Thursday, June 23, 2011
IRVINE, CA – HFF announced today that it has closed the sale of Bressi Ranch Village Center (top left photo), a 111,403-square-foot, trophy grocery-anchored retail center in Carlsbad, California.
HFF marketed the property on behalf of the seller, LNR Property LLC’s Commercial Property Group (“LNR”). Cornerstone Real Estate Advisers LLC, one of the world’s largest real estate investment advisers, purchased Bressi Ranch on behalf of one of its institutional clients.
Located in the coastal Southern California city of Carlsbad, Bressi Ranch Village Center is part of the prestigious 525-acre master planned Bressi Ranch development.
Constructed in 2009 after nearly seven years of planning, the center is 96 percent leased and is anchored by Stater Bros., Trader Joes, Unleashed by PETCO, Souplantation Express, Chase Bank and Rubios.
More information is at www.cornerstoneadvisers.com
Ryan Gallagher, Ca. Lic. # 01269918, HFF Senior Managing Director,
(949) 253-8800, firstname.lastname@example.org
Timothy Wright, Ca. Lic. #00947194, HFF Senior Managing Director,
(858) 552-7690, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
MIAMI, FL--After an 11-month bankruptcy process, the ultimate ownership control of 127 unsold South Beach condo units with more than 127,000 square feet of livable space could be determined by the end of the month, according to a new report from CondoVultures.com.
On June 29, the U.S. Bankruptcy Court in Miami is scheduled to auction off 124 residential units and three commercial units in the new Artecity project (top left photo) - the official declaration of condominium documents for the constructed complex have not yet been registered in Miami-Dade County - in the South Beach neighborhood of Miami Beach, according to court records.
The upcoming auction does not immediately include an additional 35 residential units with more than 38,000 square feet of salable space that are under contract for nearly $16 million – a price of nearly $420 per square foot - to individual buyers, according to court documents.
The nearly three dozen condo purchase contracts - with combined deposits of more than $2.9 million - were written up before April 25, 2011, according to court records. It is unclear how many of the purchase contracts resulted from a condo launch party hosted at the project in March 2011.
“Bulk buyers have been searching for a sizable chunk of unsold developer units in South Beach since even before the real estate crash began in 2007,” said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC
. “At the right price, Artecity has the potential to turn into a memorable venture for the ultimate owner of the 127 units being auctioned.
Besides efficient floor plans, Artecity enjoys a location that is within Miami Beach’s cultural district and walking distance of the sand, the Lincoln Road pedestrian mall, and some of South Beach’s most popular destinations.”
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org
Faris Lee Investments Completes $16,5 Million Sale of Westchester Place Retail Property in Los Angeles
IRVINE, CA, June 23, 2011 – Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $16.5 million sale of Westchester Place (top left photo), a two-story 50,861-square-foot retail center located at 8820-8844 South Sepulveda Blvd. in Los Angeles.
Built in 2007 and situated on 1.71 acres, tenants include: Bed Bath & Beyond, Starbucks Coffee, Wells Fargo and Movement Performance Institute.
Richard Walter (lower right photo), president, Donald MacLellan, senior managing director and Christopher Tramontano, director of Faris Lee Investments represented the seller, Los Angeles-based HFH Westchester LLC. The buyer – who paid all-cash – was United Kingdom-based 481 Albertoni LLC, which was represented by Eileen Garrison of Keller Williams Realty.
“Our marketing strategy was to seek out an all-cash buyer to alleviate any issues that may arise based on the former Wachovia Bank space which was vacated at the time of the takeover by Wells Fargo who remains liable for the remainder of the rent obligations.
“We also tapped into the overseas investor pool due to the dense infill west Los Angeles location which is sought out by international investors because of its stability and long-term appreciation as compared with secondary or tertiary markets,” said MacLellan.
“The property garnered multiple offers and provided the buyer a rare opportunity to acquire irreplaceable real estate on the westside of Los Angeles.”
For more information, please visit www.farislee.com
Contact: Darcie Giacchetto, 949.278.6224,
Spaulding Thompson & Associates
For Faris Lee Investments
According the Hibbert, the owner/user will occupy a large portion of its new office building along with an existing tenant, Sylvan Learning Center who is leasing about half of the building. The buyer, a literary talent agency will be adding to its current space which is adjacent to the new property.
The property is well located near Olympic Blvd. and is just south of the Beverly Hills Golden Triangle area.
“The property garnered a high price per square foot of $445.00,” said Hibbert. “South Beverly Drive is an excellent street and location in Beverly Hills.”
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
Lonnie Peterson (top right photo), chairman at Cuhaci & Peterson Architects, said one Winn-Dixie is off Roosevelt Blvd. in Key West and is 35,000 square feet.
Another Winn-Dixie remodeling project is off Pine Blvd. in Pembrooke Pines in West Broward County and is 45,000 square feet.
The Apopka Winn-Dixie is a remodeling project to update the store to the new design and when completed will offer 45,000 square feet. That Winn-Dixie is located off Orange Blossom Trail.
For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, email@example.com
NAI Realvest Negotiates New Office Lease for Solar Energy Provider at Lake Mary Professional Campus off I-4
ORLANDO, FL – NAI Realvest recently negotiated a new lease of 2,320 square feet of office space at Lake Mary Professional Campus, the 10-building office condo development located at the intersection of I-4 and Lake Mary Blvd.
Jack W. Lynch (top right photo), senior associate at NAI Realvest brokered the transaction representing the landlord, PTH Realty of Lake Mary and the tenant, ESA Renewables, LLC, a solar energy provider.
For more information, please contact
Jack Lynch, Senior Associate, NAI Realvest 407-875-9989 or firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest 407-875-9989 email@example.com
Beth Payan, Larry Vershel Communications 407-644-4142 firstname.lastname@example.org
Dave “Mr. Trend” Berkus to Present Seminar on Angel Investing Sept. 15 at Grand Bohemian Hotel in Downtown Orlando
William C. De Temple, of Maximize Angel Investments Orlando, Inc., said Berkus, who posts the popular Berkonomics blog at www.berkonomics.com,
is one of America’s most sought-after speakers on corporate economic issues.
“Dave Berkus is a two-time Inc. 500 CEO with more than 50 years of experience as an entrepreneur, manager, CEO and board member for some of the best known corporations in the U.S.,” De Temple said.
Berkus is one of the nation’s leading experts on angel investing, he added.
“Berkus has invested in more than 70 successful companies with an IRR of more than 97 percent,” De Temple said. The internal rate of return (IRR) is used in capital budgeting to measure and compare the profitability of investments.
Registration for the seminar costs $249 and includes valet parking and dinner at the Grand Bohemian.
For more information or to register for the seminar, visit www.maxangelinvestments.com
For more information about this news release, contact
William C. De Temple, Maximize Angel Investments Orlando, Inc. 386 843-1919 email@example.com
Larry Vershel, Larry Vershel Communications 407-644-4142 firstname.lastname@example.org
NAI Realvest Negotiates $1 Million Purchase of Former Hops Restaurant near Seminole Town Center in Sanford, FL
SANFORD, FL -- NAI Realvest recently negotiated a $1,000,000 purchase of the former Hops Restaurant on S.R. 46 near the Seminole Town Center mall in Sanford.
Matt Cichocki (top right photo) and Kevin O’Connor (lower left photo), principals at NAI Realvest based in Maitland, negotiated the transaction representing the buyer Fort Worth, Texas based Halmony, LLC who plans to convert the 5,422 square foot building on its 1.26 acre site for use as an IHOP restaurant.
O’Connor said the seller of the 14-year-old facility, ACI Income Fund II, LTD of Orlando, was represented in the transaction by Annette Gangale of Rife-Miller, Inc.
Renovations are expected to be completed for an opening of the new IHOP in September. The number of seats to accommodate patrons has not yet been determined.
For more information, contact:
Matt Cichocki, Principal NAI Realvest, 407-875-9989, email@example.com
Kevin O’Connor, Principal NAI Realvest, 407-875-9989, firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest 407-875-9989 email@example.com
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142
NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for 37 West 19th St (top left photo)., a seven-story, elevator loft building with five floor-through residential units, one office space and one ground-floor retail space, which is occupied by the Flatiron Lounge.
Located in the Flatiron district of Manhattan, the 15,000 square-foot property also includes an owner’s penthouse and a rooftop garden. The listing price is $11.5 million.
Adelaide Polsinelli (middle right photo), an associate vice president investments in the Manhattan office of Marcus & Millichap, and Brian C. Hosey, an investment specialist also in Manhattan, were hired to exclusively market the property on behalf of the seller, a private investor.
“The penthouse will be delivered vacant, making this an excellent live/work investment opportunity,” says Polsinelli.
“This is an exciting opportunity for an investor to secure a high-quality, cash-flowing asset with upside directly off of Ladies Mile in one of New York City’s most exuberant neighborhoods,” she adds.
“Additionally, a family looking for a ‘live-plus-income opportunity’ or a developer seeking a condo conversion will find this asset to be very attractive,” says Hosey.
37 West 19th St. also includes approximately 7,775 square feet of additional air rights.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716