Orlando Monthly CRE Wrap-Up (Feb. 2020)
- Mar 05, 2020
Orlando remains a hospitality hot spot, and the four hotel projects that landed $140 million in financing last month are one of the many hints that this is not going to change anytime soon. Meanwhile, a major mall is set to change hands as part of a larger, $3.6 billion acquisition. Here’s Commercial Property Executive‘s selection of Orlando must-knows for the past month:
1. DEAL – The Mall at Millenia to change hands as part of $3.6 billion Taubman acquisition.
Simon Property Group is set to acquire an 80 percent interest in Taubman Realty Group, which owns 34 Class A malls across the country. The 1.2 million-square-foot Mall at Millenia, located 3 miles from Universal Studios Florida, just off Interstate 4, is slated to trade as part of this transaction. The shopping mall’s tenant roster includes Bloomingdale’s, Macy’s, Neiman Marcus, H&M and the Cheesecake Factory, among many others.
2. FINANCING – HALL Structured Finance closes $140 million loan for new hotels near Disney.
The four projects located at the western entrance of Walt Disney World Resort add up to 997 guestrooms and are slated to come online by year-end. The list of properties underway includes a Fairfield Inn, a Residence Inn, a Homewood Suites and a Home 2 Suites, all being developed by Doradus Partners.
3. DEAL – Brightman-Gil Real Estate buys Maitland office building.
Crocker Partners sold the 174,000-square-foot asset located at 851 Trafalgar Court in Maitland, Fla. CBRE assisted the seller in the $28.2 million transaction. The buyer received a seven-year, $18.6 million loan from Reinsurance Group of America. The asset last changed hands in 2014, when Crocker acquired it from GID for $14.9 million.
4. DEAL – Griffin Industrial acquires second Orlando industrial asset.
The company bought the property from an individual private investor for $7.9 million, according to public records. The property came online in 1985 and is located at 3320 Maggie Blvd. The 108,000-square-foot, fully leased facility increases Griffin’s footprint to 41 assets totaling almost 4.6 million square feet.