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AcquisitionsFloridaHospitalityLoansSoutheast

Berkadia Arranges Sale of 221-Room DoubleTree by Hilton Hotel in South Florida

by John Nelson

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.

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DevelopmentFloridaIndustrialSoutheast

Rooker Breaks Ground on 187,000 SF Industrial Building in Wesley Chapel, Florida

by John Nelson

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.

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DevelopmentFloridaLoansOfficeSoutheast

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

by John Nelson

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.

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FloridaMarket ReportsRetailSoutheastSoutheast Market Reports

Impressive Metrics for Orlando’s Retail Market May Mask Looming Storm Clouds

by John Nelson

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 …

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DevelopmentFloridaRetailSoutheast

Entrepreneurs Invest $180M to Build 15 Indoor Pickleball Courts in Florida

by John Nelson

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.

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AcquisitionsFloridaHospitalitySoutheast

Radco Acquires Three Hotels in Panama City Beach, Florida Totaling 281 Rooms

by John Nelson

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.

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DevelopmentFloridaMultifamilySoutheastTop Stories

MG Developer, Baron Property Receive $148M Construction Loan for South Florida Multifamily Project

by Taylor Williams

HIALEAH, FLA. — A partnership led by locally based firm MG Developer and New York City-based Baron Property Group has received a $148 million construction loan for Metro Parc, a 559-unit multifamily project in the city of Hialeah, located within Miami-Dade County. Metro Parc will be situated on a 2.5-acre site and will consist of two buildings rising 10 stories, making it the tallest residential development in Hialeah, according to the development team. Units will come in two-bedroom formats that will range in size from 500 to 800 square feet. Communal amenities will include a pool, fitness center and outdoor kitchen. In addition, Metro Parc will house ground-floor retail space that is preleased to a Latin-inspired food marketplace, as well as onsite parking. Metro Parc will also offer proximity to a Metrorail transit station, the Hialeah Arts District and Amelia Earhart Park. The project team includes investment firms Township Capital as an equity partners. Construction is set to begin in December and to wrap up in the second quarter of 2024. Dmitry Levkov and Jeffrey Donelly of Colliers arranged the 30-month loan on behalf of the development team. Post Road Group provided the financing. The project will be the first …

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DevelopmentFloridaOfficeSoutheast

Kaufman Lynn Completes $144M Overhaul of JM Family Headquarters in South Florida

by John Nelson

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction has completed a major overhaul of JM Family Enterprises’ corporate headquarters in Deerfield Beach. The $144 million project was finished in 41 months and comprises three new 88,061-square-foot office buildings; a 29,500-square-foot dining facility; 309,573-square-foot parking garage; 6,500-square-foot energy plant; a welcome center; and a hardscape package valued at $12 million. The renovations also included installing rooftop solar farms, heat-reducing electrochromic glass and an irrigation system using rainwater-collecting cisterns. About 1,200 staffers at JM Family, a privately held automotive distributor, were able to continue working during the replacement, which Kaufman Lynn managed with design partner PGAL Architects.

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AcquisitionsAffordable HousingFloridaMixed-UseMultifamilyRestaurantRetailSoutheast

Avanath Capital Purchases City View Mixed-Use Development in Orlando for $62.5M

by John Nelson

ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.

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Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Related Urban Breaks Ground on $190M Mixed-Income Residential Project in Miami

by John Nelson

MIAMI — Related Urban Development Group has broken ground on Gallery at West Brickell, a $190 million mixed-income tower in Miami. The site for the 29-story residential property is located at 201 SW 10th St. in the city’s Brickell district. Once complete, the property will offer 465 mixed-income units, ranging from studios to three-bedroom apartments. Related Urban, the affordable housing arm of Miami-based development giant Related Group, expects to begin preleasing units in late 2025. The developer is building the community in a public-private partnership with Miami-Dade County and Miami-Dade County Public Schools. As part of the partnership, Related Urban executed a 75-year ground lease and will pay rent to the county as a percentage of the property’s cash flow. According to the developer, the property represents the largest single-phase, public-private partnership project in Miami-Dade County. “Through this groundbreaking, we are paving the way for hundreds of local families to find accessibly priced homes in a Class A development located within a block of mass transit that they can all be proud of,” says Albert Milo, president of Related Urban. “Miami-Dade County is committed to ensuring local families, teachers and other members of the workforce can live in the urban …

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