Thursday, February 28, 2013

Marcus & Millichap Announces Sale of Divine Condos in Tampa, FL for $1.475 Million


                                                             
Divine Condos, South Tampa, FL
 TAMPA, FLA., February 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Divine Condos, a slightly fractured, 26 of 28-unit rental condominium community located in South Tampa, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,475,000 which translates to $56,731 per unit and $101 per square foot.

Casey Babb
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor.  A cooperating broker secured the buyer of the property, also a private investor located in Tampa, Florida.

Divine Condos is a charming “Class B+”, garden-style condominium, built in 1983 and located at 6822 South Shamrock Drive in South Tampa.  The community consists of 28 total units, of which 26 condo rentals were offered for sale.  Units are 100 percent one-bedroom/one-bathroom housed in a single, two-story, concrete block building with a brick fa├žade and pitched shingle roofs. 


Between 2006 and 2007, the community received a massive renovation to the exteriors and unit interiors at a cost of nearly $800,000.  Nearly every element of the building is less than five years of age and the property benefits today with a consistently high occupancy level and top-of-the-market rents.

“This sale represented a 35 percent premium to the 2011 sale price of $1.1 million which illustrates just how much the market has improved in two years,” says Babb.  “During that time, rents have improved and interest rates have dropped, allowing investors to pay premium prices and still achieve double-digit returns.”
  
For a complete copy of the company’s news release, please contact:

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

Sale of Metro Atlanta Shopping Center Brokered by Cassidy Turley



Shannon Square, Union City, GA
 ATLANTA, GA – [Feb. 28, 2013] Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced it has brokered the sale of Shannon Square, a 100,000-square-foot shopping center located at 4720 and 4700 Jonesboro Road in Union City, Ga.

 Cassidy Turley principals Drew Fleming and Mark Joines represented RCG Ventures LLC, which sold the shopping center for $8 million to an undisclosed private equity group. 

Drew Fleming

Shannon Square boasts a 95 percent occupancy rate with 62 percent of its occupied space leased to national or regional tenants including Hibbett Sports, Dollar Tree, Rent-A-Center, Farmer’s Home Furniture and Dunkin’ Donuts.

Mark Joines
“The national investment market reacted positively to Shannon Square’s excellent mix of tenants,” said Fleming, Vice President of Cassidy Turley’s brokerage group. “The property’s proximity to a Wal-Mart Supercenter and the Atlanta CBD, combined with its access to I-85 made this an attractive investment.”

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


Tony Wilbert
The Wilbert Group
404-965-5022

Bull Realty Arranges $16.2 Million Sale of Suburban Memphis Medical Office Building



Wolf River 2 Medical Office Building
Germantown, TN
 ATLANTA, GA  (Feb. 28, 2013) – Bull Realty has arranged the $16.2 million sale of Wolf River 2, a 52,500-square-foot medical office building in Germantown, Tenn.

Michael Bull, president and founder of Bull Realty worked with the buyer, Healthcare Realty Trust.

Michael Bull
Roger Massell of the Massell Cos. represented the seller, Landstone Development, who was not actively marketing the property.

 “This off-market transaction marks our firm’s second transaction in the Germantown market within the last six months,” Bull said. 

“This sale is indicative not only of our knowledge and understanding of commercial real estate markets throughout the Southeast, but also of our ability to find the right medicaloffice properties for the many investors who are now coveting this property type.”

Roger Massell
  Bull Realty recently served as the broker for the sale of Wolf River 3, a nearby40,000-square-foot medical office building.

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

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

NAI Realvest Negotiates Retail Property Sale in Leesburg, FL for a new Subway Restaurant


  
Kevin O'Connor
ORLANDO, FL – NAI Realvest recently completed the sale of a 1,665 square foot retail building and its 0.55-acre site at 1320 S. 14th Street in Leesburg for $287,500.  

 NAI Realvest principals Kevin O'Connor and Matt Cichocki negotiated the transaction on behalf of the Orlando-based seller, Fairwinds Credit Union who foreclosed on the property. 

 The Worthington Group of Fruitland Park, Fla. is the buyer who intends to convert the former auto sales building into a stand-alone Subway restaurant.

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

Kevin O’Connor or Matt Cichocki, Principals NAI Realvest, 407-875-9989 koconnor@realvest.com  or mcichocki@realvest.com;  
Patrick Mahoney, President, NAI Realvest, 407-875-9989 Pmahoney@realvest.com
Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  
Beth Payan, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

Hilton Long Island Huntington Unveils $16 Million Renovation


  
Hilton Long Island/Huntington Hotel
Melville, NY
 LONG ISLAND, NY,  (Feb. 28, 2013) — Dow Hotel Company (DHC), a hotel owner/investor and management company, unveiled the renovation of the Hilton Long Island/Huntington in Melville, N.Y. during grand reopening ceremonies.

The 303-room hotel, owned in a joint venture between DHC and Prudential, underwent a $16 million makeover that included upgrading hotel rooms, corridors and public spaces, as well as creating a new lobby, new restaurant and a steakhouse scheduled to open in the second quarter of 2013.

David Fincannon
The grand reopening festivities, hosted by DHC Vice President of Operations Dave Fincannon and Hilton Hotels Vice President Gary Steffen, included a presentation by the Civil Air Patrol Color Guard, a ribbon cutting ceremony with local officials, and a presentation to Newsday Charities, a McCormick Foundation Fund, to help at risk children and families on Long Island, many of whom are still recovering from the aftereffects of Hurricane Sandy.

Gary Steffen
“We made a significant investment in the future of this hotel when we committed $16 million to its renovation,” said Fincannon.  “We’re now investing in the future of our neighborhood by partnering with Newsday Charities.”

Hilton Long Island Huntington presented a cash donation to Newsday Charities and announced plans to donate 100 room nights to be used by local organizations providing Hurricane Sandy relief.  

The hotel’s employees also announced expanded community initiatives including two blood drives during the Red Cross’s peak need period and participation in Stamp Out Hunger in May.

Paul Fleishman
“Newsday Charities and the agencies we support are very grateful to the Hilton Long Island Huntington for this generous donation, which will be put to good use helping Long Island families in need,” Paul Fleishman, vice president public affairs, Newsday.

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

Lauralee Dobbins/Chris Daly
(703) 435-6293

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Bisnow Media to Host Second Annual BLIS- Bisnow Lodging Investment Summit


Chris Nassetta
 WASHINTON, D.C., Feb. 28, 2013 --Bisnow Media, an online publisher and events producer serving the commercial real estate industry, announced today that it will host the second annual BLIS - Bisnow Lodging Investment Summit from April 24-25 at The Washington Hilton in Washington, D.C.

 The conference will feature keynote talks from Hilton Worldwide CEO Chris Nassetta, Loews Hotels CEO Paul Whetsell and MGM Resorts International CEO Jim Murren.  

Paul Whetsell
 Additionally, top executives from Marriott International, Starwood Hotels & Resorts, FelCor Lodging Trust, Hersha Hospitality Trust, Smith Travel Research, Interstate Hotels & Resorts, and many others, will participate in a variety of panels that speak to the ongoing and emerging needs of the hospitality industry.  

 More than 600 industry executives are expected to attend from across the U.S.

Jim Murren
 “BLIS has a lot of energy, and unlike a lot of the big conferences where half the group is in their suites having private meetings, this is really a face-to-face gathering of all the people who are at the conference,” said FelCor Lodging Trust Chairman Tom Corcoran, describing the inaugural BLIS event in May 2012.

Tom Corcoran
 BLIS 2013 will feature the BLIS Lounge, a WIFI enabled, snack-stocked oasis for meeting and networking.  Conference attendees will have lots of space to make themselves comfortable in an intimate and casual environment.

Registration is open, and early bird pricing is available.  Visit the BLIS website for more info and to sign up: http://www.bisnow.com/pages/2013/BLIS/indexb.html

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


Douglas Anderson,
 President,
Bisnow Media
 202-293-0370
  
Chris Daly (media)
Daly Gray Public Relations
 (703) 435-6293

Davidson Hotels & Resorts to Manage the New Little Rock Marriott



Peabody Little Rock Hotel, Little Rock, AK
 ATLANTA, GA - - Feb. 28, 2013—With the acquisition this week of The Peabody Little Rock by an affiliate of Fairwood Capital, Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that it has assumed management of the 418-room hotel in  downtown Little Rock, Ark.  The hotel is the second management agreement between Fairwood and Davidson.

“The property is a vital economic engine for Little Rock and is one of the most prominent hotels in the Mid-South.  We appreciate Fairwood’s confidence in our ability to help maximize its potential, and look forward to delivering an unrivaled customer experience in this marquis property,” said John Belden, Davidson’s president and CEO.

John Belden
“The addition of the Marriott Hotels & Resorts brand will enable us to maximize the economic impact the property will have on the city, the state and within the region.  The new Little Rock Marriott will expand our overall Marriott portfolio to eight full-service assets with over 2,500 rooms.”

“Davidson has done an outstanding  job managing the Hilton Knoxville” said Ed Ansbro, executive vice president of Fairwood Capital.  “We  have every confidence that Davidson’s management expertise, coupled with an upcoming renovation and rebranding, will help this hotel retain its position at the very pinnacle of the market.”

The hotel will convert to a Marriott Hotel in Q2, 2013. 

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

 Cyndi Norwood                                                                                  
Davidson Hotels & Resorts                                                                 
(678) 349-0909                                                                                 

Chris Daly (media)
Daly Gray Public Relations
 (703) 435-6293

NAI Realvest Negotiates Industrial Lease Renewals Totaling 31,300 SF in Southeast Orlando and Lake Mary, FL


Michael Heidrich Sr.
 MAITLAND, Fla. – NAI Realvest recently negotiated two renewal leases for industrial space totaling 31,300 square feet in southeast Orlando and Lake Mary.

 Michael Heidrich, principal at NAI Realvest, brokered both transactions representing the landlords.

 John H. Talton Enterprises, Inc. of Vidalia, Ga. is the landlord at 600 Technology Park Drive in Lake Mary, where Ocala-based Digital Juice, Inc. renewed its lease of suites 104 and 112 with 19,300 square feet. 

Heidrich represented the landlord Airport Investment Properties LLC of Columbus, Ohio in the renewal lease agreement with local tenant Reflex Gymnastix, Inc.  who renewed its lease of Units 200-A through 200-D  with 12,000 square feet at 7466 Narcoossee Rd. in the Airport Industrial Center. 
  
For a complete copy of the company’s news release, please contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com
Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  

Los Angeles Apartment Complex Sells for $15.2 Million



11925 Kling Street, Valley Village, CA
VALLEY VILLAGE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a newly completed 48-unit multifamily community located at 11925 Kling St. in Valley Village, a district of Los Angeles located southwest of North Hollywood.

The asset, initially planned as a condominium community, commanded a selling price of $15,250,000, which equates to $317,708 per unit.

Matt Ziegler
Matt Ziegler, a vice president investments in Marcus & Millichap’s Encino office, represented the seller and the buyer, both local apartment owner/operators.

            “Constructed in 2012, this luxury community offers the new investor an opportunity for steady revenue with near-zero maintenance and repair costs in the desirable San Fernando Valley submarket,” says Ziegler. “Effective rents in the L.A. metro jumped 4.7 percent last year with year-end vacancies at 3.4 percent, so keeping units filled should not be an issue.”

The 52,393-rentable square foot asset features all two-bedroom/two-bath units in two distinct configurations. In-unit amenities include washers and dryers, granite countertops, stainless-steel appliances and central air conditioning and heat. Community amenities include intercom entry, secured subterranean parking, an elevator and a courtyard with a spa and a fitness facility.

The apartment complex is conveniently located near interstates 101, 134 and 170 and is within walking distance of a Gelson’s supermarket and other prime shopping and dining.

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

Public Relations
(925) 953-1716

Foreclosure Sales and Short Sales Account for 43% of U.S. Residential Sales in 2012, RealtyTrac Reports



Daren Blomquist
IRVINE, CA – Feb. 28, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q4 and Year-End 2012 U.S. Foreclosure & Short Sales Report™, which shows a total of 947,995 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the year, a decrease of 6 percent from 2011 and down 11 percent from 2010.

These foreclosure-related sales accounted for 21 percent of all U.S. residential sales during the year, down from 23 percent of all sales in 2011 and down from 28 percent of all sales in 2010.

Properties not in foreclosure that sold as short sales in 2012 accounted for an estimated 22 percent of all residential sales — bringing the total share of distressed sales to 43 percent including both foreclosure-related sales and non-foreclosure short sales.

“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” said Daren Blomquist, vice president of RealtyTrac.

“And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.” 

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:
Data Sales Department
800.462.5193

Wednesday, February 27, 2013

Bull Realty Brokers $1.4 Million Sale of Kennesaw, Ga., Office Complex


  
Wade Green Commons, Kennesaw, GA
 ATLANTA, GA (Feb. 27, 2013) – Bull Realty has brokered a $1.4 million, all-cash sale of Wade Green Commons, a bank-owned office complex in Kennesaw, Ga., a northern suburb ofAtlanta.

Casey Keitchen, vice president, National Office Group, for Bull Realty, represented the seller, Fidelity Bank. The buyer, Excel Realty Group, an investment firm out of Ohio, was represented by Stacy Taylor of Taylor Real Estate Services. 

Casey Keitchen
The 5.5-acre development was designed for 65,000 square feet of office space and was delivered in 2009 as the office market tanked.

Fidelity acquired the complex when it acquired the assets of Security Exchange Bank in a loss-share agreement with the FDIC, and Fidelity put the property on the market in late 2012. Approximately 14,752 square feet had been built by then, 92 percent of which was leased at the sale closing on Feb. 21, 2013.

Amedisys, a national tenant, is the largest tenant in the complex. The new owner plans to immediately begin construction of speculative office space in the complex. Wade Green Commons is located at 4255 Wade Green Road, on the east side of I-75.

 “It’s interesting that an Ohio investor won the bid over the regional players and is starting construction right away,” said Michael Bull, Bull Realty founder and host of the “Commercial Real Estate Show” radio program. “The typical buyers were somewhat jaded and did not value the opportunity as much as we believed they should.”

“This sale is another example of how our firm’s policy of sharing listings and fees with outside brokers benefits our clients,” Keitchen said. “Our extensive Internet marketing, combined with full co-operation amongst the entire brokerage community, is more effective than traditional database-only brokerage, and consistently generates more offers at higher prices.”

Contact:

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

Multi-Housing Sale Activity in South Florida at Five-Year-High



Richard Tarquinio
MIAMI, FL --The CBRE Multi-Housing Private Capital Group is pleased to present the 2013 Spring Multi-Housing Market Update. This report is geared towards South Florida private capital owners and investors and includes key local trends, sale comparables, statistics and financing guidelines.

 Highlights of the report include:

  • Significant uptick in multi-housing sale activity. Multi-Housing sales are at five year high.
  • In Miami-Dade and Broward average apartment rents are above the record high rents. We anticipate Palm Beach rents to be at record levels later this year.
  • Cap rates are stabilizing. For Class A product cap rates range between 4.75% to 5.25%, Class B between 5.75% to 6.50% and Class C between 7.00% to 9.0%.
  • More local lenders are aggressively pursuing multi-housing properties for financing or refinancing opportunities at high 3% to low 4% rates.

 For a complete copy of the company’s news release, please contact:
 
Calum Weaver
Private Capital Group
Multi-Housing
CBRE
+1 954 331 1763

 Richard Tarquinio
Private Capital Group
Multi-Housing
CBRE
+1 954 331 1764

PNC Bank Renews and Expands to Nearly 24,000 SF at Phoenix, AZ Office Park



1669 Phoenix Parkway Office Park
Phoenix, AZ
Atlanta, February 27, 2013 – Pittsburgh-based PNC Bank continues to expand its services in Atlanta by taking up an additional 6,000 SF at 1669 Phoenix Parkway for a total of 23,968 square feet.

The group, having closed major RBC Bank and Flagstar Bank deals, is the seventh-largest bank in metro Atlanta with 79+ branches and some $2.85 billion in local deposits.

The long-term, now anchor-tenant at 1669 Phoenix Parkway, takes up the entire second floor.

Frank Farrell
They are followed by another financial services company, Credit Union Loan Source, which occupies nearly 12,000 SF of the building’s first floor.  PNC Bank chose to remain and expand in Phoenix Office Park in part due to the airport’s proximity.

 “Check processing centers favor close proximity to airports and our building is less than five minutes away,” said Frank Farrell, senior vice president of leasing who represented  Ackerman & Co.

Cushman Wakefield’s Ian Henderson represented the tenant. 

Of late, Ackerman has experienced quite a bit of activity in this market. Not only is 1669 Phoenix Parkway 100% leased but a recent deal at Two Crown Center has increased that building’ s occupancy to 77%.          

Ian Henderson
VX Stream, a video technology company, has just signed a 2,300-square-foot lease at the five-story midrise office building. Farrell also represented Ackerman in this deal; CBRE’s Jim Palermo represented the tenant.

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

Fara Wilson,
VP of Marketing
770. 913.3904  | 

HFF secures $23.5 million bridge loan for retail center on U.S./Mexico border in San Diego, CA



The Plaza at the Border, Ysidro, CA
SAN DIEGO, CA – HFF announced today that it has secured $23.5 million in financing for The Plaza at the Border, a 98,000-square-foot retail center along the U.S./Mexico border in San Ysidro, California.

                Working exclusively on behalf of The Shamrock Group, LLC, HFF placed the non-recourse, five-year, floating-rate loan with the lender, Prime Finance.  

The loan is interest only with extension options and proceeds are replacing a construction loan and paying for tenant improvement and leasing costs, among other costs.

Aldon Cole
Completed in 2012, The Plaza at the Border is 79 percent leased to tenants including TJ Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q and Ulta.  The property is located at 3951-3975 Camino De La Plaza adjacent to The Las Americas Premium Outlets and The Outlets at the Border, south of San Diego along the U.S./Mexico border in San Ysidro. 

                The HFF team representing the Shamrock Group, LLC was led by managing director Aldon Cole, senior managing director Tim Wright and senior real estate analyst Husayn Hasan.

Tim Wright
The Shamrock Group, LLC, is a San Diego-based real estate development and investment firm founded by Michael K. Binkle and Randy A. Levinson.  The group primarily focuses on acquisition, development, and investment in commercial, office, industrial and retail real estate within the western United States.  For more information about The Shamrock Group, LLC, visit www.theshamrockgrp.com

 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 | www.hfflp.com

Charles Dunn Company Completes $4.7 Million Sale of 14-Unit Multifamily Property in Los Angeles, CA



Michel Hibbert
LOS ANGELES, CA,  Feb. 27, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.7 million sale of a 14-unit multifamily property located at 11670 Chenault Ave. in the Brentwood submarket of Los Angeles.

Michel Hibbert, CCIM, senior managing director with Charles Dunn Company in the West Los Angeles office, represented the buyer, Los Angeles-based Chena, LLC. The seller, was Los Angeles-based Schaefer Family Trust.

The property includes eight one-bedroom/one-bathroom units, five two-bedroom/two-bathroom units and one three-bedroom/one and three-quarter bathroom unit.

“The property was 30 percent occupied at the close of escrow,” said Hibbert. “With vacancy rates at just 3 percent in the Brentwood area, the buyer recognized the opportunity to add value through renovating the property which has some deferred maintenance and then leasing it at market rents.”

Michel Hibbert has completed more than $500 million in transactions over his career and has been one of Charles Dunn Company’s top multifamily brokers year-over-year for the firm

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Marcus & Millichap Sells 19,881 Shopping Strip in Miami, FL


Best Plaza, Cutler Bay, FL
MIAMI, FL, Feb.27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Best Plaza, a 21,881-square-foot shopping strip located in Cutler Bay, FL. The asset commanded a sales price of $4,000,000.

Kirk D. Olson and Drew A. Kristol, Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, FL.  

Kirk D. Olson
The buyer, a limited liability company from Brooklyn, NY was secured and represented by the listing agents as well as Senior Vice President Investments Evan P. Kristol and Still Hunter, III in Marcus & Millichap’s Ft. Lauderdale office. 

Best Plaza consists of an 18,527-square foot shopping strip with seven out of its eight bays leased and a 3,354-square foot free-standing building which is also leased.  Some of its major tenants include: Sherwin Williams, Subway and FastSigns. 

Drew A. Kristol
Best Plaza is located at 19700 South Dixie Highway in Cutler Bay, just a few short blocks north of the Southland Mall and at the entrance to the Florida Turnpike.

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

Kirk A. Felici
First Vice President/Regional Manager,
Miami, FL
(786) 522-7000

Marcus & Millichap Sells 12-Unit Apartment Community in Boynton Beach, FL



Boynton Vistas Apartments, Boynton Beach, FL
 BOYNTON BEACH, FL, February 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Boynton Vistas Apartments, a 12-unit apartment community located in Boynton Beach, FL. The asset commanded a sales price of $775,000 which represents $64,583 per unit.

Senior Associate Bill Berthiaume and Associate James Brennan in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lake Worth, FL.  

Bill Berthiaume 
The buyer, a private investor from Palm Beach Gardens, FL was secured and represented by Berthiaume.

“In just one week we generated more than 12 showings and four offers and we went from contract to close in 13 days all-cash.  The high price per unit and velocity of the sale demonstrate the new investment interest in this area of Palm Beach County,” says Berthiaume. 

Boynton Vistas Apartments is a 12-unit apartment community consisting of a two-story, eight-unit apartment building and a one-story four-plex situated on a 1.13 acre site.  Part of this site has approved plans for future development of seven additional units and an office. 

James Brennan
The property sits between NE 17th Avenue and Circle Drive South, both small streets in a predominantly residential neighborhood. Boynton Vistas is located at 419 Circle Drive S & 420 NE 17th Street in Boynton Beach.
  
 For a complete copy of the company’s news release, please contact:

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

Faris Lee Investments Completes Record-Breaking Ground Lease Sale of a U.S. Bank-Occupied Property in Vista, CA


  
U.S. Bank Building, Vista, CA
 IRVINE, CA, Feb. 27, 2013 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $2,865,000 ground lease sale of a free-standing U.S. Bank-occupied property located at 640 Hacienda Dr. in Vista, Calif. in San Diego County.

The sale broke a national sales record as it marked the lowest cap rate ever of 4.05 percent for a bank-occupied property according to CoStar records.

Matt Mousavi

 Matt Mousavi, Nicholas D’Argenzio, and Thomas Chichester of Faris Lee Investments represented the seller, Breeze Hill I, LLC from California. The all-cash buyer was a San Diego-based private family trust who was self-represented.  This asset fit well with the family’s long-term planning objectives and offered a secure income stream in a high barrier to entry market.

“Faris Lee’s Wealth Management Group worked with the buyer, who was a family trust, to facilitate estate planning,” said Mousavi, managing director with Faris Lee Investments. “Although this property featured a low return, Faris Lee positioned the asset as a unique opportunity to acquire a 20-year absolute NNN ground lease with U.S. Bank with extremely rare 2 percent annual increases.”

Nicholas D'Argenzio
Mousavi added that this is another record-breaking sale for the firm. Faris Lee sold the first 4 percent cap rate McDonald’s property nearly two years ago, which reset the market for those specific assets.

Built in 2001, the bank includes a drive-thru, totals 5,300 square feet and is situated on just under one-acre of land within Breeze Hill Shopping Center, which features national tenants such as LA Fitness, Starbucks, Carl’s Jr., Rubio’s, FedEx and Chevron, creating excellent tenant synergy and strong cross-over shopping.

Thomas Chichester
The property is located at the on/off ramp of California 78/Ronald Packard Freeway and Melrose Drive (165,200 vehicles per day), and features excellent street frontage and visibility along Hacienda Drive. In addition there are over 275,000 people living within a 5-mile radius, with an average household income of $75,000.

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

Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments