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Windermere Asset Garners Record PPU

25 Aug 2015, 3:37 pm

By Balazs Szekely, Associate Editor

Casa Mirella Apartments in Orlando

Casa Mirella

A best-in-class apartment complex just fetched one of the highest prices per unit historically for market-rate apartments in Central Florida. Casa Mirella, a 276-unit apartment complex located in the Orlando submarket of Windermere sold for $50 million—the transaction value represents more than $181,000 per unit.

JLL’s Capital Markets facilitated the sale with a team led by International Director Jubeen Vaghefi, Managing Director Matt Wilcox and Managing Director Denny St. Romain. Raia Properties of Ramsey, NJ purchased the property. According to Yardi Matrix, the sale was subject to a $33 million loan held by New York Life Insurance Company, and Memphis, Tenn.-based Unicorp National Developments was the seller.

Constructed in two phases between 2014 and 2015, Casa Mirella offers close proximity to some of the most renowned residential real estate, retail venues and healthcare centers in Orlando. Six floor plan options are available at the community with up to three bedrooms and two baths, ranging from 986 to 1,751 square feet in size. Rents start at just under $1,000 for a studio and reach $1,635 in the case of the Almafi layout, according to the property manager, Fogelman Management Group.

 Photo credit: Yardi Matrix

Bluerock Expands Further in Orlando

24 Aug 2015, 7:47 pm

By Balazs Szekely, Associate Editor

Arium Palms at World Gateway

Arium Palms at World Gateway

Bluerock Residential Growth REIT has recently added another Orlando property to its portfolio. The investment trust has acquired the 252-unit Arium Palms at World Gateway, a Class A apartment community located in the Celebration submarket, just minutes from the main entrance to Disney World. The transaction worth $37 million marks BRG’s fourth investment in Orlando. The company sourced the transaction off-market through its operating partner, Carroll Organization.

Built in 2007, Arium Palms features one-, two- and three-bedroom unit layouts averaging 1,074 square feet. The property also features 140 units with attached garages with direct unit access; these layouts are otherwise currently unavailable in the local market. The amenity package at the community includes controlled access gates, a resort-style pool, sand volleyball court, fully equipped fitness center, gazebo, dog park and auto detailing center, as well as business and media centers. The new ownership plans to reposition the complex by updating and activating amenities and upgrading unit interiors in order to raise rents.

According to BRG, Arium Palms is projected to yield a pro forma stabilized cap rate of approximately 6.8 percent. The venture invested 95 percent of its equity requirement (approximately $13 million), with an affiliate of Carroll funding the balance for a 5 percent stake in the venture. The REIT further capitalized the property with an acquisition loan of approximately $25.3 million.

Photo credit: Arium Palms at World Gateway

Updated Grocery-Anchored Retail Center Sold

21 Aug 2015, 6:40 pm

By Balazs Szekely, Associate Editor

Marnier's Village orlando

Marnier’s Village is located at 4568 E Michigan St.

A South American private investment group has recently acquired a grocery-anchored retail center in a densely populated residential area of Orlando, Fla. The Shopping Center Group facilitated the sale of the 133,400-square foot Mariner’s Village on behalf of the seller, an affiliate of Madison Marquette. The transaction worth $15.5 million took place on July 31 and the identity of the buyer was not disclosed. The Shopping Center Group’s team of Anthony Blanco, Lenard Williams and Mallory Ham marketed the property.

Located at 4568 E Michigan St, approximately three miles southeast of downtown Orlando and less than five miles from the Orlando International Airport, Mariner’s Village is anchored by Winn Dixie Supermarket, Walgreens and LA Fitness. Other tenants include AT&T and Firehouse Subs as well as a mix of restaurants, convenience and necessity retail goods and services.

Mariner’s Village was built in 1986 and renovated in 2004—Over the past 12 months, a $930,000 comprehensive capital improvement program was also implemented to update parking lot lighting, roofing, landscaping, sidewalks and monument signage. The property was 92% leased at the time of the acquisition with approximately 10,700 square feet of small shop space vacant.

Photo credit: Google Maps

Sanford Community Sold Shortly After Completion

20 Aug 2015, 7:40 pm

By Balazs Szekely, Associate Editor

Elan Towne Center

Elan Towne Center

A brand-new Class A apartment community traded hands just a few months after it was completed. Located about 20 miles north of Downtown Orlando in Sanford, the 360-unit Elan Towne Center is almost completely surrounded by retail developments.

The community, located at 12500 Solstice Loop, is directly adjacent to a Walmart Supercenter, Gateway Plaza and the Seminole Towne Center shopping mall. It also has a number of major employers in its surroundings, such as AAA, JP Morgan Chase, Verizon and Deloitte.  It features a large resort-style pool, spacious clubhouse, fitness center, summer kitchen and dog park.

CBRE Group Inc. marketed the property and arranged the deal on behalf of the seller. The team was led by Executive Vice Chairman Shelton Granade, Senior Vice President Luke Wickham and Assistant Justin Basquill of CBRE Capital Markets. “The property was completing the lease-up when taken to market, and the strong investor demand was a testament to the desirable product and compelling employment story in the nearby Lake Mary Heathrow Office Park,” said Granade.

Construction of the property was completed in early 2015.

National Restaurant Chain Expands Offices near I-Drive

20 Aug 2015, 7:17 pm

By Balazs Szekely, Associate Editor

Major Plaza II in Orlando

Major Plaza II

Emerson International recently negotiated a long-term lease agreement for an entire floor at one of its mid-rise office buildings near International Drive, to be used by a restaurant chain as new corporate administrative offices.

Miller’s Ale House is the new tenant that will soon settle in on the fourth floor of the 84,000-square-foot Major Plaza II at 5750 Major Center Boulevard, west of Kirkman Rd. in Southwest Orlando. Miller’s Ale House is a casual sports bar-themed restaurant with 70 locations in 10 states across the U.S.—about 50 of which are in Florida, with more than a dozen in or near Orlando. The company also has offices at Quorum Center, less than 3 miles northeast from the new location.

Director of Leasing Kenneth Koch negotiated the 18,944-square-foot deal on behalf of Emerson, the landlord of the Major Plaza office development.  Joe Hills of Jones Lang LaSalle represented Miller’s Ale House in the transaction.

Miller’s Ale House is currently expanding its network of restaurants, actively seeking new location opportunities in the states of Florida, Georgia, Illinois, Ohio, Virginia, Maryland, Pennsylvania New York, New Jersey, Massachusetts and Connecticut.

Image source: Google Maps

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