Thursday, November 29, 2012

NAI Realvest Negotiates Four Central Florida Industrial Lease Agreements in Sanford, Winter Park and Orlando Totaling More than 19,000 Square Feet

Monroe CommerCenter South, Sanford, FL

 MAITLAND, FL --- NAI Realvest recently negotiated four lease agreements totaling 19,022 square feet at Monroe CommerCenter South in Sanford, at the Goldenrod CommerCenter in Orlando and at the industrial facility on Metric Drive in east Winter Park. 

 Aron Harrison, broker associate at NAI Realvest, represented the new tenant, Boss Laser, LLC, in the lease of 2,000 square feet at 651 Progress Way in Monroe CommerCenter South in Sanford.   Michael Heidrich, Sr. a principal in the firm, represented the landlord, COP-Monroe, LLC of Maitland.  

Goldenrod CommerCenter, Orlando
Heidrich Sr. also completed a lease agreement with Sanford-based Dignoti Group, Inc. a reupholstery and furniture repair company for 4,240 square feet at 4265 Church St. in Monroe CommerCenter. 

 A.J. Property Holdings, LLC, the landlord at the industrial facility at 4100 Metric Drive in Winter Park, was represented by Heidrich, Sr, in the lease of Suite 700 with 6,000 square feet where the new tenant is a local firm of insurance adjusters and investigators, Specialty Group, Inc.

 A & B Stucco, Inc., longtime tenant at Goldenrod CommerCenter at 1467 N. Goldenrod Rd. in Orlando has expanded by leasing another 6,782 square feet and now occupies a total of 15,606 square feet at the industrial center.  Heidrich Sr. brokered the transaction representing the landlord COP-Goldenrod, LLC of Maitland. 

Aaron Harrison


Michael Heidrich, Principal, NAI Realvest 407-875-9989;
Aron Harrison, Associate, NAI Realvest 407-875-9989;
Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications, 407-644-4142     

Marcus & Millichap Announces Sale of Former Quality Inn in Hinesville, GA

Former Quality Inn, Hinesville, GA
 HINESVILLE, GA. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the former Quality Inn, a 53-room exterior corridor limited service hotel located in Hinesville, Georgia, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S. Ruprai, a senior associate and hotel specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

Jonathan Ruprai

The buyer, a limited liability company based out of Georgia, was also secured and represented by Ruprai.  John Leonard is Marcus & Millichap’s broker of record in Georgia.

The former Quality Inn was built in 1995 and is located at 706 East Oglethorpe Highway

Press Contact:

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

Essex Realty Group Brokers Sale Of Mixed-Use Walk-Up Building in Chicago

1027 West Touhy, Park Ridge, IL
 CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 1027 W. Touhy, a 26-unit mixed-use walk-up building located in Park Ridge, Illinois.

The property is situated on the southeast corner of Touhy and Chester Avenues, in close proximity to the Tri-State Tollway, I-90 and I-94.

 In addition, the building is within walking distance of the Park Ridge Metra train station. 

Doug Fisher
The subject portfolio consists of 26 units with a unit mix of two 1 bedroom/1 bath Garden apartments and twenty-one 1 bedroom/1 bath apartments and 3 Retail units. 

 Matt Welke, Jason Fishleder and Doug Fisher of  Essex were the brokers in the transaction.  The price was approximately $1,950,000

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Essex Realty Group Brokers Sale Of Residential Condominium Building In Chicago, IL

1978-1984 Algonquin Road, Mount Prospect, IL
 CHICAGO, IL, Nov. 29, 2012- Essex Realty Group, Inc. is pleased to announce the sale of 1978-1984 Algonquin Road located in the Chicago suburb of Mount Prospect. 

The property is part of the 13-building, Colonial Green apartment complex situated just northwest of the Algonquin and Busse Road intersection.  The property is conveniently located less than one mile from Interstate 90. 

Kate Varde
The subject portfolio consists of 19 units with a unit mix of six 2 bedroom/1 bath apartments and 13 two-bedroom/1.5 bath apartments.

 Doug Imber and Kate Varde of Essex were the brokers in the transaction.  The price was approximately $864,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Bergen County, NJ Multifamily Asset Commands $15 Million

Swan Court Apartments, Rochelle Park, NJ
 ROCHELLE PARK, N.J., Nov. 27, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Swan Court Apartments, a 126-unit garden-style apartment community located in Rochelle Park in Bergen County.

The $15 million sales price equates to a 5.6 percent cap rate and $119,048 per unit.

            Thomas McConnell, CCIM and Kevin McCrann, senior associates in Marcus & Millichap’s New Jersey office, represented the seller, Genwill Co. LLC, the builder, owner and manager of the property. McConnell and McCrann also represented the buyer, Real Estate Growth Advisors LLC, a Highland Park, N.J.-based real estate investment and management company specializing in multifamily assets.

Thomas McConnell
 “The Bergen County multifamily marketplace is an extremely competitive environment with exceptionally high barriers to entry,” says McConnell. “This was the first time the Swan Court Apartments had been available for acquisition and the asset garnered a great deal of attention from public and private investors, both foreign and domestic.”

            “What is unique about this transaction is how infrequently garden apartment complexes with over 100 units trade in Bergen County,” adds McCrann. “You can count on one hand how many similar apartment complexes have sold since 1999.”

Kevin McCrann
 Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. across the street from a 24-hour ShopRite-anchored shopping center and is within walking distance of the Garden State Plaza Mall. The property is ideally located between the Garden State Parkway, State Route 4, State Route 17 and Interstate 80.

            Swan Court Apartments is the 55th investment real estate transaction McConnell and McCrann have closed since the market shifted in 2009. Since then, they have arranged an average of more than one transaction per month.       


Stacey Corso
Public Relations Manager
(925) 953-1716

$9.6 Million Special Asset Sale Arranged by Marcus & Millichap

Westview Shoppes, Coral Springs, FL
CORAL SPRINGS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Westview Shoppes, a distressed 60,732-square foot Office Depot-anchored shopping center in Coral Springs. The sales price of $9,691,000 equates to $160 per square foot.

            Drew Kristol and Kirk Olson, both vice presidents investments, along with senior associate Greg Zeifman, all in Marcus & Millichap’s Miami office, represented the seller, Westview Shoppes Fla. LLC.

Drew Kristol
Ken Hoff, a senior associate in the firm’s Manhattan office, also provided representation. The buyer was a private investor based in North Miami Beach, Fla.

            “This transaction was a receivership sale with attractive seller financing offered for qualified buyers,” says Olson. “These factors, along with the property’s strong tenant roster and location, resulted in multiple offers and a successful marketing campaign.

Kirk Olson
“At first there was some concern about the rental rates for the larger spaces in the center, but the trend that we are seeing is less vacancy for mid- to large-size boxes in strong submarkets such as Coral Springs,” Olson continues. “This trend should help rental rates recover to more healthy levels within the next few years.”

Located at 9525 Westview Dr. at the corner of North University Drive, the property has a traffic count of 40,000 cars per day from these two major roadways and a parking ratio of approximately six spaces per 1,000 rentable square feet.

Greg Zeifman
“Bordering the center to the north is the Sawgrass Expressway, a major roadway that connects Coral Springs with Florida’s Turnpike and Deerfield Beach to the east, as well as the Sawgrass Mills Mall and southern Broward County to the south. Westview Shoppes is adjacent to a large shopping center anchored by Regal Cinemas, with another large center on the south side of Westview Drive anchored by Target.

Built in 1999, Westview Shoppes features two retail plazas. The larger plaza contains Office Depot, a Youfit Health Club and Mega Liquors, while the smaller outparcel plaza includes Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning establishment.

Stacey Corso
Public Relations Manager
(925) 953-1716

Raintree Partners Acquires $60 Million Ventura County, CA Multifamily Community in a Transaction Facilitated by IPA

Archstone Ventura Colony, Ventura, CA
 VENTURA, CA – Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily community located just off of the 101 Freeway in the coastal community of Ventura.

The sales price of $60,025,000 equates to $220,680 per unit. While the acquisition represents Raintree’s initial foray into Ventura County, it brings the firm’s portfolio in California to 16 properties and over 2,300 units, according to Jeff Allen, CEO of Raintree Partners.

Jeff Allen
 Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, advised on the sale of the asset.

            “We were particularly attracted to this investment opportunity as it is the best- located apartment property in the city of Ventura,” explains Allen. “It is within walking distance of high-end retail, a block from the entrance to the 101 Freeway (Highway 101), and less than a mile from the major employment centers in Ventura. In addition, it has high visibility and good drive by traffic along Telegraph Road.”

Ronald Harris
Raintree plans to implement a renovation program of unit interiors, according to Aaron Hancock, director of acquisitions for Raintree Partners. “The amenities, common areas and exterior of the property are fantastic,” explained Hancock. “The plan is to execute a renovation of the kitchens and bathrooms and install washers and dryers to modernize the unit interiors and bring them to a level consistent with the exterior.”

Ron Harris, an executive vice president investments with IPA, and director Joseph Smolen represented the seller, Archstone, as well as Raintree Partners.

Joseph Smolen
“This property provided an attractive opportunity for the new owner,” says Smolen. “It is rare in this marketplace for a buyer to acquire an institutionally sized asset in a desirable market with a significant value-add opportunity,” he adds.  

“The investor acquired a strong asset in coastal community that is expected to see sustained job growth in the coming years,” adds Harris.

Financing was provided by Fannie Mae and arranged by Greg Reed and Kristen Croxton of Beech Street Capital.

Kristen Croxton
Built in 1988, the multifamily community is situated on 12.17 acres at 848 Weber Circle. It is ideally located near the intersection of Highways 101 and 126. Additionally, the property is located within walking distance from a high-end retail center that includes such tenants as a Barnes & Noble, Panera Bread and Starbucks. The asset is less than a mile from Ventura County’s government offices.

The property’s common area amenities include two swimming pools and spas, a fitness center, a tennis court, a screening room and a business center.  Unit amenities include fully furnished kitchens with tile countertops, private patios and large walk-in closets.


Stacey Corso
Public Relations Manager
(925) 953-1716