Thursday, November 22, 2012

Procacci Development Corp. Sells Dolphin Commerce Center Parcel to IKEA

Dolphin Mall, Miami, FL
Boca Raton, FL (Nov. 21, 2012) – Procacci Development Corporation, a leading owner / developer of commercial property across Florida, this month sold to Swedish home furnishings retailer IKEA, a 14.6-acre parcel fronting Florida’s Turnpike next door to the Dolphin Mall in Sweetwater.

The deal for the parcel, located on NW 117th Avenue at the intersection of the Dolphin Expressway and Florida’s Turnpike, closed November 14 with a purchase price of $31.5 million.

Philip Procacci
 The retailer is proposing to build a 417,000-square-foot store that would open as early as Fall 2014 atop a two-level parking garage with 1,500 spaces. South Florida’s first IKEA store opened in 2007 in Broward County’s city of Sunrise. Two other Florida stores are located in Orlando and Tampa.

 “The addition of IKEA to the Dolphin Commerce Center represents another economic boost to the area, and it caps a very busy year of transactions for our company,” said Philip Procacci, founder and CEO of Procacci Development Corporation.

 Recent deals put Procacci in a favorable cash position to explore new acquisition opportunities across Miami-Dade County and throughout Florida. “Whether we buy existing office buildings or bring our development brand and expertise to a relationship, we’re well capitalized for the right deal.”

Among other transactions, Procacci this summer acquired from BB&T a four-floor, 28,000-square-foot, multi-tenant office building at 2500 NW 107th Ave., in Doral for $4.878 million.  BB&T, the name tenant, leased back its retail banking space and drive-thru facilities. 

 Procacci also acquired the building at 95 S. Federal Highway in Boca Raton.  Now under extensive interior and exterior renovation, the 15,000-square-foot building will become the Procacci corporate headquarters.

 In October, the company sold an 84,000-square-foot retail / office center in Kissimmee, Florida for $9.55 million, and also acquired a 2.5-acre development site for $3.1 million directly across the street to the east of the Dolphin Mall.

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

Todd Templin,
Boardroom Communications
954-370-8999 or

HFF arranges joint venture equity for multi-housing development in Austin, Texas

Hanover South Lamar, Austin, TX
HOUSTON, TX – HFF announced it has arranged joint venture equity for the development of Hanover South Lamar, a 340-unit, to-be-built multi-housing community in Austin’s South Lamar neighborhood.

HFF worked exclusively on behalf of The Hanover Company to secure the joint venture equity with a private investor. Equity proceeds are being used to build the project.

Due for completion in November 2014, Hanover South Lamar will be a five-story building over two and one-half levels of parking with 6,200 square feet of retail or office space.

The project will have one- and two-bedroom units averaging 875 square feet each.

Scott Galloway

Parking will be provided for 479 vehicles. Hanover South Lamar is situated on a 3.44-acre site at 809 South Lamar Boulevard close to Zilker Park, the South Congress entertainment district, Barton Springs, the Town Lake Hike and Bike Trail and Highway 71 about one mile south of downtown Austin.

Sean Sorrell

The HFF team representing The Hanover Company was led by director Cortney Cole, executive managing director Scott Galloway, senior managing directors Sean Sorrell and Doug Opalka, associate director Robert Wooten and real estate analyst Kelly Layne.

Doug Opalka

The Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the development of high quality multi-family residential properties nationwide.

With more than thirty years of experience and an award-winning portfolio of residential high-rise, mid-rise, mixed use and suburban projects, Hanover is focused on strategic growth in major markets across the United States. 

Robert Wooten
Current locations in U.S. markets include San Francisco, Los Angeles, San Diego, Dallas, Denver, Austin, Houston, Washington, D.C., Baltimore, Philadelphia and Boston.

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

Kristen M. Murphy
Associate Director HFF

9 Greenway Plaza, Suite 700
Houston, TX 77046
tel 713.852.3500
cel 617.543.4873
fax 713.527.8725

Award-Winning Class A Office Building in Southern California for Sale at $25 Million

Gateway 1, Chula Vista, CA
CHULA VISTA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market Gateway I, an award-winning, 102,403-square foot office building with ground-floor retail space in Chula Vista.

The property is listed at $25 million, which equates to $244 per square foot.

Pasha Darvishian
Pasha Darvishian, a vice president investments and Dennis Weisberg, a senior associate, both in the firm’s Newport Beach office, are representing the seller.

“Occupied by a premier mix of national corporations and city of San Diego government offices, this asset will currently provide a 7.2 percent unleveraged return on investment, or a 9.33 percent leveraged return,” Darvishian says.

Dennis Weisberg
 “Upon lease-up of its 12 percent vacant space, it will provide investors with a 17.4 percent leveraged return as well as a 20.7 percent total return, giving it substantial upside potential.”

Located at 303 H St. at Third Avenue, Gateway I is easily accessible from Interstates 5 and 805. Downtown San Diego lies approximately 12 minutes to the north and Tijuana, Mexico, is just across the border to the south.

Major tenants currently occupying the building include Bank of America, the County of San Diego, Quiznos and the San Diego Credit Union.

Gateway I includes on-site parking for 372 cars and public transportation access.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Marcus & Millichap Capital Corp. Arranges $6.6 Million Automotive Loan

Steven Goldwyn
FORT LAUDERDALE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged an automotive loan totaling $6.6 million.

Steven Goldwyn, an associate director in MMCC’s Fort Lauderdale office, arranged the loan.

The loan was arranged to replace existing debt for an eight-store retail portfolio of triple-net-leased, freestanding automotive locations in three states: Louisiana, Mississippi, and Ohio.

“This loan presented a number of challenges,” says Goldwyn. “It involved a portfolio of multiple properties across state lines; the properties were all relatively small with debt requirements of less than $1 million per asset. Additionally, the properties were located in tertiary submarkets, the property type was automotive, and the tenants were not investment grade.”

“In spite of these challenges,” Goldwyn adds, “we were able to successfully execute the loan for our client by conducting an exhaustive search for the right capital source. Through the process we were able to deliver more favorable terms which significantly enhanced cash flow given our client’s initial plan seek life insurance company debt,” Goldwyn concludes.

The loan was structured with a five-year term and will amortize over 25 years at an interest rate of 5.65 percent. The LTV is 65 percent.


Stacey Corso

Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

$17.8 Million Self-Storage Portfolio Sale Arranged by Marcus & Millichap

U Store It, Boardman, OH

COLUMBUS, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an eight-property, 3,432-unit, U-Store-It self-storage portfolio.

 The sales price was $17,750,000. The assets are located throughout Ohio.

Charles LeClaire
Charles “Chico” LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office, and Brett Hatcher, a senior associate in the firm’s Columbus office, represented the seller. The buyer is a Texas-based private investor.


Stacey Corso
Public Relations Manager
(925) 953-1716

$11.6 Million Apartment Building Trades in Miami, FL

Park Towers
MIAMI, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Park Towers, a 207-unit multifamily property in Miami. The asset commanded a price of $11.6 million, which equates to approximately $56,039 per unit.

Tal Frydman
Tal Frydman, a vice president investments, and associates Daniel Cunningham and Derek Gibbs, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private firm based in Scottsdale, Ariz. The buyer is a private investor based in Miami.

Daniel Cunningham

“Park Towers is a rare 10-story apartment building that will provide the new owner with a huge upside in rents, thanks to major renovations that include a refinished pool, upgraded lobby and offices, and remodeling within the units themselves,” says Frydman.

“Easy access to major highways and excellent Interstate 95 exposure will keep tenant demand high and maintain the investment’s income stability.”

Derek Gibbs
“By year’s end, asking rents in the Miami metro are slated to have risen 3.2 percent, with effective rents advancing 4.0 percent; a trend poised to enhance the asset’s upside in years to come,” adds Frydman.

Located at 777 NW 155th Lane in Miami, the 10-story, 198,335-square foot building sits on 5.86 acres. It borders a large canal to the south and is surrounded by other multifamily properties.

Built in 1973 with concrete block, reinforced concrete construction and a painted stucco exterior, Park Towers includes 58 studios, 81 one-bedroom/one-bath units, 43 one-bedroom/one-and-one-half bath units, 18 two-bedroom/two-bath units and four three-bedroom/two-bath units.

The asset’s completely remodeled lobby offers access to its elevators, leasing office, first floor units, pool and recreation room, all of which have been remodeled or renovated.

Stacey Corso
Public Relations Manager
(925) 953-1716