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Nickelodeon Suites Resort Orlando Sold

15 Dec 2014, 4:29 am

By Balazs Szekely, Associate Editor

In early December Urban Commons LLC purchased Nickelodeon Suites Resort Orlando hotel in Orlando, the Los Angeles-based buyer announced.

The real estate investment company is focused mainly on income generating hospitality and residential assets, targeting value-add property acquisitions in highly populated, predictable markets.  Its list of hospitality partners includes Starwood Hotels and Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group and Wyndham Worldwide.

The 777-room Nickelodeon Suites Resort Orlando hotel is located in the Lake Buena Vista area, on 24 acres directly adjacent to Walt Disney World and close to numerous popular destinations such as SeaWorld, Wet ‘n Wild, Universal Orlando, and the Orange County Convention Center. It is also easily accessible from the Orlando International Airport in about 20 minutes.

The hotel’s oversized, one- to three-bedroom suites average 500 square feet and each one features a flat screen TV and Wi-Fi internet connection. The property also has 85,000 square feet of recreational amenities to offer. These include two lagoons, called The Lagoon and The Oasis, with a number of interactive water features.  Nickelodeon Suites Resort is one of only five properties in Lake Buena Vista with a waterpark. The hotel was also recently upgraded with a meeting space of 4,000 square feet designed with birthday parties and social meetings in mind. “The Mall”, a 50,000 square-foot entertainment retail complex is also available on-sit, showcasing six food and beverage outlets, a 3,000 square-foot arcade,  a 4-D movie theater, a live action studio, a Kids’ Spa and two retail shops.

Image source: nickhotel.com


Lincoln Plaza in CBD Orlando Changes Hands

8 Dec 2014, 6:17 am

By Balazs Szekely, Associate Editor

The 16-story, 246,000-square-foot Lincoln Plaza in Orlando’s Central Business District was picked up recently by Highwoods Properties, Inc. The company funded the acquisition with proceeds from non-core dispositions, its ATM program and borrowings under its revolving credit facility. No debt was assumed in connection with this transaction. The total investment is expected to be $68.3 million.

Based in Raleigh, N.C., Highwoods Properties is a publicly traded, fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in Atlanta, Kansas City, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond, Tampa and the Triad. The Company now wholly owns 1.5 million square feet of office in CBD Orlando.

The Class A, multi-customer office building is a LEED certified tower located in downtown Orlando with proximate access to the CBD’s numerous amenities. These include the AAA Four Diamond rated Grand Bohemian Hotel, the Church Street Entertainment District, the City Hall and the Amway Center that is the home of Orlando Magic – the city’s NBA team. Each floor offers unique views of the city and the landscaped common courtyard offers an outdoor retreat. Further on-site amenities include a fitness center, a café and an embedded structured parking

“In the heart of downtown and very close to the city’s brand new $500 million performing arts center, Lincoln Plaza is an excellent addition to our portfolio and further strengthens our franchise in CBD Orlando,”  Ed Fritsch, president and CEO of Highwoods said in a  recent news release. “With meaningful occupancy upside, we expect this Class A asset to be a solid performer.”

With known near-term move-outs, Lincoln Plaza is at 82 percent occupancy.

Photo credits: Highwoods Properties

Mixed Use Project in Line at Former Flea World Site

1 Dec 2014, 7:04 pm

By Balazs Szekely, Associate Editor

Sanford’s Flea World site facing US Highway 17/92 and Ronald Reagan Boulevard at County Home Road is up for a major redevelopment if the Seminole County Government approves the owner’s application to convert Flea World and additional parcels totaling 118 acres to a mixed use development comprising single family homes, apartments, office and retail space.

Owner Syd Levy has put together a development team of Randall Morris, Principal, RM Strategies, Inc. in Winter Park, and Richard Wohlfarth, Principal, IBI Group, Maitland.  Paul Partyka, a partner at NAI Realvest, Orlando will be the broker of record.  According to Partyka, the project dubbed Reagan Center would include  nearly 400 apartments, 80 townhomes, 17 acres of commercial office, 18 acres of retail with thirty percent left as conservation. The application for Reagan Center includes a conceptual plan and it is being submitted in late November with public hearings scheduled in spring of 2015.

Upon approval, the so-called “out parcels” on the main highway and some residential sites will be available for immediate development and Flea World would remain open through the entire 2015 season. Levy said Flea Market will later be replaced with a new modern Farmers and Vendors Market/Mall at a new location in order to sustain the commercial traffic that one of the country’s largest open-air malls has generated in the past 37 years.

Photo credits: Google Maps

Clermont Rental Community Completes Renovations

24 Nov 2014, 6:54 pm

By Balazs Szekely, Associate Editor

The community clubhouse

Precision Building Construction has recently completed the renovation of the clubhouse and other amenities at Clermont’s The Carrington at Four Corners Apartments rental property.

Constructed in 1998, The Carrington at Four Corners is a 330-unit pet-friendly apartment community about 22 miles west of downtown Orlando, just minutes from Walt Disney World and a variety of shopping, restaurants and entertainment options. It offers one-, two- and three-bedroom apartment homes fitted with central air conditioning and laundry rooms with washer/dryer connections. Units also contain a solarium, walk-in closets, fully equipped kitchens, ample storage space and private entries. Timberland Partners, a privately-held real estate investment firm, acquired The Carrington at Four Corners last December.

Precision Building Construction is a Florida-based commercial building contractor servicing Central and South Florida clients in the medical, retail, restaurant and office industries. PBC’s overall range of services included: project management with full integration and coordination, complete interior and exterior renovation of the clubhouse, fabrication and on-site construction of three free-standing cypress pergolas, an outdoor building for additional office space, a summer kitchen with gas grill and ice chest, installation of pavers and park amenities such as barbecue grills, picnic tables and park benches. The interior upgrades included the addition of new flooring, fixtures, granite countertops, modern barn-style doors, and paintworks.

According to a written announcement released by the contractor, the project was completed within budget.

Photo credits: The Carrington at Four Corners

The Park View Hotel Rebrands as Magnuson Grand Conference Hotel

14 Nov 2014, 8:54 pm

By Balazs Szekely, Associate Editor

Magnuson Hotels recently announced the complete rebranding of The Park View Hotel in Winter Haven, Florida. The 174-room property will continue operations as Magnuson Grand Conference Hotel.  By joining the Magnuson Hotels portfolio, the hotel will upgrade its local, regional, and national market to attract more guests.

One of the top ten hotel chains worldwide, Magnuson Hotels was founded in 2003 and has since built a global portfolio of nearly 2,000 hotels with assets in excess of $6.0 billion, thus earning the title of the fastest growing hotel chain to date. Magnuson Hotels has been designated the No. 1 Hotel Company of Inc. Magazine’s 5,000 fastest growing private U.S. companies.

Directly adjacent to Legoland, the pet-friendly hotel is located at 5651 Cypress Gardens Boulevard Winter Haven – less than an hour from Disneyworld, Universal Studios, and SeaWorld. The main target groups of Magnuson Grand Conference Hotel are corporate, educational, government, and leisure travelers. Guest rooms include a selection of one king, two queen or two double beds with a number of rooms overlooking the on-site pool. Select suites also feature sofa beds, Jacuzzi tubs and views of Legoland.

“We are proud to welcome KJ Singh Shergill and his entire staff, and are fully committed to increasing their visibility and reservations,” stated Thomas Magnuson, CEO of Magnuson Worldwide.

The facility will receive complete global brand representation and expand its consumer awareness through Magnuson Hotels’ reservation network that includes 650,000 GDS travel agents, over 2,000 internet booking channels such as Google, Facebook, Expedia, Hotels.com, Priceline and all major airlines websites.

Photo credits: Magnuson Hotels

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