Florida

George Smith Partners Secures $125M Loan for Phase I of Celebration Pointe

by John Nelson June 5, 2015

GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.

June 5, 2015

Florida Retail Southeast

Coldwell Banker Commercial NRT Brokers $2.4M Sale of Orlando Shopping Center

by John Nelson June 4, 2015

ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT has brokered the $2.4 million sale of Goldenrod Crossings, a shopping center located at 7830 E. Colonial Drive in Orlando. The center’s tenant roster includes Trustco Bank, Ocean Fish Market Inc., MV Pawn, Repair Center of Orlando and Dream Team Barbershop. Glickman represented the seller, Colonial and Goldenrod Crossings LLC, in the transaction. The buyer was MSR Colonial LLP.

June 4, 2015

Florida Loans Mixed-Use Southeast

Mission Capital Arranges $19M Acquisition, Renovation Loan for Mixed-Use Asset in Miami Beach

by John Nelson June 3, 2015

MIAMI BEACH, FLA. — Mission Capital Advisors has arranged $19 million in acquisition and renovation financing for the Variety Building, a 70-unit mixed-use building located at 1700 Alton Road in Miami Beach. The property will undergo renovations as the retail space is prepared for re-leasing and the residential component is converted to hospitality space. Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis of Mission Capital arranged the loan through Ladder Capital on behalf of the borrower, a joint venture between Springhouse Partners and Forte Capital Management. The property’s current tenant roster includes scooter dealer Vespa Miami.

June 3, 2015

Florida Industrial Southeast

Ridge Development, AEW Capital Break Ground on 490,000 SF Industrial Project in Lakeland

by John Nelson June 2, 2015

LAKELAND, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has begun construction on a 245,000-square-foot Class A distribution center — the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is being marketed as a build-to-suit opportunity. Located at 2011–2211 W. Memorial Blvd. in Lakeland, the project is owned by a joint venture between Ridge Development and AEW Capital Management. AEW is developing the project on behalf of one of its separate account clients. Lakeland Logistics Center is situated within two miles of Interstate 4 near the intersection of U.S. Highway 92 West and Wabash Avenue. Each building is divisible to 44,000 square feet and features front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a six-acre staging base for trailer storage or parking. Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield are providing leasing services.

June 2, 2015

Florida Hospitality Southeast

Hyatt Hotels Corp. Opens Hyatt Centric South Beach Miami Hotel

by John Nelson June 2, 2015

MIAMI BEACH, FLA. — Hyatt Hotels Corp. has opened Hyatt Centric South Beach Miami, a 105-room hotel in Miami Beach’s South Beach neighborhood. The property is the first Hyatt Centric in the region and only the second one worldwide. The 10-story hotel is located at 1600 Collins Ave. and features a central lobby lounge, local artwork, an indoor/outdoor lobby on the third floor, fitness center and an open-air deck with a swimming pool and cabanas. Hyatt Hotels developed the hotel in conjunction with Miami-based Robert Finvarb Cos. and its partner David Martins. Architect Kobi Karp designed the hotel.

June 2, 2015

Florida Office Southeast

Faith Investment Properties Buys Two Office Buildings in North Miami Beach for $7M

by John Nelson June 2, 2015

NORTH MIAMI BEACH, FLA. — Faith Investment Properties Group has purchased two office buildings known as Venture Center in North Miami Beach for $7 million. The Aventura, Fla.-based investment firm has several medical office buildings in its portfolio in the vicinity, which is close to Jackson North Medical Center. FIP Realty Services LLC, an affiliate of Faith Investment Properties, represented the buyer in the transaction.

June 2, 2015

Florida Hospitality Southeast

Carey Watermark Investors I, II Acquire Ritz-Carlton in Miami in JV Agreement

by John Nelson June 1, 2015

MIAMI — Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc., two non-traded REITs focused on the lodging/hospitality sector, have purchased a majority interest in The Ritz-Carlton Key Biscayne, Miami. The hotel features 302 resort guestrooms and 188 condo-hotel units, 174 of which currently participate in the resort rental program. The REITs purchased their share in the property as part of a joint venture agreement with an affiliate of GB Key Biscayne Holdings LLC, the original developer of the hotel. The hotel was recently renovated to include a new open-style marketplace café known as Key Pantry: Eat.Drink.Shop. The renovations also included upgrades to the lobby and RUMBAR, the hotel’s Havana-style bar/lounge.

June 1, 2015

Doubletree by Hilton Orlando at Sea World Orlando

Florida Hospitality Southeast

AWH Partners, Building and Land Technology Buy Orlando Resort

by John Nelson June 1, 2015

ORLANDO, FLA. — AWH Partners LLC and Building and Land Technology have purchased the 1,004-room Doubletree by Hilton Orlando at Sea World in an off-market transaction. The Orlando Business Journal reported that an affiliate firm of Atlanta-based UrbanAmerica Advisors LLC sold the hotel to the partnership for $55 million. The new ownership plans to renovate the hotel’s guest rooms, meeting space, public areas and resort grounds, as well as add 30,000 square feet of upgrade facilities and ballroom space for the hotel’s conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide. Located in Orlando near global attractions such as Sea World, Universal Studios Orlando and Walt Disney World, the resort features an upscale spa, lagoon pool, two children’s pools, kids’ lounge and game area, miniature golf course, putting green, recreation center and seven dining outlets.

June 1, 2015

Florida Loans Retail Southeast

Aztec Group Secures $18.6M Loan for Shopping Center in Miami

by John Nelson May 29, 2015

MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.

May 29, 2015

Florida Multifamily Southeast

Melo Group Completes 38-Story Condo Tower in Miami

by John Nelson May 28, 2015

MIAMI — Melo Group has completed the construction of Bay House, a 165-unit, 38-story luxury condominium tower in Miami’s East Edgewater District. The building is located at 600 N.E. 27th Ave. and features two-story penthouse units spanning 2,766 to 3,512 square feet that include private rooftop decks. The project’s other units range in size from 1,581 to 1,720 square feet. Bay House’s amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Roughly 99 percent of the units are sold, with prices ranging from $2 million and up. Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.

May 28, 2015

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