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CBRE Tapped to Lease Lake Mary Portfolio

27 Feb 2015, 10:54 pm

By Balazs Szekely, Associate Editor

Banyan Street Capital and Oaktree Capital Management L.P. have put CBRE Group Inc. in charge of leasing at Primera Towers I, II and IV, a three-building Class A office portfolio in Lake Mary.

Located at Crescent Executive Court and Primera Boulevard, the recently renovated properties total 428,672 rentable square feet and are part of Lake Mary Center. The complex offers a professional office park setting with ample parking, building signage, fitness center and on-site management. Banyan Street Capital affiliate BSC Realty Services will continue to manage the property.

Miami-based Banyan Street is a private equity firm with a concentrated presence in the Eastern United States. The firm acquires and manages office properties directly and joint ventures with institutional partners.

CBRE’s leasing team includes Jay Dixon and Micah Strader, both vice presidents with the company. Dixon noted in a statement that CBRE is leasing more than 850,000 square feet of office space for Banyan Street in Greater Orlando, including the Resource Square portfolio in Central Florida Research Park.

The Lake Mary area is a financial services hub known for top-rated schools, parks and a variety of retail destinations. It is easily accessible via Interstate 4 and the Central Florida beltway.

Image source: CBRE Group Inc. 

Hilton Picks Up 2 Neighbors, 1,500 Keys

22 Feb 2015, 7:44 pm

By Balazs Szekely, Associate Editor

Hilton Worldwide has acquired a pair of neighboring properties, the Waldorf Astoria Orlando and the Hilton Orlando Bonnet Creek, the hospitality company announced Feb. 18. The seller was a consortium including affiliates of GEM Realty Capital, Farallon Capital Management and Blackstone.

Surrounded by Walt Disney World Resort and a private natural wetland preserve, the 1,000-key Hilton Orlando Bonnet Creek and the 498-key Waldorf Astoria Orlando comprise a 482-acre resort. Amenities include an 18-hole; a 7,108-yard Rees Jones-designed championship golf course featuring a practice range, a three-acre Florida-style lazy river pool, fitness center and spa.

Dining and lounge options include the Hilton’s award-winning La Luce and the Waldorf Astoria’s signature Bull and Bear restaurant.

Since their opening in 2009, the resorts have earned 62 awards from a wide range of sources, including Conde Nast Traveler Gold List, Travel & Leisure World’s Best, U.S. News & World Report on Travel, Trip Advisor Certificate of Excellence and Hilton’s own Connie Award. Hilton Worldwide’s portfolio currently includes twelve global brands with more than 4,300 managed, franchised, owned and leased hotels and timeshare properties and more than 715,000 guest rooms.

Photo credits: Waldorf Astoria Orlando

Buyer of Rosemont North Asset Gets $8.4M Fannie Mae Loan

13 Feb 2015, 10:48 pm

By Balazs Szekely, Associate Editor

Florida Value Partners L.L.C. has received an $8.4 million Fannie Mae loan for acquisition of The Park at Vittoria, a recently rebranded 208-unit multifamily property in Orlando’s Rosemont North submarket.

Highlights of the seven-year loan include a two-year interest-only provision, 30-year amortization and an 80 percent loan-to-value ratio. Hunt Mortgage Group, an affiliate of Hunt Cos., secured the financing for Florida Value Partners, a Miami Lakes-based private equity firm.

Previously known as Waterstone Apartments, the 23-year-old garden-style complex comprises 33 three-story buildings and is located on 16 acres at 5224 Long Road. Units range in size from 1175 to 1677 square feet and include 120 three-bedroom apartments, 72 two-bedroom units and 16 four-bedroom residences.

Community amenities include two outdoor swimming pools, a sports court, playground, car wash, activities area, grilling area, a newly renovated fitness and health center and a laundry room at the clubhouse/leasing office building.
Occupancy is currently 92 percent and the new owner will not lease any unrenovated units until a $1.5 million makeover is complete, said Hunt Assistant Vice President Chad Musgrove. Building exteriors, unit interiors and furniture are all slated for upgrades. Blue Rock Partners L.L.C. is managing the repositioned property.

Photo credits: Franklin Street Real Estate Services


Lingerfelt Picks Up 2 Fairfield Inns

7 Feb 2015, 12:07 am

By Balazs Szekely, Associate Editor

Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista

Lingerfelt CommonWealth Partners has picked up two Orlando-area Fairfield Inns as part of a three-state, five-hotel acquisition.

The larger of the two properties, the 170-key Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista, is located at 12191 South Apopka Vineland Road in Lake Buena Vista. It is about 1 mile from Walt Disney World and is also close to Universal Studios, SeaWorld and the Orlando Premium Outlets.

Amenities include a food court, café, parking, complimentary wireless access, swimming pool and children’s splash zone. The hotel offers guests a free shuttle service to multiple destinations.

Located at 7100 Augusta National Drive, the 139-key Fairfield Inn by Marriott Orlando Airport is less than a mile from Orlando International Airport, minutes away from the Lake Nona Medical City and from area attractions. It offers an outdoor pool and spa and a fitness center.

Guest rooms are equipped with microwave and mini-refrigerators and/or large in-room whirlpool spas. Complimentary high-speed internet and airport shuttle service are available. The hotel will stay open during renovations, which are slated for completion in the fourth quarter.

In addition to the Orlando hotels, Richmond, Va.-based Lingerfelt acquired two properties in Atlanta, a DoubleTree by Hilton and a Hampton Inn, and a Courtyard by Marriott in Gastonia, N.C. Lingerfelt’s holdings exceed 4.2 million square feet, including six Marriott and Hilton flags totaling 1,000 keys. CommonWealth Lodging, an affiliate of the new owner, is overseeing operations at the five hotels.

Photo: Marriott International/em>

Colony Realty Partners Snaps Up High-End M-F Property

3 Feb 2015, 5:57 pm

By Balazs Szekely, Associate Editor

Colony Realty Partners has acquired Art Avenue Apartment Homes, a high-end 300-unit community in southeast Orlando, according to the Orlando Business Journal. The Boston-based investment management firm paid about $47.1 million for the property, which was completed last year.

Located at 10201 Lee Vista Blvd., the Art Avenue complex is about 15 minutes from downtown Orlando. Two of the area’s largest employers are nearby: Lake Nona Medical City and the University of Central Florida. Amenities includes a clubhouse, Internet lounge, TV lounge, coffee bar, fitness center, children’s art room, outdoor fire pit and a saltwater swimming pool.

Art Avenue offers a variety of floor plans that range in size up to three bedrooms and three bathrooms. Design features include designer cabinetry, stainless steel appliances, walk-in closets, private garages, patios, balconies, 9-foot ceilings and large islands in the kitchens.

The seller, Rohdie Group, was represented by a CBRE Group Inc. team consisting of Executive Vice President Shelton Granade, Senior Vice President Luke Wickham and Sales Assistant Justin Basquill. In a statement, Granade reported that the complex was about 60% leased when it came to market.

Photo credits: CBRE Group Inc.

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