Saturday, July 7, 2012

IPA Arranges Sale of Beacon Mill Village in Beacon Falls, CT for $21.7 Million


BEACON FALLS, CT– Institutional Property Advisors (IPA), a multifamily brokerage firm serving the needs of institutional and major private investors, has arranged the sale of Beacon Mill Village (top left photo), a 188-unit condominium-style multifamily asset.

Located along the banks of the Naugatuck River in Beacon Falls, the property was originally constructed as a mill during the Industrial Revolution.

Steve Witten (middle right photo) and Victor Nolletti (middle left photo), first vice presidents investments, represented the seller, BMV Associates LLC. The buyer was UOB Eagle Rock Multifamily Property Fund LP.

 “The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in an excellent location with significant upside potential,” says Witten.

“The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 Corridor. In addition, this property has fully amenitized units and a historically low resident-turnover rate.” 

Located at Two North Main St., the 184,188 square-foot multifamily complex includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. Conversion of the buildings to residential units occurred in 1988. Since then, the ownership retained the original brick exteriors, interior exposed brick walls, high ceilings and exposed heavy timber beams in the design of the common areas and apartment units.

Amenities include a resort-style swimming pool, large sun deck, tennis court and health club with an exercise room, sauna and men’s and women’s locker rooms. Residents also have access to private, secure storage areas, 24-hour tenant services and ample parking.


Stacey Corso
Public Relations Manager
(925) 953-1716

New 18-Story Condo Tower Planned For Ocean Drive Site In South Beach, FL

 MIAMI, FL --A private equity group is reviving plans to construct a condo tower on the famous Ocean Drive in the South Beach neighborhood of Miami Beach as the coastal market increasingly shows signs of recovering from the dramatic South Florida real estate crash that began in 2007, according to a new report from

The proposed 120 Ocean Drive project - originally dubbed the Kallisto - is envisioned to be an 18-story condo tower with 10 units immediately north of the popular steak restaurant Prime One Twelve, according to the Preconstruction Condo Projects list from the licensed Florida brokerage CVR Realty™.

The developer - an entity controlled by the Boston-based Congress Group - purchased the three-parcel site with a combined 17,250 square feet of land for $8 million in October 2005, according to Miami-Dade Property Appraiser records.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

$18.25 Million FedEx Freight Terminal Listed by Marcus & Millichap in Aurora, IL


 AURORA, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for FedEx Freight East (top left photo), a 63,740-square foot FedEx freight terminal in Aurora, which is the second-largest city in Illinois and part of Chicago’s Naperville/Aurora metropolitan trade area.

The listing price of $18,250,000 equates to $286 per square foot.

Nick Manganais, an associate vice president investments in Marcus & Millichap’s Chicago O’Hare office, is representing the seller, an Illinois family partnership.

 “This FedEx freight facility is one of just 17 FedEx Priority freight terminals in Illinois,” says Manganais. “The facility was a build-to-suit for FedEx in 2003 and has an absolute corporate triple-net 15-year lease that began in January 2004. The lease had a 13 percent rent increase in year six (2009) and there is another one in year 11 (2014),” adds Manganais. “This is an investment-grade property with long-term cash stream potential.”

The property is located at 3883 Butterfield Road and is close to two major highways, Interstate 88 and Illinois Route 59. There is a population of 400,000 people and 250,000 employees within a seven-mile radius of the facility.

The office and industrial area and heavy residential and employee base surrounding Chicago’s O’Hare International Airport is approximately 30 minutes away.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

NAI Realvest Negotiates $680,000 Purchase of Three Acre+ Site for a Primrose School and Daycare Center in Longwood, FL

MAITLAND, FL – NAI Realvest recently negotiated the acquisition of 3.16 acres at 2715 W. SR 434 in Longwood that will be developed as a 12,000 square foot Primrose School and Daycare Center. 

 The NAI Realvest team of Matt Cichocki (top right photo) and Kevin O'Connor (lower left photo), principals, negotiated the transaction representing the local buyer and developer, Guepro, LLC who paid $680,000 for the property.  The seller is the Wekiva Presbyterian Church, Inc.  

 This is the second Primrose School site located by Cichocki and O’Connor and Primrose plans to develop five more schools in the Orlando area within the next two years.

For more information, contact:

Matt Cichocki, Principal NAI Realvest, 407-875-9989,
Kevin O’Connor, Principal NAI Realvest, 407-875-9989,
Beth Payan, Larry Vershel Communications, 407-644-4142