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AcquisitionsFloridaHospitalitySoutheastTop Stories

Trinity Investments, Elliott Management Acquire Grande Lakes Orlando Resort for $900M

by Kristin Harlow

ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa. Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings. The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando. Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 …

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DevelopmentFloridaIndustrialSoutheast

Three Developers to Build 617,046 SF Spec Distribution Center in Central Florida

by Alex Tostado

OCALA, FLA. — Red Rock Developments, Westport Capital Partners LLC and Wharton Industrial will build Florida Crossroads Logistics Center, a 617,046-square-foot speculative distribution center in Ocala. The 46-acre site is located about 35 miles south of Gainesville, and is situated approximately one hour from Tampa and Orlando, two hours from Jacksonville and four hours from Miami, allowing the facility to potentially service 14 million people with same-day deliveries. Deborah Mickler and David Wilson of Colliers International are listing the property, which is slated to open in the fourth quarter of 2019.

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AcquisitionsFloridaMultifamilySoutheast

Praedium Group Acquires Apartment Community in Jacksonville for $46.7M

by Alex Tostado

JACKSONVILLE, FLA. — The Praedium Group has purchased The Point at Town Center, an apartment community in Jacksonville comprising eight three-story buildings offering one- and two-bedroom floor plans. The Praedium Group bought the property from Block One Ventures for $46.7 million, according to Jacksonville Business Journal. Block One delivered the property earlier this year. Amenities at The Point include a dog park with wash station, yoga lawn, pool and package concierge.

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ArkansasLoansMultifamilySoutheast

Berkadia Arranges $13M Loan to Refinance North Little Rock Apartment Complex

by Alex Tostado

NORTH LITTLE ROCK, ARK. — Berkadia has arranged $13 million in refinancing to borrower Salter Properties for Argenta Flats, a 160-unit apartment community located at 123 W. 7th St. in North Little Rock. New York-based Benefit Street Partners provided the loan. Charles Foschini, Christopher Apone and Patrick Jordan of Berkadia arranged the loan on behalf of the borrower. The loan comprises a first mortgage and mezzanine debt and features a 10-year term with two years interest-only. Argenta Flats offers one- and two-bedroom apartments with amenities such as a fitness room, wine room, book exchange room, business center and a pool.

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GeorgiaIndustrialLeasing ActivitySoutheast

Ackerman & Co. Signs Logistics Firm to 100,800 SF Industrial Lease in Metro Atlanta

by Alex Tostado

STONE MOUNTAIN, GA. — Ackerman & Co. has leased 100,800 square feet of space to Best Warehousing & Transportation Center Inc. (BWT) at Stone Mountain Industrial Park, located about 16 miles from downtown Atlanta. The industrial park is now 94 percent leased. Atlanta-based Ackerman & Co. was represented internally by Brett Buckner, Jimmy Stevens and Major Martin. The tenant also represented itself in the lease transaction. BWT specializes in inspecting, repairing and repackaging products that have been returned from retail reclaim centers.

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FeaturesOffice

Coldwell Banker: Office Employees Want Private Spaces, Limited Noise

by Kristin Harlow

MADISON, N.J. — The open office concept, which became a prominent design trend over the last decade, has declined in popularity with concerns over a lack of privacy and distractions. New research commissioned by Coldwell Banker Commercial and conducted online in late September by The Harris Poll found that almost three-quarters of employed adults would be comfortable working in an open office if they had access to a private space or small work areas, and if noise and distractions were limited. The consumer survey of more than 2,000 adults ages 18 and older found that Americans seem to consider private and quiet spaces more important than team-meeting spaces, as only 66 percent of respondents said they would be amenable to working in an open office if there were large meeting spaces or conference rooms available. Also less appealing was sharing workspace, as 52 percent of those surveyed would not be comfortable working in an open office if it meant multiple workers in one workspace. “It’s important for commercial building designs to accommodate a variety of working styles, and the more we know what workers want — in this case, an open office with private spaces and limited noise — the …

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DevelopmentMultifamilyNew YorkNortheast

S3 Capital Partners Provides $75M Construction Loan for Apartment Tower in the Bronx

by David Cohen

NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.

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Company NewsDevelopmentNew YorkNortheastRetail

IKEA to Open First Manhattan Store

by David Cohen

NEW YORK CITY — IKEA U.S. has announced that it will open its first store in Manahattan. The ‘IKEA Planning Studio’ is slated to open at 999 Third Ave. in spring 2019. The Planning Studio concept will focus on smart solutions for urban living and small spaces. The New York City location is the first market in the U.S. for the concept. IKEA U.S. has recently made a number of investments to enhance its e-commerce offerings, including lower priced shipping & delivery, Click & Collect, financing and TaskRabbit assembly services. IKEA already has four locations in the metro area in Brooklyn, Elizabeth, Long Island and Paramus.

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AcquisitionsIndustrialMassachusettsNortheast

CBRE/New England Negotiates $25M Sale of Distribution Facility in Massachusetts

by David Cohen

BELLINGHAM, MASS. — CBRE/New England has negotiated the $25 million sale of a 210,700-square-foot distribution facility in Bellingham. Located at 190 Mechanic St., the property was built in 2006 and features 32-foot clear heights, T5 motion-sensor lighting and ESFR sprinkler systems. The building is fully leased to three tenants. Chris Skeffington, John Lashar and Roy Sandeman of CBRE/New England represented the seller, Guggenheim Real Estate. The buyer was TH Real Estate.  

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