LAUDERDALE-BY-THE-SEA, FL—The seaside town will be home to the Plunge Beach Hotel in March 2017. Developed by the Florida Development Group and managed by Hospitality Ventures Management Group, the 163-room oceanfront hotel complex, formerly the site of the Florida Beach Hotel, is located at 4660 El Mar Drive between A1A and the Atlantic Ocean. “We discovered an untapped consumer market, which until now, hadn't catered to the emerging creative class of Millennials and young families who desire an off-the-radar, experiential vacation,” says Paul Ditheridge, director of marketing for Plunge Beach Hotel. “We designed Plunge to fill this void and are thrilled to introduce beach lovers to our authentic, anything-but-boring retreat.”

DEAL TRACKER

CAPE CANAVERAL, FL—Marcus & Millichap brokered the sale of Avis Budget Car & Truck Rental Absolute-Net, a 1,560-square foot net-leased property located in Cape Canaveral. The asset sold for $1.611 million. Avis just renewed its lease for an additional five years at 8401 Astronaut Boulevard. This is a corporate guaranteed, absolute triple-net lease with 3.5% annual increases. The 1.37 acres of land sit in front of State Road A1A, which experiences traffics counts of over 29,000 cars per day. Ronnie Issenberg and Gabriel Britti, vice presidents investments, along with Pierson D. Tedeschi, associate, in M&M's Miami office had the exclusive listing to market the property on behalf of the seller, an individual-personal trust.

ORLANDO—NAI Realvest negotiated eight new leases at South Park Business Center and one expansion lease at the warehouse facility on Carder Road in Orlando, all totaling more than 19,964 rentable square feet. Tom R. Kelley, a principal at NAI Realvest, represented Miami-based landlord South Park LLC in lease agreements with eight new tenants for a total of 14,864 square feet at 8600 Commodity Circle off South John Young Parkway and West Sandlake Road. Tenants include Excel Express Cargo, Warrick Group, New Era Apprenticeship, Educational Services, Festejos Party Rentals and F.W. Creations, who each leased 1,830 square feet, along with Minifigs 'R Us, which leased 1,825 square feet and FloorMaster Enterprises who leased 2,059 square feet. John Gordon of Olde Town Brokers represented New Era Apprenticeship. Kelley also completed an office/warehouse expansion lease agreement for 5,100 square feet representing Freese Management of Oviedo, the landlord at 5612 Carder Road.

NAPLES, FL—Hunt Mortgage Group provided a $9.3 million Fannie Mae loan facility to enable the acquisition of a multifamily housing property located in Naples, Florida. Jade at Olde Naples is a garden-style multifamily property comprised of nine, two-story multifamily buildings and one leasing office with a total of 104 units. The multifamily buildings were developed in 1958 and 1972 and offer a total of 56,662 square feet of rentable space. The property underwent a multimillion-dollar gut renovation that was completed in 2015 and 2016. The sponsor is Corridor Ventures, a Connecticut-based real estate investment company. The transaction is structured with a 12-year term with 11.5 years yield maintenance. There are three years of interest only followed by 30-year amortization.

MIAMI—Colliers International vice president Marcos Puente represented the seller of the Moon Thai & Japanese and Starbucks property along the South Dixie Highway Corridor near University of Miami. Located at 1114 South Dixie Highway in Coral Gables, the two-tenant strip center was sold for $6.4 million to Gem Pyramind LLC, an entity controlled by a private investor from Argentina. The seller was Gazebo Corp., who vetted 11 offers for the fully-leased property. “The deal highlights the extreme demand for properties in the submarket,” Puente says. “We had 11 offers from multiple private owners, developers, and local private equity groups, all above the $6 million range. That shows the wide spectrum of buyers who are willing to pay a premium and accept a lower rate of return today to control key properties on South Dixie Highway near the University of Miami and mass transit, where land and retail space is scarce.”

ORLANDO—NAI Realvest negotiated a $1.3 million sale of the 15,590-square-foot industrial building on a 4.8-acre site at 100 Thorpe Road in south Orlando. Michael Heidrich, principal at NAI Realvest and associate Patty Nolff, negotiated the transaction representing the seller, Akron, Ohio-based Quikey Manufacturing Co. The local buyer is S.A. LTG LLC was represented by Elliot Vazquez of Florida Living Real Estate.

BUILDING BLOCKS

NAPLES, FL—Sefira Capital LLC and Diversified Realty Development Co. broke ground on a $12.5 million self-storage facility in Naples. The facility will be managed by CubeSmart, the fourth largest owner and operator of self-storage facilities in the United States. This self-storage facility sits at the Northeast quadrant of Interstate 75 and Colliers Boulevard (CR 951), at 3803 White Lake Boulevard. It will open in Summer 2017.

New hotels are opening. Triple-net leases are inking. And capital deals are getting done. That's the story line early this week in Florida. Naples also saw more than the typical volume of deals as more investors take a second look at the West Coast of the Sunshine State.

BY THE NUMBERS

According to a recent report issued by the Institute for Economic Competitiveness, Florida's economy, as measured by real GDP, is expected to expand by 2.9% annually through 2019, outpacing the national average. Broward County continued to experience positive economic activity, as demonstrated by the 4.6% local unemployment rate as of September 2016—a 60-bps decrease year-over-year. Market fundamentals remained relatively strong with positive net absorption, tepid speculative construction and an increase in non-agricultural employment of 34,800 jobs in that same period. (Source: Avison Young)

NEWS & NOTABLES

LAUDERDALE-BY-THE-SEA, FL—The seaside town will be home to the Plunge Beach Hotel in March 2017. Developed by the Florida Development Group and managed by Hospitality Ventures Management Group, the 163-room oceanfront hotel complex, formerly the site of the Florida Beach Hotel, is located at 4660 El Mar Drive between A1A and the Atlantic Ocean. “We discovered an untapped consumer market, which until now, hadn't catered to the emerging creative class of Millennials and young families who desire an off-the-radar, experiential vacation,” says Paul Ditheridge, director of marketing for Plunge Beach Hotel. “We designed Plunge to fill this void and are thrilled to introduce beach lovers to our authentic, anything-but-boring retreat.”

DEAL TRACKER

CAPE CANAVERAL, FL—Marcus & Millichap brokered the sale of Avis Budget Car & Truck Rental Absolute-Net, a 1,560-square foot net-leased property located in Cape Canaveral. The asset sold for $1.611 million. Avis just renewed its lease for an additional five years at 8401 Astronaut Boulevard. This is a corporate guaranteed, absolute triple-net lease with 3.5% annual increases. The 1.37 acres of land sit in front of State Road A1A, which experiences traffics counts of over 29,000 cars per day. Ronnie Issenberg and Gabriel Britti, vice presidents investments, along with Pierson D. Tedeschi, associate, in M&M's Miami office had the exclusive listing to market the property on behalf of the seller, an individual-personal trust.

ORLANDO—NAI Realvest negotiated eight new leases at South Park Business Center and one expansion lease at the warehouse facility on Carder Road in Orlando, all totaling more than 19,964 rentable square feet. Tom R. Kelley, a principal at NAI Realvest, represented Miami-based landlord South Park LLC in lease agreements with eight new tenants for a total of 14,864 square feet at 8600 Commodity Circle off South John Young Parkway and West Sandlake Road. Tenants include Excel Express Cargo, Warrick Group, New Era Apprenticeship, Educational Services, Festejos Party Rentals and F.W. Creations, who each leased 1,830 square feet, along with Minifigs 'R Us, which leased 1,825 square feet and FloorMaster Enterprises who leased 2,059 square feet. John Gordon of Olde Town Brokers represented New Era Apprenticeship. Kelley also completed an office/warehouse expansion lease agreement for 5,100 square feet representing Freese Management of Oviedo, the landlord at 5612 Carder Road.

NAPLES, FL—Hunt Mortgage Group provided a $9.3 million Fannie Mae loan facility to enable the acquisition of a multifamily housing property located in Naples, Florida. Jade at Olde Naples is a garden-style multifamily property comprised of nine, two-story multifamily buildings and one leasing office with a total of 104 units. The multifamily buildings were developed in 1958 and 1972 and offer a total of 56,662 square feet of rentable space. The property underwent a multimillion-dollar gut renovation that was completed in 2015 and 2016. The sponsor is Corridor Ventures, a Connecticut-based real estate investment company. The transaction is structured with a 12-year term with 11.5 years yield maintenance. There are three years of interest only followed by 30-year amortization.

MIAMI—Colliers International vice president Marcos Puente represented the seller of the Moon Thai & Japanese and Starbucks property along the South Dixie Highway Corridor near University of Miami. Located at 1114 South Dixie Highway in Coral Gables, the two-tenant strip center was sold for $6.4 million to Gem Pyramind LLC, an entity controlled by a private investor from Argentina. The seller was Gazebo Corp., who vetted 11 offers for the fully-leased property. “The deal highlights the extreme demand for properties in the submarket,” Puente says. “We had 11 offers from multiple private owners, developers, and local private equity groups, all above the $6 million range. That shows the wide spectrum of buyers who are willing to pay a premium and accept a lower rate of return today to control key properties on South Dixie Highway near the University of Miami and mass transit, where land and retail space is scarce.”

ORLANDO—NAI Realvest negotiated a $1.3 million sale of the 15,590-square-foot industrial building on a 4.8-acre site at 100 Thorpe Road in south Orlando. Michael Heidrich, principal at NAI Realvest and associate Patty Nolff, negotiated the transaction representing the seller, Akron, Ohio-based Quikey Manufacturing Co. The local buyer is S.A. LTG LLC was represented by Elliot Vazquez of Florida Living Real Estate.

BUILDING BLOCKS

NAPLES, FL—Sefira Capital LLC and Diversified Realty Development Co. broke ground on a $12.5 million self-storage facility in Naples. The facility will be managed by CubeSmart, the fourth largest owner and operator of self-storage facilities in the United States. This self-storage facility sits at the Northeast quadrant of Interstate 75 and Colliers Boulevard (CR 951), at 3803 White Lake Boulevard. It will open in Summer 2017.