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Parkway Takes Ownership of One Orlando Centre

18 Apr 2014, 4:55 pm

By Balazs Szekely, Associate Editor

Parkway Properties, Inc. has announced the acquisition of One Orlando Centre. The company has also simultaneously restructured the existing first mortgage loan.

Parkway is a fully integrated, self-administered and self-managed REIT with main focus on the acquisition, ownership and management of quality office properties in higher growth submarkets in the Sunbelt region.  The company’s investment portfolio includes over 50 office properties located in eight states and totals north of 17.6 million square feet.

Also known as the Wells Fargo building, One Orlando Centre is a Class A office building located in the central business district of Orlando, Fla. The 19-story, 356,000-square-foot tower came with an 8-story structured parking garage.  Built in 1987, the building is located just north of SR 50 between Orange Avenue and Magnolia Avenue with convenient access to Interstate 4. The property is currently 81.3 percent occupied and is expected to generate an initial full-year cash net operating income yield of 7 percent.

Parkway has taken ownership of the asset by making an $8.0 million equity investment that will provide for 100 percent ownership and management of the asset and be held in lender reserve accounts to cover the property’s leasing and repositioning.  At the same time, the existing $68.3 million first mortgage note was restructured into a new $54.0 million first mortgage with a fixed interest rate of 5.9 percent that matures in May 2017 and $16.4 million B-note, which is subordinated to Parkway’s equity investment.  The restructured first mortgage includes an option to extend for an additional year.

Photo credits: Parkway Properties

 



Hotel Equities to Manage Wyndham Hotel on I-Drive

11 Apr 2014, 9:47 pm

By Balazs Szekely, Associate Editor

Hotel Equities has announced its arrangement with Wyndham Hotel Group to manage Wyndham Orlando Resort International Drive and a newly built hotel in Southwest Texas.

Hotel Equities is a full-scale hotel management, ownership, development and consulting company based in Atlanta. Its current portfolio comprises more than 45 properties. Wyndham Orlando Resort International Drive marks the firm’s eleventh contract in Florida and the new facility, set to open this month, is the first to be managed by Hotel Equities in the Lone Star State.

The Orlando property, which contains 613 guest rooms and suites, has recently undergone a multimillion-dollar renovation. The hotel includes a 24-hour business center and three on-site restaurants, as well as 60,000-square-feet of flexible meeting and event facilities. The pet-friendly resort also features lush gardens and romantic lagoons, a restored and welcoming courtyard area and a wide array of services and amenities. Two heated swimming pools and whirlpools, a newly renovated state-of-the-art fitness center and a sauna are also available. The premium rooms offer sliding glass doors with poolside views or direct pool access. Further amenities include a children’s playground, casino, coffee shop, bar, safe deposit boxes, etc.

The complex holds a strategic location in the core of Orlando’s premier tourist destination, on International Drive, just one mile away from Orange County Convention Center, close to Disney World and upscale shopping and dining. Guests benefit from free shuttle service to Universal Studios Orlando and SeaWorld Orlando, which are also within easy reach.

Photo credits: Wyndham Hotels and Resorts



Cortland Partners Enters Orlando Market, Hires Local Expert

4 Apr 2014, 6:22 pm

By Balazs Szekely, Associate Editor

Cortland Partners recently acquired its first asset in the metro Orlando market. The firm purchased Harbor at Lake Howell, a 408-unit, garden-style community in Casselberry for $40 million. Aside from the acquisition, the company also announced that it has added John Builder to its team of experts.

Cortland Partners is an Atlanta-based full-service multifamily real estate acquisition, development, and operating platform mainly active across the Southeast and Texas. A growing apartment owner and manager, the firm is currently focused on expanding its presence in the Sunshine State. The company’s Florida portfolio consists of seven communities, totaling about 3,000 units. Cortland Partners acquired its first Florida asset in 2012 and now owns communities in Gainesville, Fla., Jacksonville, Fla., Orlando, Fla. and Tampa, Fla.

Situated on 450-acres next to a freshwater lake, The Harbor at Lake Howell offers three floor plans ranging from 826 to 1330 square feet with one, two or three bedrooms and up to two bathrooms. The apartments come with fully equipped kitchens with optional stainless steel appliances, garbage disposal, washer / dryer connections, intrusion alarm, screened patios or balconies and outside storage space. The property includes a secluded sandy beach, winding wooded nature trail and boat access to Lake Howell. Further community amenities include a fitness center with spa / hot tub, an adventure playground, picnic areas, a summer kitchen equipped with gas grill, a car care center and covered parking.

A native of Orlando, Builder will serve as a Director of Investments for Florida. With more than 15 years of experience in investment-grade real estate acquisitions, portfolio management, joint ventures, and development, his main responsibility at Cortland Partners is to manage the firm’s development and acquisition activities across the state.

Photo credits: Harbor at Lake Howell



Orion Investment Affiliate Acquires Restaurant Row Mixed Use Property

24 Mar 2014, 5:44 am

By Balazs Szekely, Associate Editor

The Rialto, a 105,275-square-foot retail and office center changed hands in early March. The seller, The Wilder Companies, gave HFF the marketing responsibilities and the sales team was led by senior managing directors Brad Peterson and Coleman Benedict and analyst Whitaker Leonhardt. The transaction was worth $31.7 million, according to Orlando Business Journal.

The new owner is an affiliate of Orion Investment and Management, Orion Venture IX Rialto, LLC that acquired the asset free and clear of existing financing. Orion Investment and Management is a full-service commercial real estate firm providing consulting services to national and international buyers. Established in 1978, it operates offices in Miami and Orlando. The company manages a portfolio worth over $400 and has a transaction history of over $1 billion.

Just 15 minutes from Orlando International Airport and Walt Disney World, the property is located on “Restaurant Row”, or more specifically, at 7335 Sand Lake Road.  The one-mile stretch of retail facilities and restaurants is about 10 miles southwest of downtown Orlando. It features 46,756 square feet of office space that is 83 percent occupied and 58,519 square feet of currently fully leased retail space. Newlin Law, Ocean Prime and Bar Louie are among the prime tenants at the center. Adjacent to the mixed-use complex there is a 200-unit residential community currently under construction. Developed by Wood Partners, Alta Rialto Apartments was not included in the sale.

Photo credits: The Wilder Companies



New Townhome Designs Available at Eagle Creek

24 Mar 2014, 5:05 am

By Balazs Szekely, Associate Editor

Standard Pacific Homes has recently introduced The Townhomes at Eagle Creek community, inviting enquirers for a tour in two of the model homes. Located at Eagle Creek, just two miles south of SR 417 on Narcoosee Road, the new designs offer home buyers a country club lifestyle.

Founded in Southern California in 1965, Standard Pacific Homes is specialized in the development of multifamily projects with decades of land acquisition, development and homebuilding expertise. The company currently offers new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas.

Undoubtedly, one of the main attractions of Eagle Creek is its 4.5 star championship golf course. The master-planned community also features a 14,000-square-foot clubhouse and a golf pro shop. It also takes pride in over 400 acres of open space that encompasses lakes, wetlands and trails. The new homes offer easy and quick access to Orlando International Airport, Medical City’s numerous facilities and institutions and several Lake Nona schools.

The home interiors thrive in thoughtful design elements including gourmet kitchens with slab-granite countertops, spacious Great Rooms and dual master suites with coffered ceilings. Mediterranean style concrete tile roofs and rich exterior architectural finishes add to the overall country club feel. Jay Lewis, Orlando President for Standard Pacific Homes thinks the townhome designs turned out to be so cozy they resemble single-family homes, he said in a recent statement.

“The thoughtful architectural details make it a one-of-a-kind community, where home shoppers are sure to find the home of their dreams,” he says.

Home prices start at around $228,000 and buyers can choose form two 1,697 square-foot floor plans either with 2 or 3 bedrooms and 2.5 baths.

Photo credits: Standard Pacific Homes







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