This week in Florida saw some interesting news come out in the hotel market. Central Florida commercial real estate flow was especially strong this week.

BY THE NUMBERS

In the aftermath of Hurricane Irma, statewide hotel occupancy will move up amid recovery efforts. As a result, the average daily rate will climb 5.6% to $140.88 and drive a 10% increase in RevPAR to $105.04. Occupancy and revenue metrics should adjust back to normal levels by next year. (Source: Marcus & Millichap)

Nearly 12,500 hotel rooms are under construction in Florida and another 15,600 are making their way through the planning stage and expected to break ground in the next 12 months. Of these deliveries, the Miami-Hialeah metro has 4,900 rooms under construction. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—Michael A. Vassilaros has joined Key International as Chief Investment Officer. He will oversee the firm's investment activities, including new acquisitions and existing partnerships. Vassilaros brings more than 15 years of experience to Key International. Most recently, at Starwood Property Trust, he was in charge of sourcing and underwriting high-yield commercial real estate investments. During his tenure, he made more than $500 million worth of acquisitions.

WEST PALM BEACH, FL—NAI/Merin Hunter Codman has been retained by local investor, Belvedere Acquisition to oversee the renovation and rebranding of Palm Beach International Plaza, a 111,000-square- foot office complex across from the Palm Beach International Airport, at 1601 Belvedere Road. In July of 2017, Belvedere purchased the property from 1601 Belvedere Road Holdings, which had held the property on behalf of a CMBS trust.

DEAL TRACKER

DAVIE, FL—HFF brokered the sale of Ridge Plaza, a 155,204-square-foot, theater-anchored community shopping center in the Broward County community of Davie. HFF team marketed the property on behalf of the seller, Regency Centers. Continental Realty Corporation purchased the asset. Ridge Plaza was 99% leased at the time of sale to a variety of national and local tenants, including Paragon Theaters, Off the Wall Gameroom and Trampoline Fun Center, Dunkin Donuts, Goodwill Industries, Vienna Café & Wine Bar, Metro PCS and Dunkin' Donuts.

TAMPA, FL—Berkadia recently completed $47.5 million in combined sales for two properties. Jason Stanton of the Tampa office, Cole Whitaker and Mary Beale of the Orlando office and Greg Rainey of the Jacksonville office secured both deals. Twenty 35, a multifamily garden-style property in Safety Harbor, FL was sold to management company, Blue Roc Premier Properties, for $21 million. Berkadia represented the seller, Covenant Capital Group.

The team also completed the $26.5 million off-market sale of The Park at Windsor, a multifamily property in Tampa.

ATLAMONTE SPRINGS, FL—Marcus & Millichap brokered the sale of Hideaway North, a 108-unit apartment property in Altamonte Springs. The asset sold for $6 million. Michael Donaldson and Nicholas Meoli, senior vice president investments in Marcus & Millichap's Tampa office brokered the transaction to a Florida limited liability company. “Hideaway North is a well-located community in Altamonte Springs near Altamonte Mall, just off Interstate four,” says Donaldson. “The property consists of only studio units and the seller a long-term local owner, proactively maintained the property.”

ORMOND BEACH, FL—The Leisure Investment Properties Group of Marcus & Millichap brokered sale of Halifax Plantation Golf Club. Rob Waldron, Investment Advisor of the firm's Leisure Investment Properties Group, served as the lead agent for the sale. The full-service semi-private country club features an 18-hole championship caliber course designed by the well-respected golf course architect, William Amick, a swimming pool, tennis courts and clubhouse. Waldron represented both the seller, Halifax Plantation Golf, Halifax Plantation, and Halifax Plantation Golf Management, all Florida based Corporations as well as the buyer, Halifax Golf Club, a South Carolina based Limited Liability Corporation.

FORT LAUDERDALE, FL—Berger Commercial Realty's Steve Hyatt represented Intervest-Plantation in leasing 1,431 square-feet of space at Plantation Corporate Center to Mellex Title Service. With the transaction, the property has reached 90% occupancy. Located at 2 South University Drive in in Plantation, Plantation Corporate Center is a 56,141-square-foot, three-story, class B office building located just off Broward Boulevard directly across from Westfield Broward Mall. The building recently underwent extensive renovations and offers upgraded common areas and suites. Mellex Title Service wass, “The industrial market is showing no signs of slowing down. We are seeing a very strong finish to 2017.”

BUILDING BLOCKS

ODESSA, FL—HFF arranged financing for the development of The Point at Starkey Ranch, a 384-unit, class A-plus apartment community in the Pasco County community of Odessa, FL. HFF represented Waypoint Residential to secure the floating-rate construction loan. The development site, which is adjacent to a Publix-anchored shopping center, is approximately 15 miles north of downtown Tampa and within 10 miles of the Tampa Premium Outlets and Shops at Wiregrass, two of Tampa's most prominent destination retail centers. The project is set for completion in 2019.

Instant Insights /

Middle Market Digest: This Week in Florida

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