are all kinds of new and different concepts so to be a player in today’s dynamic market, retailers have to be innovative. While there is news of retailers shrinking in size or filing bankruptcy, it is important to keep up with the evolving market and create retail concepts that are relevant to today’s consumer’s demands. One consumer demand is retail tourism, which is a hotspot for retail development, especially with Disney Springs, the I-Drive corridor and theme parks in the surrounding area. What …
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 seller in the transaction. The buyer was not disclosed.
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 with community kitchen; billiards; 24-hour fitness center; and a conference room and business center. On the east side of the property, a two-acre park provides lakefront jogging path. Located at 7850 Pasadena Blvd., the property is situated 27 miles north of downtown Miami. Lloyd Jones LLC acquired the asset.
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. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.