Thursday, February 11, 2016

Berger Commercial Realty Closes $1.9 Million Sale of Site for Flagler Village Hotel Project in Downtown Fort Lauderdale, FL

  

Judy Dolan
FORT LAUDERDALE, FL - Berger Commercial Realty brokers Judy Dolan and St. George Guardabassi recently represented the Curtis T. Bell Trust in the $1.9 million sale of a downtown Fort Lauderdale site to 315 Flagler, LP.

The site is slated for the new Flagler Village Hotel, a $25 million project managed by developer and hotel operator Dev Motwani.

Located from 315 to 333 N.W. 1st Avenue, the 24,000-square-foot site currently consists of four contiguous parcels including a 4,100-square-foot office building and nearby parking lot. The site will be developed into a 195-room hotel with retail space, amenities and 100 parking spaces. When finished, the property will total nearly 200,000 square-feet.

"The site offers close proximity to the planned Brightline train station, formally known as All Aboard Florida, and the new Wave Street Car route, making it a prime site for redevelopment," said Dolan.



St. George Guardabassi




A burgeoning Fort Lauderdale neighborhood, Flagler Village spans from Broward Boulevard to Sunrise Boulevard and from Federal Highway east to the FEC Railway.

"Over the last few years, multiple redevelopment projects, rebranding campaigns and community grassroots efforts have resulted in Flagler Village becoming an attractive, avant-garde setting for Fort Lauderdale's young professionals," said Guardabassi. 

"It's home to FAT Village, Peter Feldman Park, Mockingbird Trail, state-of-the-art condos and multiple in-progress developments that will further its transformation."


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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

CBRE Arranges $42 Million Sale of Luxury Apartments in Orlando, FL


Shelton Granade
Orlando, FL –– Shelton Granade, Luke Wickham, and Justin Basquill of CBRE Investment Properties arranged the sale of The Glenn, a luxury apartment community at 10801 Heather Ridge Circle in Orlando, Florida.

he 396-unit complex was acquired from Heather Glen Holding Company LLC by Insula Companies for $42 million. CBRE provided exclusive representation to the seller.

“Although community amenities and exterior features of The Glenn were extensively upgraded in recent years, the interiors still presented the new ownership with a great value-add opportunity,”  said Mr. Granade, CBRE Vice Chairman.

“As an added attraction, this well-appointed community occupies a very high-demand location near the University of Central Florida,”

The Glenn features three pools with sundeck and tanning areas, a clubhouse, sand volleyball, and a newly constructed 2,500-square-foot fitness center with spin and yoga room. Constructed in 1986 and updated in 2014-15, the community was 95% occupied at closing.

Mr. Granade and his Central Florida Multi-Housing team have executed more than $6 billion in apartment transactions in the Orlando area.

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

Elizabeth Cross
Daniel Jimenez
+1 305 428 6373
+1 407 839 3191

Marcus & Millichap Brokers $6.75 Million Sale of 40,000-SF Parkway Professional Center in Lakeland, FL


Krone Weidler
LAKELAND, FL, Feb. 10, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Parkway Professional Center, a 40,000-square foot medical and professional office building located in Lakeland, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,750,000.

L.J. Tsunis, associate, and Krone Weidler, vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a REIT, was secured and represented by Kimberly Cameron, an associate in the firm’s Nashville office. 

Parkway Professional Center is located at 4725 U.S. Highway 98 South in Lakeland, Florida. Constructed in 2009, Parkway Professional Center sits on an approximately 2.68 acre parcel with ingress and egress to the property located on the southbound side of U.S. Highway 98. The property is approximately one mile south of the Polk Parkway allowing easy access to Tampa and Orlando.

“We had tremendous interest in this asset from investors all across the country and were able to put the property in contract in under 30 days,” says Tsunis. “Investors, particularly REITs, are looking for Class A quality medical office buildings that are close to a hospital or have hospital affiliated tenants.”

For a complete copy of the company’s news release, please contact:
                              
Richard D. Matricaria
Vice President/Regional Manager
 Tampa, FL

(813) 387-4700

RealtyTrac Reports onTop 5 Most Vacant U.S. Cities



MSA
ALL Residential Properties
 Vacant Properties
Vacancy Rate
Flint, MI
154,137
11,605
7.5%
Detroit-Warren-Dearborn, MI
1,539,609
81,190
5.3%
Youngstown-Warren-Boardman, OH-PA
156,861
6,979
4.4%
Beaumont-Port Arthur, TX
124,939
4,695
3.8%
Atlantic City-Hammonton, NJ
112,765
4,191
3.7%

Top 5 U.S. Cities Running out of Rooms

MSA
ALL Residential Properties
 Vacant Properties
Vacancy Rate
San Jose-Sunnyvale-Santa Clara, CA
443,387
858
0.2%
Fort Collins, CO
105,876
246
0.2%
Manchester-Nashua, NH
117,729
342
0.3%
Provo-Orem, UT
131,449
397
0.3%
Lancaster, PA
148,177
457
0.3%

1.       Out of nearly 85 million residential properties (1 to 4 units) nationwide, more than 1.3 million (1.6 percent) were vacant in February 2016, down from 1.5 million vacant (1.8 percent) in September 2015.

2.       Investment properties are more likely to be vacant (4.3 percent vacancy rate nationwide), but investment property vacancy rates a rock-bottom 3 percent in more than one-third of U.S. markets — good news for landlords but bad news for renters in those markets.

3.       Vacant “zombie” foreclosures were down 4 percent from a year ago nationwide, but continue to increase in a minority of markets, mostly those with a protracted foreclosure process or high numbers of blighted properties.
o   Metro areas with the biggest increase in zombie foreclosures from a year ago included Worcester, Massachusetts (up 163 percent), Providence, Rhode Island (up 148 percent), Boston (up 111 percent), St. Louis (up 108 percent), and Detroit (up 71 percent).


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


Pulte Homes at Royal Estates near Windermere, FL to Celebrate Opening Phase 2 with 62 Additional Homesites


Lyndsey Patterson


ORLANDO, FL--- Royal Estates, the luxury community of single-family homes in the Windermere area off Reams Rd. at 9412 Royal Estates Blvd. Orlando, will host a celebration - the opening of Phase 2 with 62 additional home sites on Saturday, Feb. 20.

Lyndsey Patterson, director of marketing for Pulte Homes in the Orlando region, said that out of the 62 new home sites at Royal Estates, 30 of them will be waterfront – a welcome opportunity for the area.  In addition, roads into Phase 2 have been completed so home buyers may drive through the entire community.


The community offers four one and two-story home designs with four, five and six bedrooms, up to six baths, and three-car garages,  priced starting from the high-$300s to $500s.

Amenities at Royal Estates include a resort style swimming pool, cabana and tot lot. The area boasts top-rated Windermere schools and convenience to Orlando area attractions, shopping complexes with brand-name chains and downtown districts with specialty boutiques.     

Pulte’s new “Life Tested® homes at Royal Estates range in size from 2,489 square feet of living space to 4,200 square feet and offer optional features such as loft spaces, Pulte Planning Centers, multi-generational suites and tile roofs.

Patterson said the event, which is open to the public from 1 to 3 p.m., will feature music entertainment and refreshments.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com


Bull Realty Brokers $3.1 Million Learning Experience Site in Jacksonville, FL


Nancy Miller
ATLANTA, GA  —Bull Realty brokered the sale of a Learning Experience in Jacksonville, Florida. The sale closed on Feb. 1, 2015 for $3.1 million at a 7.7% cap rate. The property is a 10,000 SF single tenant net lease investment.

The Learning Experience, a child care provider founded in Florida in 1980, has locations nationwide and is the fastest growing child care franchise in the U.S.

Michael Bull, CCIM, Nancy Miller, SVP and Will Jackel, VP, with the National Net Lease Investment Group with Bull Realty, represented the buyer, Diagoris Properties LLC. Lori Schneider with Marcus & Millichap represented the seller, Jacksonville Wolf Bay, LLC.

According to Ms. Miller “The buyer bought several properties, paying all cash as part of a 1031 exchange in 2015.  

"They took advantage of the current low interest rates to leverage a few properties from the original portfolio to buy additional properties at a higher cap, which improved their cash on cash return.”

Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com).

The popular weekly show is broadcast on 47 radio stations nationwide, iTunes, YouTube and CREshow.com. Bull Realty FL License # CQ1026029

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

Melissa Henry
Communications Associate
Bull Realty, Inc.
50 Glenlake Pkwy, Suite 600
Atlanta, GA  30328

404-876-1640 x 110

Wednesday, February 10, 2016

Runway at Playa Vista, CA Takes Flight



Runway Playa Vista Mixed-Use Development, Playa Vista, CA

David Binswanger

PLAYA VISTA, CA, (Feb.10, 2016)—The development team of Lincoln Property Company and Phoenix Property Company, with their capital partner Alcion Ventures, have sold the 14-acre Runway Playa Vista mixed-use development to Invesco Real Estate in one of the largest real estate transactions of the year.

HFFrepresented the development team in both the capitalization and sale of this iconic property.

“This sale caps nearly a decade since Lincoln began its work at Playa Vista, and it’s incredible to see the vision come to life in such a significant way,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company.

 “Playa Vista had been an idea for decades, and the completion of Runway demonstrates that the Playa Vista community concept was smart, visionary and achievable. Lincoln is proud to have played a meaningful role alongside so many other talented companies, real estate professionals, architects, urban planners, community leaders, pioneering residents and government officials that helped bring the Playa Vista concept to life.”

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

Steve Sugerman
(310) 974-6680


Sale of boutique Cambridge, MA hotel closed by HFF


Hotel Tria, Alewife Brook Parkway, Cambridge, MA

Denny Meikleham
BOSTON, MA, Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Hotel Tria, a 121-room Best Western Plus Hotel in Cambridge, Massachusetts.
         
HFF marketed the property on behalf of the seller, Boston-based KW Development LLC, who has developed, owned and managed several hotels throughout New England since its inception in 1984.
          
The Hotel Tria was completely redeveloped and expanded in 2009 from a 69-room limited service hotel to a 121-room boutique hotel with brand new furnishings, mechanical systems and public space.

  The four-story hotel features Hotel Tria Bar 220, Starbucks CafĂ©, complimentary hot breakfast, complimentary high speed Internet access, complimentary shuttle service, complimentary parking, a business center, fitness room and two meeting rooms totaling 1,014 square feet.

The Hotel Tria is situated on  Alewife Brook Parkway within walking distance of the MBTA Alewife Station, providing access to Harvard Square, Davis Square, Kendall Square and downtown Boston. 

Local demand drivers include Harvard University, MIT and Tufts University, all of which are within three miles of the property.  In addition, the hotel is situated in the West Cambridge office and laboratory submarket providing corporate demand from biotechnology and life science companies, Biogen Idec, Novartis, Pfizer and Sanofi/Genzyme and others such as Raytheon and Forrester Research.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

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




HFF hires Carrie Kahn as a director to focus on multi-housing investment sales transactions in the Pacific Northwest

                                 
Carrie Kahn

PORTLAND, OR,  Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Carrie Kahn has joined the firm as a director in its Portland office.  Ms. Kahn will focus on multi-housing investment sales transactions in the Pacific Northwest.

Ms. Kahn has more than 10 years of multi-housing experience and joins HFF from CBRE where she was a first vice president in the investment properties group.  During her tenure at CBRE she was involved in more than $1.5 billion of multi-housing transactions in Portland as well as Chicago, where she began her career. 

Ms. Kahn has also worked at Fifield Companies, a multi-housing and office development and acquisitions firm, and in the real estate banking group of JP Morgan. 

Nicholas Kucha
She is a member of Urban Land Institute and is a licensed real estate broker in Oregon, Washington and Illinois.  Ms. Kahn holds a Bachelor of Science in Finance from the University of Illinois at Urbana-Champaign.   

“Carrie is a tremendous addition to our Pacific Northwest multi-housing team led by Ira Virden,”  said Nicholas Kucha, senior managing director and co-head of HFF’s Portland office.

“Her background encompasses all facets of the multi-housing industry – acquisitions, dispositions, development, asset management and banking – and she has wonderful relationships with many of the prominent players in the Pacific Northwest area.

“2015 was a banner year for our multi-housing team as they were ranked the #1 multi-housing broker in Portland by volume according to Real Capital Analytics and we look forward to seeing what 2016 will bring with the addition of Carrie to the group.”

“The addition of Carrie to our Pacific Northwest multi-housing team will further our ability to continue to grow our footprint into Seattle and other markets in the Northwest,"   added Matthew Lawton, executive managing director and a member of HFF’s Executive Committee.  "It is an unusual opportunity to get a very experienced young producer like Carrie and we are very fortunate to have her join the HFF team.”

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

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

Tuesday, February 9, 2016

$3.2 Million Sale of Development Site in Fort auderdale, FL Brokered by Marcus & Millichap

  
 
Joseph Thomas
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Tidewater Development Site,  a 30,538-square foot waterfront land parcel located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,200,000.

“The northern section of Fort Lauderdale Beach is experiencing a tremendous amount of redevelopment. This was a unique opportunity to acquire a AAA waterfront location on the Barrier Island,” says Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“We received 18 offers in two weeks, 16 of which were at or above list price.  Ultimately, the sellers selected the buyer who could close in the shortest amount of time, offered $700,000 above list price and waived all due diligence contingencies upon the execution of the contract.”

Duncan along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Baldwinsville, NY, and the buyer, a private investor from Fort Lauderdale, Fla.


Derek Soven
“The property is currently zoned RMH-60, which provides the buyer with the potential to redevelop the site into a residential building of up to 42 units or a hotel of up to 60 rooms,” says Thomas. “Auberge Beach Residences, a two-tower, 171-unit oceanfront condominium estimated for completion in late 2017, is located nearby.”

Situated a few blocks south of Oakland Park Boulevard and a few blocks west of North Ocean Boulevard (A1A), the Tidewater development site consists of two adjacent waterfront parcels totaling 0.7011 acres of land with approximately 219 linear feet of water frontage. The site is currently improved with a 17-unit multifamily complex.

The property allows for convenient access to many local shops, restaurants and attractions, including Bokampers Sports Bar & Grill, Shooters Waterfront, Lauderdale-by-the-Sea fishing pier, the Coral Ridge Mall and The Galleria at Fort Lauderdale.

Tidewater development site is located at 3115 - 3209 NE 28th Street in Fort Lauderdale. 

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

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400