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Embassy Suites Orlando-Lake Buena Vista Sold, Awaits Renovation

3 Feb 2014, 9:42 am

By Balazs Szekely, Associate Editor

Embassy Suites Orlando-Lake Buena Vista has recently changed hands, as Embassy Suites GF Management recently announced. The company’s affiliate, ESLBV Property Owner LLC has purchased the 334-room hospitality complex.

Embassy Suites GF Management is a leading national hotel ownership and management company that currently owns or manages 19 hotels under the Hilton Worldwide family of brands, including three Embassy Suites. The latest transaction marks the second Hilton branded acquisition this year for GF Management. The firm acquired its first hotel in 1988 and has since added 131 further hospitality assets to its owned and managed portfolio, totaling over 20,000 rooms.

Minutes from Sea World Orlando and Universal Studios Orlando, less than one mile from Walt Disney World Resort, the property is conveniently located in Orlando’s southwestern submarkets, surrounded by numerous leisure and business destinations. The 334 two-room suites feature modern in room amenities such as refrigerators, microwaves and sofa beds. Further features the hotel has to offer include tennis courts, indoor/outdoor pools, sand volleyball, a fitness center and an event space with a capacity of up to 230 guests. In accordance with every Embassy Suites hotel, a nightly Complimentary Evening Reception and cooked-to-order breakfast are also available at Embassy Suites Orlando-Lake Buena Vista.

The hotel at 8100 Lake St, Orlando, will continue operation as part of the Embassy Suites brand and will undergo a $13 million+ renewal during the year to come.

Photo credits: Embassy Suites Hotels (Hilton)



Four Metro Orlando Office Buildings Sold

3 Feb 2014, 9:22 am

By Balazs Szekely, Associate Editor

In two major investment sales, four of metro Orlando’s office buildings changed hands recently using the brokerage services of Lincoln Property Company Southeast. The properties totaling more than 182,000 square feet sold for an aggregate of $8.7 million.

The properties involved are Corporate Park I and II, respectively, and Premier Point North and South. Joe Rossi, senior vice president of investment services for Lincoln, represented the seller in both transactions. UP Fieldgate US Investments-Fashion Square, LLC acquired the former complex whereas Vista Premier Point, LLC purchased the latter two.

Senior vice president for Lincoln Scott Stahley oversees the firm’s Orlando office. He told the press that the company has seen an improvement in the Orlando office market lately.

“As investors begin to chase higher yields, we expect to see this result in greater investor interest in Orlando office properties in the coming year,” said the executive.  “The transaction pace should be brisk,” he adds.

Corporate Park I and II, previously owned by RGA Real Estate Holdings, sold for $4.75 million. The two buildings totaling 86,980 square feet feature three stories each and are located in Baldwin Park and Winter Park, near downtown Orlando. Scott Corbin of Colliers International represented the buyer.

Premier Point North and South are conveniently located along South Westmonte Dr. in Altamonte Springs, near Interstate 4, Florida Hospital and Altamonte Mall.  Vista Premier Point, LLC purchased the two buildings from RGA Reinsurance Co. The 95,277 square feet of office space went off for the price of $3.95 million and Lincoln’s Joe Rossi was the only broker involved in the transaction.

Photo credits: Lincoln Property Company Southeast

 



Bella Vita Place Community Sold for $11.6M

20 Jan 2014, 7:24 am

By Balazs Szekely, Associate Editor

The 192-unit apartment complex in the northwestern submarket of Orlando changed hands just recently, with Miami-based Rivergate Partners acquiring the property for $11.6 million.

Apartment Realty Advisors’ sales team made up of Principals Kevin Judd, Patrick Dufour, Richard Donnellan and Vice President Matt Wilcox spoke for the seller in the transaction. The community, which is located less than six miles from Downtown Orlando and three miles from MetroWest, is directly accessible from Central Business District which means 1,100 businesses and more than 65,000 employees within reach.

It follows that the apartments also offer great access to popular sites such as the Florida Citrus Bowl, the Amway Center and the soon to be completed Creative Village and Dr. Phillips Center for the Performing Arts.

Constructed in 1996, Bella Vita Place used to be a Tax Credit property. It has recently been reverted to market rate rental structure and was 96% occupied at the time of acquisition. Rivergate saw a unique investment opportunity in this, said Jay Massirman to the press. The company plans to carry out a number of value add upgrades on the community in order to enhance its infrastructure.

The gated community boasts spacious two-bedroom and three-bedroom floor plans averaging 1,102 square feet.  The apartments are equipped with air conditioning, tile floors, walk-in closets, dishwashers, washer dryer hookups and other amenities. Community features include a large swimming pool, club house, playground, and a fitness center.

Photo credits:  Rivergate Partners



Roger B. Kennedy, Inc. Starts the Year with Groundbreaking on $50M Worth of Hospitality Projects

13 Jan 2014, 8:36 pm

By Balazs Szekely, Associate Editor

A suburban-Orlando company, based in Altamonte Springs, is starting the New Year by breaking ground on $50 million of Orlando-area vacation club and timeshare resort projects according to Roger B. Kennedy, Jr. president of Roger B. Kennedy Inc.

Roger B. Kennedy, Inc. was founded in 1870 by Irish immigrant Roger Kennedy and has since stayed under the descendants’ control, says the corporate website. The Orlando office started its operations in 1972 and now the company is ranked as Central Florida’s eighth fastest-growing company. Specialized in multi-family, hospitality, commercial and healthcare projects including apartments, condominiums, student housing, hotels, timeshare resorts, sports facilities, medical and office buildings, Roger B. Kennedy, Inc. offers mainly construction and pre-construction services.

Groundbreaking for Silver Lake Resort’s $6 million, six-story, 24-unit Building 1900 at 7751 Black Lake Road, Kissimmee was held January 6. The company started Regal Oaks Resort’s $22.4 million vacation club phases 2, 3, 4 and its 21,151 square foot clubhouse and pool at 5780 Golden Hawk Way, adjacent to Kissimmee’s Old Town attraction, on December 10 (the fourth phase starts February 24). Kennedy also broke ground December 2 for Westgate Resorts’ $21.5 million, eight-story, 80-unit Westgate Town Center, Building 6200, at 2770 N. Old Lake Wilson Road, Kissimmee.

The Regal Oaks Resort and Silver Lake Resort projects were designed respectively by Maitland group Charlan, Brock & Associates and Charles H. Parsons Architect, P.A., based in Kissimmee. Their delivery is expected in the course of this year. Westgate Resort’s Building 6200 is slated for completion in April 2015 and was designed by General Design Architecture, Branson, Mo.

Rendering courtesy of Roger B. Kennedy, Inc.



KBS Strategic Opportunity REIT Buys Orlando’s Maitland Promenade II for $31.2M

6 Jan 2014, 7:43 pm

By Adrian Maties, Associate Editor

Maitland Promenade II, a Class-A office building in Orlando’s Maitland Center submarket changed hands at the end of 2013. It was purchased by KBS Strategic Opportunity REIT for $31.2 million plus closing cost. The Newport Beach, Calif.-based public non-traded real estate investment trust announced the acquisition on December 30.  Florida’s Flagler Development Company was the building’s previous owner.

Maitland Promenade II is located at 495 N. Keller Road near the intersection of Maitland Boulevard. It is less than a mile away from Interstate 4. The five-story building offers 230,366 square feet of office space. Amenities include on-site cafe, a fitness center, a covered parking garage and more. Maitland Promenade II was 77.2 percent leased at the time of the sale, according to KBS. Its tenant roster includes such companies as Star Networks (First Data), United Healthcare, Zurich Insurance, Akerman, Senterfitt and Edison and New York Life.

“We believe Maitland Promenade II is one of a handful of assets that tenants consider when looking for Class-A office space with efficient floor plates and covered parking in Maitland,” says KBS Capital Advisors Senior VP, Jeff Rader. “The Maitland submarket has benefited from its proximity to the Orlando Central Business District and we anticipate increased activity as tenants consider assets like Maitland Promenade II as a suburban alternative.”

Marcus & Millichap Real Estate Investment Services reports that office vacancy in the Greater Orlando area plunged in the first half of 2013 to 16.6 percent, the lowest level in four years. In spite of this, the Maitland submarket underperformed the metro and saw office vacancy rise to 26.6 percent. Demand for office space is strong, thanks to the improving economy and the relative lack of construction, and Marcus & Millichap reports that the Orlando office vacancy could end the year at 16.4 percent, the lowest year-end reading in five years.

Photo credits: http://www.maitlandpromenade2.info/
Charts courtesy of Marcus & Millichap Real Estate Investment Services.

 



Orlando’s Bala Sands Apartments Community Changes Hands

20 Dec 2013, 11:36 pm

By Balazs Szekely, Associate Editor

Cushman & Wakefield of Florida recently announced the sale of Bala Sands Apartments in Orlando, Fla.

The Carroll Organization acquired the 298-unit Class A property, while the seller’s identity has not been made public. The latter was represented by C&W’s Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender. The transaction was worth $36.3 million, in other words $121,812 per unit or $111 per square foot, as Bala Sands incorporates a total of 326,918 square feet of living space.

Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm representing clients on all aspects of property occupancy and investment. With 253 offices in 60 countries and nearly 15,000 employees it has more than $4 billion in assets under management globally.

The Carroll Organization announced its plans to complete minor upgrades to the units and amenities and rebrand the community as ARIUM Bala Sands, accommodating it in its extensive ARIUM family that is already present in Orlando with two properties, the 300-unit ARIUM Falcon Pines and the 526-unit ARIUM Barber Park. Carroll’s Florida portfolio now includes 11 properties, nine of which are part of the ARIUM brand.

“The Carroll Organization was able to complete the purchase of Bala Sands at a volatile time within the debt markets,” says Ballard. “The asset will be a strong addition the Carroll Organization’s portfolio as it continues its expansion throughout the Southeast.”

Photo credits: Carroll Organization



IHG Opens Holiday Inn Express Hotel and Suites Near UCF

13 Dec 2013, 10:46 pm

By Balazs Szekely, Associate Editor

InterContinental Hotels Group recently announced that its new Holiday Inn Express Hotel and Suites Orlando East – UCF Area is open to the public. Owned and managed by PRM Hotels, Inc., the property is franchised by an affiliate of IHG. At 12250 E. Colonial Drive, the building is located within a quick walk of the University of Central Florida, Central Florida Research Park and Program Executive Office for Simulation, Training, and Instrumentation. Brighthouse Networks Stadium, CFE Arena and the Amway Center are also in close range.

IHG‘s Holiday Inn Express portfolio currently includes more than 2,200 modern hotels targeting value-oriented business and leisure travelers. The company franchises, leases, manages or owns a total of more than 4,600 hotel locations with 679,000 guest rooms worldwide and expects to hire around 90,000 new employees over the next few years as the portfolio grows. IHG currently operates 12 hotels in Orlando and has 3 more in the pipeline.

The new 91-room establishment is the first new hotel in East Orlando opened in the past eight years. The hotel also features 28 suites and offers a broad array of amenities such as a 24-hour fitness center, a Sundry Shop and a business center with Mac and PC computers alike, large desks, ergonomic chairs, high-speed Internet access, free local phone and toll free phones with private voicemail. The building has been designed according to the Holiday Inn family’s $1 billion global brand relaunch guidelines, which includes a contemporary image with a redesigned brand logo and signage and as part of the fresh approach. The company plans to concentrate more on arrival and welcome services, as well as guestroom and guest bath comfort.

Photo credits: InterContinental Hotels Group



Colliers International Brokers $1.4 Million Industrial Sale

9 Dec 2013, 7:53 pm

By Balazs Szekely, Associate Editor

RL MIT LLC has purchased 2175 Premier Row in Orlando, a freestanding industrial building that more investors have set eyes on. The sale, led by Colliers International agents, was worth $1,393,600.

Matt Sullivan, Wilson McDowell and Bobby Isola of the firm’s Central Florida office represented the seller, while Lee Morris of Cushman & Wakefield spoke for the buyer. The seller, Juice Juice & Juice, Inc. received offers from four different companies and the property finally sold above asking price which indicates an increased interest for quality Central Florida industrial assets.

“This is one of the nicest industrial buildings that’s been available in the area for a while, and it commanded a price-per-square-foot higher than we’ve seen for a warehouse in the market for over a year,” says McDowell. “There are a lot of companies looking for nice buildings right now, and this transaction is evidence that some companies are willing to pay a premium for them.”

The 20,207-square-foot property, located in Orlando Central Park, between Chancellor Drive and Dividend Drive, includes 3,456 square feet of office space and features rear loading and tilt-wall construction. It is just minutes away from the Florida Turnpike-Beachline Expressway interchange and also offers easy access to Orange Blossom Trail, John Young Parkway and Sand Lake Road.

A global leader in commercial real estate services with more than 13,500 professionals operating out of more than 482 offices in 62 countries, Colliers International is the second-most recognized commercial real estate firm in the world according to Lipsey Company’s latest annual survey.

Photo credits: Google Maps



Crescent Central Station to Be Built by Winter Park Construction

2 Dec 2013, 10:23 pm

By Balazs Szekely, Associate Editor

With pedestrian connectivity to LYNX and the highly anticipated SunRail commuter rail service, a linear park and a pedestrian plaza nearby, Crescent Central Station will be Downtown Orlando’s first truly transit oriented development. Crescent Communities picked Winter Park Construction to construct the luxury urban infill, mid-rise/mixed-use project.

The development is only the first phase of an overall master plan affecting a whole city block, with office buildings, a structured parking and a hotel to come. The building, designed by Lord, Aeck & Sargent will include a seven-story concrete parking garage surrounded by five stories of wood-framed multifamily units over a double-height concrete podium incorporating approximately 12,000 square feet of retail space. Apartment floor plans will range from studio, one-, two-, and three-bedroom floor plans up to two-story brownstone-style townhomes. The $39 million, 279-unit project includes further enhancements such as a terrace-level sun deck, courtyard pool, lounge space, fitness center, a pet grooming salon and bike repair shop.

With the site located on Orange Avenue, between Amelia Street and Livingston Street, Crescent Central Station will be just a few blocks away from downtown. Groundbreaking is scheduled in November and the six-story building is expected to begin preleasing next autumn.

WPC is considered one of the nation’s most respected general contractors and leading construction companies. The developer earns about $150 million in annual revenue and has more than 1.75 billion square feet of completed projects on its reference-list, including 25,000 multifamily units, 15,000 timeshare units and 3,000 hotel rooms. For 40 years, the company has provided pre-construction, general contracting, construction management, and green building services throughout the U.S.

Photo credits: Lord, Aeck & Sargent

 



The Marketing Directors to market Mirasol at Celebration

27 Nov 2013, 4:10 am

By Balazs Szekely, Associate Editor

The Marketing Directors LLC has expanded its condominium portfolio by providing residential sales and marketing for Orlando’s Mirasol at Celebration and three other neighborhoods in Florida and Texas. The addition consists of 353 units valued at more than $110M in Tampa’s Town Park Villas, The Palazzo on St. Johns in Jacksonville, The Strand Lofts of Galveston in Texas and the above community.

Founded in 2007, the company congregates highly experienced real estate professionals in the Southeast to service developers specializing in high-density residential sales and repositioning marketing strategies. David Tufts, president of The Marketing Directors is pleased with their achievements.

“It’s clear that the tide has turned in the condominium market. “The Marketing Directors LLC is positioned well to leverage the renewed interest in development and conversions nationally as well as the ongoing demand by consumers for these amenity rich lifestyle communities,” he says.

Mirasol at Celebration is located within walking distance of Celebration’s Town Center, 10 minutes from Walt Disney World and 20 minutes from Universal Studios, Sea World and the Orlando International Airport. The community offers luxury residences with 10-foot ceilings, spacious floor plans and plenty of sunlight. Homeowners also have access to services such as full-time concierge, private day spa, personalized fitness training and a swimming pool with sundecks. Mirasol takes pride in several national recognitions such as National Association of Home Builders’ Best Interior Design Award and the Gold Winner title in Home Overseas Magazine’s Best Apartment – Florida category .

Photo credits: Mirasol at Celebration







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