Florida

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Florida Hospitality Southeast

Atton Hotels to Open Atton Brickell Miami Hotel

by John Nelson July 1, 2016

MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.

July 1, 2016

Florida Hospitality Southeast

MSB Hotels III Buys Boutique Hotel in St. Augustine for $10.3M

by John Nelson June 30, 2016

ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.

June 30, 2016

The Enclave Shops at Coral Ridge Fresh Market Fort Lauderdale

Florida Retail Southeast

Stiles Completes Fresh Market-Anchored Shopping Center in Fort Lauderdale

by John Nelson June 29, 2016

FORT LAUDERDALE, FLA. — Stiles has completed The Enclave Shops at Coral Ridge, a 27,300-square-foot shopping center anchored by The Fresh Market. The property is located at the entrance of a single-family home community in east Fort Lauderdale near Oakland Park Boulevard and Fort Lauderdale Beach. The Fresh Market occupies 21,000 square feet of the shopping center, which will also feature inline retail shops and an outparcel leased to a bank. Stiles developed the project in a joint venture agreement with a group of local businessmen headed by Phil Smith. Stiles is leasing and managing the property.

June 29, 2016

Florida Mixed-Use Southeast

Cushman & Wakefield Brokers $21.3M Sale of Business Park in Metro Orlando

by John Nelson June 29, 2016

LAKE MARY, FLA. — Cushman & Wakefield has arranged the $21.3 million sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse park in Lake Mary, a suburb of Orlando. The single-story buildings are located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 250 and 255 were recently converted to Class A office space. The portfolio was 58 percent leased at the time of sale to tenants such as FARO Technologies and CuraScript. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Toronto-based Sun Life Assurance Co. of Canada, in the transaction. Colorado-based Real Capital Solutions purchased the portfolio for roughly $72 per square foot.

June 29, 2016

Florida Industrial Southeast

Cushman & Wakefield Brokers $103.6M Sale of Industrial Asset in Metro Tampa

by John Nelson June 28, 2016

RUSKIN, FLA. — Cushman & Wakefield has brokered the sale of a 1 million-square-foot distribution center located at 3350 Laurel Ridge Ave. in Ruskin, a suburb of Tampa. The transaction was the largest industrial sale in Tampa history in terms of both size and value, according to Cushman & Wakefield research. The price was undisclosed, but public records set the sale price at $103.6 million. USAA Real Estate Co. sold the LEED Silver-certified asset to Cole Office & Industrial REIT Inc., a non-listed REIT sponsored by Cole Capital, the investment management business of Phoenix-based VEREIT. Built in 2014, the property is fully leased to a Fortune 50 retailer and features 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54- by 50-foot column spacing, an ESFR sprinkler system and trailer parking. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented USAA Real Estate in the transaction.

June 28, 2016

Florida Multifamily Southeast

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $6.7M Sale of Grocery Store in Miami

by John Nelson June 27, 2016

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.

June 27, 2016

Florida Hospitality Southeast

DiamondRock Hospitality Sells Orlando Airport Marriott Lakeside for $67M

by John Nelson June 24, 2016

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.

June 24, 2016

Florida Southeast Student Housing

Capstone Real Estate Acquires Two Student Housing Properties Near FSU

by John Nelson June 24, 2016

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.

June 24, 2016

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