Southeast Real Estate Business

APR 2018

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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www.REBusinessOnline.com Southeast Real Estate Business • April 2018 • 9 F L O R I D A ASHFORD PRIME TO ACQUIRE RITZ-CARLTON SARASOTA FOR $171 MILLION SARASOTA, FLA. — Maryland- based Ashford Hospitality Prime Inc. has agreed to acquire the 266-room Ritz-Carlton Sarasota, located ap- proximately 60 miles south of Tampa, for $171 million. Ashford Prime is also acquiring a 22-acre plot of va- cant land adjacent to the hotel for $9.7 million with plans for residential de- velopment adjacent to a golf course. The acquisitions are expected to close early this month. Built in 2001, Ritz- Carlton Sarasota features 31 suites. Amenities include a 26,000-square- foot beach club, private golf club, spa, eight food and beverage outlets, 29,000 square feet of meeting space, two outdoor pools, fitness club, ten- nis courts and kid's club. Ritz-Carl- ton will continue to manage the hotel after the sale. The seller was not dis- closed. CUSHMAN & WAKEFIELD BROKERS $71.4 MILLION SALE OF NEW MULTIFAMILY ASSET IN SOUTH FLORIDA FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capi- tal, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisi- tion between the firms. Spectra Apart- ments offers a mix of one- to three- bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park. EAST END CAPITAL, GREENOAK ACQUIRE OFFICE, RETAIL BUILDING IN MIAMI BEACH FOR $38 MILLION MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Av- enue, an office and retail building in Miami Beach. EOSII at 555 Washing- ton LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 mil- lion, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Ar- quitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion hous- es tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property's of- fice leasing, while Zach Winkler of JLL is overseeing the leasing of the build- ing's retail portion. MORGAN, MESIROW FINANCIAL OPEN 309-UNIT APARTMENT TOWER IN MIDTOWN MIAMI MIAMI — Houston-based developer Morgan, in conjunction with Mesirow Financial, has opened Midtown 29, a 309-unit apartment tower located at 180 N.E. 29th St. in Midtown Mi- ami. Designed by Stantec, the com- munity is situated at the entrance of the 645,000-square-foot Shops at Mid- town Miami. Wells Fargo provided construction financing for the 20-story project, which comprises studio to three-bedroom units, averaging 837 square feet. The seventh floor amenity deck features a resort-style swimming pool with private cabanas, an outdoor bar, grilling stations and a fitness cen- ter with a yoga/spinning studio. The development also includes 12,000 square feet of ground-floor retail and an adjacent six-story parking garage. In addition to delivering Midtown 29, Morgan plans to open the 350-unit Pearl Flagler Village in Fort Lauder- dale at the end of the year. Every time SIORs walk into a room, their reputation precedes them. Experienced, knowledgeable, and focused, SIORs represent the absolute best in commercial real estate. Access the world's most elite network and open the door to game- changing opportunities. SIOR . Your next big win is just four letters away. HERE COMES JANET. www.SIOR.com

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