Marcus & Millichap Capital Corp. Brokers Sale of Two-Property Hotel Portfolio in Orlando, FL for $13.5 Million

Ahmed Kabani

ORLANDO, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise announced the sale of a two-property hotel portfolio in Orlando, Florida, according to Scott Lunine, regional manager of the firm’s Miami office.

The properties are a 200-room Clarion Hotel and the Econo Lodge Orlando Airport, which has 130 rooms. The two hotels sold for a total of $13.5 million.

            “The acquisition provides the new owner with a great opportunity to grow revenue in one of the largest hotel markets in Florida,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office.

“The large banquet hall, bars and meeting rooms are perfect for the Orlando market and new ownership can add a building in the land behind the property.”

Kabani represented the seller, a private investment trust, and procured the buyer, a limited liability company.

Clarion Hotel, Orlando, FL

Built in 1985 on 8.6 acres, the properties are located off State Road 528, which connects traffic from Interstate 95 to Orlando and provides easy access to the city’s main attractions, including Walt Disney World and Universal Studios. Orlando International Airport is three miles away and the Orange County Convention Center is within a 15-minute drive.

  

For more information, please contact:

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com
Follow us on:        NYSE: MMI
www.MarcusMillichap.com

OR

  Scott Lunine

Vice President / Regional Manager, Miami

(786) 522-7000

Gift of Life Marrow Registry Leases Penthouse Office Space at Sabre Centre I in Boca Raton, FL

Sabre Centre I, Boca Raton, FL

Mark Corlew

BOCA RATON, FL – Gift of Life Marrow Registry, the renowned national bone marrow registry that helps to cure patients suffering from blood cancer, has leased the 17,465 sq.-ft. penthouse Sabre Centre I in Boca Raton.

“Gift of Life is a life-changer for those who have been diagnosed with a blood cancer,” said Partner Mark Corlew. “We are honored they chose Sabre Centre I for their new headquarters location.”

Gift of Life Marrow Registry has more than 260,000 donors in the registry and has accomplished 3,100 lifesaving transplants. Donors who join the Gift of Life registry become part of the international registry database serving more than 70 countries. Donors can be searched by transplant centers and physicians around the world.

John Criddle

Sabre Centre I offers prime Class A office space and is uniquely positioned to attract notable tenants due to its high-end luxury spaces and key Boca Raton submarket location within The Park at Broken Sound, a revitalized commercial and residential hub.

The 102,351 sq.-ft., six-story Sabre Centre I office building is a Grover Corlew signature property that has undergone a high-end modernization to the lobby, common areas, elevator and new tenant spaces. 

The property sits on six acres with views of Broken Sound Golf Course, ample free surface parking and within a surrounding 700 acres of open green space and retail and business outlets.

“Sabre Centre I’s penthouse space is a one-of-a-kind corporate location in Boca Raton with scenic views of the surrounding walking trails, lakes, golf courses and waterways, yet within easy access to I-95 and downtown Boca Raton,” said leasing agent John Criddle, of Cushman & Wakefield.

John Jaspert

Just last month Grover Corlew leased 23,130 sq. ft.  to the global hair restoration and replacement giant, Hair Club for Men, which will relocate its corporate offices to Palmetto Place @ Boca Raton, another Grover Corlew signature property undergoing a multi-million-dollar renovation and rebranding. 

This is the second headquarters lease in Boca Raton this year for the real estate investment management group.

John Criddle of Cushman & Wakefield represented the landlord in the transaction. John Jaspert of CBRE represented the tenant.

For more information on leasing at Sabre Centre I contact John Criddle at 954-377-0465.

For more information, please contact:

 Samantha Van Nuys

O: 954.776.1999  ext. 115 |C: 954.648.9132

6451 North Federal Highway, Suite 1200 |Fort Lauderdale, Florida 33308

www.grovercorlew.com.

www.giftoflife.org.

          

HFF announces financing for The MARQ on Martin in Lacey, WA

The MARQ on Martin Apartments, Lacey, WA

Charles Halladay

SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for The MARQ on Martin, a newly completed, 248-unit garden-style multi-housing community in Lacey, Washington.

The HFF team worked on behalf of Security Properties to secure the 10-year, fixed-rate loan with five years of interest only through Freddie Mac’s CME – Lease-Up Program. 

 The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds were used to acquire the property.

Scott Gilson

The MARQ on Martin comprises studio, one- and two-bedroom apartment homes featuring modern finishes and amenities, including stainless steel appliances, in-unit washers and dryers, and walk-in closets. 

 In addition, common area amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong, outdoor dining and grilling area, 24-hour fitness center, clubhouse with fireplace and billiards and entertainment kitchen.

  Completed earlier this year, the community is located at 8545 Litt Drive SE to the south of Interstate 5 and approximately eight miles northeast of Olympia’s CBD.

Robert Bova

 The HFF debt placement team representing the borrower included senior managing director Charles Halladay, director Scott Gilson and analyst Robert Bova.

 “This deal qualified for Freddie Mac’s Lease-Up Program, which is a very competitive product in the market,” Gilson said.  “This loan structure allowed the borrower to close on the acquisition with an aggressive rate prior to the property reaching stabilization.”

  For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

www.securityproperties.com.

HFF announces $20.95 milion financing for luxury residential development in Chicago’s Lincoln Park

Rendering of planned Norweta Row luxury apartments, Lincoln Park Neighborhood, Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood.

Christopher Knight

The HFF team worked on behalf of Broder to secure the construction loan through Citizens Bank.  Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.

Norweta Row will be located at 2611 North Hermitage southeast of the intersection of W. Diversey Parkway and N. Clybourn Avenue in Lincoln Park. 

The apartment phase of the project is due for completion in the spring of 2019 and will encompass a four and a half-story building with 42 rentable apartment units totaling 79,000 square feet. 

 The 31 for-sale condominium units will total 83,900 square feet. Both phases of the project will be constructed to LEED Platinum specifications and will include smart-home technology, pre-wired surround sound, hardwood floors, quartz countertops, Sub-Zero refrigerators and Wolf appliances, and full-size washers and dryers. 

Greg LaBine

Community amenities will include nearly an acre of outdoor space, a resort-style pool, fire pit, outdoor dining and grilling area, private courtyards, 30-foot sport court, pet concierge service, dog wash station and electric car charging stations.

The HFF debt placement team representing the borrower included director Christopher Knight and managing director Greg LaBine.

“Norweta Row’s attention to detail, thoughtful unit layouts and breadth of amenities in the highly desirable Lincoln Park neighborhood is unique to the market and will be very well received by renters and buyers alike,” Knight said. 

 For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com