Tuesday, October 16, 2012

Hendricks & Partners Negotiates Sale of The Belmont Apartments in Montgomery, AL for $18,250,000

Belmont Apartments, Montgomery, AL
BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of The Belmont Apartments, a 468-unit apartment community located in Montgomery, Ala. for $18.25 million.

David Oakley, Senior Investment Advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, M-III Montgomery, LLC, a Delaware limited liability company, based in Leawood, Ks.

The Belmont has a total of 392,104 square feet of rentable living space with one, two and three bedroom apartments. Phase one with 272 units was built in 1988 and phases two and three were completed by 1996 totaling another 196 units.

The buyer was CRESOF Belmont, LLC, a Delaware limited liability company, based out of Chicago, Ill.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785, doakley@hpapts.com.
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Dowd Properties and Hendricks & Partners Negotiate Sale of 208 acres in New Smyrna Beach, FL

ORLANDO, FL --- Dowd Properties based in Celebration, and Hendricks & Partners which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of The Preserve at Sugar Mill in New Smyrna Beach for $595,000.00.

Cole Whitaker, partner who heads Hendricks & Partners in the Southeast and Jim Dowd of Dowd Properties negotiated the sale of the a 208-acre residential development parcel  representing the seller Capstone Resdev, LLC. The buyer is Elbert Land Company, LLC.

Cole Whitaker
For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@hpapts.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Hendricks & Partners Negotiates Sale of Cypress Gardens Apartments in Hoover, AL for $5 Million

Cypress Gardens Apts., Hoover, AL
BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Cypress Gardens Apartments, a 150-unit apartment community located in Hoover, Ala. for $5 million.

David Oakley, senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, Georgetown Investments, LLC, an Alabama limited liability company, based in Birmingham.

Cypress Gardens, built in 1972 and renovated in 2011-2012, has a total of 148,228 square feet of rentable living space with one, two and three bedroom apartments.

The buyer was Cypress United LLC, based out of Florida.

 For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205-918-0785, doakley@hpapts.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

NAI Realvest Completes Sale of DeBary, FL Office Building to Parent Company of Engineering Firm

Paul P. Partyka
 ORLANDO, FL  -- NAI Realvest recently completed the sale of the 2,640 square foot office building located at 80 Spring Vista Drive in DeBary.

 Paul P. Partyka, principal and managing partner at NAI Realvest negotiated the sale representing the seller Pinnacle Bank of Orange City.

 Fred Ferrell, president of Ferrell Investments purchased the property for $218,000 in order to move his company Traffic Engineering and Data Solutions into larger offices due to business growth, according to Partyka.

 Partyka said the office building was built in 2001.

 For more information, contact:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

C&W Negotiates Ground-Floor Lease in Premier Orlando CBD Office Tower

Jeff Sweeney
ORLANDO, FL, Oct. 16, 2012 -- Cushman & Wakefield announced today that the firm has helped secure premium, downtown office space for a fast-rising local business in Orlando, Florida.

The Orlando Office Brokerage Services team of Senior Director Jeff Sweeney and Director Anne Spencer represented Common Sense Office Furniture in the lease of 4,573 square feet of space in the Bank of America Center. Located at 390 North Orange Avenue, the Bank of America Center is one of downtown Orlando's premier office towers.

Anne Spencer
Common Sense Office Furniture has been providing office furniture sales, leasing, rental, delivery and installation services in Orlando and throughout Florida for 15 years. In 2011, the company was recognized by Inc. Magazine as one of the nation's 5,000 fastest growing businesses.

Common Sense Office Furniture was previously located at 820 West Washington Street. The move to the Bank of America Center is expected to provide an upgraded presence in the Orlando CBD. The company will utilize the ground-floor space as both showroom and office space.

Bank of America Center, Orlando
"The Bank of America Center location provides easy access to the entire Orlando market and great visibility within the Orlando CBD," said Sweeney.

"We wanted a display facility for the business community who will now be able to see first-hand the great values and options we can provide them," added Common Sense Office Furniture President Craig Caswell.

Managing Director Jim Gray served as landlord representative for Parkway Realty Services. Common Sense Office Furniture is expected to move in December 1, 2012.

Savitar Realty Advisors Transforms Historic Theater on Lincoln Road in South Miami Beach, FL

Lincoln Theater rendering, South Miami Beach, FL
 MIAMI BEACH, FL – Miami Beach-based Savitar Realty Advisors has nearly completed its transformation of the legendary Lincoln Theatre in the heart of South Beach from a historic movie theater and symphony hall into a 35,000 square foot mixed-use building located on the pedestrian promenade known as the Lincoln Road Mall.

 The modern retail establishment scheduled to open in November will house Swedish retailer H&M’s 30,000 square foot flagship store as well as a number of other smaller tenants including Swatch, Sabon, 4D Gelato and 100 Montaditos, a Spanish tapas and sandwich style restaurant with hundreds of European locations. 

Cliff Stein, CEO, Savitar 
Owner and developer Cliff Stein, president and CEO of Miami Beach-based Savitar Realty Advisors, assembled a group of investors and purchased the building, which spans 150 feet of prime frontage on Lincoln Road, for $21.5 million in February 2010.  While he says the price of historical adaptation far exceeds usual construction costs, he believes the return on this unique investment will be a multiple of the purchase price. 

When construction is complete, the developer’s restorative approach and adaptive design will be a case study in how to redevelop a prominent historical site which, in this instance, met the rigorous requirements of both the Miami Beach Historic Preservation Board and highly desirable international retail tenants.    

Allen Shulman
"Taking down the walls is like peeling back layers of an onion,” said Stein. “You discover vestiges of the building’s past and then the historical preservation board tells you what needs to be saved and what needs to be restored. The process is full of surprises.”

Designed in 1935 by renowned cinema architect Thomas Lamb in the classic Art Deco style that defines South Beach, the Lincoln Theatre building originally housed the movie theater, as well as medical offices and a pharmacy. It closed in the early 1980s and then was purchased in 1988 by the New World Symphony to serve as a performance hall, music academy and administrative office. Last year the symphony opened its new South Beach campus designed by Frank Gehry.

Lincoln Road Mall, Miami Beach, FL
Even after eliminating the slab between the second and third floors in the original office building to better suit a modern retail environment, its theatrical and art deco heritage is revealed and apparent.

The protected features of the property include its signature fa├žade on Lincoln Road, the original theater lobby and various elements uncovered during the construction process, including original water fountains, a mirror, coral rock wall tiles and a decorative lobby ceiling. Stein is resurrecting the overlapping clamshell ceiling in the auditorium, with backlighting between each overlapping shell, replicating the original ceiling design of the movie theater.

During World War II, the building's owner donated the original aluminum marquis to the war effort, replacing it with a less expensive wood structure. Stein and his architectural team have replicated the original marquis in stainless steel.

 Stein also replaced a blank concrete wall in the rear of the building along Lincoln Lane with glass, providing a public view of the interior, which has been designed to maintain the look and feel of a two-story movie theater. 

From the side, the end of the space re-creates the look of a proscenium. A LED mesh wall, extending from the auditorium ceiling to the ground floor below, conceals what was once the stage and will serve as a multi-media screen for H&M, reminiscent of the movie theater screen that once hung in that space.

 “Good adaptive reuse respects a structure’s history – its story – while creating something altogether new,” said Allan Shulman, principal of the Shulman + Associates architectural firm commissioned to design the renovation. “The new design for the Lincoln Theatre proves that historical structures and commerce are complementary when a design is carefully conceived.”


 Pierson Grant Public Relations
Savannah Whaley, ext. 225

Marcus & Millichap Sells 41,908 SF Retail Center in Coral Springs, FL for $4.25 Million

Cypress Wood Plaza, Coral Springs, FL
CORAL SPRINGS, FL, Oct. 16, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cypress Wood Plaza, a 41,908 square-foot retail center located in Coral Springs, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.

 The asset commanded a sales price of $4,250,000 which represents $101 per square foot and an 8.92 percent CAP rate.

Douglas K. Mandel
Associate Robert Granda and Vice President Investments Douglas K. Mandel in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Coral Springs, FL.   

Cypress Wood Plaza is a retail neighborhood shopping center consisting of two retail buildings and a 7,000-square foot out-parcel. The property was 80 percent occupied at the point of sale by local and regional tenants including: VCA Animal Hospital, Bike America and Martinizing Dry Cleaners. 

“This sale represents one of the largest retail center transactions in Coral Springs in 2012,” says Granda. “As inventory levels of quality assets remain low, competition for them will continue to increase.  The local retail market will see continued growth in 2013 as both local and international investors continue to pursue South Florida assets.”

Cypress Wood Plaza is located at 10412 West Atlantic Boulevard between Coral Springs Drive and University Drive.
Press Contact:

Gregory Matus
Vice President/Regional Manager, Ft. Lauderdale
(954) 245-3400

Colliers International Tampa Bay Hires Seasoned Pro Nat Barganier as Managing Director, Investment Services

Nat Barganier
TAMPA, FL (Oct. 16, 2012) – Nat Barganier, an award-winning commercial real estate industry professional, has joined Colliers International Tampa Bay as Managing Director, Investment Services, the company announced today.

 Barganier previously served as Managing Director of Investment Sales at Newmark Grubb Knight Frank in Tampa Bay, where he was recognized as a Top Producer in 2010 and 2011. With more than 25 years in the commercial real estate industry, he has extensive relationships with special servicers, banks and private equity groups, along with deep contacts with institutional and private real estate owners. 

In his new role, Barganier joins forces with Principal and Managing Director of Multifamily Investment Services John Stone, and will focus on multifamily transactions.

Combined, the two professionals have facilitated transactions valued at more than $4 billion, working with clients regionally, nationally and internationally. Barganier has transacted more than 8,200 apartment units in the past 14 years.

For a complete copy of the company’s news release, please contact:
Noelle Anderson, APR   
True Blue Communications
(813) 380-0314

LYND Moves Into New 6,000 SF Office In Miami’s Brickell District

A. David Lynd
 Miami, FL  (Oct. 16, 2012) –—LYND, a national real estate investment, development and management firm, has found a new home for its Miami office. The company has moved into a 6,000 sf space at 1111 Brickell, Suite 2375, Miami, FL. The Miami office, which is serving as a hub for LYND’s national expansion, was established by Managing Partner Constantine Scurtis.

“Miami has become an important base for us to carry out our business plan,” said A. David Lynd, president and chief operating officer. “Since coming here five years ago, we have grown considerably through deal flow and the addition of several new professionals.  We feel we are well positioned to build off of our current momentum.”

1111 Brickell, Miami, FL
The new office is home to several of LYND’s divisions and affiliate companies, including: LYND Commercial, which invests in and manages commercial properties throughout the U.S.; LYND Community Management, which manages community associations throughout the country; LYND Asset Management, a division that is managing hundreds of millions of dollars worth of distressed real estate purchased over the past several years; and SL Capital, a commercial real estate finance company that specializes in conduit lending.

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

Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810

Lynd Contacts:
A. David Lynd, LYND President and COO

 Constantine Scurtis,
 LYND Managing Partner,
Miami Office