Tuesday, November 20, 2012

Former Dialysis Center in Tampa, FL Sold by Marcus & Millichap

Former Dialysis Center, Tampa, FL
 TAMPA , FL, Nov. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a former 8,400-square foot dialysis center located in Tampa , Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $736,875.

Moe Derbala, a retail investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a private investor.  Mr. Derbala also secured the buyer of the property.

Moe Derbala
Built in 1980, the property is located at 1602 North 21st Street, in Tampa, Florida and consists of three suites.  Suite 1 is comprised of 5,225 square feet with space for 18 patient bed treatment areas.  Suite 2 consists of 1,800 square feet of open area with a bathroom and a five-ton air-conditioning unit. Suite 3 comprises three offices divided by double-oak doors.

Suites 2 and 3 have two sets of double-oak doors that can be removed or opened to adjoin both suites.  The building has no interior bearing walls, so refloor planning is much easier.

Press Contact:

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

Marcus & Millichap Announces Sale of College Park Mobile Home Community in Lake Wales, FL

College Park Mobile Home Community, Lake Wales, FL
LAKE WALES, FL, Nov. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of College Park Mobile Home Community located in Lake Wales, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Dan Mulkey, a vice president investments and senior director of the National Manufactured Home Communities Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, College Park MHP, Inc. 

Dan Mulkey
The buyer, Mainstay Financial Services, a limited liability company from Winter Haven, Florida, was represented by Cross Realty of Central Florida.

College Park Mobile Home Community was built in 1973 and is an all-age community totaling 99 home sites.  The property is located at 14465 US Highway 27, approximately five miles south of State Route 60 in Lake Wales, home to Bok Tower and Botanical Gardens.  Most park sites are large enough to accommodate double-wide coaches.  

“The park sale was prompted by the decision of the operating owner of the community to retire,” said Mulkey.  

“The sale results in an investment offering Mainstay Financial an opportunity to take advantage of the existing cash flow, and the ability to improve the revenues by reclaiming ‘down units’ and back filling vacant spaces with homes for sale or lease.  The end result should provide them with an excellent, long term investment.”

Press Contact:

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

NAI Realvest Negotiates New Lease Agreement for 5,000 square feet of warehouse/flex space on O’Brien Rd. in Fern Park

Paul Partyka
 MAITLAND, FL – NAI Realvest recently negotiated a new lease agreement for a 5,000 square foot free-standing warehouse/flex building at 244 O’Brien Rd. in Fern Park.  

 Paul P. Partyka, managing partner at NAI Realvest, along with associate Juan Jimenez, negotiated the lease representing the local landlord, Larry Carroll.

Juan Jimenez
First Call Restoration of Central Florida LLC based in Sanford leased the space which includes 2,000 square feet of office space.   Alison Reynolds of Sperry Van Ness represented the tenant.

For more information, contact

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates Sale of 10 Acre Residential Development Site in New Smyrna Beach, FL

Chris Butera

 Maitland, FL  -- NAI Realvest recently negotiated the sale of 10 acres designated for up to 60 single-family residential lots located north of Turnbull Cove Drive in Turnbull Bay in New Smyrna Beach.  

 Chris Butera, investment associate at NAI Realvest, negotiated the transaction representing the seller CharterBank of Carrollton, Ga.      

 The buyer NSB OSM Properties, LLC based in Ormond Beach paid $185,000 for the vacant land and was represented in the transaction by Herb Lubansky Realty.

For more information, contact

Chris Butera, Investment Associate NAI Realvest 386-453-4789 cbutera@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989; pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

With interest rates at an all-time low, now is the time to acquire commercial property, says Mercantile Capital Corp.’s Christopher Hurn

Christopher Hurn
 ORLANDO, FL--- Mortgage rates for commercial properties are at their lowest ever and that means now is the best time to acquire commercial property, says Christopher Hurn, chief executive officer of Mercantile Capital Corp. in Orlando.

Since Jan. 1, Mercantile Capital Corp. has closed more than 85 commercial loans to finance projects totaling $364 million, and by the end of the year that total could reach $450 million, Hurn projects.

Mercantile Capital ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

Hurn said the SBA 504 loan program is offering a fixed 4.16 percent interest rate on a 20-year loan.

SBA 504 loan proceeds can be used for a variety of expenses besides development or acquisitions of commercial real estate, Hurn said.

“Eligible uses for SBA 504 financing include commercial property remodeling; conversions; expansions or renovations; improvements, including grading, street work, utilities, parking lots and landscaping; energy-efficient “green” projects; purchase of long-life machinery; furniture, fixtures and equipment; contingency reserves; and soft costs,” Hurn explained.

As traditional lenders have yet to loosen their purse strings, Hurn said SBA 504 lending ranks as perhaps the nation’s most effective stimulus for economic recovery.

“Small business entrepreneurs all across the nation are using 504 loans to secure their enterprises, add more workers and grow businesses,” Hurn said, adding that “interest rates are the lowest ever and its now a once-in-a-lifetime opportunity for entrepreneurs.”

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation,
Geof Longstaff, Chairman, Mercantile Capital Corporation,
Larry Vershel or Beth Payan, Larry Vershel Communications,
407-644-4142, Lvershelco@aol.com

Industry leader Matthew Bear joins Avison Young in Las Vegas

Matthew Bear
 LAS VEGAS, NV,  Nov. 20, 2012 /PRNewswire/ - Joseph Kupiec, Avison Young Principal and Managing Director of the company's Las Vegas office, announced today that commercial real estate broker Matthew Bear has joined Avison Young'sbrokerage operations in Las Vegas.

Effective immediately, Bear joins Avison Young as a Principal. He will focus on capital markets, retail, and advisory services transactions in Las Vegas and throughout the expanding Avison Young platform.

"We are very pleased to have Matt Bear join our growing operation in Las Vegas,” comments Kupiec. “Matt is one of the most respected professionals and industry leaders in the market.

Joseph Kupiek
"His comprehensive commercial real estate experience, in-depth industry knowledge and longstanding client relationships are perfectly aligned with our commitment to provide best-in-class services to our valued clients.

“The addition of Matt further demonstrates Avison Young's commitment to the Las Vegas market, and is another important step in the execution of our company's aggressive growth plan."

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

 Media Relations:
Sherry Quan
(604) 647-5098 or
(604) 726-0959 cell

Grocery-Anchored South Florida Shopping Center Sold by Marcus & Millichap

Palm Aire Marketplace, Pompano Beach, FL
POMPANO BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Palm Aire Marketplace, a 140,312-square foot shopping center located in Pompano Beach.

            Drew A. Kristol and Kirk D. Olson, both vice presidents of investments in the firm’s Miami office, along with Lori Schneider, a senior vice president investments in the Fort Lauderdale office of Marcus & Millichap represented the seller.  Schneider also procured the buyer, a private New York based investor.

Lori Schneider
“Although grocery-anchored centers are the investment of choice among institutional buyers, the dozen offers for this property came from qualified private investors,” Kristol says. “Because they saw the intrinsic value of this asset, they competed for this dense South Florida urban infill location,” he notes.

            “The buyer, an experienced operator from New York, currently has similar centers in his portfolio,” says Schneider. “The many bidders were diverse in nature, but this investor was the best fit. Although the property is well stabilized and managed, he has plans to further invest in and improve the asset,” she notes.

Kirk D. Olson
Located at 299 South Powerline Rd., Palm Aire Marketplace is an 87-percent occupied, Winn Dixie-anchored center situated on 18.4 acres at the corner of South Powerline Road and West Atlantic Boulevard.

Originally constructed in 1977, the property was redeveloped in 1997.

In addition to Winn Dixie, national credit tenants including Radio Shack, Dollar Tree, Sally Beauty Supply, Rent-A-Center and the UPS Store currently occupy the center.  Restaurants and corporate-guaranteed outparcels for McDonald’s, Bank of America, Ruby Tuesday, CVS/pharmacy and JPMorgan Chase were also part of the transaction.

Drew A. Kristol
With abundant surface parking, Palm Aire Marketplace has multiple access points and excellent visibility. Traffic counts currently exceed 88,000 cars per day.


Stacey Corso
Marcus & Millichap
(925) 953-1716

Marcus & Millichap Sells 16-Unit Pacific Heights, CA Classic for $10.5 Million

2299 Pacific Avenue, Pacific Heights, San Francisco, CA
 SAN FRANCISCO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the all-cash sale of 2299 Pacific Ave., a trophy 1920s apartment building located in San Francisco’s Pacific Heights neighborhood. 

The 16-unit asset commanded $10.5 million, or $650,250 per unit—one of the highest prices per unit achieved in the city so far this year.

Brad Lagomarsino
James Devincenti, a senior vice president investments, and Brad Lagomarsino, a vice president investments in Marcus & Millichap’s San Francisco office, represented the seller, the Henry I. Prien Family Trust. The buyer was a high net-worth individual representing two family trusts, which acquired the asset as-is, closing escrow in two weeks.

James Devincenti
“A rarely marketed asset, this trophy apartment building had been owned by the same family for more than 46 years,” says Devincenti. 

“With our unique marketing plan capitalizing on the asset’s trophy appeal, we were able to attract more than 10 qualified offers from a wide array of investors,” he notes. “Because of the high demand for quality infill assets in prime neighborhoods, we were able to close this transaction at a cap rate of 3.25 percent and a GRM of 17.55.”

Conrad A. Meussdorfer
“The property’s immaculate condition, large units with fireplaces and views of the Golden Gate Bridge and its design by renowned architect, Conrad Alfred Meussdorfer, further enhance its appeal and the long-term intrinsic value of this property,” Devincenti adds.

Built in 1928, 2299 Pacific Ave. is a nine-story, concrete and steel apartment building. It has a gold copper leaf composite ceiling and an attractive tile entryway with a fountain that grace its lobby, and the beautifully maintained building boasts many newer systems and many recent capital improvements.

The building is comprised of one studio/one bath unit (425 square feet), 12 one-bedroom/one-bath units (1,135 square feet), one two-level, two-bedroom, two-bath units (1,560 square feet), one two-level, three-bedroom, two-bath unit (approximately 1,830 square feet) and one office (600 square feet).

2299 Pacific Ave. is situated on the corner of Pacific and Webster streets in the heart of San Francisco’s prestigious Pacific Height’s neighborhood, convenient to many shops, restaurants and parks.


Stacey Corso
Marcus & Millichap
(925) 953-1716

Andrew Burgess Joins Marcus & Millichap Capital Corp. as an Associate Director in Cleveland, OH

Andrew Burgess
CLEVELAND, OH – Marcus & Millichap Capital Corporation (MMCC) has named Andrew Burgess as an associate director in the firm’s Cleveland office, according to William E. Hughes, senior vice president and managing director of MMCC.

            In his new position, Burgess will be responsible for sourcing, underwriting, and obtaining financing for all asset classes of commercial real estate nationwide.

“Andrew has a strong background in mortgage banking and loan origination,” says Hughes. “His experience will be of great value to our clients in the Cleveland metropolitan area.”

William E. Hughes
Prior to joining MMCC, Burgess was the principal commercial mortgage banker at Cleveland’s Infinite Capital, where he managed a team of four and closed over $100 million in loans. Prior to that role, he was a mortgage banker at the Pinnacle Financial Group, also in Cleveland.

Burgess earned a Bachelor of Arts degree in economics from John Carroll University in University Heights, Ohio.


Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716

Superior Research Inks 7,500-SF New Lease in Buckhead, GA Office Building

3405 Piedmont Office Building, Buckhead, GA
ATLANTA, GA– Lincoln Property Company Southeast has brokered Superior Research’s 7,500-square-foot new lease at 3405 Piedmont in Atlanta’s Buckhead submarket.

Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a leasing associate with the firm, represented the landlord. John Thornton and Charles Beard with CBRE represented Superior Research, a market-research firm, in the transaction.

The space had been previously occupied by a market-research company, and Braswell and Altenbach specifically targeted focus-group and market-research firms, who would likely be able to use the existing improvements.

Leigh Braswell
This marketing strategy enabled Lincoln to backfill the space efficiently and maximize the landlord’s previous investments with minimal downtime.

Sabrina Altenbach
The five-story 3405 Piedmont features easy access to Georgia 400, Peachtree Road, Lenox Mall and Phipps Plaza. It also offers tenants free covered parking, key-card access to the building and 20 restaurants within walking distance.

3405 Piedmont is an outstanding property,” Braswell said. “We’ve done a great job leasing the facility and look forward to driving even morevalue for our landlord client as the Atlanta office-leasing environment continues to improve.”


Stephen Ursery
Wilbert Public Relations
Office: (404) 965-5026
Cell: (404) 405-2354

U.S. Industrial Sector Shows Improvement, Attracts Considerable Investor Interest

Michael Bull
 ATLANTA, GA– As 2012 begins to draw to a close, the U.S. industrial real estate market’s fundamentals continue to slowly improve while investors continue to show considerable interest in the sector.

The most recent episode of “America’s Commercial Real Estate Show” provided an enlightening update on the sector. Show host Michael Bull and his guests discussed vacancy rates, absorption, investor demand and new construction.

The national industrial vacancy rate fell about 20 basis points to 8.7 percent during third-quarter 2012, according to Rene Circ, director of research at PPR, a CoStar company.

Rene Circ
National net absorption was a positive 15 million square feet during the third quarter. “We’re climbing,” Circ said. “We’re just climbing very slowly.”

Investment sales in the sector, on the other hand, arebrisk, totaling about $4.8 billion in the third quarter, Circ said. “The industrial investor market didn’t get the election memo,” he said. “It did not slow. In fact, it’s back to normal, if you consider the years 2005 and 2006 as normal.”

Buyers have long been fixated on core, Class-A properties in gateway markets, but now they’re interested in the same kinds of facilities in secondary markets - such as Indianapolis, central Pennsylvania and Phoenix – where the cap rates aren’t as compressed, according to Circ.

Sim Doughtie
“It’s still about buying the best stuff, but it’s no longer just about buying it in the best markets,” Circ said. “In some cases, the secondary markets will do just fine.”

The development of distribution centers for e-commerce “is a new and big trend,” said Sim Doughtie, president of King Industrial Realty Inc. Best Buy, Home Depot and Bed Bath & Beyond are some of the retailers that have recently announced plans to build more e-commerce distribution centers, he added.

The overwhelming majority of the new construction taking place in the sector consists of build-to-suit properties, noted Todd Carter, regional vice president of DCT Industrial. “There’s simply not a lot of spec development out there,” he said.

Todd Carter
“The rents haven’t really justified spec development just yet,” added John Petricola, regional director of Rockefeller Group Development Corp. “Rents have been relatively flat for a number of years. If the rents aren’t there, disciplined developers won’t build [spec].”

The development of “green” industrial properties that can achieve LEED or some other type of environmental certification is another prevalent trend in the sector, guests noted. “As a landlord, I wouldn’t want to own a building 10 years from now that’s not LEED-certified because I wouldn’t want to try and sell it,” Petricola said. “I don’t believe the market will be there.”

John Petricola
The entire “U.S. Industrial Market Update” episode is available for download at www.CREshow.com.

The next “America’s Commercial Real Estate Show” will be available on Nov. 22 and will provide an in-depth examination of the environmental issues confronting real estate transactions and provide strategies to successfully deal with them.


Stephen Ursery
Wilbert Public Relations
Office: (404) 965-5026
Cell: (404) 405-2354