Saturday, July 4, 2020

Historic Le Petit Trianon Mansion Survived 1906 San Francisco Earthquake for Sale at $21.8 Million


Modeled after King Louis XV’s Petit Trianon on the grounds of the Palace of Versailles, San Francisco’s Le Petit Trianon
is now for sale at $21.8 million.

Photo credit:  Coldwell Banker
NOB HILL, SAN FRANCISCO, CA -- San Francisco lost most of its buildings in the 1906 earthquake and fire that destroyed 80% of the town. However two of the city’s grand mansions did survive.  

The James C. Flood Mansion, built for a silver baron in 1885 out of brownstone and mortar, was the only mansion on Nob Hill that survived the earthquake.


Julia Roberts 

Soon after the quake, it was purchased by the Pacific-Union Club and still operates today as one of the country’s most exclusive men’s clubs.  

 Le Petit Trianon in the Presidio Heights neighborhood, built between 1902 and 1904 out of brick and sandstone, also survived the disaster. 

Modeled after King Louis XV’s Petit Trianon on the grounds of the Palace of Versailles, San Francisco’s Le Petit Trianon is now for sale at $21.8 million.

The neighborhood attracts many Silicon Valley executives who seek the peace and quiet of an elegant, long established and more permanent living environment.  Its most famous celebrity is Julia Roberts who bought a Victorian home there in 2020 for $8.3 million.


Corinne Koshland 
(Courtesy geni.com)
Designated as a historic landmark both for the city and the nation, Le Petit Trianon was built for Marcus and Corinne Koshland after they visited Versailles on their European grand tour in 1900.  

Marcus was heir to Koshland Brothers, a company in the import-export wool, hides and fur trade businesses.  Corinne was a founder of the San Francisco Symphony Association and one of the first directors of the San Francisco Opera Company.  


Marcus Koshland 
She used the mansion’s rotunda, with its perfect acoustics, to present concerts with a wide variety of music ranging from opera to violin and piano by guest musicians such as Igor Stravinsky, Jascha Heifitz, and Leonard Bernstein. Almost a hundred guests could be seated on the home’s wide stairs and in its lobby, according to TopTenRealEstateDeals.com.

Built on three levels with views of the city and San Francisco Bay, the 17,895-square-foot home has a total of 20 rooms including nine bedrooms and nine baths.  

There are two kitchens, two wet bars and a large butler’s pantry.  Nine fireplaces, each of different character, are found throughout adding to the romance of the home. 


 Leonard Bernstein
Other rooms included a ballroom-turned-elegant nightclub, media room, formal living and dining rooms, reception room, library, family room, two home offices, den, breakfast room and gardening room with delightful bug wallpaper guaranteed to bring a smile. 


Jascha Heifitz

 All main rooms branch off from a grand central atrium spilling light through its stained glass ceiling.  Outside there is a two-car garage and parking for six-to-eight cars in the cobblestone driveway.  Beautifully landscaped, private French gardens are perfect for entertaining or alfresco dining. 


Igor Stravinsky

Presidio Heights is one of San Francisco’s wealthiest neighborhoods, located away from the hustle and bustle of San Francisco’s downtown and tourism areas.  Mostly a residential area of impressive homes, it is just a few blocks to some of the city’s best parks, luxury shopping and fine dining. 

Joel Goodrich

Le Petit Trianon, chosen twice as the setting for the annual San Francisco Decorator Showcase, is priced at $21.8 million and listed by Joel Goodrich, Coldwell Banker, San Francisco, California.


 CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  



Thursday, July 2, 2020

William Randolph Hearst's Storied 115-Room Castle Home Priced at $2.2 Million


115-room, 68,500-SF Hearst Castle ("La Cuesta Encantada")  
San Simeon, CA

SAN SIMEON, CA -- Just a short stroll to the Bay Club and marina, the Hearst-Davies home is priced at $2.195 million.

It is listed by Sabrina Teplin of Douglas Elliman, The Hamptons, Long Island, New York.


William Randolph Hearst 
  
William Randolph Hearst was the legendary publisher whose name still appears as the Hearst conglomerate: a leading global, diversified media, information and services company with more than 360 businesses.  

The movie Citizen Kane was based on his life and he is famous for building the storied Hearst Castle on land he inherited from his father overlooking San Simeon, California.  


Millicent Wilson Hearst

Hearst named the estate La Cuesta Encantada (“The Enchanted Hill”) which included 240,000 acres, the castle and two large guest homes. 

Construction on the 115-room castle covering 68,500 square feet began in 1919 and was intended to capture the grandeur of European architecture. 

Features included velvet walls, marble balconies, 40 bathrooms, a theater and two pools including an elaborate indoor pool with blue-and-gold mosaic tiles that were based on the Roman baths. 


Marion Davies Hearst

Construction on the castle continued into the late 1940s, but The Enchanted Hill was donated to the state in 1957 as the Hearst corporation couldn’t afford to keep it. Today, Hearst Castle is one of California’s top tourist attractions.  

A life of ups and downs, Hearst was one of the richest men in America peaking at $30 billion but almost broke during the Great Depression.


President Franklin Delano Roosevelt

 He swung from a deeply liberal ideology and a Democratic congressman from New York to an extreme right-wing conservative who opposed President Franklin Roosevelt’s New Deal initiatives.

 He had a lifelong penchant for show girls and the inventor of fake news to create the shock value that sold his newspapers, according to TopTenRealEstateDeals.com.  

After marrying showgirl Millicent Wilson in 1903, it was 12 years later when he embarked on an affair with another showgirl, Ziegfeld Follies-star Marion Davies, which lasted until his death in 1951. 


Florenz Ziegfield Jr. and his 1907 Ziegfield Follies dancers
Hearst and Davies spent most of their time at the Hearst Castle partying with the upper-crust California social circuit but had a summer home on New York’s Long Island where Hearst stayed while tending to his publishing business in New York City and Marion lived while  performing on stage. 

It is believed that Hearst purchased the home for Marion so she would reside in the lap of comfort and luxury. 

Built in 1906 on a little over an acre, the New York Tudor-style mansion was one of five built near the original Beaux Arts Casino, now known as the Bay Club.  


 Entryway to wine cellar

These five homes were built to accommodate people of wealth and celebrity who frequented the casino during the Jazz Age in the early 20th century.  

Today, while retaining its elegance and charm of yesteryear, the seven-bedroom, six-bath home has been completely updated while retaining its historic look. 

Sabrina Teplin

An ideal home for entertaining large groups, there are double living rooms that can open into one large space with fireplaces on either end, large kitchen with classic styling and a large master suite with dressing room and fireplace.  

Casual entertaining moves to the lower floor that opens to the pool terrace with gazebo and includes a game room, wet bar and 800-bottle wine cellar.  A separate two-bedroom guest cottage with a kitchen is also located on the grounds.


 CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

YouTube: https://www.youtube.com/watch?v=uTXf_DLApic&t=4s 
YouTube Credit:  Sean Evans, @evvo1991

Photo Credit: Douglas Elliman
Source:  www.elliman.com 


Native Realty Represents Miami Developer/Investor in First Fort Lauderdale Acquisition


Eduardo Pelaez

FORT LAUDERDALE, FL –– Native Realty, the pioneering Fort Lauderdale-based commercial real estate firm, closed another impactful real estate transaction in one of the city’s hottest emerging neighborhoods.

 Firm CEO Jaime Sturgis represented a Miami developer active in Wynwood and Little River in his inaugural Fort Lauderdale investment.

Eduardo Pelaez’s Wellmeaning Investments acquired the 1.21-acre site of the Fourth Avenue Church of God for $2.4 million on June 15.

The church sold the 1219 and 1239 NE Fourth Ave. properties, which include 6,721 and 12,508-square-foot buildings, to Pelaez’s company. It plans to relocate following the sale.

Fourth Avenue Church of God
Fort Lauderdale, FL 
“This transaction speaks to the increasing appeal of Fort Lauderdale’s urban core neighborhoods and the 13th Street corridor’s role in expanding the momentum created by Flagler Village,” Sturgis said.

“The fact that investors and developers who primarily focused on Miami’s urban neighborhoods are now planting their flags here shows that our long-term place-making efforts in the city are paying off.”

Pelaez’s company, a family-owned private investment and development firm that assembled four blocks in Wynwood starting in 2009 and introduced new concepts to the neighborhood including food halls and a theater, intends to embark on a substantial adaptive re-use of the Fort Lauderdale buildings.

 Pelaez said he envisions a vibrant mixed-use destination with a food hall with additional retail and entertainment uses.

“I can see a project similar to what we were doing in Wynwood early last decade, with concepts reminiscent of Zak the Baker and Panther Coffee,” he said.

Jaime Sturgis 
 “This is such a promising stretch of Fort Lauderdale that will benefit from gastronomy and entertainment. We hope this is the first of many developments for our company in the city.”

There is a precedent for creative repurposing of structures such as churches in the neighborhood.

Earlier this year, Sturgis finalized a lease with the restaurant and bar operator David Cardaci for the entire ground floor of a historic Flagler Village church building.

Dan Ross 
 Cardaci plans to open an 8,000-square-foot restaurant, bar and live music venue called The Sanctuary inside the 441 NE Third Ave. building.

Sturgis and Native’s Dan Ross are exclusively marketing one of the last available land assemblages in Flagler Village.

 The 600, 614 and 618 NE Third Ave. and 313 NE Sixth St. assemblage is priced at $7.7 million and has zoning that allows for a wide variety of development up to 150 feet.

Native Realty is headquartered at 719 NE Second Ave. in Flagler Village.

 CONTACT:

Eric Kalis
Vice President
BoardroomPR
O 954-370-8999 
C 305-794-5123


Mason Mote Joins McGuireWoods’ Global Real Estate Practice as Partner in Houston, TX


Mason Mote
HOUSTON, TX, July 2, 2020 – McGuireWoods continues to expand its capabilities in Texas with the arrival of partner Mason Mote, who brings nearly a decade of private practice and in-house experience to the firm’s Real Estate & Land Use Department in Houston and Austin.

Mote represents lenders and borrowers in construction, permanent, and mezzanine financing for commercial real estate projects, and helps clients navigate debt restructurings and foreclosures.

He also represents developers, buyers and sellers with the acquisition, disposition and development of commercial properties and raw land.

Mote joins McGuireWoods after serving as general counsel and executive vice president at Williamsburg Enterprises, a private real estate investment firm specializing in the acquisition, development, management and leasing of commercial properties in Texas.
John Grieb
 He previously was a member of the real estate and finance practice groups at Haynes & Boone LLP, where he advised banks and companies in commercial projects across the United States.

“Mason brings an investor’s perspective to sophisticated real estate deals,” said John Grieb, chair of the firm’s Real Estate & Land Use Department. 

“His experience handling major commercial projects provides powerful advantages to our clients.”

McGuireWoods’ real estate group represents investors, developers, financial institutions and Fortune 100 companies in matters throughout the United States and abroad.

The firm earned Tier 1 national rankings for real estate law, land use and zoning law, and litigation-real estate in the 2020 edition of U.S. News-Best Lawyers’ “Best Law Firms.”

“Mason is a key addition who expands our client service capabilities in Houston and complements our strengths in the real estate and banking and finance sectors,” said Yasser Madriz, managing partner of McGuireWoods’ Houston office.

Yasser Madriz

“McGuireWoods has a deep and talented real estate team and longstanding relationships with global lending institutions, and I am excited for the opportunity to grow my practice here,” Mote said.

McGuireWoods LLP is a leading international law firm with 1,100 lawyers in 21 offices worldwide. It continuously ranks among the top firms in Financial Times’ prestigious North America Innovative Lawyers report

The firm has been recognized 14 times on BTI Consulting’s Client Service A-Team.

CONTACTS:

Michael Sluss
+1 804 775 1415

Josh Karlen jkarlen97@gmail.com
Allan Ripp 646-285-1779 arippnyc@aol.com




Wednesday, July 1, 2020

Marcus & Millichap's Ahmed Kabani Arranges $10.5 Million Sale of 178-room SureStay Plus Hotel by Best Western Clearwater Central in Clearwater, FL



Ahmed Kabani

CLEARWATER, FL,  July 1, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of SureStay Plus Hotel by Best Western Clearwater Central, a 178-room hospitality property located in Clearwater, FL, according to Scott Lunine, regional manager of the firm’s Miami office.
The asset sold for $10,500,000.

 Scott Lunine
Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.   

SureStay Plus Hotel by Best Western Clearwater Central is located at 21030 US Hwy 19 N in Clearwater, FL. 

 “The courtyard-style hotel sits on 4.79 acres of land and was originally built as a Hampton Inn," says Kabani.

 "The premier location of this asset, close to the world class beaches of Clearwater, attracted the buyers to acquire the hotel. The buyer, who was represented by a local broker, has creative plans for this hotel.”

SureStay Plus Hotel by Best Western Clearwater Central

 CONTACT:

Scott Lunine
Vice President and
Regional Manager
 Miami, FL
(786) 522-7000

Prices on Office Assets Dropping 10% or More During Stock Market Rebound and Virus Crisis, According to Real Estate Capital Institute



John Oharenko

Chicago, IL, July 1, 2020 – The stock market rebound and rising COVID-19 cases, particularly in the Sunbelt and Western states, drive headlines, reports
The Real Estate Capital Institute®   
The commercial realty markets, too, regain momentum, particularly in the multifamily, industrial sectors.

Datacenters also attract higher investor demand, as demand for internet usage increases with more workers operating from home. 

 Two key CRE trends emerge for mid-year, including:

 Price Discovery:  Acquisition volume recovering, but price discovery surfaces with sellers and buyers assessing the pandemic impact on cash flow stability. 

Retail and hospitality properties witness the most stress, with office assets ranking close beyond with prices dropping ten percent or more.

That said, investors still attracted to CRE, as yield spreads remain attractive compared to alternative assets such as similar-risk investment-grade bonds (spreads of 75 basis points or more favor real estate). 

 Ample Funds:  Despite depressed market conditions in specific product sectors and markets, abundant funds exist for purchasing assets. 

 Numerous sources, including private funds, public syndicates, and institutional investors, remain flush with cash in search of yields.

For example, mid-teen yields attract development capital and preferred equity reaches mid-to-higher-single-digit returns.
  
 John Oharenko, director of the Real Estate Capital Institute, notes that "Investors search for bargains during the pandemic, but deals are hard to come by as too much sidelined cash floods the capital markets."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 CONTACT:

John Oharenko
 Executive Director


The   Real Estate Capital Institute®
Chicago, Illinois USA 60622



Lee & Associates Promotes Alex Kuniega to Senior Associate in Columbus, OH Office



 Alex Kuniega
COLUMBUS, OH, July 1, 2020 –  Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the promotion of Alex Kuniega to Senior Associate in the Columbus, Ohio office.

 “Alex has been an incredibly important addition to our office, and we are very excited to announce his promotion to Senior Associate”, said Todd Spencer, Principal at Lee & Associates.  

“Alex came in day one and took ownership immediately as if he was already a partner in our firm.  


Todd Spencer

"He’s been a tremendous asset on multiple transactions and has now proven to be a deal maker in the Columbus marketplace, and we are excited for him to continue to expand our platform and grow his client base.”           
Prior to joining Lee & Associates, Alex spent three years at DHL following graduation from The Ohio State University.    
For the latest news from Lee & Associates, visit lee-associates.com or follow us on FacebookLinkedInTwitter and Link, our company blog.

Contact:

 Bailey Ludt
Lee & Associates Columbus
(614) 923-3300