BOCA RATON, FL—Waramaug Hospitality appointed Rae Salling as senior vice president of asset management. She will maintain oversight of the operating performance of the company's hotel portfolio, and be the principal liaison with the operating teams of Waramaug's management companies. Salling previously served as vice president of operations with Interstate Hotels & Resorts, where she was responsible for the management of individual assets along with evaluating possible acquisitions for the management companies' ownership groups. Before that, she served as senior executive for Winston Hospitality/Winston Hotels and Alliance Hospitality.

DEAL TRACKER

FORT MYERS, FL—Marcus & Millichap brokered the sale of Candlewood Suites, a 120-room extended-stay hotel located in Fort Myers. The $11.35 million sales price equates to more than $94,500 per room. “The Fort Myers hospitality market has experienced significant growth over the past several years and the seller captured the opportunity to take advantage of the hotel's healthy performance,” says Jonathan Ruprai, first vice president investments in the firm's Tampa office. “The buyer took advantage of an opportunity to acquire a Candlewood Suites for below replacement cost and plans to complete a renovation in order to increase the hotel's market share.” Ruprai, and Krone Weidler, also a first vice president investments in Tampa, represented the seller, a private investment group. Ruprai and Ahmed Kabani, first vice president investments in Miami, procured the buyer, AD1 Global.

TAMPA, FL—Marcus & Millichap brokered the sale of two Add A Room Self Storage facilities in Southwest Florida, one in Sarasota and one in Bradenton. Together, the properties total 182,268 net rentable square feet and 1,622 units. “This transaction proves that with all of the talk of rising interest rates and cost of capital, cap rates for cash-flowing self-storage facilities are still at historic lows,” says Michael Mele, senior managing director investments in Marcus & Millichap's Tampa office. Mele and Luke Elliott, vice president investments, represented the seller, a private investor, and procured the buyer, a privately held self-storage company.

MIAMI BEACH, FL—CREC's senior vice president Peter Mekras finalized the $4.15 million sale of 161 Washington Avenue, a 6,500-square-foot lot with a historical structure located at the corner of Washington Avenue and Second Street in the South of Fifth neighborhood of Miami Beach. The seller, 244 SOFI LLC, a private investor, acquired the site for $2.15 million in August 2013 and obtained entitlements to renovate the historic structure, which was originally built in 1925, to a full-service restaurant. Mekras represented the seller in the transaction.

TAMPA, FL—Kevin Judd, executive managing director of ARA Newmark and Scott Ramey, director of ARA Newmark brokered the sale of Landmark at Ocean Breeze and Landmark at Grand Meadow. Blue Roc Premier acquired the asset. The multifamily properties are both located in Brevard County. “The Landmark at Ocean Breeze and Landmark at Grand Meadow portfolio represented a rare opportunity to acquire 436 units across two assets and gain an immediate footprint in the Space Coast (Melbourne MSA). The properties are located within 2 miles of each other, allowing for certain operational efficiencies and economies of scale upside,” said Judd.

BUILDING BLOCKS

WESTON, FL—13th Floor Investments acquired 22 home sites at Windmill Reserve, an exclusive gated estate community in Weston, for $6.15 million. The lots cover approximately 20 acres of the 139-acre community and are immediately available to buyers looking to build custom luxury homes in one of South Florida most sought-after neighborhoods. 13th Floor is jumpstarting Windmill Reserve after the sites' previous ownership, a company tied to the estate of Victor Posner, filed for Chapter 11 bankruptcy in August of last year. 13th Floor's home sites represent the majority of the remaining lot inventory in the entire City of Weston with the only other remaining option being to purchase older homes for demolition and redevelopment. “As a result of this acquisition, 13th Floor is creating an avenue for new construction in one of South Florida's most desirable neighborhoods,” said 13th Floor Investments Senior Vice President, Don Ginsburg. “These sites are among the last remaining buildable lots for luxury in Weston, as residents look to take advantage of the area's A-rated public schools, centralized location and high quality of life.”

Early this week in Florida, we're seeing musical chairs, strategic acquisitions for development, and activity in various submarkets. The hotel market is also seeing some traction this week.

BY THE NUMBERS

Expansion activity in South Florida's office sector has been kept in check. Lease rollovers and modest expansion among local firms are accounting for most of the leasing. A few local firms are outgrowing their space as they expand payroll. (Source: Savills Studley)

NEWS & NOTABLES

BOCA RATON, FL—Waramaug Hospitality appointed Rae Salling as senior vice president of asset management. She will maintain oversight of the operating performance of the company's hotel portfolio, and be the principal liaison with the operating teams of Waramaug's management companies. Salling previously served as vice president of operations with Interstate Hotels & Resorts, where she was responsible for the management of individual assets along with evaluating possible acquisitions for the management companies' ownership groups. Before that, she served as senior executive for Winston Hospitality/Winston Hotels and Alliance Hospitality.

DEAL TRACKER

FORT MYERS, FL—Marcus & Millichap brokered the sale of Candlewood Suites, a 120-room extended-stay hotel located in Fort Myers. The $11.35 million sales price equates to more than $94,500 per room. “The Fort Myers hospitality market has experienced significant growth over the past several years and the seller captured the opportunity to take advantage of the hotel's healthy performance,” says Jonathan Ruprai, first vice president investments in the firm's Tampa office. “The buyer took advantage of an opportunity to acquire a Candlewood Suites for below replacement cost and plans to complete a renovation in order to increase the hotel's market share.” Ruprai, and Krone Weidler, also a first vice president investments in Tampa, represented the seller, a private investment group. Ruprai and Ahmed Kabani, first vice president investments in Miami, procured the buyer, AD1 Global.

TAMPA, FL—Marcus & Millichap brokered the sale of two Add A Room Self Storage facilities in Southwest Florida, one in Sarasota and one in Bradenton. Together, the properties total 182,268 net rentable square feet and 1,622 units. “This transaction proves that with all of the talk of rising interest rates and cost of capital, cap rates for cash-flowing self-storage facilities are still at historic lows,” says Michael Mele, senior managing director investments in Marcus & Millichap's Tampa office. Mele and Luke Elliott, vice president investments, represented the seller, a private investor, and procured the buyer, a privately held self-storage company.

MIAMI BEACH, FL—CREC's senior vice president Peter Mekras finalized the $4.15 million sale of 161 Washington Avenue, a 6,500-square-foot lot with a historical structure located at the corner of Washington Avenue and Second Street in the South of Fifth neighborhood of Miami Beach. The seller, 244 SOFI LLC, a private investor, acquired the site for $2.15 million in August 2013 and obtained entitlements to renovate the historic structure, which was originally built in 1925, to a full-service restaurant. Mekras represented the seller in the transaction.

TAMPA, FL—Kevin Judd, executive managing director of ARA Newmark and Scott Ramey, director of ARA Newmark brokered the sale of Landmark at Ocean Breeze and Landmark at Grand Meadow. Blue Roc Premier acquired the asset. The multifamily properties are both located in Brevard County. “The Landmark at Ocean Breeze and Landmark at Grand Meadow portfolio represented a rare opportunity to acquire 436 units across two assets and gain an immediate footprint in the Space Coast (Melbourne MSA). The properties are located within 2 miles of each other, allowing for certain operational efficiencies and economies of scale upside,” said Judd.

BUILDING BLOCKS

WESTON, FL—13th Floor Investments acquired 22 home sites at Windmill Reserve, an exclusive gated estate community in Weston, for $6.15 million. The lots cover approximately 20 acres of the 139-acre community and are immediately available to buyers looking to build custom luxury homes in one of South Florida most sought-after neighborhoods. 13th Floor is jumpstarting Windmill Reserve after the sites' previous ownership, a company tied to the estate of Victor Posner, filed for Chapter 11 bankruptcy in August of last year. 13th Floor's home sites represent the majority of the remaining lot inventory in the entire City of Weston with the only other remaining option being to purchase older homes for demolition and redevelopment. “As a result of this acquisition, 13th Floor is creating an avenue for new construction in one of South Florida's most desirable neighborhoods,” said 13th Floor Investments Senior Vice President, Don Ginsburg. “These sites are among the last remaining buildable lots for luxury in Weston, as residents look to take advantage of the area's A-rated public schools, centralized location and high quality of life.”