Friday, March 24, 2017

BB&T Bank and Corporate Offices Up for Sale at $17 Million in Miami, FL

Gabriel Britti (left) and Ronnie Issenberg

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing for a net-leased BB&T Bank and its corporate offices in downtown Miami. The price is $17 million.

“BB&T demonstrated its commitment to Brickell Avenue and Miami’s financial district by completing a seven-year lease extension that includes the building’s ground-floor bank branch and cafĂ© space and corporate offices on the 10th and 11th floors,” says Ronnie Issenberg, first vice president investments in Marcus & Millichap’s Miami office.

American Airlines Arena, Miami, FL
“The location is a world-class banking environment in one of the densest neighborhoods south of Manhattan in the country.” Issenberg, and Gabriel Britti, also a first vice president investments in Miami, are representing the seller, a Florida Limited Liability Company.

“During a time when many bank branches in secondary and tertiary markets are closing their doors because of online banking, this branch is thriving,” adds Britti. “We consider this net-leased opportunity, located at one of the busiest intersections in downtown Miami and surrounded by hundreds of thousands of full-time residents to be ‘internet-proof.’”

            The bank and its corporate offices are situated in one of downtown Miami’s signature office buildings at 1200 Brickell Ave., in the midst of 36 million square feet of office, retail, hotel and residential space. Brickell City Centre, a $1.05 Billion, 5.4 Million Square Foot shopping and mixed use project is a five minute walk from this property.

The American Airlines Arena, home of the Miami Heat, is 1.5 miles away and the Miami International airport is within 10 miles. BB&T has been occupying the combined 28,350 square feet of space for more than 10 years. BB&T Bank has more than $210,000,000 in deposits and is backed by S&P A-rated Corporate Branch Banking and Trust Co.

For a complete copy of the company’s news release, please contact:

CitiTower at Lake Eola (South Eola) Tops Off as Newest Luxury Apartment Highrise in Orlando, FL

CityTower at Lake Eola Apartments
ORLANDO, FL – Summa Development Group has announced that CitiTower at Lake Eola just topped out at 25 floors. It will have a rooftop pool, fitness center, meeting room and other amenities on the roof that will allow for unprecedented views of Downtown Orlando.

The art-infused luxury apartment tower sits on oak-lined brick streets with historic acorn lights, and has earned a walk score of 96—one of the best scores in all of downtown.

CitiTower has only 233 apartment homes, featuring 16 unique layouts. Floor plan options include: 74 studios starting at 726 SF, 112 one-Bedrooms starting at  778 SF, 31 two-Bedrooms 2 Baths starting at 1,070 SF and 16 three-bedroom 2
Bath apartment homes starting at 1,432 SF.

CitiTower’s apartment homes offer some of the largest balconies with the best views of the Downtown Skyline as well as Lake Eola.

For more information and a complete copy of the company’s news release, please contact:

Albert J. Socol, 321.230.5660
Managing Member of East SDG
CitiTower, LLC

Farley Griner
Director of Business Development
919.306.0114 cell

NAI Realvest Negotiates Leases totaling more than 6,900 square feet of Office Space in East Orlando, FL

Mary Frances West
ORLANDO, FL – Mary Frances West, CCIM, Vice President at NAI Realvest recently negotiated leases totaling 6,921 rentable square feet at office buildings in east Orlando.

West represented Landlord Ripley’s International, LLC at La Vina Marketplace, 9145 Narcoossee Rd. in a new lease agreement for 2, 713 square feet to Irving, Texas-based Caliber Home Loans.  The tenant was represented by Jason Shrago of NGKF-Orlando. 

Comprehensive Spine & Regenerative Medicine (CSRM), a physician provider that currently occupies 10,061 square feet at La Vina Marketplace, signed an expansion lease for 1,878 square feet that increases their space to 11,939 square feet.   Stockworth Realty represented CSRM.

At The Citadel III, 5950 Hazeltine National Drive, where West represents the landlord Citadel Partners, LTD, she brokered a new lease agreement with Debt Mediators, LLC. in suite 615 with 950 square feet.

Representing Interchange-FL Rouse, LLC at University Court, 3361 Rouse Rd., West completed a lease renewal with the tenant, Tier I Operations, LLC, who occupies 1,380 square feet.

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

NAI Realvest Negotiates Investment Sale of 30,000-SF Industrial Building in Orlando, FL

Michael Heidrich
ORLANDO, FL --- NAI Realvest recently negotiated the $1,552,500.00 sale of the 30,000 square foot single-tenant industrial building at 2499 Mercy Drive in Orlando.

Michael Heidrich, a principal in the firm negotiated the sale representing the seller, L.B. Sowell Corporation of Brandon. 

Herbert A. Licht, LLC of Altamonte Springs purchased the property which is fully leased by a long term tenant, Hajoca Corp., a plumbing supply business. Lee Zerivitz of City Commercial represented the buyer. 

Built in 1982 on 2.1 acres, the building includes 4,000+/- square feet of office space and 26,000+/- square feet of warehouse space which is conveniently located on the edge of downtown Orlando with easy access to multiple major arterial roads and highways. 

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

NAI Realvest Negotiates $1.7 Million Sale Price for Miller’s Ale House Site in Winter Garden, FL

George Livingston
ORLANDO, FL. – NAI Realvest recently negotiated the $1.7 Million sale price for a 1.25-acre parcel of build-to-suit retail land at 12105 W. Colonial Drive in Winter Garden.

NAI Realvest Broker Associate Drew Saphos and Chairman George Livingston brokered the transaction on behalf of the seller, Pompano Beach based Baer’s Furniture Co.   

The property, which is situated at the intersection of West Colonial Drive (S.R. 50) and the Western Expressway (S.R. 429) was purchased by commercial developer Legacy VWI, LLC based in Kansas City, Mo.   The Buyer has begun development on a Miller’s Ale House restaurant on the site.

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

The Melrose Management Partnership Voted Platinum Winner in Florida Community Association Journal’s 2017 Reader’s Choice Awards

Jack Hanson
ORLANDO, FL – The Melrose Management Partnership was voted a Platinum Level Winner in the Florida Community Association Journal’s (FLCAJ) Fourth Annual Readers’ Choice Awards.  Winners, chosen based on total number of votes, were announced in the March issue of the publication.
Jack Hanson, president of The Melrose Management Partnership, said votes by clients, homeowners, peers and vendors that ranked the company so highly is recognition of Melrose’s commitment to achieving excellence in community management and lifestyle services.  

More than 340 service providers were nominated this year and approximately 6,000 votes were cast. There is no fee to enter the awards and the entire submission process is done online.

The FLCAJ’s Readers’ Choice Awards is a unique recognition program that shines a spotlight on the positive and productive contributions by community association service providers across Florida.     They are presented to those who demonstrate an exemplary level of proficiency, reliability, fairness and integrity.  

“We are honored and delighted that Florida Community Association Journal’s readers chose us as one of their favorite service providers.   These awards are especially important in our industry and we are proud of the achievement,” said Hanson. 

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

Wednesday, March 22, 2017

Avanath Capital Management Acquires 156-Unit Workforce Houing Assetin New York Metro Submarket

Grand Pointe Park, 161 Clubhouse Drive, Poughkeepsie, NY
POUGHKEEPSIE, NY – Avanath Capital Management, LLC, an institutional fund manager that has invested in over $1 billion in affordable and workforce housing properties throughout the United States, has acquired Grand Pointe Park, a 156-unit workforce housing asset in the Poughkeepsie submarket of the greater New York metro.
John R. Williams
“As rents continue to soar throughout major metropolitan areas such as New York City, many renters are being priced out of urban cores and are migrating to the suburbs,” explains John Williams, President and Chief Investment Officer of Avanath. “This regional movement is driving tremendous demand for more affordable communities in commuting distance to expensive metros, making these assets ideal targets as strong long-term investments.”

Grand Pointe Park is located just three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City in 90 minutes.

“The average rent at this community is under $1,500, which is less than half of the average rent in New York City for a comparable apartment,” continues Williams. “By acquiring and repositioning this asset, we can provide quality housing that is much more affordable for the workforce in this region, while also achieving strong, risk-adjusted returns for our investors.”

In addition to providing access to employment opportunities in New York City, the property also offers close proximity to jobs in the local Poughkeepsie community.

Poughkeepsie’s growing chip manufacturing, technology, and healthcare sectors are driving employment throughout the region, which translates to enormous demand for quality workforce housing to support middle-class service workers. Major employers in the area include IBM, GlobalFoundries, and Health Quest, among others.

For a complete copy of the company’s news release, please contact:

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Monday, March 20, 2017

HFF closes $35.4 million sale of and arranges $23.1 million acquisition financing for St. Louis-area retail center

Lincoln Place Shopping Center, Fairview Heights, IL

CHICAGO, IL,  March 20, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.4 million sale of and arranged $23.1 million in acquisition financing for Lincoln Place, a 272,060-square-foot shopping center in the St. Louis-area community of Fairview Heights, Illinois.  

Amy Sands
HFF worked on behalf of the seller, Spirit Realty Capital.  Acadia Strategic Opportunity Fund IV purchased the asset.  Working on behalf of the new ownership, HFF also placed the five-year, fixed-rate acquisition loan with a national bank.

Lincoln Place is situated on 17 acres at 5905-6109 North Illinois Street at the “main and main” intersection of North Illinois and Lincoln Highway in Fairview Heights, which is 14 miles east of downtown St. Louis. 

Clinton Mitchell
The center is considered to be in the most dominant retail location in southern Illinois, with more than 125,600 vehicles a day passing the center and its position south of Interstate 64 and Illinois Street.

Lincoln Place is 99.6 percent leased to a mix of national tenants, including Kohl’s, Ross Dress for Less, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Company and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and Chick-fil-A.  The center was developed in 1999 and renovated in 2005.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell.

The HFF debt placement team representing the new owners was led by managing director Timothy Joyce.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |


HFF closes $368 million sale of 6-property, Class A office portfolio in Northern New Jersey

Sale of One of Six Class A Office Properties Brokered by HFF in Northern New Jersey

Jose Cruz
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $368 million sale of a portfolio of six, Class A office properties totaling 1.1 million square feet in Northern New Jersey.  This sale represents one of the largest office portfolios to ever trade in the state.

HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, Mack-Cali Realty Corporation.

The 91-percent-leased portfolio comprises 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7 Giralda Farms in Madison.  Notable tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. 

All of the properties are located in the high growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park. 

Additionally, the properties benefit from a strong retail amenity base including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. 

Kevin O'Hearn
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval, executive managing director Michael Tepedino and supported by senior managing director Andrew Scandalios.

“These are the best suburban office assets in the New Jersey market and they had not traded in well over a decade,” stated Cruz.  “In particular, 51 JFK Parkway, is widely regarded as such, with significant upside in the rents.” 

“Short Hills, Madison, and Whippany lead the suburban New Jersey markets in investor demand,” added Cruz.  “The buyer performed extremely well and they will benefit from significant growth in that submarket.”

“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket—positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket.

“This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities,” said Michael J. DeMarco, Mack-Cali President.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |


Stepp Commercial Expands Presence in West Hollywood and Prime Hollywood; Names Tia Jones as Associate

Tia Jones

 SANTA MONICA, CA,  March 20, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the greater Los Angeles market, has named Tia Jones as associate. In her new role, Jones will focus on multifamily investment sales in West Hollywood and prime Hollywood locations.

“Stepp Commercial is continuing to grow our team as well as our market share in the greater Los Angeles region,” said Kimberly R. Stepp, principal with Stepp Commercial. “Tia is an ideal fit with our firm’s culture as she offers the talent, energy, and drive to provide both buyers and sellers with buy- and sell-side strategies for apartment assets.”

Kimberly R. Stepp
Jones is a graduate of The University of Colorado – Boulder, where she began her real estate career working for The Ritz-Carlton Hotel & Residences, eventually transitioning into property management.

Jones has an impressive knowledge of financial analysis, transaction coordination, leasing, and management of large multifamily assets.

 Jones is an active member in the professional networking group (IREM) Institute of Real Estate Management and serves on the Board of the Events Committee.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto