Sunday, August 12, 2012

Bull Realty Sells Midtown City Block in Atlanta

  

ATLANTA (Aug. 10, 2012) – Daniel Latshaw (top right photo), partner with Bull Realty, has brokered the sale of most of a city block in Midtown Atlanta that includes famed architect I. M. Pei’s first office building, located at 131 Ponce de Leon Ave. 

The 2.5-acre site — bound by Ponce De Leon Avenue, North Avenue, Piedmont Avenue and Juniper Street — sold for $6.5 million on Aug. 3, 2012. The sale includes the entire block except for St Paul’s church, which was once home to the well-known Abbey restaurant.

The buyer is a joint venture between Sereo Group and Faison Enterprises Inc. According to submissions to a Midtown Development Review Committee meeting in July, the firms plan to develop a new mixed-use project that will include 321 luxury apartments and 8,600 square feet of retail space.

Latshaw represented the seller, developer Thirty Third Latitude Properties.

“There was tremendous interest with 10 competing offers,” said Michael Bull (lower left photo), president of Bull Realty and host of the Commercial Real Estate Show.

 “The lenders, United Bank and Synovus Bank, were able to maximize their recovery by cooperating with the original developer to market the property. When you add the cost of demolition to the just-over-$59-per-square-foot land price, it’s a good sign for the commercial real estate recovery.”

The site had been entitled for a 1.4 million-square-foot mixed-use development. The video on Bull Realty’s web site provides an interesting look at the previous developer’s original plans for the property.

Latshaw is particularly excited about the new buyer’s plans to tie the old to the new. “The concept not only preserves the fa├žade of the Pei building, but makes it a centerpiece of the design and celebrates Pei’s architecture and legacy,” Latshaw said.

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

Stephen Ursery
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354
  

Marcus & Millichap Announces Sale of 16-Unit Apartment Building in Clearwater, FL for $610,000

   

CLEARWATER, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 810 Belleair Road, a 16-unit apartment property located in Clearwater, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $610,000.

Nicholas Meoli (top right photo) multifamily specialist, Francesco P. Carriera (middle left photo) and Michael P. Regan,  vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and also represented by Nicholas Meoli, Francesco P. Carriera and Michael P. Regan.

The property, at 810 Belleair Road, is located in the heart of Pinellas County just four miles east of U.S. Highway 19, the major north/south artery in the county.  It is just a short drive from some of the nation’s top beaches and from the Gateway Business District.  

The buildings are comprised of a mix of studio, one bedroom and two bedroom units.   “This transaction indicates yet another out-of-state investor foreseeing long term appreciation and rent growth in the Tampa Bay Area” comments Meoli.

Press Contact:

 Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700