Wednesday, February 12, 2014

HFF closes sale of Publix-anchored neighborhood center in Port St. Lucie, FL

Publix at St. Andrews Shopping Center, 5455--5489 Northwest St. James Drive,
Port St. Lucie, FL

Daniel Finkle
MIAMI, FL – HFF announced today that it has closed the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie, Florida.

               HFF marketed the property on behalf of a client portfolio managed by American Realty Advisors.  Publix Super Markets, Inc. purchased the unencumbered property.

Publix at St. Andrews is located at 5455-5489 Northwest St. James Drive in Port St. Lucie, and is the only grocery-anchored center within a two-mile radius.  Completed in 2003, the property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store.  

The HFF investment sales team representing the seller was led by senior managing director Danny Finkle and director Luis Castillo.

“This was an excellent opportunity for Publix to buy a high performing store location within a growing market,” said Castillo.

Luis Castillo
HFF’s investment sales team secured more than $1.7 billion in sales of retail assets nationally through third quarter of 2013.  In Florida, HFF closed more than $476 million in retail transactions across all capital markets platforms over the same period.

American Realty Advisors is an investment advisor and a leading provider of real estate investment management services to institutional investors. 

With more than $5.7 billion in assets under management, American has provided real estate investment management services to institutional investors for more than 25 years utilizing core and value-added commingled funds and separate accounts. 

The firm’s client portfolios include office, industrial, multifamily, retail, and other properties nationwide, all of which are managed on behalf of American’s clients.

 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 |

IPA Sells Avalon Valley Apartments in Danbury, CT for $53.3 Million

Avalon Valley Apartments, 53 Sand Pit Road, Danbury, CT

Steve Witten
DANBURY, CT, Feb. 12, 2014 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Avalon Valley, a 268-unit garden-style apartment community in Danbury, Conn. The $53,325,000 sales price equates to $199,000 per unit.

            IPA executive directors Steve Witten and Victor Nolletti, along with IPA senior associate Adam Mancinone and IPA associate Blake Barbarisi, advised the seller, AvalonBay Communities Inc. The buyer is Ergs Konover/Outlook Holdings LLC.

Victor Nolletti
“Avalon Valley is a high-quality community with a central location that serves the needs of both lifestyle renters and transit-oriented residents who work in Fairfield and Westchester counties, Stamford and New York City,” says Witten.

            “A comprehensive review of comparable properties strongly suggests that the new owner can enhance value by implementing a moderate upgrade program that will increase value and keep overall per-square-foot and per-unit pricing well below that of newer properties,” adds Nolletti.

Adam Mancinone
            The apartment community is located at 53 Sand Pit Road in Danbury, Conn., near Connecticut Route 7 and Interstate 84. The location is near multiple transportation routes, close to Danbury Hospital, two miles from the Danbury Metro-North Railroad station and 15 minutes from the train station in Brewster, N.Y.

            Built in 1998 on 17.5 acres, Avalon Valley consists of 11 detached three-story buildings, one of which is a clubhouse. The unit mix features 106 one-bedroom/one-bath apartments, 134 two-bedroom/two-bath units and 28 three-bedroom/two-bath apartments.

Residents can choose from nine floor plans ranging from 769 square feet to 1,494 square feet. 

Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, spacious walk-in closets, energy-efficient windows, individual alarm systems with available monitoring, in-home full-size washer/dryer units and a private patio or balcony area.

Blake Barbarisi
Select apartments also include bay windows with scenic views, vaulted ceilings and gas-burning fireplaces.

            Avalon Valley’s community amenities include a fully equipped clubhouse with resident lounge, business center with full kitchen, an indoor basketball court, a state-of-the-art fitness center with Cardio Theater, heated resort-style outdoor swimming pool, landscaped picnic and barbecue areas and a children’s playground.

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

Gina Relva
Public Relations Manager
(925) 953-1716

IPA Sells Pre-War Upper West Side Manhattan, NY Apartment Building for $17.1 Million

The Selkirk Apartments, 308 West 82nd Street, Upper West Side, Manhattan, NY

Scott Edelstein

NEW YORK, NY, Feb. 12, 2014 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of  The Selkirk, a 13-story, 49-unit apartment building on Manhattan’s Upper West Side.

The $17.1 million sales price equates to $350,000 per unit and $600 per square foot.

Peter Von Der Ahe
            IPA’s Scott Edelstein, Peter Von Der Ahe and Seth Glasser advised the seller, a private investor. The buyer is also a private investor.

            “Prior to the sale, The Selkirk was owned and operated by a local real estate family for 40 years,” says Edelstein. “This sought-after asset is a popular residence for young professionals and families attracted to living on Manhattan’s Upper West Side.”            

            “The current configuration of four studio apartments per floor gives the new owner many options, including reconfiguring the units to larger ‘family-style’ layouts and converting them to condominiums or co-ops over time,” adds Von Der Ahe.

Seth Glasser

            Built in 1906, The Selkirk is located at 308 West 82nd St. near local schools and the Broadway retail corridor. Direct access to midtown Manhattan, Lincoln Center, Columbia University and Riverside Park via the 1 Broadway-Seventh Avenue Local subway is nearby at Broadway and 79th Street and Broadway and 86th Street.     

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

Gina Relva
Public Relations Manager
(925) 953-1716

Fimiani Development Signs Four Leases in Alabama

Saugahatchee Square, 3700 Pepperell Parkway, Opelika, AL

Mike Fimiani
Boca Raton, FL – Boca Raton-based Fimiani Development announced the signing of the following leases at Saugahatchee Square in Opelika, Ala., 3700 Pepperell Parkway:

Pittsburgh Paints has leased 4,000 square feet; J. Maxwell Salon has leased 2,500 square feet; Health Bar has leased 1,000 square feet; and Guthrie’s Chicken has leased a new out parcel building with drive through comprising 800 square feet.

 Saugahatchee Square, situated in the retail corridor of Opelika/Auburn, comprises approximately 210,000 square feet of prime retail space with excellent visibility and generous parking.

Located less than three miles from Auburn University, the center was recently renovated and its occupancy has increased by more than 10 percent in the last 12 months. 

 Mike Fimiani, president of Fimiani Development, handled the transactions. For more information on Saugahatchee Square go to

 Fimiani Development Corporation, a boutique development firm located in Boca Raton, Fla., redevelops retail and commercial real estate projects throughout the southeastern United States. 

Services include acquisition and redevelopment of existing shopping centers; consultation in developing third-party leasing programs; performing third-party leasing assignments of retail centers; receivership and workout assignments of retail and commercial real estate projects.

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

Michael Fimiani
(561) 395-8882

Amy Hoffman
Pierson Grant Public Relations
6301 Northwest 5th Way  Suite 2600
Fort Lauderdale, FL  33309
v. (954) 776-1999  ext. 228
f. (954) 776-0290


Lincoln Property Company Wins 200,000-Square-Foot Leasing and Management Assignment for Metro Atlanta Office and Industrial Properties from GE Capital

Denton Shamburger
 ATLANTA, GA (Feb. 12, 2014) – Lincoln Property Company Southeast (Lincoln) has won the leasing and management assignment for a portfolio of four office and industrial properties totaling 205,302 square feet in metro Atlanta. GE Capital Corp. owns the assets.

The properties include:

 • the 59,746-square-foot Johns Creek 11455, a flex/industrial facility in Johns Creek, Ga.

• the 57,826-square-foot Southlake Corporate Center, an office building in Morrow, Ga.

 • the 52,690-square-foot Avalon Center Office Park, a single-story office project in Norcross, Ga.

• the 35,040-square-foot Avalon Ridge Business Park, a flex/industrial property in Norcross, Ga.

Jeff Henson
Denton Shamburger and Jeff Henson of Lincoln will market these properties on behalf of GE.

 "GE Capital is a highly valued client, and we are honored that they continue to place their trust in us," said Tony Bartlett, senior vice president of Lincoln, who oversees the firm's Atlanta office.

"Our leasing and management teams are perfectly suited for these assignments, and there are opportunities to drive occupancies and rents at these facilities to create good value for our client."

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

 Stephen Ursery
The Wilbert Group

Commercial Real Estate Investment analyst George Livingston: Business Changes Mean Big Things in Store for Florida developers

George Livingston
Orlando, FL --- Emerging trends in the way companies deliver their products to consumers and end-users will create major opportunities for Florida developers — and major development initiatives as well.

That’s the word from George Livingston, one of the area’s most experienced commercial property investors. 

“Fortune Magazine predicts same-day service for e-commerce orders will become the standard before then end of this year,” said Livingston, chairman of NAI Realvest in Orlando.

“That may be a little aggressive, but not by much. Retailers are determined to reduce the time between placement of an order and delivery to the customer’s door,” Livingston said.

“One-hour service is now available from e-Bay in Chicago, Dallas, New York and San Francisco and e-Bay is likely to expand that to 25 cities this year,” Livingston said.

“Walmart has started its own self-delivery operations, and other retailers are gearing up to follow suit,” he added.

The ongoing battle between online sales and sticks-and-bricks stores has generated several trends but Livingston said they all point to one goal: “Online retailers provide greater convenience. As they close the gap on instant gratification, they are significantly increasing their shares of consumer spending,” Livingston said.

The key, Livingston added, is to find the quickest way to deliver products to the consumer, and that’s where commercial properties come into play.

“Industrial users are already changing from “storage” buildings to “speedy delivery” buildings,” Livingston said. 

“Retail is becoming much more consumer-based. Global real estate trends are definitely in a growth cycle and regional manufacturing facilities will see a big increase in demand,” he said.

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

George Livingston, Chairman Emeritus, NAI Realvest. 407-875-9989

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