Here's a look at the trends, announcements and deals you may have missed this week in Florida.

This week in Florida saw two hotel deals worth noting. There were also some interesting stats out of Jacksonville's multifamily market.

BY THE NUMBERS

MIAMI—The Broward County Industrial market is primed for new development. “The Pompano Beach industrial submarket is the tightest in Broward County, with direct vacancy falling below 2% at last count,” says CushWake's Christopher Metzger. “Users are demanding more product and developers are eager to acquire land, break ground and push their product into the market as quickly as possible.”

JACKSONVILLE, FL—Value-add multifamily properties featuring more than 100 units drove recent deal flow, with 1960s- and 1970s-vintage assets the most frequently traded. Arlington, West-side and Central Jacksonville represent locales where these complexes often sell for less than $50,000 per door at 6% cap rates. (Source: Marcus & Millichap)

NEWS & NOTABLES

FORT LAUDERDALE, FL—Former season one Apprentice and Hot Listings Miami star Katrina Campins of Katrina Campins Group is the exclusive representative for the sale of the Bella Fortuna Estate in Fort Lauderdale. The highly coveted property is listed at $39 million, making this one of the most expensive listings in Fort Lauderdale at this time.

DEAL TRACKER

ORLANDO—CBRE Hotels arranged the sale of Hilton Garden Inn Orlando East/UCF Area. The property, located at 1959 North Alafaya Trail, was purchased by Nimbus Investment Fund, LP. CBRE Hotels' team, composed of Paul Weimer, Christian Charre and Jennifer Jin, represented the seller, Crescent Alafaya Trail, LLC. “This offering generated an intense amount of interest and a very competitive bidding process. Simply a great property in a very good location with a leading brand,” says Weimer, senior vice president at CBRE Hotels.

DAYTONA BEACH, FL—Shaner Hotel Group opened the 105-room Fairfield Inn & Suites Daytona Beach Speedway/Airport. The hotel is owned by a joint venture comprised of Prime Hospitality Group, the International Speedway Corporation (ISC) and Shaner. Shaner also will operate the property. Lance Shaner, CEO of Shaner, says, “The Fairfield Inn & Suites Daytona Beach Speedway/Airport caters to everyone from business travelers seeking the latest amenities to families who prefer the added space our suites provide. This marks our 13^th Fairfield hotel, and we are confident our familiarity with the brand will allow us to ramp up quickly as the hotel takes its rightful place as the destination of choice for Daytona Beach's midscale travelers.”

ORLANDO—Denholtz Associates arranged a long-term lease with U Roll Express for 1,716 square feet of retail space at their 100 East Pine Street office building. The lease marks U Roll Sushi's second location and will bring an amenity directly to the lobby of 100 East Pine Street.

ORLANDO—Stan Johnson Company brokered the sale of a free-standing, 16,152-square-foot Del Frisco's Double Eagle Steakhouse restaurant for $15.1 million. The restaurant was acquired by Boca Raton, Florida-based private investor, Amzak Capital Management. The seller, Del Frisco's Restaurant Group, was represented by Stan Johnson Company's team of David Annett, Daniel Herrold, Campbell Black, Jennifer Cameron, and Austin Duff. “Given the stellar location and Stan Johnson Company's extensive marketing reach, we had interest from buyers across the U.S. for this sale leaseback opportunity,” says Annett. “This was a win for both buyer and seller. Del Frisco's is maintaining long-term operational control of the asset, while the buyer now owns a truly generational real estate investment.”

FORT LAUDERDALE, FL—Cushman & Wakefield negotiated the disposition of Lakeside Plaza, a 119,370-square-foot office building in Fort Lauderdale's Uptown Business District. Cushman & Wakefield's South Florida Commercial team of Dominic Montazemi, Scott O'Donnell, Greg Miller and Miguel Alcivar, in conjunction with the office leasing team of Travis Herring and Deanna Lobinsky, negotiated the disposition on behalf of New York-based Delma Properties. Hollywood, FL-based Naya USA Investment & Management LLC acquired the asset for $17.65 million, or $147.85 per square foot.

POMPANO BEACH, FL—Cushman & Wakefield negotiated the sale of a 5.15-acre industrial site at 1840 Northwest 16th Street in Broward County. CushWake's Christopher Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister negotiated the disposition on behalf of 16th Street Pompano Beach, LLC. CIVF V – FL2W01, LLC, an affiliate of Boston-based Cabot Properties, acquired the site for $2.5 million, or $11.14 per square foot.

ORLANDO—Cushman & Wakefield negotiated the sale of a 10-acre site permitted for nearly 300 multifamily units near the intersection of State Road 535 and Osceola Parkway on the Orange-Osceola County line. Jay Ballard and Ken Delvillar, of Cushman & Wakefield's Florida Multifamily Team, represented Orlando, FL-based Intram Investments, in the land disposition. Massachusetts-based Panther Residential Management and Orlando, FL-based Integra Land Company acquired the site for $4.85 million, or $161,667 per acre.

BUILDING BLOCKS

FORT LAUDERDALE, FL—Aztec Group's Howard Taft and Charles Penan secured a $19.15 million construction loan facility for The Gale Boutique Hotel in Fort Lauderdale on behalf of Newgard Development Group, led by Harvey Hernandez. The 96-key hotel is phase two of the mixed-use Gale Fort Lauderdale, which consists of the Gale Residences and Gale Boutique Hotel. Phase one, currently under construction, is a 129-unit, 12-story luxury residential condominium tower 100% sold out.

Instant Insights /

Middle Market Digest: This Week in Florida

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