Saturday, January 5, 2013

Coro Realty announces the execution of multiple leases at Sandy Springs Crossing Shopping Center in Sandy Springs, GA

ATLANTA, GA /PRNewswire/ -- Coro Realty Advisors, LLC announces the execution of 6,392 SF of new leases at Sandy Springs Crossing Shopping Center located at 6690 Roswell Road, Sandy Springs, GA 30328.

New tenants include Moondog Growlers, Club Champion, Perk 'n Pooch, and Tune Up Barbershop.

Patti L. Perlberg
According to Patti L. Pearlberg, Coro Realty's Vice President, "the success of LA Fitness, along with the completion of the Abernathy Road improvements, has drawn a great deal of attention to the shopping center from local, regional and national tenants. 

“We are most excited about Club Champion, a custom golf club fitter and builder, originally founded in Chicago in 1995. 

“The shop tenants we have attracted compliment LA Fitness and Hinton's Savvy Cellar, providing convenient services, easy access and excellent parking, for busy residents of the Sandy Springs area."

According to Lindsay Douglas, Coro Realty's Senior Leasing Agent; "Sandy Springs Crossing is shaping up as a premier neighborhood shopping center centrally located in the heart of Sandy Springs, directly between the Perimeter and East Cobb submarkets."

For more information on this property,  please visit or contact:

 Teresa Pastore
Coro Realty Advisors, LLC.
3715 Northside Parkway
400 Northcreek - Suite 100
Atlanta, Georgia  30327
(404) 846-4000

Four Texas Self-Storage Facilities Trade Hands at $32.6 Million

Grandview Self-Storage Center, Odessa, TX
FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four Texas self-storage properties, two in Odessa and two in Midland. The total sales price on the transaction is $32.6 million.

            Brandon Karr, a senior associate in Marcus & Millichap’s Fort Worth office, represented the seller, a private developer, and sourced the buyer, W.P. Carey Inc.

Brandon Karr
 “This four-asset portfolio purchase marks the first time this East Coast buyer has invested in West Texas property,” says Karr.

“The Midland-Odessa area is thriving due to energy demand, with year-over-year economic growth of 13.5 percent,” Karr adds, “spurring the buyer to invest here even though it was unfamiliar territory.”

“The new owner intends to deploy a cluster strategy, and plans on investing in even more Midland-Odessa self-storage facilities as they become available,” Karr concludes.

The state-of-the-art self-storage facilities include ample room for trucks and trailers. Their climate- and dust-controlled units are protected by video surveillance, individual door alarms and electronically controlled gate access.
The portfolio’s four assets are:

  • Grandview Self-Storage Center, Odessa
  • West County Road Self-Storage Center, Odessa
  • Loop 250 Self-Storage Center, Midland
  • Midkiff Self-Storage Center, Midland


Public Relations
(925) 953-1716

Ranking Of Top 10 Priciest Condo Shortsales In South Florida In 2012

MIAMI, FL -- Buyers achieved an average discount of 26 percent off of the original asking price for South Florida's 10 priciest condo shortsales to transact in Miami-DadeBroward, and Palm Beach counties in the year 2012, according to a new report from

Between January and December of 2012, buyers - in unrelated transactions - paid a combined $14.9 million - an average of nearly $475 per square foot - for the 10 priciest condo shortsales scattered around South Florida in the areas of AventuraGreater Downtown MiamiMiami Beach, and Miami's Coconut Grove in Miami-Dade County; the city of Fort Lauderdale in Broward County; and the town of Palm Beach in Palm Beach County, according to an analysis by the licensed Florida brokerage CVR Realty™

Prior to the transactions, these condo units were originally put on the resale market for a combined $20.1 million for an average of more than $635 per square foot, according to an analysis based on Florida Realtors association data. 

This is a ranking of South Florida's 10 priciest condo shortsales - with a minimum asking price of $1.2 million - between January and December of 2012: 

 South Beach
 Greater Downtown Miami 
 Miami Beach 
 Palm Beach 
 Palm Beach 
 Greater Downtown Miami 
 South Beach 
 Miami (Coconut Grove) 
 Fort Lauderdale 

As of Jan. 3, 2013, about seven condo shortsales are under contract waiting to transaction with a minimum asking price of $1.2 million, according to the data. 

Another seven condo shortsales are actively available on the resale market in South Florida with a minimum asking price of $1.2 million, according to the data. 

Overall, buyers purchased 13 percent fewer condo shortsales in South Florida in 2012 on a year-over-year basis compared to the same January through December period in 2011, according to a new report

As the number of South Florida condo shortsales decreased, the median price for a distressed unit also decreased in the year 2012. 

It is unclear what impact the newly signed $25 billion National Mortgage Settlement Agreement reached in February 2012 between the federal and state governments with the nation’s five largest services could have on condo shortsales in South Florida going forward in 2012.
The settlement incentivizes the mortgage services to consider various options – including principal reductions, mortgage modifications, and shortsales - before filing to foreclose on borrowers who owe more than their residences are worth currently, according to the agreement.

The completed resales do not reflect any deals that may have transacted without being marketed on the Southeast Florida MLXchange. is scheduled to profile of condo trends in the fourth quarter of 2012 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.   

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a seven-part weekly series that analyzed the markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

Palm Beach, FL Skyline
As of Nov. 5, 2012, less than 2,900 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to a recent report.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Colliers International Completes Sale of Manufacturing Facility in Santa Fe Springs, CA

13100 Artic Circle, Santa Fe Springs, CA
SANTA FE SPRINGS, CA -- Colliers International, the third largest global real estate services organization, has completed the $10,750,000 sale of an 112,096-square-foot leased manufacturing facility occupied by Bumble Bee Seafoods, located at 13100 Artic Circle in Santa Fe Springs, Calif.

Clyde Stauff
Clyde Stauff of Colliers International represented the buyer, Harbor 91 Limited Partnership, a private family investment trust.  

Mike Hartel of Voit Real Estate represented the seller.  Bumble Bee Seafoods, the current tenant on the property, processes more than 35,000,000 cans of tuna per month in the facility.

Built in 1969, the free-standing industrial building offers a fenced yard and is situated on 5.28 acres.


Rainee Tiske
Marketing Specialist | PR GLA| Torrance, CA
Dir +1 310 381 2413
Main +1 310 381 1000

Clyde Stauff

Sacred Heart University Student Housing Property in Bridgeport, CT Sells for $2.65 Million

Taft Commons, 225 Taft Ave., Bridgeport, CT
                                                                              BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of a student housing property at 225 Taft Avenue in Bridgeport, CT.

 Edward Jordan, JD, CCIM, the firm’s managing director, represented the seller, Redbrick Partners of Washington, D.C. in the $2,650,000 transaction, which closed on December 27. 

 The student housing property, known as Taft Commons, comprises 20 townhouse style units in an elevator building that has been leased to Sacred Heart University (Fairfield, CT) since the mid-1990s.  The University recently signed a three-year lease extension through 2015.

Edward Jordan
 “Our recent sale of Taft Commons sends a clear signal that the student housing market continues to offer an attractive alternative to other asset types,” notes Jordan.  “In this instance, the asset was master leased to and managed by the University, minimizing the vacancy risk to the investor as well as the expenses typically associated with management and operations.”

 The seller, a Washington, D.C.- based REIT, originally acquired the property in a transaction brokered by Jordan in March 2005.  The buyer, a New Jersey-based fund, purchased the Taft Commons property for a price that equates to $132,500 per unit, or $24,090 per bed, a common indicator in student housing.

Sacred Heart University, Fairfield, CT
The sales price represents a capitalization rate of 9.0 per cent on the current year’s net operating income.  The buyer was represented in the transaction by Christopher Tichio of Alexander Summer LLC.

“With a strong regional presence across Connecticut, New York and Massachusetts, our investment sales team is well positioned to support multifamily and commercial investors across an expanding range of asset types,” Jordan explains.


Rick Leonard

Marcus & Millichap Announces Sale of Travelodge Suites in Okeechobee, FL

Travelodge Suites, Okeechobee, FL
OKEECHOBEE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Travelodge Suites, a 40-room exterior corridor all-suites hotel located in Okeechobee, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S. Ruprai, senior associate and Dennis Hopper, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company.  Ruprai secured the buyer of the property, a private investor, based out of North Carolina.

Press Contact:

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