DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.
FORT LAUDERDALE, FLA. — Berkadia has arranged a $50 million loan for Coral Ridge Mall, a 500,000-square-foot retail center located at 3200 N. Federal Highway in Fort Lauderdale. The mall’s tenant roster includes AMC Dine-In Theatres, Target, Ross Dress for Less, Game Stop, T.J. Maxx, HomeGoods, Foot Locker, Jamba Juice, Old Navy and Publix. Joseph Schrage of Berkadia’s Miami office arranged the 10-year loan through J.P. Morgan on behalf of the borrower, property manager Gumberg Asset Management. The loan was structured with a fixed interest rate and a 30-year amortization schedule.
ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $5.6 million sale of Arbor Alley Apartments, an 80-unit garden-style apartment community located in South Tampa. Constructed in 1984, the property comprises two-bedroom/one-bath units with washer and dryer hookups. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments LLC, an institutional real estate firm based out of Michigan.
CAPE CORAL, FLA. — Colliers International’s Southwest Florida office has brokered the $2.3 million sale of a 19,060-square-foot strip center located at 601 Del Prado Blvd. N. in Cape Coral, roughly nine miles outside of Fort Myers. West Virginia-based D&S Inc. purchased the asset in a 1031 tax-deferred exchange. The property’s tenant roster includes Century 21, Cabinet Depot and Petrucci Pianos. William Mankin of Colliers International Southwest Florida represented the buyer in the transaction. Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader.
ORLANDO, FLA. — Forum Architecture & Interior Design Inc. has received a contract to design Oasis at Grande Pines, a 282-unit apartment community located on Westwood Boulevard in Orlando near Sea World. The project team includes developer Picerne Development Corp., structural engineer Structural Concepts & Design and MEP engineer Joseph, Lawrence & Co. The apartment community will feature one-, two- and three-bedroom units within three-story walkup buildings, as well as separate carriage units with direct access garages. The property will also have a 9,600-square-foot clubhouse with a clubroom, game room, theater, fitness center, conference room, business facility and an outdoor porch.
WELLINGTON, FLA. — Walmart Neighborhood Market has opened a new 45,000-square-foot store at 4105 State Road 7 in Wellington, a city in Palm Beach County. In addition to groceries, the store provides health and beauty aids, pet products and cleaning supplies. The new store employs roughly 95 full- and part-time associates.
WEST KENDALL, FLA. — HFF has closed the $12.5 million real estate owned (REO) sale of Lucky Start Executive Plaza, a two-building office park totaling 55,658 square feet at 8765 S.W. 165th Ave. in West Kendall, a suburb of Miami. The office park comprises two office buildings that are 54.1 percent leased to medical and office tenants, as well as a vacant pad site for the future development of a three-story, 89,000-square-foot office building. HFF marketed the property on behalf of a regional bank, which previously purchased the asset in a foreclosure auction. IMC Property Management Inc. was the buyer. Marty Busekrus, Jorge Portela and Manny de Zárraga of HFF brokered the transaction.
MIAMI — Colliers International has brokered the $10.8 million sale of a former art gallery located at 2534 N. Miami Ave. in Miami’s Wynwood neighborhood. Built in 1950 and formerly housing the Zadok Art Gallery, the two-story, 18,870-square-foot property includes retail space on the ground floor and office space on the second floor. Ivo Tsinev and Achikam Yogev of Colliers International’s South Florida office represented the seller, Zadok Real Estate Holding, in the transaction. Michael Tobin of Rothman & Tobin PA represented the buyer, Badjer LLC, which plans to lease the vacant building for retail use.
PALM BAY AND MELBOURNE, FLA. — Berkadia has brokered the $47 million sale of a three-property multifamily portfolio in Palm Bay and Melbourne. Agawam, Mass.-based Deancurt Melbourne LLC purchased the portfolio from Denver-based HC II LP for roughly $85,454 per unit. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia brokered the transaction. The three communities include the 112-unit Malabar Lakes in Palm Bay, the 300-unit Grand Oaks at the Lake in Melbourne and the 138-unit Park Village in Melbourne.