VENICE, FL—Home2 Suites by Hilton Nokomis has opened its doors. Designed for travelers who want to maintain their normal routine, the hotel features 100 suites and a range of value, tech-focused and eco-conscious amenities. Located near Casey Key and the city of Venice, FL, LODGCO Hospitality is managing the hotel. It is located at 227 Albee Road West.

DEAL TRACKER

PENSACOLA BEACH, FL—Marcus & Millichap brokered the sale of the Days Inn Pensacola Beachfront, a 123-room hotel. The $13.5 million sales price equates to more than $109,000 per room. “There are only nine hotels in Pensacola Beach,” says David Altman, senior associate in Marcus & Millichap's Fort Lauderdale office. “Due to the high barriers to enter this market and through a targeted marketing campaign, we were successful in fielding offers and entering into a sales contract within three weeks of bringing the property to market. The new owner of the Days Inn Pensacola Beachfront plans on renovating the property to add additional amenities for future guests.” Altman, David Greenberg, senior managing director investments, Robert S. Hunter, first vice president investments, and Gabriel Shamay, associate, represented the seller, Highland Development Group and procured the buyer, a limited-liability company based in Texas.

TAMPA, FL—Marcus & Millichap brokered the sale of The Park at Aberdeen, a 320-unit multifamily community in Tampa. The $24.1 million sales price equates to more than $75,000 per unit. “Built in 1972, The Park at Aberdeen is located within a submarket where multifamily assets from the 1970s achieve year-over-year rent growth of nearly 11 percent,” says Frank Carriera, senior managing director investments in Marcus & Millichap's Tampa office. “This is especially significant in that at the time of the sale, rents were 15 to 20 percent below market.” Carriera, and Michael Regan, senior managing director investments, represented the seller. Carriera, Regan and Moe Derbala, senior associate, procured the buyer. Eric Fixler, senior director of Marcus & Millichap's IPA Capital Markets division, arranged $19.76 million, 10-year, fixed-rate acquisition financing with four years interest only.

ORLANDO—JLL has been retained to oversee the sale of Church Street Station, an iconic entertainment center located in the heart of Downtown Orlando's central business district. The northern portion of the Church Street project, currently occupied by Lion's Pride and Ceviche, along with a vacant space which is a fully built-out historic bar, has already hit the market. Church Street Station North will be sold for the best offer, on a “Bid Deadline” format, with all bids due on a specific date to be set in late June. JLL managing director Carson Good, vice president, Tarik Bateh and senior vice president Justin Greider will market the asset on behalf of the property's owner.

ZEPHYRHILLS, FL—Marcus & Millichap brokered the sale of Friendly Park Adult Community, a 21-space manufactured homes community in Zephyrhills, near Tampa, FL. The asset sold for $505,000. Sebastian Harris and Dan Mulkey, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a limited liability company. The investor, also a limited liability company, was secured and represented by Harris. Friendly Mobile Home Park is located at 37936 12th Avenue in Zephyrhills. This 55-plus park is located in a residential neighborhood near downtown Zephyrhills. It has 20 occupied sites and is serviced by city utilities. There are no amenities.

BUILDING BLOCKS

MIAMI—A team of local entrepreneurs and civic groups, named Marina PARC (Public Access-Recreation-Community), have teamed up to reimagine the Rickenbacker Marina on Virginia Key as part of a City of Miami RFP process intended to maximize the property's public benefit and commercial value. Marina PARC is led by the Melwani family, which has operated the Rickenbacker Marina since 1983, and Key International, one of South Florida's premier commercial and residential developers. The master plan, designed by Stantec's Miami office, includes an expansive baywalk offering sweeping views of Miami's skyline and Biscayne Bay. A publicly-accessible boat launch will serve recreational boaters from the community, while a pavilion and café will appeal to cyclists and watersports enthusiasts. Nearby, expanded public space will be activated for outdoor events. A watersports concession will allow the public to explore Virginia Key's native habitat by kayak, stand-up paddle board and more. The marina's redevelopment will also satisfy growing demand among boaters. The number of registered vessels in Florida has grown 50% since 1987, yet the number of boat slips in the State has remained flat throughout that 30 year span, according to a 2016 report by Miami-Dade County. This pent-up demand coincides with a surge in commercial and residential development along the water, putting added pressure on the community's existing marinas to enhance their services.

Early this week in Florida, we see new hotels opening and trading hands. There's also a major project in Miami underway that will change some local dynamics.

BY THE NUMBERS

E-commerce shapes retailers' brick-and-mortar presence. Consumers today seek more diverse services or experiences within or near shopping centers. This progression provides owners a broader span of tenants than before, allowing the vacancy rate in Orlando to continue dropping. Some of the metro's fastest-growing retail corridors are centered around new experiences or destination spots. New attractions developed this year that are boosting shopping traffic include Mario Andretti Racing Experience and Topgolf, which opens this summer in southwest Orlando. (Source: Marcus & Millichap)

NEWS & NOTABLES

VENICE, FL—Home2 Suites by Hilton Nokomis has opened its doors. Designed for travelers who want to maintain their normal routine, the hotel features 100 suites and a range of value, tech-focused and eco-conscious amenities. Located near Casey Key and the city of Venice, FL, LODGCO Hospitality is managing the hotel. It is located at 227 Albee Road West.

DEAL TRACKER

PENSACOLA BEACH, FL—Marcus & Millichap brokered the sale of the Days Inn Pensacola Beachfront, a 123-room hotel. The $13.5 million sales price equates to more than $109,000 per room. “There are only nine hotels in Pensacola Beach,” says David Altman, senior associate in Marcus & Millichap's Fort Lauderdale office. “Due to the high barriers to enter this market and through a targeted marketing campaign, we were successful in fielding offers and entering into a sales contract within three weeks of bringing the property to market. The new owner of the Days Inn Pensacola Beachfront plans on renovating the property to add additional amenities for future guests.” Altman, David Greenberg, senior managing director investments, Robert S. Hunter, first vice president investments, and Gabriel Shamay, associate, represented the seller, Highland Development Group and procured the buyer, a limited-liability company based in Texas.

TAMPA, FL—Marcus & Millichap brokered the sale of The Park at Aberdeen, a 320-unit multifamily community in Tampa. The $24.1 million sales price equates to more than $75,000 per unit. “Built in 1972, The Park at Aberdeen is located within a submarket where multifamily assets from the 1970s achieve year-over-year rent growth of nearly 11 percent,” says Frank Carriera, senior managing director investments in Marcus & Millichap's Tampa office. “This is especially significant in that at the time of the sale, rents were 15 to 20 percent below market.” Carriera, and Michael Regan, senior managing director investments, represented the seller. Carriera, Regan and Moe Derbala, senior associate, procured the buyer. Eric Fixler, senior director of Marcus & Millichap's IPA Capital Markets division, arranged $19.76 million, 10-year, fixed-rate acquisition financing with four years interest only.

ORLANDO—JLL has been retained to oversee the sale of Church Street Station, an iconic entertainment center located in the heart of Downtown Orlando's central business district. The northern portion of the Church Street project, currently occupied by Lion's Pride and Ceviche, along with a vacant space which is a fully built-out historic bar, has already hit the market. Church Street Station North will be sold for the best offer, on a “Bid Deadline” format, with all bids due on a specific date to be set in late June. JLL managing director Carson Good, vice president, Tarik Bateh and senior vice president Justin Greider will market the asset on behalf of the property's owner.

ZEPHYRHILLS, FL—Marcus & Millichap brokered the sale of Friendly Park Adult Community, a 21-space manufactured homes community in Zephyrhills, near Tampa, FL. The asset sold for $505,000. Sebastian Harris and Dan Mulkey, investment specialists in Marcus & Millichap's Tampa office, represented the seller, a limited liability company. The investor, also a limited liability company, was secured and represented by Harris. Friendly Mobile Home Park is located at 37936 12th Avenue in Zephyrhills. This 55-plus park is located in a residential neighborhood near downtown Zephyrhills. It has 20 occupied sites and is serviced by city utilities. There are no amenities.

BUILDING BLOCKS

MIAMI—A team of local entrepreneurs and civic groups, named Marina PARC (Public Access-Recreation-Community), have teamed up to reimagine the Rickenbacker Marina on Virginia Key as part of a City of Miami RFP process intended to maximize the property's public benefit and commercial value. Marina PARC is led by the Melwani family, which has operated the Rickenbacker Marina since 1983, and Key International, one of South Florida's premier commercial and residential developers. The master plan, designed by Stantec's Miami office, includes an expansive baywalk offering sweeping views of Miami's skyline and Biscayne Bay. A publicly-accessible boat launch will serve recreational boaters from the community, while a pavilion and café will appeal to cyclists and watersports enthusiasts. Nearby, expanded public space will be activated for outdoor events. A watersports concession will allow the public to explore Virginia Key's native habitat by kayak, stand-up paddle board and more. The marina's redevelopment will also satisfy growing demand among boaters. The number of registered vessels in Florida has grown 50% since 1987, yet the number of boat slips in the State has remained flat throughout that 30 year span, according to a 2016 report by Miami-Dade County. This pent-up demand coincides with a surge in commercial and residential development along the water, putting added pressure on the community's existing marinas to enhance their services.