Florida

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Acquisitions Florida Hospitality Southeast

Tishman Acquires Three Orlando Hotels for $81M

by Camren Skelton June 6, 2018

ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Braemar Hotels Sells 293-Room Renaissance Tampa Hotel for $68M

by Camren Skelton June 6, 2018

TAMPA, FLA. — Braemar Hotels & Resorts Inc. has sold the 293-room Renaissance Tampa International Plaza Hotel in Tampa for $68 million, or $232,000 per room. Newport Beach, Calif.-based Clearview Hotel Capital and funds managed by Oaktree Capital Management LP acquired the asset. According to Braemar, the Renaissance Tampa hotel achieved RevPAR of $158 with occupancy of 83 percent and an average daily rate (ADR) of $191 in the 12-month period ended March 31, 2018. The Marriott-branded property features a fitness center, rooftop hydroponic garden, outdoor pool, onsite dining and an onsite wine bar. Lou Plasencia, Joe Corcoran, Chris Plasencia and Nick Plasencia of The Plasencia Group arranged the transaction on behalf of Braemar.

June 6, 2018

Acquisitions Florida Multifamily Southeast

FCP Acquires 264-Unit Apartment Community in Orlando for $23.6M

by Camren Skelton June 5, 2018

ORLANDO, FLA. — Federal Capital Partners (FCP) has acquired Royal Isles, a 264-unit multifamily community in Orlando, for $23.6 million. The community includes a mix of one-, two- and three-bedroom units and features a 24-hour fitness center, swimming pool with sundeck, playground, picnic area with grills and an onsite laundry center. Evan Kristol and Felipe Echarte of Marcus & Millichap’s The Kristol Group arranged the transaction on behalf of the undisclosed seller. Berkadia arranged the assumption of the existing Fannie Mae mortgage.

June 5, 2018

Development Florida Industrial Southeast

Xebec to Build $39.3M Logistics Facility in Central Florida

by Camren Skelton June 4, 2018

LAKELAND, FLA. — Dallas-based developer Xebec has acquired 60 acres in the Central Florida community of Lakeland with plans to develop a $39.3 million regional bulk logistics facility. The 533,000-square-foot building will be designed to meet demand from retailers, distributors and third-party logistics providers. Users will be able to reach 19 million consumers within a 200-mile radius of the project and be within an hour drive from three international airports. The facility will feature 40-foot clear heights, a 185-foot truck court with 114 docks, 367 car parking spaces and 102 container parking spaces. Xebec plans to break ground on the building in the fourth quarter, and wrap up construction in the third quarter of 2019.

June 4, 2018

Acquisitions Florida Multifamily Southeast

Carroll Organization Sells Two Multifamily Communities in Jacksonville, Orlando

by Camren Skelton June 4, 2018

JACKSONVILLE AND ORLANDO, FLA. — Carroll Organization has sold ARIUM Town Center in Jacksonville and Knightsbridge at Stoneybrook in Orlando for an undisclosed price. Carroll Multifamily Real Estate Fund III LP originally acquired ARIUM Town Center in June 2014. The 320-unit community is located within walking distance to St. Johns Town Center, a 1.5 million-square-foot outdoor shopping center. Community amenities include screened-in patios, a newly renovated swimming pool with barbecue grills, 24-hour fitness center, business center and a gated dog park. Knightsbridge at Stoneybrook in Orlando was acquired in 2015 as part of both Carroll Multifamily Real Estate Fund III LP and Carroll Multifamily Real Estate Fund IV LP. The 396-unit community features resort-style pools, a 24-hour fitness center, tennis and volleyball courts and a gated dog park. The name of the buyer was not disclosed.

June 4, 2018

Florida Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

by John Nelson June 4, 2018

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …

June 4, 2018

Company News Florida Healthcare Multifamily Seniors Housing Southeast Student Housing

Kayne Anderson Closes its Largest Real Estate Fund at $1.8B

by Camren Skelton June 1, 2018

BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

Acquisitions Florida Multifamily Southeast

American Landmark Acquires 1,212-Unit Multifamily Portfolio Across Three States

by Camren Skelton June 1, 2018

TAMPA, FLA. — American Landmark has acquired a four-property multifamily portfolio located in Florida, Georgia and South Carolina. In Florida, the Tampa-based multifamily owner and operator acquired Bella Apartment Homes, located at 3101 Segreto Lane in Kissimmee, roughly 22 miles south of Orlando. The 432-unit property was built in 2010 and was 96 percent occupied at the time of sale. American Landmark will rename the community The Aspect. In metro Atlanta, American Landmark acquired two properties: Arbor Terrace in Douglasville and Summerset in Conyers. The 300-unit Arbor Terrace, located at 1 Rocky Ridge Blvd., was built in 2003 and was 95 percent occupied at the time of sale. The community will be renamed One Rocky Ridge. Summerset, which will be renamed The Oxford, is located at 50 Greenleaf Road. The 240-unit property was constructed in 1999 and was 96 percent occupied at the time of sale. In Charleston, American Landmark acquired Arbor Village, a 240-unit community located at 10825 Dorchester Road. The community was built in 2014 and was 93 percent occupied at the time of sale. The name of the seller and sales price were not disclosed.

June 1, 2018

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