Florida Keys Deals Flowing in 2014

MIAMI—It's one of the largest commercial real estate transactions in Ocean Reef Club. The Marina Inn property in the exclusive Key Largo, FL club just sold for $20 million.

George Pino, president of State Street Realty, along with William Dickinson, broker associate at Ocean Reef Club Real Estate Company, represented the buyer, Marina Inn Land, in the deal.  Russell Post Sotheby's International Realty represented the seller.

“Over the past 24 months, State Street Realty has participated in $35 million of transactions at the private and exclusive Ocean Reef Club,” says Pino. The Marina Inn property is less than an hour from Miami. 

The buyer plans to redevelop the Marina Inn site with 30 new luxury condo units. The three-acre property includes 750 feet of waterfront and currently consists of eight large two-bedroom rental properties.

Commercial real estate players have been active in the Florida Keys this year. In September, two beachfront resort and marina assets in the Florida Keys traded hands. Both in Islamorada, the Postcard Inn Beach Resort & Marina at Holiday Isle and the La Siesta Resort & Marina sold. 

In August, a five-hotel Florida Keys portfolio sold. Delray Beach-based Ocean Propertiessnapped up the 516-room portfolio, which includes the Courtyard Key Largo, Holiday Inn Key Largo, Marina Del Mar Resort & Marina, and Marriott Key Largo, as well as the Travelodge & Suites Bayside Resort located in Key West.

It's not often you hear about Key West multifamily assets trading. But in June, a joint venture with Rockpoint Group, Miami-based Mast Capital acquired a fee simple interest in West Isles Club. The sale price was $39.5 million, or $205,700 per unit.

Hersha bought a Key West hotel for $100 millionin May. And in February, a private island in the Florida Keys has hit the market. Pumpkin Key, which is part of the exclusive Ocean Reef community and less than an hour from Miami, listed at $110 million.