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  • 12/26/2023 4:44 PM | Debbie Colangelo (Administrator)

    Marcus & Millichap announced the sale of a Fairfield Inn & Suites near the University of Central Florida in Orlando.

    The 112-room hotel, constructed in 2016, sold for $21,250,000 or $189,732 per room. The Buyer anticipates their post-closing PIP renovation to cost approximately $1,900,000.

    “This sale is a prime example of how stable hotels in strong submarkets with robust demand drivers have retained value in 2023, particularly in Florida. Despite challenges with debt, insurance and general uncertainty, this hotel gained value from 2022 to 2023,” said Robert S. Hunter, senior vice president.

    Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Seller, a Tampa-based developer, HG Management, and procured the Buyer, Lodgco Hospitality, based in Grand Rapids, MI with a strong and growing presence in Florida.

    “College markets are perceived to be downturn resistant, and the Buyer is confident in their ability to capitalize on the growth of UCF and build on the stability established by the management of Naples Hotel Group,” added Hunter.

    Located at 3420 Lake Lynda Drive, this five-story hotel is situated 1.5 miles from the University of Central Florida. It is also strategically positioned near major demand generators, including Universal Studios, Walt Disney World Resort, and the Orlando International Premium Outlets.


  • 12/21/2023 6:26 PM | Debbie Colangelo (Administrator)

    The Seminole County Commission on Tuesday cleared the way for a large mixed-use project along International Parkway by signing off on a request to rezone 21 parcels from its original agricultural and office designation.

    With the 4-1 vote, Winter Park-based multifamily developer Douglas Partners moves a step closer on a plan to bring more than 300 apartments, 406,437 square feet of nonresidential space, and a 120-room hotel to nearly 20 acres of land just west of Seminole Towne Center Mall.

    According to conceptual plans by architecture firm Scott + Cormia, the 319-unit apartment community within the mixed-use project planned for Seminole County would be four stories with an attached parking garage. The building will include two courtyards, one of which will hold a pool.

    The multifamily parcel, located along the north side of Woodruff Springs Road, totals 7.12 acres of the overall project site. The apartment community will feature 177 one-bedroom units between 617 and 798 square feet, 134 two-bedroom units between 1,192 and 1,028 square feet, and eight three-bedroom units of 1,415 square feet, according to conceptual plans.

    The commercial parcels, to the north, south and west of the apartment site, total 10.98 acres. The largest commercial tract, of 6.8 acres, runs parallel to International Parkway.

    The hotel proposed for the site is expected to cover as much as 130,000 square feet, according to Douglas Partners’ website.

    Douglas Partners intends to build the apartments and sell off the commercial uses to other developers.


    Source:  GrowthSpotter

  • 12/19/2023 7:52 PM | Debbie Colangelo (Administrator)

    The Orlando Business Journal recognized 22 outstanding Central Florida businesswomen on March 30 for their success in the workplace, their industries and in the local community.

    The 2023 Women Who Mean Business awards celebration, held at the Hilton Orlando, hosted these professionals along with several other notable industry executives, leaders, decision makers and their teams. Those in attendance represented several areas of metro Orlando's economy, including tourism, health care, law, technology, nonprofit, education and more.

    The event also included a keynote speech by former Women Who Mean Business honoree Amy Calandrino, owner of Orlando real estate firm Beyond Commercial and Alcamo Holdings, and host of the podcast "Performance Mindset."


    Source:  OBJ


  • 12/14/2023 3:03 PM | Debbie Colangelo (Administrator)

    Clermont’s City Council approved the rezoning Tuesday night with a density bonus for the proposed Lumberyard District mixed-use project in the city’s central business district on Lake Minneola.

    “I support the project,” Mayor Tim Murray said. “I think it’s great, and it’s been a long-time coming.”

    The developer, Wolfe and Wallace Properties, is the longtime owner of the 12.3-acre site adjacent to Victory Pointe Park and the South Lake Trail, along Carrol Street. The site is home to an active lumber yard that is still in operation today under the name American Builders Supply and provides the inspiration for the district’s theme. The developer even received a waiver to use wood construction materials instead of masonry to honor the site’s history.

    The Lumberyard District redevelopment project would be constructed in two distinct phases: a multifamily phase first that includes 262 apartments across the first four multifamily buildings; and a commercial phase, which will include a mix of commercial, mixed-use and live-work buildings with combined 130 dwelling units plus a two-story parking garage. The final component is the Sawmill Entertainment Center (pictured above), a 2-story, open-air destination. “It has games. It has food, music, beverages, but it’s designed for families to come and bring it’s not designed to straight bar,” said Wolfe and Wallace attorney JimmyCrawford.

    Source:  GrowthSpotter

  • 12/12/2023 8:36 PM | Debbie Colangelo (Administrator)

    Kansas City-based commercial real estate development company Hunt Midwest and Ocala-based Boyd+Mox have completed construction on the new 251,388-square-foot Ocala South Logistics I, the first spec industrial facility in the new Ocala South Logistics Park at Florida Crossroads.

    Building I is the only rear-load warehouse available in the market and features 32-foot clear height, 67 dock-high doors, two drive-in doors, 60-foot-deep speed bays, and 247 car parking stalls. Leasing options are available for users ranging from 50,000 square feet to 251,388 square feet.

    Future phases in Ocala South Logistics Park will bring 1.4 million total square feet of Class A, dock-high industrial space to a 93-acre parcel in the Florida Crossroads Commerce Park. The industrial park is utility-ready with electric, gas, water, and sewer and features an electric substation and fiber optic signal generator on-site. Build-to-suit options are available for users of up to 555,000 square feet.

    Ocala South Logistics Park is strategically located just three miles from Interstate 75 and four of the state’s six major trucking arteries cut across central Florida, bringing 70% of all truck traffic in the state through Ocala. The park is just 30 minutes from The Villages’ bustling retirement communities and is within a one- to two-hour drive of three major metro areas: Tampa, Orlando, and Jacksonville.

    Ocala South Logistics Park’s central location and transportation access has made it a growing distribution and manufacturing base for some of the world’s largest companies. The site can reach more than 65 million consumers within one-day shipping and 230 million consumers within two-day shipping. FedEx Ground’s expansion in Ocala eventually will make that facility the largest in the company’s system, processing up to 70,000 packages per hour. Amazon, Chewy, and McLane all have invested in logistics hubs in Ocala and Ocala South Logistics Park is directly adjacent to a new PepsiCo distribution facility and Dollar Tree’s new 1.7 million-square-foot, 140-foot-tall, state-of-the-art distribution center.

    “Ocala South Logistics Park is the perfect location for businesses in central Florida to expand with a great labor pool and immediate access to I-75,” said Mike Bell, Hunt Midwest Senior Vice President. “Building I will give those companies an immediate opportunity to retain their existing talent and attract new employees from an incredibly strong local labor force, while continuing to capitalize on Ocala’s strategic location to reach millions of consumers.”

    The Ocala metro was named the sixth fastest growing metro in US News & World Report’s 2022 Best Places Lists and Florida is the fastest growing state in the country according to the U.S. Census Bureau. The city also ranked No. 1 in 12-month job growth in a study by the Milken Institute and draws on a workforce of almost 440,000 employees within a 60-minute drive. A recent report by The Wall Street Journal and artificial intelligence forecasting company Climate Alpha also found Ocala — at 100 feet above sea level — has the lowest risk of coastal flooding and third lowest risk for high winds and inland flooding due to storms as residents and businesses alike become more weather aware.

    “Market demand for rear-load industrial space in Ocala is proving to be strong,” said Thad Boyd, Chairman of Boyd+Mox Industrial Development. “Ocala South Logistics Park Building I represents the only available rear-load product in the market, and we are excited to serve our clients with this Class A building.”

     

    “This is a great building in a fantastic location that is setting the bar for future area development,” said Kevin Sheilley, Ocala Metro Chamber & Economic Partnership CEO. “The combination of Hunt Midwest with Boyd+Mox is not only a win for our community but a touchdown for future and pending tenants.”

    Hunt Midwest and Boyd+Mox have partnered with Kimley Horn for engineering, LS3P for building design, Evans General Contractors as general contractor, and CBRE’s Rian Smith, Kris Courier and Josh Tarkow for leasing. Leasing options for Building I and build-to-suit options for the remainder of the park remain available.


  • 12/07/2023 5:44 PM | Debbie Colangelo (Administrator)

    The National Association of Realtors® will host its virtual Real Estate Forecast Summit: The Year Ahead – which will provide a year-end review of 2023 and an outlook on the real estate market and economy for the year to come – Tuesday, December 12, 1-2 PM EST.

    NAR Chief Economist and Senior Vice President of Research Lawrence Yun will share critical data forecasts in this year-end market update.

    The agenda also includes a residential real estate panel discussion moderated by NAR Deputy Chief Economist and Vice President of Research Jessica Lautz and a commercial real estate panel discussion moderated by Yun.

    For information and to register to attend this free webinar, visit nar.realtor/events/nar-real-estate-forecast-summit.


    WHAT:           Real Estate Forecast Summit: The Year Ahead

    WHEN:           Tuesday, December 12, 1-2 PM EST

    WHO:             

    • Lawrence Yun, NAR chief economist and senior vice president of research
    • Jessica Lautz, NAR deputy chief economist and vice president of research
    • Danielle Hale, Realtor.com® chief economist
    • Danushka Nanayakkara, National Association of Home Builders assistant vice president for forecasting and analysis
    • Ken Simonson, Associated General Contractors of America chief economist
    • Dr. Caitlin Sugrue Walter, National Multifamily Housing Council vice president of research

    WHERE:         Online

    REGISTER:    nar.realtor/events/nar-real-estate-forecast-summit


  • 12/05/2023 2:48 PM | Debbie Colangelo (Administrator)

    Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, represented by its president, Anthony Scavo, closed on the purchase of Winter Garden Business Park, located at 1218-1232 Winter Garden Vineland Road in Winter Garden for $24.95 million. Ron Rogg of CBRE represented the seller, Westminster Capital, in the transaction. Located 10 minutes from Florida’s Turnpike, the 91,727-square-foot property offers accessibility to SR 429, SR 417, and SR 408. It sits in the heart of the swiftly developing northwest Orange County submarket. Current tenants include DaVita, Orlando Health, BoxTribe Weightlifting, APTIM Government Solutions, and Budget Insurance Offices. Basis plans for future interior renovations, roof maintenance, exterior upgrades, CCTV, and signage.

    Scavo also represented Basis in its $49,592,500 purchase of North Lake Business Park, a 271,988-square-foot property located at 370-774 Northlake Boulevard in Altamonte Springs. Robbie McEwan and Cody Brias of JLL represented the seller, Jeff McFadden, principal of Taurus Investment Holdings. The property is currently at 84% occupancy with a broad tenant portfolio of 37 different businesses including BioPlus, Miller Electric Company, Research America, THR Property Management, Soleo Health, My Favorite Therapists Orlando, Geopoint Surveying, and Owen Electric Company. Basis plans for future interior renovations and improvements, supply and installation of roll-up door, roof maintenance, exterior upgrades, CCTV, access controls and lighting. High resolution images are available here.

    The deal was part of a four-commercial-property acquisition in Florida and Texas, as well as the refinance of two of its current commercial properties in Florida. The complex transaction, which totaled $220 million, closed on November 30.

    Bank United, Banesco and Thorofare provided roughly $110 million in loan proceeds. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the sponsors, Basis and NexPoint, funding the remaining. The transaction encompassed all six properties under one shallow bay/multi-tenant industrial portfolio totaling 1,328,443 square feet.

    “This $220 million portfolio transaction combining acquisitions, refinancing, multiple lenders and mezzanine financing represents our ability to achieve success in diversifying our asset classes and locations. This transaction, which took months, involved multiple sellers and lenders. It was extremely difficult, but we worked through it and got it closed,” said Scavo. “We appreciate the sellers for working with us on extensions that gave us time to piece this difficult transaction together. Shallow Bay industrial assets have done very well for us, and we are extremely pleased to close on these properties to complete this portfolio, which offers unique benefits in strategic locations.”


    “This is a huge step for Basis’ growth and my vision,” added Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted Sun Belt markets, and I want to thank my team for all their work on this enormous and complicated transaction.”


  • 11/30/2023 11:00 AM | Debbie Colangelo (Administrator)

    Paul P. Partyka, CCIM, MiCP, CIPS, partner at NAI Realvest facilitated the sale of Panther Ideal Holdings LLC's industrial property at 3200 Parker Drive in St Augustine.

    The property, which includes a 147,038-square-foot industrial building and 16.6 acres of land, sold for $9,950,000.

    The buyers, 3200 Parker Drive LLC and Parker Drive Investors LLC, are expanding their portfolio of single tenant buildings and strengthening their presence in Florida.


  • 11/28/2023 9:30 PM | Debbie Colangelo (Administrator)

    Paul P. Partyka, CCIM, MiCP, CIPS, partner at NAI Realvest, recently secured a new location for Custom Cornhole Boards Inc.

    The company secured a 6,331 square feet of space at 531 S Econ Circle in Orlando.

    Specializing in premium cornhole boards, bags, and accessories, the move brings their presence to the UCF area.


  • 11/21/2023 7:49 PM | Debbie Colangelo (Administrator)

    CFCAR believes that great networking and deal-making requires the right fuel. 

    The commercial real estate association backed up this belief by feeding hundreds of agents, brokers and deal makers this year at the Florida CCIM Central District Monthly Marketing Breakfast.  

    The last breakfast of the year was well attended and included another great breakfast spread that included a breakfast casserole, fruit salad, deviled eggs, and homemade oatmeal crème pies.  

    While Rick Orr of Total Commercial pulled up listings from his computer and shared them on the display screen, Marie Shorey of Palkiper Commercial kept the event lively and upbeat. 

    CFCAR board members and leaders have supported Central District with these hot breakfasts during 2023 as well as with a sponsorship of their annual golf event and attendance at many of their events.


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