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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.

 







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