Tuesday, November 19, 2013

Faris Lee Investments Completes $10.8 Million Sale of Grocery-Anchored Willow Run Shopping Center in Denver, CO Suburb

Willow Run Shopping Center, 12900--12910 North Zuni Street, Westminster, CO

IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $10.8 million sale of Willow Run Shopping Center located at 12900-12910 N. Zuni Street in Westminster, CO, a northwest suburb of Denver.

Richard Chichester
Built in 2000 and situated on nearly 11 acres, the 91,565-square-foot property was 80 percent leased at the close of escrow and includes grocery store anchor tenant, Safeway, as well as Allstate, Subway and neighborhood retailers.

Other outlying tenants at the center that weren’t part of the sale included JPMorgan Chase, Conoco Philips, and McDonalds.

 Richard Chichester, Jeff Conover, and Tom Chichester of Faris Lee Investments represented the seller, TNP SRT Willow Run, LLC from San Mateo, Calif.  Shaun Riley of Faris Lee Investments represented the buyer, Denver-based Gart Investment Company. The closing cap rate on the property was 6.56 percent.

Tom Chichester
With strong surrounding demographics, a well-designed site plan, success of other nearby retail centers, and a good physical appearance with minimal deferred maintenance, Faris Lee’s market analysis of the property identified that the missing ingredient in turning the center around was a proactive owner and property manager with experience in the Colorado market.

 “Faris Lee’s marketing strategy was to target local Colorado-based investors/owners who understood the immediate area. With a history of ownership in the Colorado market, Gart Investment Company was at the top of our list of investors we believed would see the value in the asset and proactively utilize its tenant and management relationships to fully maximize the investment,” said Conover.

Jeff Conover
 “Willow Run offered the buyer a property well below replacement cost at a low price-per-square-foot of $118,” added Riley. “Additionally, the buyer appreciated the upside opportunity through leasing the 20 percent vacancy, creating potential for additional cash flow and added value.”

 Willow Run Shopping Center is strategically located at the signalized, hard corner intersection of N. Zuni Street and W. 128th Avenue. There are more than 245,000 consumers and 67,500 daytime employees within a three-mile radius of the property. It is also near Home Depot, Kohl’s, Staples and Petco.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Quarterdeck Seafood Bar & Neighborhood Grill in Fort Lauderdale, FL hits the market for $4.3 million


Scott Sandelin
FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Quarterdeck Seafood Bar & Neighborhood Grill on Las Olas Boulevard in Fort Lauderdale, FL. The sale-leaseback opportunity is priced at $4.3 million.

            Scott Sandelin, a Senior Associate, and Edward Romo, an Associate, in Marcus & Millichap’s Miami office are representing the seller, a limited liability company from Fort Lauderdale.

“This is an exclusive sale-leaseback opportunity to own a South Florida institution that sits on irreplaceable real estate on Las Olas Boulevard and just steps from the beach,” says Sandelin.

Edward Romo
“The Las Olas Quarterdeck will sign a brand new 15-year, triple-net lease with absolutely no landlord responsibilities upon closing. The building has been extensively renovated, including a new roof, in 2013.

“The property has served a loyal local following and thousands of tourists from all over the world for more than16 years at this location.”

The 3,738-square foot restaurant building is priced at $4.3 million. Quarterdeck Seafood Bar & Neighborhood Grill is located at 2933 East Las Olas Boulevard in Fort Lauderdale.

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

 Kirk Felici
Vice President/Regional Manager
Miami, FL
(954) 245-3400

Stonemark to Manage Austin, TX Apartments; Firm Partners with BVT on Luxury Communities

The Terraces at South Park Meadows apartments, Austin, TX

Atlanta, GA and Austin, TX – Real estate investment firm BVT Equity Holdings, Inc. has brought in Stonemark Management to manage two Class A apartment communities in the fast-growing South Austin area.

Lobby at The Terraces at South Park Meadows
Austin, TX
The Estates at South Park Meadows, which has 426 units, and The Terraces at South Park Meadows, with 244 units, are located near the popular South Park Meadows shopping area. The communities feature high-end amenities that appeal to the target audience of young professionals. Their 1st Street location also offers easy access to downtown.

“Our new partnership with BVT and the agreement to manage these communities is a big step in our strategy to increase our presence in the South Austin market,” said Michael Taylor, CEO of the Stonemark Group. “We look for opportunities in economically-healthy areas where our management expertise can help investments perform to their full potential,” he added. 

The Estates at South Park Meadows
Austin, TX
Stonemark Management’s services include the management, acquisition, asset management, leasing and profitable disposition of multifamily investment real estate. The firm provides a complete array of leasing and property management services for conventional apartment communities.

“As a large and active equity provider for multifamily development, BVT felt Stonemark’s leasing and property management expertise would enhance our investors’ returns,” said Chad Bozza, Senior Vice President, Fund Investments and Asset Management.

Michael Taylor
The Estates and The Terraces are gated, pet-friendly communities with resort-style pools, an outdoor fireside lounge, luxurious clubhouses with athletic and business centers, attached garages, walking and jogging trails, a pond and nearby green space. 

Interiors feature stainless steel appliances and granite countertops. Some apartments have fireplaces, vaulted ceilings and stackable washer/dryers.

In addition to managing communities for investment firms such as BVT, The Stonemark Group owns two apartment communities in Austin.

Chad Bozza
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management. For more information, visit www.stonemarkmanagementllc.com.

Headquartered in Munich, Germany, with U.S. operations based in Atlanta, Ga., BVT provides equity capital across multiple sectors of the US real estate market, creating high quality offerings for its German investors and maximizing returns through disciplined investment management. For more information, visit www.bvt.com.

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

Terri Thornton

Powered by Zip Signs on Coldwell Banker Select Professionals in Central Pennsylvania

Xavier Y. Zang

EMERYVILLE, CA – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has added Coldwell Banker Select Professionals, bringing the total number of participating brokerages in its Powered by Zip (PbZ) network to 20.

ZipRealty delivers PbZ software as a service to brokers, agents, home buyers and sellers. PbZ streamlines and simplifies real estate transactions, more effectively matches buyers and seller and helps brokers and agents better manage their business.

 PbZ includes ZipRealty’s industry-leading CRM and marketing solutions delivered on the web and as mobile applications, making it the most powerful suite of real estate marketing tools in the United States.

“PbZ’s innovative technology powers top brokerages nationwide, including our latest client in Central Pennsylvania,” said Xavier Y. Zang, President of PbZ.

Ryan Hess
“The combination of Coldwell Banker Select Professionals local expertise and the powerful PbZ platform provides prospective home buyers and sellers in Lancaster, Harrisburg, York and communities throughout Central Pennsylvania with a strong competitive advantage.”

“Powered by Zip provides our brokerage with operating discipline, improved service to our clients and increased lead flow,” said Coldwell Banker Select Professionals’ CEO Ryan Hess.

“Through the PbZ platform featuring Zip Realty’s proprietary CRM Zap, our agents now have the best toolkit on the market – both in the office and on the go. PbZ will help us establish and grow long-term relationships with serious home buyers and sellers, while growing our business.”

The addition of Lancaster, Pa.-based Coldwell Banker Select Professionals brings the total number of Coldwell Banker clients signed on to the PbZ platform to five in 2013. So far this year, PbZ has inked agreements with Coldwell Banker clients in Pittsburgh, Sarasota, St. Louis, Miami and now Central Pennsylvania.

ZipRealty is actively expanding Powered by Zip with leading local brokerages throughout the United States.

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

Stacey Corso