HFF arranges sale of historic Lincoln Theatre along Miami Beach’s famed Lincoln Road Mall

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged the sale of the historic Lincoln Theatre,(top left photo)  a 38,000-square-foot mixed-use property located on Miami Beach’s famed Lincoln Road Mall.

This transaction is scheduled to close February 1, 2010.

HFF executive managing director Manuel de Zárraga, managing director Danny Finkle (middle left photo)  and associate directors Luis Castillo and Jaret Turkell led the investment sales team on behalf of the seller, New World Symphony. A partnership led by Miami-based Savitar Realty Advisors purchased the property.

Originally built in the 1930’s as a movie house, the Lincoln Theatre is positioned in the protected art-deco architectural district of Miami Beach and is listed as a protected historic site under the National Register of Historic Places.

Located at 541 Lincoln Road, the property is situated on one of the “most unique and successful” pedestrian malls in the United States attracting millions of visitors each year with its art-deco architecture and world-renowned retailers, restaurants and hotels.

The property consists of administrative offices, practice rooms and a 704-seat performance theater that has been occupied by the New World Symphony as their headquarters for the past 20 years.

The New World Symphony will be vacating the entire building upon completion of their new $154 million campus (bottom right rendering), designed by the “world acclaimed” architect Frank Gehry, immediately behind the Lincoln Theatre.

“The Lincoln Theatre is an internationally significant landmark that will start a new chapter in the illustrious history of Lincoln Road, while complementing the new world-class home of the New World Symphony,” stated Finkle.

“We’ve seen the emergence of numerous retailers opening flagship stores on Lincoln Road that have never before had a presence in Florida” added Castillo. “Lincoln Road is in the midst of a renaissance of sorts and this space is positioned at the epicenter.”

Contacts:

Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com
Luis Castillo, HFF Associate Director, (305) 448-1333, lcastillo@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $78M sale of former Key Biscayne Sonesta Beach Resort site in Florida

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged the sale of the site of the former Sonesta Beach Resort in Key Biscayne, Florida. (Key Biscayne lighthouse top right photo)

The HFF team of executive managing director Manuel de Zárraga, senior managing directors Dan Carlo (middle left photo)  and Dan Peek (bottom right photo)  and associate directors Jaret Turkell and Luis Castillo served as the exclusive sale advisor to the owner of the property, SBR-Fortune Associates LLLP (“SBR”).

SBR is a 50/50 partnership comprised of affiliates of Sonesta International Hotels Corporation and Fortune International Realty, headed by Edgardo de Fortuna. The property was purchased for $78 million by an affiliate of Consultatio, S.A., a Buenos Aires, Argentina-based real estate investment and development firm.

“The former Sonesta site in Key Biscayne is the premier oceanfront development site along the eastern seaboard of the U.S. in what is far and away Florida’s most vibrant residential and hotel market catering to the affluent markets of South America and Europe,” said de Zárraga.

“That a prominent development group from overseas was the ultimate buyer of this unique property is a testament to how the international community views greater Miami as a very desirable venue for long-term investments,” added Carlo.

The site contains an aggregate 10.3 acres with over 500 linear feet fronting the Atlantic Ocean and is entitled for 165 residential units.

Contacts:

Manuel A. De Zarraga, HFF Executive Managing Director, (305) 448-1333, mdezarraga@hfflp.com
Kristen Murphy,  HFF Associate Director, Marketing,  (713) 852-3500  krmurphy@hfflp.com

HFF closes sale of Doubletree Hotel Coconut Grove in Miami

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of the Doubletree Hotel Coconut Grove, (top right photo) a 196-room waterfront hotel in Miami, Florida.


The HFF investment sales team was led by senior managing directors Dan Peek (bottom right photo) and Dan Carlo (middle left photo) who marketed the property on behalf of the seller, GE Asset Management.




Finvarb Group, a Miami-based real estate development firm, purchased the hotel and will convert the property to a Courtyard by Marriott following a planned extensive renovation.

The property is located at 2649 South Bayshore Drive in the Coconut Grove area of Miami. It is situated within walking distance of the Coconut Grove Convention Center and the CocoWalk entertainment center that features numerous outdoor shopping and dining venues.



Renovated in 2004, the Doubletree Hotel Coconut Grove has 9,000 square feet of meeting space, a restaurant and lobby bar, outdoor heated pool, fitness center, business center and two lighted tennis courts.

“The Doubletree Hotel Coconut Grove offered investors the opportunity to acquire an exceptional hotel with in-place cash flow, an attractive conversion opportunity and a location that is virtually irreplaceable," said Peek.


" There are no comparable sites for hotel development in the area and given the significant costs of constructing hotels in the Miami market, the below replacement cost pricing of this hotel was appealing to investors interested in renovating, repositioning and reflagging the hotel."

“During the Doubletree sale process, we saw the beginning of what is continuing in other transactions we have in the market today – a significant demand for value-add hotel investment opportunities and an expanding pool of lenders prepared to finance transactions,” added Peek.




Contacts:

Daniel C. Peek, HFF Senior Managing Director, (305) 448 1333, dpeek@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF retained to broker sale of former top national Chevrolet dealership in Orlando

MIAMI, FL – The Miami, Atlanta and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today they have been retained as the exclusive listing broker for the sale of a former “top national volume” Chevrolet dealership in Orlando, Florida.

HFF senior managing directors Whitney Knoll (Atlanta) (middle left photo) and Doug Hazelbaker (Dallas) (bottom right photo) and managing director Brad Peterson (Miami) (top right photo) will lead the investment sales team on behalf of the owner, GE Capital Real Estate, who recently foreclosed on the site.

Completed in 2001, the former dealership is situated on 27.7 acres at 127 North Oregon Street in Sanford, approximately 20 miles northeast of Orlando.

According to the 2008 edition of the Dealer 500 list published by Ward’s Dealer Business, the former Chevrolet dealership in Sanford had 2007 total volume of nearly $145 million, with 3,350 in new unit sales and 1,713 in used unit sales before it closed in September 2008.

“The former Chevrolet dealership may present an opportunity for a new auto dealer or auto dealer with multiple dealerships to upgrade location and consolidate operations.

Also, because of its outstanding Interstate 4 highway frontage, it could be an excellent redevelopment site for an office, multifamily, retail or hotel project,” said Peterson.

Contacts:

H. Bradley Peterson, HFF Managing Director, (407) 286-5224, bpeterson@hfflp.com

Kristen M. Murphy, HFF

Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF places $18.5M loan with Freddie Mac for Tampa, FL multifamily community

MIAMI, FL – The Miami and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that they have placed an $18.5 million loan with Freddie Mac for Mallory Square Apartments,(top right photo) a 383-unit multifamily community in Tampa, Florida.

HFF director Elliott Throne and senior managing director Fred Wittmann exclusively represented the borrower, the investment management subsidiary of Connecticut General Life Insurance Company.

HFF placed the seven-year, adjustable-rate loan with the lender, which will also be serviced by HFF. Loan proceeds are refinancing a construction loan.

“Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing. The day one interest rate was in the low four percent range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today,” said Throne.

“The lender was attracted to the deal due to the quality of the asset and the strength of the sponsorship.”

Completed in 2006, Mallory Square Apartments is located at 11306 Mallory Square Drive approximately 10 miles from both Tampa’s central business district and Crystal and Clearwater Beaches.

Contacts:

ELLIOTT P. THRONE, HFF Director, (305) 421-6549, ethrone@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com