ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.
ORANGE PARK, FLA. — Matthews Real Estate Investment Services has brokered the sale of Blanding Square, a 40,376-square-foot retail center located at 110 Blanding Blvd. in Orange Park. The value-add property was stabilized at the time of sale to tenants paying below-market rents, according to Matthews. Johnny Blue Craig and Tripp Brown of Matthews represented the undisclosed seller, a private investor, in the transaction. The unnamed, South Florida-based buyer has the option to expand the shopping center by adding an outparcel at the corner of Blanding Boulevard and Jefferson Avenue. Additional land behind the center with frontage on Jefferson Avenue is also available for further development and expansion.
IRVINE, CALIF. — CoreLogic, a global property information and analytics solutions provider based in Irvine, has released its new residential and commercial wind and storm surge loss estimates for Hurricane Ian, which made landfall on Wednesday morning near Naples and Cape Coral, Fla. According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion. Insured storm surge losses in Florida are expected to be an additional $6 billion to $15 billion. “This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to Hurricane Ian’s intense and destructive characteristics,” says Tom Larsen, associate vice president of hazard and risk management at CoreLogic. “Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.” Several cities in Hurricane Ian’s path (including those in Southwest and Central Florida) are dealing with flash flood devastation, which will slow recovery timelines. According to the Florida Governor’s office, there are currently 2.6 million Florida residents without …
JACKSONVILLE, FLA. — Northmarq has secured a $78.5 million construction-to-permanent financing for the development of Pinnacle Apartments, a 376-unit multifamily community located at 8760 Pinnacle Park Blvd. in Jacksonville’s Southside submarket. Ryan Whitaker of Northmarq originated the loan through a life insurance company on behalf of the undisclosed borrower. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. Planned amenities at Pinnacle include a business center, clubhouse, lounge, 24-hour fitness center, two resort-style swimming pools with sundecks, grill and picnic areas, a movie theater room with recliner seating, car care center, EV charging, indoor bike storage, game room, parking garage, dog agility park and an indoor pet spa. The construction timeline was not disclosed.
DEERFIELD BEACH, FLA. — Berkadia has arranged the sale of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-room hotel located at 100 Fairway Drive in South Florida’s Deerfield Beach. Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia represented the Canadian-based seller, Vista Hospitality, in the transaction. The privately owned seller has invested more than $7 million in capital improvements at the hotel since 2018. Scott Wadler of Berkadia’s Miami office secured acquisition financing on behalf of the buyer, DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale. A local Florida bank originated the three-year loan with two one-year extension options. The sales price and loan amount weren’t disclosed, but Berkadia says the total amount combined is nearly $70 million. Spanning 6.2 acres near I-95 and the Atlantic Ocean, the DoubleTree hotel features an onsite restaurant, outdoor heated pool, 24-hour fitness center, pet-friendly rooms, digital keys, business center and 22,000 square feet of meeting space.
WESLEY CHAPEL, FLA. — Rooker has begun construction on a 187,000-square-foot, Class A industrial building located at 7526 Old Pasco Road in Wesley Chapel. The facility is Building 1 within North Tampa Bay 75 Business Center, an 85-acre industrial park in metro Tampa located near a new I-75 interchange. North Tampa Bay 75 Business Center can accommodate up to 850,000 square feet of Class A industrial space across four buildings, according to Rooker. The Atlanta-based developer expects to complete construction on Building 1 in the first quarter of 2023. Rick Narkiewicz of Newmark is marketing the project for lease. The design-building team includes civil engineer Coastal Design, architectural firm Pieper O’Brien Herr Architects and general contractor Itasca Construction.
MIAMI — Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler and Mike Basinski of Berkadia’s Miami office secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach. Banesco provided the eight-year loan, which features two years of interest-only payments and a fixed interest rate. Morabito has the option to convert the financing to a mini-perm loan for an additional five years. Designed by Arquitectonica, Wyncatcher features double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.
The retail market in the Orlando MSA is doing well, on the surface. According to the numbers, the region has recovered from the effects of the COVID-19 pandemic. Orlando’s economy is heavily driven by tourism and when travel stopped and the initial state-wide shutdown orders went into effect on April 3, 2020, the impacts were profound and widespread, since four of the top 10 employers in Central Florida are in hospitality or retail, as well as Orlando International Airport. Since then, life in Central Florida has largely returned to normal. Tourism is back, hotel occupancy is up and people are dining out again. Retail numbers for the second quarter are actually better than in the first quarter of 2019, according to CoStar Group. The availability percentage at the beginning of 2019 was 5.9 percent, compared to 4.7 percent at the end of the second quarter. The average rent is up as well, rising from $21.94 per square foot to $25.52. Consumer habits have changed as e-commerce is still enormously popular, although it’s now more about convenience than mitigating risks. For those who can, working from home has become the preferred mode. As a consequence of the remote work trend, local …
SARASOTA, FLA. — A trio of entrepreneurs — Brian and Valerie McCarthy and Matthew Gordon — plans to invest $180 million to build at least 15 indoor pickleball courts in Florida. All locations, which will be branded The Pickleball Club, will be members-only and privately owned, for-profit sports clubs. The first venture is The Pickleball Club at Lakewood Ranch in Sarasota, which has broken ground and is set to open in December. The 33,000-square-foot Sarasota location will feature 12 indoor courts, two outdoor courts, Dink’s Pro Shop, Pickles Café and an outdoor activity center dubbed Food Truck Alley. The entrepreneurs have purchased land in Bonita Springs and Port St. Lucie for two more locations, and are in negotiations for four more, including in Fort Myers. Each The Pickleball Club location will utilize high-definition PlaySight technology to integrate real-time video into lessons and clinics. The Pickleball Club currently has 47 shareholders and has raised nearly $5 million in equity over the past 18 months.
PANAMA CITY BEACH, FLA. — The Radco Cos., an opportunistic real estate investment firm based in Atlanta, has purchased three hotels in Panama City Beach totaling 281 rooms. The properties include a Home2 Suites, adjacent Fairfield Inn & Suites and a Hampton Inn. All three hotels will be managed by LBA Hospitality. Hospitality Real Estate Counselors (HREC) served as brokers for the Home2 Suites and Fairfield Inn properties, with Hunter Hotel Advisors brokering the Hampton Inn deal. The sellers and sales price were not disclosed. The new ownership plans to make capital improvements to the three hotels. Radco launched a hotel investment division in early 2021 in response to disruptions to the hospitality industry caused by the COVID-19 pandemic.
