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CBRE’s John Gilbert Transfers to JLL as Managing Director in Orlando

11 Jul 2014, 7:12 pm

By Balazs Szekely, Associate Editor

Jones Lang LaSalle Inc. has recently welcomed John Gilbert to its Orlando team. Gilbert was hired as managing director in early July and he will focus on growing the firm’s office agency leasing practice in the Central Florida market.

JLL is a professional services and investment management firm with over 200 corporate offices in 75 countries, employing 650 specialists in Florida only. The firm offers specialized real estate services to owners, tenants and investors alike. With annual fee revenue of $4 billion, it provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and has completed $99 billion in sales, acquisitions and finance transactions last year.

Formerly a Senior Vice President in the Orlando market for CBRE, Gilbert has spent the past 14 years working in the area and has more than 20 years of experience behind his back in the commercial real estate industry. He holds a bachelor’s degree in business administration with a specialization in finance and real estate from Florida State University in Tallahassee. According to a written announcement released by JLL, the veteran office broker has completed more than 650 sale and lease transactions over his career, totaling more than $590 million in value. He has represented investors as well as institutional and private owners.

As an active member of the National Association of Industrial and Office Properties, Gilbert is a licensed real estate salesperson in Florida. The Orlando Chapter of NAIOP has granted Gilbert the Office Broker of the Year Award in 2007 and 2012.

Image source: John Gilbert via LinkedIn



Gated Golf Course Community Opens in Orlando

4 Jul 2014, 5:52 pm

By Balazs Szekely, Associate Editor

The Reserve at Alaqua, a private golf course community in northeastern Orlando is now available to future residents. Located at 3109 Players View Circle in Longwood, within the Alaqua Country Club, the homes are close to Wekiva Preserve.

Founded in Southern California in 1965 Standard Pacific Homes is a company involved mainly in building high-quality homes and neighborhoods with experience in land acquisition, development and architecture. The firm currently offers new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas.

The community is on a prestigious 18-hole championship golf course adjacent to Wekiva Preserve, which is 45,000 acres of nature preserve that allows for a close-to-nature atmosphere with an abundance of wildlife and miles of walking trails. In addition, homeowners will have easy access to Interstate 4 and major commuter routes, numerous shopping and entertainment venues at the Colonial Town Park and Oakmonte Plaza, as well as to fine education at the Seminole County School District.

The community offers a choice of six different home designs, ranging from 3,200 to 4,200 square feet in size. With up to five bedrooms and six baths, and the interiors feature spacious great rooms, gourmet kitchens, a spa-like master bath and quality interior furnishings. The exterior design is conceived to exploit and accentuate the virtues of the natural surroundings. Accordingly, the outdoor areas home include a lānai, a Hawaiian-inspired roofed open-sided veranda. Separated only by lakes and the golf fairway, the homes come equipped with spacious two-car and split three-car garages and the 24-hour guarded community features a fully appointed clubhouse.

Photo credits: Standard Pacific Homes



Osprey Links at Hunter’s Creek Changes Hands

30 Jun 2014, 3:28 am

By Balazs Szekely, Associate Editor

The 424-unit, Class A multifamily apartment community located in south Orlando is now the property of Milestone Apartments REIT as a result of a $50.7 million transaction announced recently by the investment trust. An affiliate of The Milestone Group LLC was part-owner in the joint venture that sold the property, possessing a minority interest in the enterprise.

As part of the purchase consideration, the REIT is assuming approximately US$26.1 million in debt at a fixed rate of 4.57 percent maturing on January 1, 2018. The remaining US$24.6 million of the purchase price was funded using proceeds from the REIT’s recent equity bought deal financing and from the refinancing of its US$228.6 million mortgage debt facility, both completed in April 2014.

Built in 1996, the property is part of the 4,000-acre Hunter’s Creek community. Osprey Links features 29 acres and offers access to the master planned development’s “A” rated public elementary, middle and high schools as well as to an abundance of parks and recreational amenities, such as the Hunter’s Creek Golf Course. Its location is also proximate to several dining, shopping and entertainment venues. The area has some of the city’s largest employers like Walt Disney World, Orlando International Airport, the Osceola County / City of Kissimmee Government Center, and Lake Nona’s Medical City. Sixteen different floor plans are available from 855 to 1,623 square feet and up to three bedrooms.

The average monthly in-place rent at Osprey Links is $1,063 per apartment and 96 percent of the units are currently occupied.

Photo credits: Milestone Apartments



Holiday Inn Resort Lake Buena Vista Sold

20 Jun 2014, 5:07 pm

By Balazs Szekely, Associate Editor

ROCH Capital has recently acquired the Holiday Inn Resort Lake Buena Vista from Vista Hospitality Company. The new owners commissioned Portfolio Hotels to manage the asset.

The 503-room hotel in Orlando changed hands with HFF acting on behalf of the seller in the transaction and the investment sales team was led by director Michael Weinberg along with director Max Comess. Michael Weinberg sees an upswing in hotel investments in the form of both debt and equity capital.

“There just isn’t enough supply of transactions on the market to meet the demand which is creating competition from buyers and lenders,” he says.

As reported by a written announcement released by Holliday Fenoglio Fowler, ROCH Capital purchased the asset free and clear of debt.

Located at 13351 S. Apopka Vineland Road in the southwestern region of Orlando, the hotel is in the immediate vicinity of Walt Disney World Resort, proximate to SeaWorld Orlando and has Universal Orlando Resorts and Orlando International Airport within easy reach. Its amenities include 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee’s Neighborhood Grill & Bar, as well as a fitness center, basketball court, children’s club, gift shop and business center. It offers a wide range of suites from traditional guest rooms to junior and kids’ units and also a presidential suite.

The hotel is part of a three-property portfolio including the Holiday Inn Express & Suites Fort Lauderdale that was sold in March, respectively Crowne Plaza Orlando Downtown which is still on the market. According to Real Capital Analytics, the sale of Holiday Inn Resort Lake Buena Vista was the largest hotel transaction brokered this year in Orlando.

Photo courtesy of Holiday Inn Resort Lake Buena Vista via PH Lake Buena Vista



Orlando City SC Makes MLS Stadium Renderings Public

13 Jun 2014, 6:06 pm

By Balazs Szekely, Associate Editor

Exterior and interior visualizations for the new downtown Major League Soccer stadium have recently been unveiled. President and founder of Orlando City Soccer Club Phil Rawlins, Orange County Mayor Teresa Jacobs and Orlando Mayor Buddy Dyer presented the renderings to the public.

The facility will be owned and operated by the City of Orlando via Orlando Venues, the same entity that owns and operates the Amway Center and the Citrus Bowl. Funding for the stadium has been secured from the Club, State of Florida, City of Orlando, Orange County, Seminole County and Osceola County.

Designed by Populous, the new arena with a total capacity of around 19,500 fans will feature a full 360-degree lower bowl and a three-stand seating upper bowl with full roof canopies covering all seats on the east, west and north ends of the building. Besides protecting supporters from the elements, these also have the role of amplifying the crowd noise.

Orlando City SC asks the fans to participate in the design process with their ideas. Since the review of all fan submissions will be followed by the design team’s workshop involving a group of respondents, the architectural renderings are also subject to modifications during the full design process.

The new stadium is built on Church Street, within the sports and entertainment district of the city. Being just one block away from the Amway Center, its location allows for cooperation between the two facilities and an increased activity in the area.

The complex is slated for completion prior to the Major League Soccer season of 2016.

Photo credits: Orlando City Soccer Club

 



Victoria Park Apartments Refinanced

7 Jun 2014, 12:38 am

By Balazs Szekely, Associate Editor

NorthMarq arranged a $36.3 million refinance for Victoria Park Apartments in Metro Orlando through its relationship with a CMBS lender.

The refinance was structured with a 10-year term and three-year interest-only period with a 30-year amortization schedule. Senior Vice President/Senior Director David Schofield and Senior Vice President/Managing Director Melissa Marcolini Quinn of NorthMarq Capital’s Orlando based regional office negotiated the transaction.

Quinn is pleased with Victoria Park’s efforts on maximizing revenue at the property which enabled NorthMarq to obtain maximum proceeds. “Due to the small amount of vacation rentals at the property, this transaction was not a fit for the agencies, but a great fit for the CMBS market,” she added.

Victoria Park Apartments is a 348-unit Class A multifamily property at 1000 Victoria Park Blvd, Davenport, conveniently located near Orlando’s resorts and attractions. Just minutes away from Walt Disney World, Universal Studios, Celebration and Reunion, the Pegasus Residential community offers one- to four-bedroom units with up to three bathrooms combined with a wide variety of amenities. The apartments are available from $984 to $1,499 per month, and floor plans range from 843 to 1582 square feet.

Photo credits: Victoria Park Apartments



Bluerock Residential Growth REIT Invests in Residential Component of Publix Mixed Use Project

31 May 2014, 6:12 am

By Balazs Szekely, Associate Editor

The Board of Directors at Bluerock Residential Growth REIT Inc. approved an investment in a 296-unit mid-density, four-story multifamily project on the East side of Orlando. Developed by Atlanta-based Catalyst Development Partners, the Class A apartment community is part of a Publix anchored retail development known as Town Park.

The one- and two-bedroom units that average 896 square feet will offer high-end features and finishes and include amenities superior to what the surrounding commodity garden-style market has to offer. Ramin Kamfar, Chairman and CEO of Bluerock Residential Growth REIT, attributes this lead to converting the land originally designated for office use to residential, which provides for up to $15,000 per unit cost advantage.

“The cost advantage is expected to allow us to deliver a superior quality product at competitive prices,” he adds.

The luxury property is in close proximity to several important locations including major employers. Located directly adjacent to the Central Florida Research Park, the Waterford Lakes Town Center, UCF and the Quadrangle Office Park are also easily accessible from the neighborhood.

The developer will contribute 15 percent of the required equity with BRG undertaking to throw in about $3.8 million of preferred equity with a 15 percent annualized rate, and the ability to convert into a common equity position on stabilization of the development. Affiliates of Bluerock Real Estate, LLC control the remaining equity in the development, according to a written announcement released recently. The terms of the agreement for the BRG’s investment, however, are still subject to final terms of negotiation.

The estimated cost to complete the development is $36.8 million and leasing is expected to begin in 2015.

Photo credits: Catalyst Development Partners

 



Nemours Opens Two Central Florida Primary Care Offices

23 May 2014, 4:11 pm

By Balazs Szekely, Associate Editor

Nemours Children’s Health System has expanded its operations to Lake County and Seminole County by opening two primary care offices. Both Nemours Children’s Primary Care, Clermont on 1371 Citrus Tower Boulevard and Nemours Children’s Primary Care, Oviedo at 7455 Pinemire Drive opened in mid-May.

Founded in 1936, Nemours is an internationally recognized children’s health system that offers pediatric clinical care, research, education, advocacy and prevention programs to families in numerous facilities that serve communities throughout Florida, Delaware, Pennsylvania and New Jersey. Nemours’ Central Florida network now includes nine Primary Care locations, five Urgent Care facilities, three Specialty Care locations and Nemours Children’s Hospital in Lake Nona Medical City.

The Clermont location opened at the former NTC Urgent Care facility and is led by physician Dr. Odette Stanley-Brown. As a board-certified pediatrician and fellow of the American Academy of Pediatrics she has provided health care to Florida families for more than 25 years and has been a pediatric practitioner in the hospital as well as the urgent care environment. Dr. Andrea Burns will lead Nemours Children’s Primary Care, Oviedo, while also helping with community-based educational workshops on adolescent health and obesity prevention and volunteering with two Central Florida service organizations.

The main purpose of Nemours’ primary care centers is to keep specialized patients close to their hospital facilities and have easy access to a child’s medical history as these locations share an electronic health record with Nemours Children’s Hospital and Nemours Children’s Specialty Care locations.

In addition to the new openings in Clermont and Oviedo, Nemours also has expanded into pediatric urgent care with recent purchases of five centers in Altamonte Springs, Dr. Phillips, Hunter’s Creek, Sanford and Waterford Lakes.

Photo credits: Nemours Children’s Health System



Construction of Crescent Gateway in Altamonte Springs is in the Works

16 May 2014, 5:26 pm

By Balazs Szekely, Associate Editor

Crescent Gateway, Crescent Communities’ luxury apartment community is underway at the intersection of Maitland Boulevard and state Route 434. The company is building an 80-acre, mixed-use project and the residential component represents the first phase. Another 300,000 square feet of office and retail space, and potentially a hotel, are in the pipeline. A groundbreaking ceremony was held May 15.

Crescent Multifamily Construction is the general contractor for the Crescent Gateway project, designed by Charlan Brock and Associates. The development is financed by an equity investment from Crescent and CNL Growth Properties Inc. with construction financing by PNC Bank.  Dix.Hite + Partners is entrusted with landscape architecture and DRMP is the civil engineer. ZRS will manage the property.

The 249-unit multifamily community is located just east of the new Adventist Health Systems headquarters and other major employers in the area such as EA Sports and Charles Schwab are within easy reach. A grocery store and other retail facilities are also accessible. The complex will feature studio homes, one- and two-bedroom apartment units in four-story buildings equipped with elevators. Three-bedroom units and two-story townhomes with attached garages are also part of the selection. Vignette Interior Design is responsible for the interior atmosphere, bringing granite countertops, stainless steel appliances and state of the art lighting to tenants. The range of common space amenities includes a swimming pool, outdoor fireplace, grilling area, a cafe with a terrace and flat-screen televisions, yoga lawn and a dog park.

Crescent Gateway is expected to open next summer.

 Satellite image of the developed parcel, courtesy of Google Maps



NorthMarq Capital Secures Lake Weston Point Community Refinance

9 May 2014, 10:21 pm

By Balazs Szekely, Associate Editor

NorthMarq Capital secured an $8.83 million refinance for Lake Weston Point Apartment Homes.

NorthMarq Capital is a privately held commercial real estate financial intermediary, providing mortgage banking and commercial loan servicing. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion the company operates in 34 offices over the U.S. and has long loan production and loan servicing relationships with more than 50 life companies, many commercial mortgage-backed security platforms and hundreds of local, regional and national banks.

The company arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Structured with a 7-year term with 2-years interest only and a 30-year amortization schedule, the transaction of the adjustable rate mortgage was completed by Melissa Marcolini Quinn, managing director and senior vice president of NorthMarq Capital’s Orlando based regional office. She considers Freddie Mac’s floating rate offer “extremely attractive,” according to a press release.

The 240-unit affordable housing property is located at 2201 Weston Point Drive, Orlando. The pet-free community offers four floor plans with two to four bedrooms and two bathrooms, up to 1292 square feet. The apartments are air conditioned, equipped with central heating, ceiling fans, oversized closets, dishwashers and washer & dryer connections. Residents also have access to a lineup of community amenities such as afterschool program for kids, a clubhouse, car care area, a swimming pool, a sports court and a fitness center.

Photo credits: Lake Weston Point 







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