NORTH MIAMI BEACH, FLA. — Faith Investment Properties Group has purchased two office buildings known as Venture Center in North Miami Beach for $7 million. The Aventura, Fla.-based investment firm has several medical office buildings in its portfolio in the vicinity, which is close to Jackson North Medical Center. FIP Realty Services LLC, an affiliate of Faith Investment Properties, represented the buyer in the transaction.
MIAMI — Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc., two non-traded REITs focused on the lodging/hospitality sector, have purchased a majority interest in The Ritz-Carlton Key Biscayne, Miami. The hotel features 302 resort guestrooms and 188 condo-hotel units, 174 of which currently participate in the resort rental program. The REITs purchased their share in the property as part of a joint venture agreement with an affiliate of GB Key Biscayne Holdings LLC, the original developer of the hotel. The hotel was recently renovated to include a new open-style marketplace café known as Key Pantry: Eat.Drink.Shop. The renovations also included upgrades to the lobby and RUMBAR, the hotel’s Havana-style bar/lounge.
ORLANDO, FLA. — AWH Partners LLC and Building and Land Technology have purchased the 1,004-room Doubletree by Hilton Orlando at Sea World in an off-market transaction. The Orlando Business Journal reported that an affiliate firm of Atlanta-based UrbanAmerica Advisors LLC sold the hotel to the partnership for $55 million. The new ownership plans to renovate the hotel’s guest rooms, meeting space, public areas and resort grounds, as well as add 30,000 square feet of upgrade facilities and ballroom space for the hotel’s conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide. Located in Orlando near global attractions such as Sea World, Universal Studios Orlando and Walt Disney World, the resort features an upscale spa, lagoon pool, two children’s pools, kids’ lounge and game area, miniature golf course, putting green, recreation center and seven dining outlets.
MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.
MIAMI — Melo Group has completed the construction of Bay House, a 165-unit, 38-story luxury condominium tower in Miami’s East Edgewater District. The building is located at 600 N.E. 27th Ave. and features two-story penthouse units spanning 2,766 to 3,512 square feet that include private rooftop decks. The project’s other units range in size from 1,581 to 1,720 square feet. Bay House’s amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Roughly 99 percent of the units are sold, with prices ranging from $2 million and up. Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.
MIAMI — CBRE has brokered the $27.2 million sale of Vizcayne Retail in downtown Miami. The property consists of 55,000 square feet of ground-floor retail space plus 126 parking spaces, located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street. Built in 2008, the property was 68 percent leased at the time of sale to tenants such as CVS and The Learning Experience. An affiliate of Stoltz Real Estate Partners purchased the asset from an affiliate of Rockwood Capital. Casey Rosen and Dennis Carson of CBRE led the team in representing the seller.
BRADENTON, FLA. — Marcus & Millichap has brokered the $25 million sale of 30 West Apartments, a 264-unit apartment community located at 2835 50th Ave. W. in Bradenton. All units at 30 West feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. Community amenities include two lighted tennis courts, an on-site laundry facility, fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller, Insula Cos., and procured the buyer, Timberland Properties.
NAPLES, FLA. — Pebblebrook Hotel Trust, a publicly traded hotel REIT, has purchased LaPlaya Beach Resort and LaPlaya Beach Club in Naples for a combined purchase price of $185.5 million. LaPlaya Beach Resort is a 189-room waterfront resort located on a six-acre tract of beach along the Gulf of Mexico and Vanderbilt Bay. The resort features 11,620 square feet of meeting space, a bar/restaurant, upscale spa, three outdoor swimming pools, 2,200-square-foot fitness center, seven-story parking garage, children’s aquatic and beach camp, watersport rentals and in-room dining. The private club has more than 800 active members and features a private dining room, private pool cabanas and a partnership with the LaPlaya Golf Course, which was not included in the acquisition. In addition to the resort and private club, the transaction includes the leasehold interest in a 23-slip marina on the Vanderbilt Bay side of the property. Daniel Peek, Max Comess, Chris Drew, Alexandra Lalos and Maxx Carney of HFF represented the seller, a partnership between affiliates of Noble House Hotels & Resorts Ltd. and Halstatt, in the transaction. Pebblebrook has retained Noble House Hotels & Resorts under a new operating agreement for the management of the hotel and private club.
MIAMI BEACH, FLA. — The city of Miami Beach commission has selected developer Portman Holdings and architect John Portman & Associates to develop and design the $405 million Miami Beach Convention Headquarter Hotel. The selection allows for the city manager to negotiate the terms of the development and ground lease for the hotel. The 800-room hotel will feature several pools, a fitness center, spa, business center and multiple food and beverage outlets, including a café, full-service restaurant and rooftop lounge. Another feature of the hotel is a grand welcoming gateway at the main intersection of 17th Street and Convention Center Drive. The hotel development will not use any taxpayer dollars — Portman’s plan is 100 percent privately funded with both debt and equity sources. The design team includes local architect Revuelta Architecture International and landscape architect West 8.
DORAL, FLA. — Marcus & Millichap has brokered the $9.1 million sale of Doral Signature Shops, an 11,110-square-foot retail property located at 11401 N.W. 41st St. in Doral. The property’s tenant roster includes Starbuck’s Coffee, Mercantile Commerce Bank and Graziano’s. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a partnership between local developers Gadinsky Real Estate and Armando Codina. The buyer was a limited liability company based in Miami.
