Friday, October 18, 2013

Franklin Street Brokers Sale of Jacksonville Shopping Center for $1.1M, All Cash

Lem Turner Shopping Center, 3200 Armsdale Road, Jacksonville, FL

Jonathan Graber
JACKSONVILLE, FL (Oct. 18, 2013)—Franklin Street Real Estate Services announces the sale of Lem Turner Shopping Center in Northwest Jacksonville for $1,092,500. National investors based in the Midwest paid all cash in the transaction. This was their first Florida purchase.

 Jonathan Graber, CCIM, Rafaell Wright, CCIM, and Nicolas Prevolos, all of Franklin Street Real Estate Services, represented the seller in the transaction, national investors also based in the Midwest.

Nicolas Prevolos
 “We generated multiple offers from across the country,” Graber said.  “Even though the property was located in a green area of Jacksonville hit hard by the recession, we were able to close in less than four months with offers as far West as Los Angeles and as far North as Maine.”

The new owner plans on making cosmetic improvements to the building and developing an aggressive lease-up strategy. The center is currently 50 percent occupied.

 “We find that buyers are willing to enter markets far from where they are accustomed to owning property if there is a value-add opportunity – especially in re-emerging areas with more opportunities,” Wright said.

Prevolos added that the shopping center was built speculatively before sufficient residential development and other economic fundamentals were in place. 

However, activity is beginning to emerge with Dollar Tree recently backfilling the adjacent Home Depot outparcel to the south as well as multiple new 7-11 locations nearing completion in the surrounding area.

Lem Turner Shopping Center is located at 3200 Armsdale Road in Northwest Jacksonville, Fla. off the Lem Turner/I-295 Interchange. Anchor tenants include Walmart and Home Depot.

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

Kelsy Pazur
813-839-7300, ext. 337

Michelle Friedman
Account Director
Boardroom Communications
(904) 641-3226
(561) 706-4585 Cell
(954) 370-8999
(954) 370-8892 Fax

MACK Companies Offers 10 Immediate Delivery Townhomes at Fay’s Point in Blue Island, IL

Fay's Point model home, Blue Island, IL

CHICAGO, IL– Tinley Park-based MACK Companies announced that 10 new construction townhomes are ready for immediate delivery at Fay's Point, a 27-acre marina community in Blue Island, Ill.

Eric Workman
 Five two-bedroom and five three-bedroom, two-story townhomes are available for sale, with prices ranging from $204,900 to $249,900 for 2,015 to 2,481 square feet.

 “Fay’s Point really has it all, as it combines high-quality housing, a prime location and affordable pricing, which appeals to a broad number of homebuyers, particularly those looking to purchase a home before interest rates get much higher,” said Eric Workman, vice president of sales and marketing at MACK.

“Single professionals and young couples will love being less than 20 miles from Chicago’s Loop, families will be drawn to the quiet marina neighborhood and empty-nesters will enjoy the laid-back lifestyle, with walking paths and boat dock right at their doorstep.”

Less than 20 miles south of Chicago, Fay's Point is in the early stages of development with a total of 30 existing townhomes, including the 10 new construction units available for immediate sale.

The development also includes home sites for 44 new-construction townhomes, five lots capable of up to 236 new multifamily units and a marina with more than 80 boat slips.

Planning for the new construction is underway, positioning this marina community to be a major destination in the thriving south Chicago suburb.
Keith Tarasiewicz
Fay’s Point is located just off of I-57, at 1522 Broadway in Blue Island, with close proximity to two Metra Rail stops and just minutes from a number of major retail outlets, restaurants and entertainment.  

For more information on the immediate-delivery townhomes or to schedule a tour, contact Keith Tarasiewicz by phone at 855-440-6225, email or visit

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

Julie Liedtke

Kim Manning


Sustainable Affordable Housing Community Utilizing Innovative Energy Saving Techniques Opens in Buena Park, CA

Park Landing Apartment Homes, 8850 La Palma Avenue, Buena Park, CA

 BUENA PARK, CA – WNC, a national investor in real estate and community development initiatives, announced today the completion of Park Landing Apartment Homes, a 70-unit, four-story affordable housing project in Buena Park, Calif.

Laura Archuleta
WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the energy efficient project, which is believed to be the first in Orange County to incorporate a substantial sustainable “green roof,” totaling approximately 20,000 square feet. 

With a total project cost of $22 million, Park Landing Apartment Homes is located at 8850 La Palma Ave. and was developed in partnership with Jamboree Housing Corporation.

 The garden-style community offers a mix of one-, two- and three-bedroom units and is available to working families earning between 30 percent and 60 percent of the area’s median income level.

Property amenities include: an outdoor patio area; children’s play area with an Imagination Playground containing moveable building pieces to promote cognitive and social abilities; barbeque and picnic areas; and a basketball court. Residents are also able to enjoy a community center, fitness room, tutoring and computer lab, kitchen and laundry facilities.

Gregory Hand
“WNC is proud to have participated in the development of Park Landing Apartment Homes, which is nothing short of revolutionary for the Orange County area,” said WNC’s Gregory Hand, Senior Vice President, Underwriting.

 “Great care was taken to ensure that what was previously an urban infill site would become an exceptional affordable and sustainable community that improves the lives of its residents and the entire county.”

Park Landing Apartment Homes utilizes a 20,000-square-foot “green roof” that covers its 142-space asphalt parking area to promote biodiversity and carbon sequestration, which facilitates the absorption of carbon dioxide by nearby green plants. 

The green roof will reduce the so-called “heat island effect” generated by the asphalt of an open parking area, as well as capture, reduce and filter storm water runoff to be used throughout the property.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct
509.338.5676 – mobile