Wednesday, April 11, 2012
ORLANDO, FL– Orlando-based Smith Equities Real Estate Investment Advisors announced the sale of The Edge (top left and bottom photos) at 42nd Street (formerly Fontana Hall) in Tampa Florida for an undisclosed price.
Located on 4.874 acres of land at the northeast corner of 42nd Street and Fletcher Ave the property consists of a 13 story building that was used to house students who attend the University of South Florida plus a one story building that was used as a community center and a cafeteria.
It was built in 1968 and is opposite the main entrance to University of South Florida which is part of the university system of the State of Florida.
According to Smith Equities Real Estate Investment Advisors student housing specialist Paul Guyet (middle right photo), “The student Housing Industry has evolved from dormitory style living to apartment living with resort pools, high speed internet access and other modern amenities.” Guyet negotiated the sale.
The buildings will be demolished and replaced with a modern, up-to-date student housing community that will have approximately 314 units with 539 bedrooms plus parking.
The seller was Landmark at Sky Tower Suites, LLC and the buyer is University Residences USF, LLC.
Mr. Guyet has sold 14 student housing communities and 4 sites for development for student housing in Florida. This is the second transaction in the past 8 months where he sold a new development site across the street from a major university.
He also sold University Shoppes, a 14 acre site at the main entrance to University of Central Florida in Orlando. Mr. Guyet also publishes a student housing report at both USF and UCF each year.
Paul M. Guyet,
407-422-0704, ext. 105
Posted by Alex at 12:35 PM
BOCA RATON, FL, April 11, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyard Office Building (top left photo), a 71,820-square foot office building in Boca Raton, according to Gregory Matus, Vice President/Regional Manager of the Ft Lauderdale office.
The asset commanded a sales price of $6,250,000 or $87 per square foot.
Vice President Investments Douglas K. Mandel (middle right photo) in the firm’s Ft. Lauderdale office and Senior Associate Benjamin Silver (lower left photo) in the Miami office had the exclusive listing to market the property on behalf of the seller, a Boca Raton-based partnership.
The buyer, a local investor was able to secure financing and close quickly due to the tight timeframes associated with a 1031-exchange. The buyer has plans to upgrade the building aesthetics and mechanics, which is expected to increase occupancy rates and help to re-establish the building as a landmark destination for its tenants.
“The property is currently 42 percent occupied with below market rents, providing strong upside potential. The local leasing market is averaging occupancy rates of 87 percent and average lease rate of $25.57 per square foot,” says Mandel.
The Courtyard is a 70,000-square foot, four-story office building located at 5301 North Federal Highway, across from the Boca Raton Yacht Club (lower right photo). The main feature of the property is the four-story Atrium with several water features including waterfalls, ponds, streams, tropical foliage, two glass elevators, restaurant and underground parking.
Press Contact: Ashley Steele, (954) 245-3400
ORLANDO, FL. --- Crossman & Company in Orlando recently closed on the sale of a 5,826 square foot freestanding office building at 1300 Highway A1A in Satellite Beach and the firm’s President John Crossman said the sale may be the first of several the company will broker over the next 12 months.
Crossman & Company Director Whitaker Leonhardt (top right photo) negotiated the $750,000 sale price for the property representing an undisclosed seller.
Grace Upon Grace LLC, a Brevard-based business, acquired the building.
Leonhardt said he expects to see an increase in sales of office and retail properties in Brevard County.
“Brevard County is home to several investors and business leaders who know the market intimately and who are currently seeking commercial real estate acquisitions,” Leonhardt said.
“We see this as a strong sign that the Brevard economy is recovering and we expect to see an increase in property transactions for the next three quarters,” he said.
For more information, contact
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org.
STAG Industrial, Inc. Announces Acquisition of $9.1 Million Warehouse and Distribution Facility in Spartanburg, SC
The buildings are 100% leased to Louis Dreyfus Commodities Cotton Storage LLC, a subsidiary of Louis Dreyfus Commodities LLC, under a lease with approximately 4 years of remaining term. Louis Dreyfus Commodities Cotton Storage LLC is involved in the storage and distribution of agricultural cotton.
This acquisition brings STAG's total 2012 acquisition volume to approximately $47 million.
STAG Industrial, Inc. is a fully integrated, full service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States.
STAG's portfolio consists of 111 properties in 28 states with approximately 18.7 million rentable square feet.
For additional information, please visit the company's website at http://www.stagindustrial.com/.
Gregory W. Sullivan,
Chief Financial Officer,
STAG Industrial, Inc.,
MIAMI, FL -- McCraney Property Company recently completed more than 250,000 square-feet of leases valued at more than $12.5 million in its West Palm Beach, Stuart and Orlando projects.
“We’re excited to see the market turnaround with more demand for our class-A flex space in all three McCraney Property markets,” said Steven McCraney (top right photo) “When our customers do well, we do well.”
Grapevine Billing and Consulting Services also leased a 5,240 square-foot space at Vista Business Park for its headquarters. Grapevine helps providers, like physicians and medical equipment companies, process medical transactions safely and efficiently.
Classic Promotions, a provider of innovative promotional products and embroidered apparel, expanded its space in the Vista Business Park by 6,000 square-feet and now have a space of 8,000 square-feet.
Also in the Vista Business Park, National Analysis Center, a company devoted to improving wireless communications, renewed and expanded its space to 10,000 square-feet.
SeaRobotics, a company that specializes in remote-controlled or autonomous vessels, signed a lease for 8,000 square-feet to house its headquarters, R&D and manufacturing operations.
A supplier of stainless steel food processing and packaging equipment for the food and dairy industries, Savery USA also signed a lease for 15,676 square-feet at the Orlando Central Park project.
For more information, call (561) 478-4300.
Don Silver (email@example.com) or
Teresa Shum (firstname.lastname@example.org) of Boardroom Communications,
785 Market Street, which was originally built in 1906 as the Humboldt Bank Building, is an 18-story office building plus basement and penthouse that has been an “iconic landmark” on the city skyline for more than 100 years.
The property boasts a complete ground floor renovation, including a historic lobby restoration and The Men’s Wearhouse flagship store.
The HFF team representing Seligman Western Enterprises was led by senior managing director Susan Hill (lower right photo)
SUSAN L. HILL
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
Austin Highway Self Storage is located west of the intersection of North Vandiver Road and Austin Highway (Loop 368) adjacent to the Alamo Heights and Terrell Hills residential neighborhoods.
The 560-unit, three-story property was built in 2005 and features climate-controlled, as well as conventional storage units, and professional office space. Amenities include 24-hour gated access, individual door alarms, security cameras, industrial-size elevators and on-site management Monday through Friday.
The HFF team representing Austin Highway Self Storage, LTD was led by director Colby Mueck (middle right photo) and senior managing director Aaron Swerdlin (lower left photo).
Robert Loeb and Brian Cisarik are co-developers of Austin Highway Self Storage.
The Loeb and Cisarik partnership also developed Castle Hills Self Storage and acquired majority ownership of 3009 Self Storage in August of 2010. Castle Hills is a state of the art 90,000-square-foot, three story self-storage facility in San Antonio, Texas.
3009 Self Storage is located in Schertz, Texas and offers over 400 units, 32 office suites and the latest in security and client amenities.
Mr. Cisarik has been active in self-storage since 1997 and is currently the day-to-day operations manager of Castle Hills, Austin Highway Self Storage and 3009 Self Storage.
M. COLBY MUECK
AARON A. SWERDLIN
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
COMMERCE, CA – Voit Real Estate Services has directed the $6 million sale of a 95,428 square-foot industrial property located at 6009-6041 South Malt Ave (top left photo). in Commerce, Calif., on behalf of the seller.
This three-building industrial property will be used as a new branch location for Los Angeles-based cosmetic manufacturer American International Industries, according to Frank Geraci, Executive Vice President in Voit’s Inland Empire office.
Geraci worked with Walt Chenoweth (middle right photo) and Juan Gutierrez (middle left photo) of Voit’s Inland Empire office, and Brian McLoughlin and David Fults of Voit’s Commerce office to represent the seller, Hill’s Pet Nutrition - a manufacturer of Hill's Prescription Diet brand pet foods.
“By creating this competitive environment, we were able to secure favorable terms for our client, while accelerating the close of escrow, which was beneficial to both parties.”
The property was vacant at the time of this sale, and was being managed by Voit Real Estate Services’ in-house property management team.
“By utilizing Voit’s brokerage and property management services together, our team was able to ensure that the property remained well-maintained and the disposition was smooth. This is an excellent example of how Voit’s fully integrated services can be beneficial to our clients,” Geraci added.
The buyer, American International Industries, is a global manufacturer and distributor of beauty and skin care products for men and women. The company plans to use this location to expand its operations into Commerce.
American International Industries was represented by Jack Cline and Jeff Bethel of Lee & Associates in the transaction.
Jenn Quader/Judith Brower
Brower, Miller & Cole
Atlantic | Pacific Companies Announces New Series of Developments and Properties in Georgia, North Carolina, Texas and Florida with the Brand Name The Atlantic
APM is the property management and leasing subsidiary under A|P. The properties include both garden-style as well as mid-rise luxury apartments.
The principals of A|P currently own five thousand multifamily units and have actively acquired land and other assets along the East Coast, the Southeast, and Southwest including the following properties.
The Atlantic | Howell Station garden-style apartments are located at 3655 Peachtree Industrial Boulevard in Duluth, G.A. with 228 units.
The Atlantic | Medlock Bridge garden-style apartments are located at 2200 Montrose Parkway in Norcross, G.A. with 320 units.
North Carolina Properties
The Atlantic | Lynn Lake garden-style apartments are located at 6500 Paces Arbor Circle in Raleigh, N.C. with 101 units.
The Atlantic | Millbrook garden-style apartments are located at 2121 Paces Forest Count in Raleigh, N.C. with 117 units.
The Atlantic | Logan’s Mill garden-style apartments are located at 1912 East William Cannon in Austin, T.X. with 256 units.
The Crossings garden-style apartments are located at 9323 Manchaca Road in Austin, T.X. with 240 units.
Sutton Place garden-style apartments are located at 18600 Dallas Parkway in Dallas, T.X. with 456 units.
Southern Villas midrise luxury apartments are located at 5383 Southern Boulevard in Dallas, T.X. with 28 units.
The Atlantic | Doral Grande luxury rental community is located at 10500 Northwest 74th Street in Doral, FL.
Mark Briggs, the Senior Managing Director of the APM Atlanta office states “A|P is a fourth generation company and has made an array of attractive investments over many years.
“This new portfolio continues to prove our commitment to continuing the legacy of high quality investment and property management. We are extremely excited about our investment expansion into Georgia, Texas and North Carolina.”
Jessica Wade Pfeffer,
Jessica Wade Inc.
7100 Biscayne Blvd.,
Suite 305A | Miami, FL 33138
Cell +1.305.804.8424 | Blackberry Pin 32EC7AE1