Monday, August 26, 2013

4 New Condo Towers With 1,400 Units Proposed For Miami's Brickell Area

Brickell Heights condos rendering, Miami, FL

MIAMI, FL -- As the South Florida condo market rebounds from the devastating crash of 2007, a pair of developers in unrelated deals are proposing a combined four new condo towers with nearly 1,400 units across the street from each other in the Brickell Avenue Area of Greater Downtown Miami, according to a new report from 

Nine at Mary Brickell Village rendering
 Miami, FL
The newly proposed condo projects - the three-tower Brickell Heights complex and the Nine At Mary Brickell Village with one tower - are slated to be the latest additions to a 12-block stretch of South Miami Avenue where at least 12 towers with more than 3,900 units are now proposed or under construction, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Peter Zalewski
In the Greater Downtown Miami market, a combination of domestic and international developers - in unrelated projects - are proposing to construct 39 towers with nearly 11,500 new condo units in a market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of August 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in the tricounty South Florida region, developers are now proposing nearly 21,250 units for coastal Miami-Dade, Broward, and Palm Beach counties as of August 23, 2013, according to the Preconstruction Condo Projects Database™.

Brickell CityCentre rendering
Downtown, Miami, FL
"A one-mile stretch of South Miami Avenue in the Brickell Avenue Area of Greater Downtown Miami is quickly emerging as the most active submarket for preconstruction condo projects in all of South Florida," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "Developers are rushing to this submarket to acquire land and launch presales as soon as possible in hopes of being the first to deliver new condo units while the market is hot.

“The driving factor for the condo developers is the widespread belief that Swire Properties' $1 billion Brickell CityCentre mixed-use development at Seventh Street and South Miami Avenue will change the face of Greater Downtown Miami.

"The unanswered question is whether too much condo product is being proposed too soon for the Greater Downtown Miami market to absorb."   

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

 Condo Vultures® LLC
225 Midtown Building
 225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.

Hendricks-Berkadia Negotiates Sale of Madison at Shoal Run Apartments in Birmingham, AL for $18,325,000

Madison at Shoal Run apartments, Birmingham, AL

BIRMINGHAM, AL --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham for $18.325 million or $66,394 / per unit.

David Oakley
 The purchase involved the assumption of an existing Freddie Mac loan with an approximate balance of $13 million and fixed rate of 6.12 percent.

David Oakley, senior vice president in Hendricks-Berkadia’s Alabama office, negotiated the sale representing the seller and the buyer.  The seller was Madison at Shoal Run, LLC, an Alabama limited liability company By: Madison at Shoal Run Manager, LLC an Alabama limited liability company, its manager, based in Birmingham. 

The buyer was TEG Madison at Shoal Run LLC, based in New York.

Madison at Shoal Run, a garden-style apartment community built in 1986, has a total of 249,300 square feet of rentable living space with one- and two-bedroom apartments.

Trinity Hospital, Birmingham, AL
The buyer intends to spend a material amount of capital repositioning the property through interior and exterior upgrades. 

“This was a successful transaction on many fronts,” Oakley said.  “Located just a few miles from the new Trinity Hospital campus, the buyer has a great strategy to capture the robust activity occurring in the surrounding 280 submarket.” 
For a complete copy of the company’s news release, please contact:

David Oakley, Senior Vice President, Hendricks-Berkadia - Alabama, 205.918.0785,

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

SR Commercial Brings Portfolio to $60 Million with Two New Industrial Acquisitions in Southern California

 42259 Rio Nedo, Temecula, CA

Adam Robinson
SAN DIEGO, CA (Aug. 26, 2013) – SR Commercial, a privately held, full-service commercial real estate investment company, has acquired two industrial properties encompassing 82,470 square feet in Southern California, adding a total of $60 million to its portfolio in the last 24 months, according to CJ Stos, a Principal of SR Commercial.

“The momentum in the real estate market is finally back to full speed,” says Stos, who founded SR Commercial with Adam Robinson.  “We are actively acquiring assets, and have closed on 14 separate investment properties in the past 24 months.”

The company’s newest acquisitions, located in San Diego and the Inland Empire, reflect an overall tightening of the industrial market throughout Southern California, according to Stos.

 8662 Avenida De La Fuente
South Otay Mesa Business ParkSan Diego, CA
“Demand for investment-grade industrial product continues to climb,” he says.  “Investors must be willing and able to close deals, and must be flexible enough to consider acquisitions in various markets in order to secure the best opportunities.” 

According to Stos, SR Commercial plans to invest in larger industrial properties throughout San Diego, Orange County, Los Angeles, and the Inland Empire.

Rob Gunness
SR Commercial’s two most recent acquisitions include:

Acquisition #1:  Inland Empire, Calif.

SR Commercial acquired a 63,126 square-foot industrial building located at 42259 Rio Nedo in Temecula, Calif. for a total consideration of $2.8 million.

The building was occupied by a month-to-month tenant at the time of purchase. SR Commercial plans to repair the deferred maintenance and reposition the property with significant upgrades, including a new roof, HVAC system, ADA upgrades, parking lot repairs, landscaping and new roll-up doors.

Scott Stewart
“We will begin improvements on the building immediately and, once completed, we plan to aggressively market the property for sale or lease,” explains Robinson.

SR Commercial was represented by Rob Gunness and Scott Stewart of CBRE in the transaction.  The seller, a private investor, was represented by Charley Black and Michael Strode of Lee & Associates.

Acquisition #2: San Diego, Calif.
Michael Strode

SR Commercial acquired a 19,344 square-foot, multi-tenant industrial property located in the South Otay Mesa Business Park in San Diego, Calif. for a total consideration of $1.6 million. The property is located at 8662 Avenida De La Fuente in San Diego, Calif.

“This was an all-cash deal, and we were successful in closing escrow within 30 days,” says Adam Robinson, co-founder and Principal at SR Commercial.

Regan Tully
Robinson notes that the San Diego market continues to attract manufacturing and distribution tenants in need of quality space, but supply is an ongoing concern.

“The supply of quality, for-sale multi-tenant industrial product is scarce in San Diego,” he says.  “We are fortunate to have strong relationships with local brokers who can help us to identify investment opportunities quickly.”

Mike Erwin of Colliers identified this opportunity for SR Commercial, and represented the firm as the buyer in the transaction.  The seller, a private investor, was represented by Regan Tully of Cassidy Turley.

Charley Black
The property, which was 87 percent occupied at the time of purchase, consists of 16 units ranging from 920 square feet to 1,224 square feet, and features office space, private restrooms, 15' to 18' warehouse clear height, a shared truck well, and grade-level loading.

“Our plan for this property is to lease the two vacant suites, while simultaneously completing a condo map.  This will give us the option to either sell to owner-users as market conditions improve, or hold the property long-term while achieving double digit cash-on-cash returns,” explains Robinson.

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

  Jenn Quader / Judith Brower
  Brower, Miller & Cole
  (949) 955-7940

Bull Realty Arranges $7.8 Million Land Sale in Midtown Atlanta


Daniel Latshaw
ATLANTA, GA (Aug. 26, 2013) – Daniel Latshaw and John DeYonker of Bull Realty represented the seller in the $7.8 million sale of a 1.44-acre parcel located at 930 Spring Street in the Midtown submarket of Atlanta. Centergy North, LLC, was the seller in the transaction, and UH Spring Street, LLC, was the buyer.

Inland American Communities Group, Inc., and Ambling University Development Group will partner to build the 706-bed University House, a mixed-use student housing development, on the site.

The 20-story building will feature 268 units, offering studio, one-, two-, three- and four-bedroom floor plans. Amenities will include a resort-style pool on an elevated terrace, secured parking garage, city-view sky lounge on the top floor, and business and fitness centers.

John DeYonker
“This is a fantastic site that’s a short walk to the Georgia Tech campus as well as shops, restaurants and nightlife,” said Latshaw, a Bull Realty partner. “With growth in enrollment at Georgia Tech, the university will benefit from additional quality student housing.”

This transaction marks the fourth sale of an intown Atlanta land parcel that the Bull Realty duo has brokered in the last 12 months. University House is scheduled to open in the fall of 2015.

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

Savannah Duncan
The Wilbert Group
O:  404.343.0870
C: 404.901.4433

Franklin Street Adds New Director to Atlanta Office

Justin Berryman
ATLANTA, GA  (Aug. 26, 2013) — In another move of expansion, Franklin Street Real Estate Services has recruited leasing expert, Justin Berryman specializing in leasing and landlord representation.

“Justin brings a wealth of industry knowledge from his experience in all facets of commercial real estate,” said Danny York, Chief Operating Officer for Franklin Street. “We are confident with Justin’s varied and deep understanding of Atlanta retail properties, he will be a great asset for clients throughout the Atlanta Metro.”

Berryman has worked in site selection, development, leasing, management, acquisition, and disposition of retail and multifamily assets.

Danny York
“The opportunity to work with Franklin Street’s highly-respected and knowledgeable real estate professional’s along with the challenge I’m personally taking on – increasing the value of our client’s assets and expanding our shopping center leasing portfolio in Georgia – is something I’m excited and honored to be a part of,” Berryman said.

 “The retail leasing market in Atlanta has picked up along with a decrease in vacancy which gives us an exciting window of opportunity.”

Prior to joining Franklin Street, Berryman was responsible for the managing and leasing of shopping centers for private investors throughout Atlanta. 

He also was involved in a partnership investing in distressed residential and multifamily real estate around the Metro achieving a double-digit return for investors with zero debt on their properties. Berryman attended Auburn University where he earned his Bachelor of Science in Entrepreneurship while also playing for the Auburn Tigers football team.

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

 Kelsy Pazur
813-839-7300, ext. 337