ORLANDO, FLA. — Marcus & Millichap has brokered the $11.2 million sale of the WOW Resort, a 334-room hospitality property in Orlando’s International Drive corridor. The hotel features a seasonally heated outdoor pool, picnic area and a gym/fitness center. Located at 6101 Sand Lake Road, the hotel is located one mile from the Wet ‘n Wild Orlando water park, three miles from the Universal Studios Florida theme park and 10 miles from the Walt Disney World Resort. Ahmed Kabani and J. Dominic Vito of Marcus & Millichap represented the seller, an investment fund based in Boston. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula that purchased the hotel in cash.
MIAMI — EDENS has purchased the Whole Foods Market at Met 3, part of the Metropolitan Miami development in downtown Miami, for an undisclosed price. The property currently has 400 residential units under construction on top of the grocery store. EDENS, a shopping center developer, owner and operator based in Columbia, S.C., owns and operates 11 other retail centers in Miami, including Fifth & Alton in South Beach. “Whole Foods has seen record-breaking traffic and sales since it opened, catering to the cosmopolitan Miami spirit,” says Jami Passer, managing director at EDENS. “We are excited to be investing in downtown Miami and be a part of the emerging urban vitality.”
FORT LAUDERDALE, FLA. — Halvorsen Holdings has begun construction on 1600 Commons, a shopping center anchored by Trader Joe’s and Nordstrom Rack. The in-fill development will be the first Fort Lauderdale stores for the two retailers. The 80,000-square-foot center is located along Federal Highway between Oakland Park and Sunrise Boulevard. Halvorsen Holdings purchased the existing Toys “R” Us and Office Depot on the site and begun demolition to make way for the 12,500-square-foot Trader Joe’s and a new prototype for a 15,500-square-foot Office Depot. The two-story Nordstrom Rack will span 36,000 square feet. Other committed tenants include Mattress Firm, T-Mobile, Hair Cuttery and Anthony’s Coal Fired Pizza.
ORANGE CITY, FLA. — Colliers International has arranged the $30 million sale of Grandeville on Saxon, a Class A, 316-unit apartment community located at 741 Saxon Blvd. in Orange City. The buyer, Northland Grandeville LLC, doing business as Northland Investment Corp., purchased the asset through the online auction forum Auction.com. The community was 96 percent occupied at the time of sale. According to Colliers, more than 580 prospective bidders reviewed the sales materials online before the sale. George Pjevach and John Stone of Colliers International represented the seller, WBCMT 2006-C24 Saxon Boulevard LLC. LNR is the special servicer on behalf of the seller, and John Mitchell of LNR oversaw the liquidation process. Grandeville on Saxon is Northland Investment’s 21st property in Florida, bringing its nationwide portfolio to more than 21,000 apartment residences.
TAMPA, Fla. — DTZ has arranged the $20 million sale of Arbor Terrace at Citrus Park in Tampa on behalf of Citrus Park ALF LLC. The project was pre-sold to Capitol Seniors Housing prior to breaking ground and the transaction closed upon certificate of occupancy. The property is built on 6.3 acres and comprises 52 assisted living, 14 transitional memory care and 26 memory care units. Arbor Terrace was designed by Tampa architectural firm Chancey Design and developed by a joint venture between Tampa architect/developer Walt Chancey and Rookis Development Co. based in Santa Rosa Beach, Fla. The DTZ team of Allen McMurtry, Megan Fetter and David Kliewer closed the transaction.
MIAMI — Aztec Group has brokered the $8.6 million sale of Miami River Inn, Miami’s longest operating hotel. Vagabond Group, led by developer Avra Jain, purchased the 58-room hotel, which is located along the Miami River at 118 S.W. South River Drive. Vagabond Group plans to renovate the hotel, which was built in 1906. Jason Katz of Aztec Group represented Vagabond in the transaction. Alfonso Jaramillo of Fortune International Realty represented the seller, Habitat Group.
WELLINGTON, FLA. — HFF has brokered the $53.5 million sale of Wellington Green Commons, a Whole Foods-anchored retail center in Wellington, a village in South Florida’s Palm Beach County. Built in two phases in 2008 and 2010, the 112,354-square-foot center was 98.5 percent leased at the time of sale to tenants such as AT&T, Chili’s Grill & Bar, Macaroni Grill, Jason’s Deli, Moe’s Southwest Grill, Massage Envy Spa, Orange Theory Fitness, AmTrust Bank, Posch Boutique, My Community Pharmacy and BP Amoco/Dunkin’ Donuts. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Schmier & Feurring Properties, in the transaction. The buyer was Weingarten Realty Investors.
FORT LAUDERDALE, FLA. — CBRE has arranged the $13.1 million sale of Merrill Lynch Plaza, a 77,878-square-foot office campus located at 2601-2611 E. Oakland Park Blvd. in Fort Lauderdale. An unnamed equity investor from Israel purchased the asset from BE ML FLL LLC. The office campus was 84.9 percent leased at the time of sale to tenants such as Merrill Lynch, Centennial Bank, Africa Adventure Co., Exit Ryan Scott Realty and The Darwin Agency. Dominic Montazemi, Miguel Alcivar, Greg Miller, Jason Hochman and Scott O’Donnell of CBRE represented the seller in the transaction.
DEERFIELD BEACH, FLA. — Cosmo International Fragrance has selected Miller Construction Co. to fully renovate a 93,955-square-foot production, distribution and office facility in Deerfield Beach. The property is located at 1341 W. Newport Center Drive within the Newport Center business park. The renovation includes reconfiguring the manufacturing and warehouse space, expanding a concrete mezzanine, constructing a roof structure and installing interior air quality monitoring and exhaust systems. Miller Construction plans to complete the renovation in December, whereby Cosmo will transfer its South Florida production and office locations to the property. The project team includes FSMY Architects, KAMM Consulting and MUEngineers Inc.
DAVIE, FLA. — Avison Young has brokered the $5.4 million sale of Flamingo Commons, an 18,000-square-foot strip center and outparcel located at 4401 S. Flamingo Road in Davie. The property was 87 percent leased at the time of sale to tenants such as SunTrust Bank and Dunkin’ Donuts. Michael Fay, John Crotty and Joshua Ladle of Avison Young represented the seller, LNR Partners, in the transaction. The Avison Young team found potential buyers using Auction.com. The buyer, JDV Properties LLC, has retained Avison Young for leasing and management services.