Thursday, February 2, 2012

Marcus & Millichap Arranges $4.48 Million Sale of Apartment Complex in Tampa. FL

TAMPA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fredericksburg Apartments (top left photo), a 187-unit apartment complex located in Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $4,480,000.

Casey Babb (middle right photo), CCIM, a senior multifamily specialist in Marcus & Millichap’s Tampa office, had the relationship with the seller, the original developer, as well as his approval to selectively market the property for sale. 

The buyer, a limited liability company from Tampa, Florida, was secured and represented by Michael P. Regan (middle left photo), an associate vice president investments, Francesco P. Carriera (lower right photo) a senior associate and Nicholas Meoli, (lower left photo)multifamily investment specialist also in the firm’s Tampa office.

Fredericksburg Apartments was built in 1968 and is located at 13142 North 22nd Street. 
“Fredericksburg was not actively on the market but through internal collaboration, we were able to bring together a motivated seller with an active buyer and structure a win-win for everyone” comments Babb. 

“The property is in need of a major rehab and the buyer was able to secure seller financing equal to 90 percent of the purchase price, in exchange for a written commitment to invest a minimum of $500,000 into the property within the first six months of ownership.”
Press Contact:
Bryn D. Merrey
Vice President and Regional Manager, Tampa
(813) 387-4700

Marcus & Millichap Facilitates Sale of Spruce Creek Preserve Golf Club in Dunnellon, FL for $1.3 Million

 DUNNELLON, FL – The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Spruce Creek Preserve Golf Club (top left photo), an 18-hole golf course located in Dunnellon, Florida, according to Steven Ekovich, Director of the National Golf & Resort Properties Group based in the firm’s Tampa office.

The asset commanded a sales price of $1,325,000.

Matthew Putnam (middle right photo) , Investment Associate and lead agent on the asset sale and his team of Steven Ekovich (lower left photo) and Christopher Karamitsos (lower right photo) , had the exclusive listing to market the property on behalf of the seller, a developer based out of Maitland, Florida.  They also secured the buyer of the property, a private investor, from Windermere, Florida.

“The sale was really a win-win for both the buyer and the seller” says Putnam.   “The buyer purchased a golf course that fit into his geographic golf portfolio. They will benefit from the economies of scale created by the other courses in the area he owns. The seller was able to divest of an asset that was no longer vital to their core business and received a very fair price in today’s market” adds Putnam.

The Preserve Golf Club is a Terry Dos designed, championship 18-hole golf course situated on 179 acres. It is the centerpiece to Del Webb's surrounding Spruce Creek development, an age-restricted, active-adult retirement community located on 416 acres and surrounded by Ross Prairie State Forest.

The Preserve is well-maintained and highlighted by its signature waterfall hole. Built in 1997, the club also offers casual dining from its 5,400-square foot clubhouse at the Sandwedge Cafe.

Press Contact:
Steven Ekovich
Vice President and Director
 National Golf & Resort Group
(813) 387-4700

Bob Wilkerson Joins Bull Realty

ATLANTA, GA – Bob Wilkerson (top right photo), who has extensive experience in commercial real estate, finance, marketing and consulting, has joined Bull Realty as an associate broker in the firm’s National Office Group. At Bull, Wilkerson will focus on the leasing, marketing and selling of office and other property types.

Prior to joining Bull Realty, Wilkerson was an agent in The Quin Group in Norcross, Ga., where he handled the selling and leasing of office and industrial properties in the Gwinnett/North Fulton area.

Before beginning his real estate career, Wilkerson was a senior consultant with Computer Sciences Corp. and, later, the vice president and founding partner of Sterling Associates LLC, an international consulting firm.

He also worked for AT&T for 29 years in management and marketing. He is a member of the Atlanta Commercial Board of Realtors and the Realtor’s Commercial Alliance, which is a part of the National Association of Realtors.

Wilkerson said he joined Bull Realty because of the support the firm offers its agents. “I was very impressed with the resources – the research and market information – that agents are provided here,” he said. “I was also impressed with [firm president and founder] Michael Bull, and his approach to marketing.”

“We are very excited about bringing Bob Wilkerson into the Bull Realty family,” said Michael Bull (middle left photo). “He brings a diversity of experience and expertise that will serve our firm well and will bring tremendous value to our clients.”

An active member of the community, Wilkerson has served as chairman of the Norcross Downtown Development Authority and as president of the Norcross Lions Club.

He also was a member of the steering committee for Norcross’ 20-Year Comprehensive Plan. He holds a BA in Economics from San Jose State University and an MBA from Golden Gate University in San Francisco.

Bull Realty Inc. is a full-service commercial real estate brokerage firm providing investment sales services throughout the nation and corporate services in the Southeast. The firm was founded 14 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation and 2) to provide the best commercial real estate marketing in the nation.

Caroline Wilbert
Wilbert News Strategies LLC

Marshall Hotels & Resorts, Inc. Adds Six Management Contracts; Closes Out 2011 with Record 19 Additions to Management Portfolio

 SALISBURY, MD—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, announced that the company closed out 2011 by signing six new contracts in December, bringing the total number of new assignments for the year  to 19 and increasing its total managed portfolio to 62 properties. 

The six hotels are:

  • 143-room Comfort Inn & Suites Alexandria, VA
  • 104-room Comfort Inn Dulles, Herndon, VA
  • 111-room Comfort Inn,  Falls Church, VA;
  • 125-room Comfort Inn & Suites College Park,  Maryland
  • 148-room Clarion Inn Waco, Texas;
  • 77-room Hampton Inn & Suites Marksville, Louisiana

    “At the start of the year, we estimated we would add 10 new contracts to our management portfolio, as investors were taking a wait-and-see approach to the economy,” said Mike Marshal (top right photo)l, president and CEO.

     “As the year progressed, owners began to acquire properties and seek better operators for their existing hotels, and we were able to nearly double our original target and take on our first international assignment in St. Thomas.

    “These additions to our management portfolio give us solid distribution east of the Mississippi, and with our hotels in Texas and Louisiana, we have put the infrastructure in place to look even further westward for similar growth opportunities in 2012.” 

    About the properties:
    ·         Comfort Inn & Suites Alexandria (top left photo) – With a free shuttle to the Metro station, this hotel, located at 5716 Van Dorn St. in Va., is an affordable, accessible alternative to downtown D.C. hotels.  The property offers a complimentary hot breakfast, high-speed Internet access, an outdoor pool and fitness center 

    ·         Comfort Inn Dulles (middle right photo) – Located at 200 Elden St. in Herndon, Va., this hotel offers a free shuttle to Washington’s Dulles Airport and is convenient to many D.C.-area attractions.  Guests of this pet-friendly hotel enjoy such complimentaries as hot breakfast, high speed Internet and HBO.

    ·         Comfort Inn Falls Church (middle left photo) – Convenient to Arlington National Cemetery, this hotel is located at 6111 Arlington Blvd. and offers scheduled shuttle service to the nearby Ballston Metro station for easy access to D.C. attractions, like the Smithsonian Institution.  Hotel amenities include an outdoor pool, new fitness center, complimentary hot breakfast, Wi-Fi and local calls.

    ·         Comfort Inn & Suites College Park (lower right photo) –  Less than a mile from the University of Maryland and only minutes from NASA’s Goddard Space Center, this hotel is located at  9020 Baltimore Ave.  Hotel amenities include free shuttle to nearby attractions, complimentary hot breakfast, Wi-Fi and morning newspaper, as well as an outdoor pool and fitness center.

    ·         Clarion Inn Waco (lower left photo) – Located at 801 South 4th St., this hotel is across from Baylor University and just a few miles from the Texas Rangers Hall of Fame and River Bend Park.  An atrium restaurant, Big Daddy’s, serves breakfast and dinner at this pet-friendly hotel, which also features a heated indoor pool and fitness center, 24-hour business center and in-room microwaves and refrigerators.

    ·         Hampton Inn & Suites Marksville – Across from the Paragon Casino in La., this hotel is located at 6896 Highway 1 in Mansara and is just 30 minutes from historic Alexandria.  This recently opened property features the brand’s signature Clean and Fresh Hampton Bed, a heated indoor pool and fitness center, as well as a complimentary casino shuttle, breakfast, Internet access and HBO.

    Additional information about Marshall Management may be found at the company's Web site:

    Patrick Daly, media
    Daly Gray Public Relations
    (703) 435-6293