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JV Launches Luxury M-F Project

26 May 2015, 9:38 pm

By Balazs Szekely, Associate Editor

The Kislak Organization, Courtelis Co. and HMG/Courtland Properties broke ground May 26 on a $33.6 million, 240-unit multi-family project in Orlando. Dubbed Murano at Grande Lakes, the garden-style community will rise on a 9.5‑acre site at the southeast quadrant of John Young Parkway’s intersection with Taft‑Vineland Road.

Forum Architecture and Interior Design served as the project’s design firm, and Roger B. Kennedy Inc. is the general contractor. Wells Fargo supplied construction financing. Completion is scheduled for the summer of 2016.

The Murano at Grande Lakes will comprise three four-story buildings with one-, two- and three‑bedroom floor plans, and will offer numerous amenities.

Its location near major traffic arteries will provide convenient access to some of the area’s largest employers, retailers and attractions. Among them are Darden Corporate Headquarters (5,800 employees); South Park Center, the 2.9 million‑square-foot office park (6,000 employees); SeaWorld (7,000 employees) and the 4.5 million square-foot World Design Center.

Principals leading the project are Thomas Bartelmo, Kislak’s president and CEO; Elias Vassilaros, president, development and asset management services for Courtelis; and Maurice Wiener, HMG/Courtland’s chairman, president & CEO.

Photo credit: The Kislak Organization

I-Drive Retail Center Changes Hands

21 May 2015, 3:03 pm

By Balazs Szekely, Associate Editor

International Drive Value Center, a retail center near Universal Orlando Resort and Wet ‘n Wild Orlando, is under new ownership. The seller was a partnership of Weingarten Realty Investors and an institutional investor. Financial terms and the buyer’s identity were not disclosed.

The transaction was arranged by an HFF team led by senior managing director Brad Peterson, associate director Whitaker Leonhardt and real estate analysts Michael Brewster and Anthony Frogameni.

The 185,704 square-foot, 98.2 percent occupied power center is located on a 22.6-acre parcel on International Drive in an area that enjoys significant tourist traffic year-round.
About six miles from downtown Orlando and 8.5 miles from Walt Disney World, the property is near has such attractions as Sea World Orlando and the Orange County Convention Center.

The property has been extensively renovated and its anchor tenants include national and regional companies like Bed Bath & Beyond, Ross Dress for Less, TJ Maxx, Five Below, Dollar Tree, and dd’s Disco“Orlando’s booming tourism industry and overall economic health have had a profound effect on the success of shopping centers across Orlando’s tourist corridor, especially International Drive Value Center,” Brad Peterson said in a statement

Photo credits: Weingarten Realty

HFF Lands Financing for Upscale Winter Garden Project

12 May 2015, 4:00 pm

By Balazs Szekely, Associate Editor

HFF has arranged financing for the Windermere Cay multifamily property in Winter Garden. The company secured the $41 million, 10-year fixed-rate loan through New York Life Real Estate Investors on behalf of the borrower, Six Pines Realty, L.L.C.

The HFF team was led by managing director Elliott Throne, senior managing director John Rose, director Michael Weinberg and analysts Anthony Frogameni and Preston Reid. “The lender was able to provide a creative structure to the borrower that allowed for a long-term, fixed-rate loan on both phases as if they were both stabilized,” Weinberg said in a statement.

Built on a 14-acre site at 8200 Jayme Drive, adjacent to Walt Disney World, the Class A, garden-style community is located in Winter Park’s upscale Windermere neighborhood. The area is northwest of Disney University, Disney’s global training program, and it has immediate access to the facility’s employee parking lot and shuttle.

The first phase, comprising 272 units, was finished last year, and those apartments are fully leased. Completion of the second phase, scheduled for this autumn, will expand the community to 380 units. Three floor plans are available, with one to three bedrooms and up to two baths.

When complete, Windermere Cay will feature two resort-style swimming pools with cabanas, a dog park, detached garages, cyber café, electric car charging station, theater room, outdoor fireplace and verandas, summer kitchen. A clubhouse will offer a party room, business center and fitness center.

Photo credits: Windermere Cay

DeBartolo Gets Nice Price for Downtown Asset

5 May 2015, 3:26 pm

By Balazs Szekely, Associate Editor

The Gallery at Mills Park, a 310-unit Class AA multifamily infill asset located in downtown Orlando, is under new ownership. DeBartolo Development sold the property to an unnamed institutional investor for $66.5 million, or approximately $215,000 per unit. JLL Capital Markets represented the seller.

DeBartolo Development, an affiliate of DeBartolo Holdings, invests in a variety of assets, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects. Its portfolio includes some 31,000 multifamily units, 2.7 million square feet of retail space and more than 700 hotel guest rooms.

International Director Jubeen Vaghefi and Managing Directors Denny St. Romain, Jeff Morris and Matt Wilcox led the JLL team. “The Gallery at Mills Park is located in Orlando’s trendy, contemporary Mills 50 District, which is quickly attracting today’s renter due to its ‘live, work, play’ status,” Vaghefi said in a statement.

As part of the 14.5 acre Mills Park mixed-use project, the community offers convenient access to a number of restaurants, health/beauty vendors and a Fresh Market grocer. Community amenities include two pools, poolside grills and suites, an outdoor yoga platform, an outdoor Zen area, a coffee bar, a spin room and fitness center.

The 310 apartments are available in 12 different layouts with up to three bedrooms and two baths, distributed in 10 residential buildings. Unit interiors feature high ceilings, stainless steel appliances and kitchen islands.

Photo credit: The Gallery at Mills Park (via Facebook)


Wood Partners Starts 12th Central Florida Project

25 Apr 2015, 6:35 pm

By Balazs Szekely, Associate Editor

Alta Eve, Orlando (built in 2013)

Wood Partners is starting construction of Alta Eastmar Commons, a 312-unit multifamily community in Orlando, the developer, Wood Partners, announced recently. The $41.9 million project will take shape at 159 Dean Road. Leasing will start in the first quarter of 2016, and construction is expected to be complete by the fourth quarter of 2016.

Wood Partners will develop the project on a 29-acre site between Downtown Orlando and Central Florida Research Park. Alta Eastmar will consist of 14 three-story buildings with 144 one-bedroom units, 144 two-bedroom units and 24 three-bedroom units. The community will have a two-story clubhouse building, a pool, 516 surface parking spaces and 54 detached garages.

Units will be equipped with stainless steel appliances, plank flooring and laminated countertops. Alta Eastmar will have direct access to the East-West Expressway. The site is less than three miles from Waterford Lakes Town Center, Orlando’s premier outdoor lifestyle center.

Wood Florida Builders is the general contractor, and Wood Residential Services will manage the community. Chancey Design Partnership is the project architect, Mellich Blenden Engineering is the civil engineer and Libra Design Group is the landscape architect. CBRE Global Investors is the equity partner and BB&T provided the construction loan.

Alta Eastmar represents Wood Partners’ 12th apartment community in Central Florida. To date, the developer has built about 3,000 units in the area since 2001.
Photo credits: Wood Partners, LLC

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