Monday, November 11, 2013

2 New Armani-Branded Condo Towers Proposed For Sunny Isles Beach Site in South Florida

Preliminary Rendering of proposed Armani Residences By Cesar Pelli
Sunny Isles Beach, FL

Lana Bell
MIAMI, FL -- As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a pair of high-profile residential developers are partnering to build up to two new condo towers that would feature the Italian fashion design brand of Giorgio Armani on an oceanfront site in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County.

The proposed project - dubbed the Armani Residences By Cesar Pelli - is slated to be designed by the internationally acclaimed architecture firm Pelli Clarke Pelli and developed by a joint-venture entity of Dezer Properties and the Related Group - which joined forced during the last boom-and-bust cycle to build the three Trump Towers in Sunny Isles Beach - around the 190th block of Collins Avenue, according to the South Florida Business Journal.

A Dezer Properties executive declined to comment on the project's number of towers or units but did confirm the proposed project would be "released" in December 2013.

In anticipation of the presale launch next month, has learned that exclusive broker presentations that detail the project have already occurred.   

Cesar Pelli

Even though the project's developers are not talking, Sunny Isles Beach real estate professional Lana Bell of One Sotheby's International Realty shared a sneak peek of the soon-to-be-announced project - which she calls a slightly revised name of "Armani House By Cesar Pelli" - that is to feature a pair of 55-story towers that each have about 250 units, according to Bell's November 8, 2013 market report.

In Sunny Isles Beach, the proposed Armani Residences By Cesar Pelli project is slated to go up on the site of the former 172-unit Seashore Club South motel-condominium at 18975 Collins Ave. that was terminated as an association on August 29, 2013, according to Miami-Dade County records.

As part of the paperwork filed, the termination plan disclosed that a Florida corporation - Dezer Larouche Holdings LLC - has a "purchase and sale agreement dated December 18, 2012" to acquire the Seashore Club South motel-condominium property for an unknown price, according to Miami-Dade County records.

Former Seashore Club South condominiums
Sunny Isles Beach, FL
The Dezer Larouche Holdings LLC has not taken title to recently terminated Seahorse Club South motel-condominium site as of November 8, 2013, according to Miami-Dade Property Appraiser records.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.

 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.

NAI Realvest negotiates New Lease of 150,000 square foot industrial facility in DeLand, FL

Paul Partyka
DeLand, FL – NAI Realvest recently negotiated a long-term lease for 150,000 square feet of industrial space at 2000 Brunswick Lane in DeLand. 

  Paul P. Partyka, managing partner at NAI Realvest, brokered the transaction representing the tenant, Ideal Deals, LLC and the new landlord Oscar M Clemmons Living Trust c/o Greene Realty of Florida, LLC based in DeLand. 

 Ideal Aluminum will continue to operate out of the facility it already occupied but started a new lease agreement with the new ownership, Partyka said.

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

Beth Payan, Larry Vershel Communications, Inc. 407-644-4142

NAI Realvest Negotiates $600,000 Sale Price for 1.08 Acre Retail Development Site in West Orange County, FL

Robert Blackwell
MAITLAND, FL– NAI Realvest negotiated the sale of 1.08 acres of vacant land at 10670 and 10680 West Colonial Drive in Ocoee in West Orange County for $600,000.

Robert Blackwell SIOR, principal, negotiated the transaction representing the seller Branch Banking and Trust Company of Winston-Salem, N.C. 

 Wendy’s International Inc., c/o The Wendy’s Company, a Dublin, Ohio-based firm, bought the site to build another restaurant.

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

Beth Payan, Larry Vershel Communications, Inc. 407-644-4142

HFF secures $22 million financing for grocery-anchored retail center in Chester, NJ

Chester  Springs Shopping Center, Chester, NJ

Eric Tupler
DENVER, CO – HFF announced today that it has arranged a $22 million financing for Chester Springs Shopping Center, a 223,068-square-foot, grocery-anchored shopping center in Chester, New Jersey.

Working exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, HFF placed the three-year loan with a national bank, at a floating interest rate of LIBOR plus 175 basis points.

Jon Mikula

Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue in downtown Chester. 

The center is 96.6 percent leased and is anchored by ShopRite, the dominant New Jersey grocer.  Other major tenants include Marshalls, Staples and CVS.

Kristian Lichtenfels
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Jon Mikula and real estate analysts Kristian Lichtenfels and Michael Cerulo.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Richard Byers Joins Capital Square Realty Advisors as Controller

Richard Byers

 RICHMOND, VA (Nov. 11, 2013) – Capital Square Realty Advisors, LLC announced today that Richard Byers, CPA has joined the company as controller. He will also serve as controller of affiliated companies, Capital Square Holdings and Capital Square Management.

“Richard is a seasoned professional with extensive experience in commercial real estate, corporate, business and public accounting,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “Richard brings finance and accounting expertise at a time when Capital Square is growing rapidly to become a leading national real estate firm.” 

Byers joins Capital Square with more than 30 years of experience, including with his own CPA practice and a 17-year engagement at RF&P Corporation, a $700 million real estate company.

He played a significant role in converting the firm from a C-corporation to a real estate investment trust. Byers was also instrumental in numerous accounting, tax and fiscal analysis projects, including the Potomac Yard development analysis and economic impact study for the Redskins Stadium proposal, monitoring Crystal City partnership interests and debt restructure issues.

Redskins Stadium, Washington, DC
He also was involved in environmental remediation matters and contracts, leases and partnership agreements.

In addition to RF&P Corporation, Byers spent time as the controller for several real estate companies, including F. G. Pruitt Inc., Mark Properties and Zapolski Real Estate. He began his career with Ernst & Young.

Byers graduated from the University of Virginia and is a member of the American Institute of Certified Public Accountants.

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

Jill Swartz                                                                            
Spotlight Marketing Communications                    
949.427.5172, ext. 701 – office                                   
949.485.1552 – cell                                                            

HFF closes sale of two multi-housing communities in suburban Chicago

Woodlands of Crest Hill, Crest Hill, IL

Sean Fogarty
CHICAGO, IL – HFF announced today that it has closed the sale of the Woodlands of Crest Hill, a 730-unit multi-housing community in Crest Hill, Illinois and the Fountains at Stone Crest, a 400-unit multi-housing community in Westmont, Illinois. 

HFF marketed the properties on behalf of the seller, a joint venture between MetLife, Redwood Capital Group and Westdale Asset Management.  The transactions were part of a three-property portfolio with the third property sold in a separately marketed transaction.

The Woodlands of Crest Hill is located at 1615 Arbor Lane immediately north of Joliet and approximately 44 miles southwest of downtown Chicago.

Marty O'Connell
Situated on 26.65 acres, the garden-style property has undergone kitchen and bath renovations as well as other property upgrades throughout the past few years and includes a mixture of studio, one and two-bedroom units averaging 649 square feet each. 

Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.

The Fountains at Stone Crest is located at 1 Fountainhead Drive approximately 10 minutes north of Argonne and 26 miles southwest of downtown Chicago in DuPage County. 

Matthew Lawton
The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each.  Community amenities include a 5,300-square-foot clubhouse consisting of a great room, business center, fitness center and indoor racquetball court as well as a swimming pool with sundeck, playground and picnic area.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton. 

Fountains at Stone Crest, Westmont, IL

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |