Cushman & Wakefield Arranges Sale Of Orlando Hotel That Will Become Affordable Housing
Cushman & Wakefield’s Glen Jaffee represented the seller and procured the buyer for the off-market transaction.
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Cushman & Wakefield’s Glen Jaffee represented the seller and procured the buyer for the off-market transaction.
Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.
Situated within an opportunity zone, the project will be built in two phases, the first phase of which will include 300 multifamily units and more than 15,000 square feet of street-level retail space.
The site that will be developed into three Class A buildings totaling 777,200 square feet.
Chip Wooten and Jeff Gray of CBRE represented the sellers, Jim Heistand of Parkway Properties and Mark Walsh and Brett Bossung of Silverpeak, in the transaction.
The transaction marks Castle Lanterra’s second office acquisition in Florida this month.
Basis will be expanding the park with an additional 7,500 square feet of warehouse space, which will bring the total square footage to 193,000 square feet. The park currently has over 125 tenants and over 150 bays.
In alignment with Avanath’s mission to acquire, own, renovate, and operate affordable and value-oriented communities, 131 of 266 units are designated affordable, with the property’s rent restrictions continuing until 2050.
It will be the first residential phase of a larger 200-acre mixed-use development.
The Orlando office market is finally seeing positive absorption across all major submarkets. An impressive second quarter recorded 122,423 square feet of positive absorption, bringing the total for the first half of the year to 156,778 square feet.
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