MIAMI — Marcus & Millichap has arranged the $6.7 million sale of Gordon Food Service Marketplace, a 17,431-square-foot grocery store located at 5600 W. Flagler St. in Miami. The net-leased store has seven years remaining on its base term. Ronnie Issenberg, Gabriel Britti, Scott Sandelin and Al Palacios of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer was as undisclosed private investor based in South Florida.
ORLANDO, FLA. — DiamondRock Hospitality Co. has sold the Orlando Airport Marriott Lakeside for approximately $67 million. The 485-room hotel is located at 7499 Augusta National Drive, roughly three miles from Orlando International Airport. The hotel features 29,700 square feet of event space, an indoor pool, outdoor pool, internet TV in every room offering Netflix and Hulu, the Crimson Tavern restaurant and a 24-hour fitness center. In 2015, the hotel generated revenue per available room (RevPAR) of $92, the lowest RevPAR in DiamondRock’s portfolio. DiamondRock Hospitality is a REIT that owns 28 upscale hotels spanning approximately 10,400 rooms.
TALLAHASSEE, FLA. — Capstone Real Estate Investments LLC has acquired two student housing communities located near the Florida State University (FSU) campus in Tallahassee. Acquired assets include High Point Apartments and Colony Club. The High Point Apartments complex is located on Chapel Drive adjacent to Legacy Suites, and consists of 151, one-bedroom units. Capstone will begin renovations on the property this fall, with completion expected for summer 2017. Interior improvements including paint, flooring and fixtures, as well as the addition of in-unit washers and dryers and an updated pool deck will be included in the renovation. Capstone intends to demolish the existing structures at Colony Club in order to place the land up for sale for redevelopment.
CLEARWATER BEACH, FLA. — BankUnited has provided a $41.8 million loan for Sheraton Sand Key Resort, a 390-room, beachfront hotel in Clearwater Beach, a town in Pinellas County fronting the Gulf of Mexico. The resort-style hotel is situated on 21.1 acres at 1160 Gulf Blvd. in Clearwater Beach, which TripAdvisor ranked as the No. 1 beach in the United States for 2016. The nine-story property features 24,000 square feet of indoor and outdoor meeting space, an outdoor pool, fitness center, spa, tennis and beach volleyball courts, whirlpool, gift shop and five dining options including Rusty’s Bistro, Island Grille, Poolside Café and Mainstay Tavern. Daniel Peek, Scott Wadler, Preston Reid and Alexandra Lalos of HFF arranged the five-year, fixed-rate loan, which the borrower is using to refinance an existing loan.
ORLANDO, FLA. — Avison Young has brokered the $16.5 million sale of West Colonial Oaks, a 160,792-square-foot shopping center located at 7150-7300 W. Colonial Drive in Orlando. Triarch Capital Group purchased the retail development from Noble Properties. The property is shadow-anchored by The Home Depot and leased to tenants such as Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden and Ollie’s Bargain Outlet. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young represented Noble Properties in the transaction.
MARGATE, FLA. — Ocean Bank has provided a $17.2 million loan for the renovation and repositioning of a 188,028-square-foot shopping center in Margate, a town in Broward County. The asset has been renamed Margate Centre and will house retail tenants and two charter schools — West Broward Academy and Ascend Career Academy. The borrower, Alliance XVI LLC, plans to wrap up construction by August in time for the 2016-2017 school year. Juan Carlos Barreto of Ocean Bank originated the loan.
MAITLAND, FLA. — The Allen Morris Co. has begun construction on Maitland City Centre, a $68 million mixed-use development in Maitland, roughly 10 miles north or Orlando. Upon completion in 2018, the project will feature 220 residential units and 35,000 square feet of retail and restaurant space set within a six-story building that will occupy three city blocks near City Hall. Units will range from 700 to 1,300 square feet and will rent for $1,300 to $2,400 per month. Announced tenants at Maitland City Centre include Starbucks Coffee, Subway, Renaissance Med Spa, Nava Pets, an artisan food hall/market, Mesa 21, Doc B’s Fresh Kitchen and a concept from chef Clayton Miller of Dove-Cote in Orlando. SunTrust Bank and TD Bank are financing the development on behalf of a joint venture partnership between Allen Morris, Lamm & Co. Partners and Millenia Partners.
CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.
DAVIE, FLA. — Pets Supermarket has signed a 97,200-square-foot industrial lease at Bridge Point Davie, a new Class A distribution facility in Davie, a town in south Broward County. The 145,800-square-foot property is located on a 9.8-acre site at 3501 Burris Road and features 32-foot clear heights, an ESFR sprinkler system and leasing bay sizes of approximately 12,150 square feet. David Wigoda and Steven Wasserman of JLL represented the landlord, Bridge Development Partners LLC, in the lease transaction. Wit Truitt of JLL’s Atlanta office represented Pets Supermarket.
MIAMI — Suffolk Construction has completed construction on Monarc, a 462-unit residential tower in downtown Miami developed by MDM Development and ZOM USA. The tower is the residential portion of Met 3, which includes an 11-story retail and parking podium featuring a Whole Foods Market and 1,442 parking spaces. The retail and parking podium has been open since January 2015 and remained fully operational throughout Monarc’s construction. In addition to Met 3, Suffolk is managing several other construction projects in South Florida including the Brightline’s MiamiCentral Station, Jade Signature and Met Square.