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Cardinal Point Buys Orlando Asset

24 Mar 2015, 4:42 pm

By Balazs Szekely, Associate Editor

Cardinal Point Management L.L.C. recently acquired a 42,277-square-foot Class A office property located at 7208 W. Sand Lake Road in Orlando. Ronald Rogg and Edward Wooten of CBRE Group Inc. arranged the sale of the three-story building and represented the seller, a Highwoods Properties Inc. affiliate. Terms were not disclosed.

Located along Restaurant Row in the Dr. Phillips area, the building is minutes from the Orange County Convention Center, Mall at Millenia, Universal Orlando Resort and the Orlando International Airport. Its location also offers access to Interstate 4, the Florida Turnpike and the Beachline Expressway. Built in 1986, the property recently underwent capital improvements that included a lobby renovation. The deal also included a 155-space parking lot on the property. Sand Lake Southwest is leased to a diversified tenant roster that includes BB&T, Booking.com, Lamar Outdoor Advertising and Fidelity National Financial.

Based in St. Petersburg, Cardinal Point pursues a strategy of seeking enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic investments in both commercial and residential real estate in Florida, According to its website, Cardinal Point’s portfolio includes 10 office and retail assets, all but two of them in the Tampa Bay area. Sand Lake Southwest is Cardinal Point’s second investment in Central Florida; the company recently picked up Cardinal Point at Lake Ellenor, a 132,991 square-foot office building located at 5900 Lake Ellenor Drive.

Photo credit: Cardinal Point Management


Minto Moves Forward on Luxury Development

9 Mar 2015, 2:35 pm

By Balazs Szekely, Associate Editor

Construction is progressing on Festival, Minto Communities’ latest residential development in the Champions Gate area of Orlando. Five luxury vacation villa models are scheduled for completion in early April.

Located about five miles from Walt Disney World, between Interstate 4 and Ronald Reagan Parkway, the gated community is being built on over 200 acres surrounded by natural woodlands and lakes. The 500 two-story villas will include private covered and screened lanai porches and plunge pools with optional cabana baths.

Festival will offer five floor plans ranging in size from 1,605 to 2,232 square feet. The Elation model is a three-bedroom two-bath configuration; the Imagine design offers four bedrooms with three baths; the Jubilee floor plan has four bedrooms and four baths; the Marvel comes with five bedrooms and four and a half baths, and the Splendor model represents the top of the range with five bedrooms and five and a half baths.

Minto also plans a central retail and entertainment area called Downtown Festival. Featuring shopping, dining, resort-style pool, private cabanas, children’s water park, gym, video arcade, sports courts, and bar and grill, the town center will be ready by this summer, according to Minto. Festival has been developed without utilizing Community Development District funding.

Ottawa-based Minto has completed more than 70,000 homes, including more than 20,000 in Florida, since its founding in 1955.

Rendering: Minto Communities

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


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