Florida

Crocker Partners Unveils Restaurant Row Project in Boca Raton

by Alex Tostado December 10, 2018

BOCA RATON, FLA. — Crocker Partners has unveiled plans to develop Restaurant Row, a 22,500-square-foot property that would feature four 5,000-square-foot restaurants with patios and the potential for an additional 2,500-square-foot outpost. Aaron Gentry of tvsdesign is the architect of the only exclusive restaurant complex ever built in Boca Raton. Crocker Partners presented its vision to the City of Boca Raton’s Community Appearance Board on Nov. 27. The property would be located at the site of The Plaza office building, which Crocker Partners reacquired in 2014.

December 10, 2018

Acquisitions Florida Hospitality Southeast Top Stories

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

by Kristin Harlow December 7, 2018

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 …

December 7, 2018

Development Florida Industrial Southeast

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

by Alex Tostado December 6, 2018

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.

December 6, 2018

Acquisitions Florida Multifamily Southeast

Praedium Group Acquires Apartment Community in Jacksonville for $46.7M

by Alex Tostado December 6, 2018

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.

December 6, 2018

Florida Loans Multifamily Southeast

Allen Morris, Ustler Development Receive $66M Construction Loan for Apartment Complex in Downtown Orlando

by Alex Tostado December 4, 2018

ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have secured a $66 million construction loan for the Creative Village Parcel M Apartments in downtown Orlando, a $108 million development. Financing was provided by SunTrust Bank and Santander Bank. Affiliates of the developers provided equity, and Walker & Dunlop arranged an additional equity partner. The community is set to consist of a Class A, 14-story, 409-unit building across the street from the University of Central Florida (UCF) Downtown campus and Valencia College Downtown Campus that are set to open in August. Creative Village Parcel M Apartments is slated to be complete in mid-2020. The project team includes architect Baker Barrios and general contractor Brasfield & Gorrie. Creative Village Parcel M Apartments is part of the $1 billion Creative Village, a 68-acre mixed-use and transit-oriented community that will serve as the home to high-tech and digital corporations, as well as UCF and Valencia College students, employees and residents.

December 4, 2018

Acquisitions Florida Retail Southeast

PREP Property Group Purchases 460,565 SF Shopping Center in Central Florida

by Alex Tostado December 4, 2018

DAVENPORT, FLA. — PREP Property Group Inc. (PREP) has purchased Posner Commons, a 460,565-square-foot shopping center in Davenport, seven miles south of Disney World’s main entrance. Built in 2008, Posner Commons is home to national tenants such as Dick’s Sporting Goods, Ross Dress for Less, JC Penney, Best Buy, PetSmart, Michaels and Cinepolis Theatre. The sales price and seller were undisclosed.

December 4, 2018

Acquisitions Florida Retail Southeast

Rainier Realty Buys 315,000 SF Power Retail Center in Central Florida

by Alex Tostado December 3, 2018

OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.

December 3, 2018

Development Florida Industrial Office Southeast

Miller Construction Delivers Office, Manufacturing Facility for CGI Windows and Doors in South Florida

by Alex Tostado November 30, 2018

HIALEAH, FLA. — Miller Construction has delivered CGI Doors and Windows’ office and manufacturing facility in Hialeah’s Countyline Corporate Park. CGI Windows and Doors moved into the new 325,000-square-foot building at 3780 W. 104th St. from a smaller location in nearby Miami. Flagler Global Logistics was the developer and Ware Malcomb designed the facility. Ware Malcomb offers integrated design services including architecture, planning, interior design, civil engineering and branding to diverse clients in both the private and public sectors.

November 30, 2018

Florida Hospitality Loans Southeast

Thorofare Capital Provides $17M Loan to Refinance Historic Hotel in Downtown Miami

by Alex Tostado November 30, 2018

MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.

November 30, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires New Apartment Complex in Destin for $63.3M

by Alex Tostado November 29, 2018

DESTIN, FLA. — Passco Cos. has acquired a 288-unit apartment community in Destin for $63.3 million. Irvine, Calif.-based Passco bought Sea Glass from Atlanta-based Catalyst Development Partners. The apartment complex features one- , two- and three-bedroom floor plans, and its amenities include a swimming pool, fitness studio, clubroom, breakfast bar, indoor/outdoor bar area, package concierge and a business center. Sea Glass was built in 2017 and is directly across from Henderson Beach State Park. Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Florida Capital Markets brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

November 29, 2018

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