Saturday, March 22, 2014

The Dow Hotel Company Completes $7 Million Makeover of Lakeway Resort and Spa Near Austin, TX

Lakeway Resort and Spa on shores of Lake Travis near Austin, TX

Murray L Dow II
AUSTIN, TX and SEATTLE, WA —The Dow Hotel Company, a leading hotel owner/investor and operator, today announced that it has completed a nearly $7 million, 18 months complete makeover of the AAA Four Diamond Lakeway Resort and Spa, located on the shores of Lake Travis just outside of Austin, Texas.
            “Virtually every aspect of the resort has been upgraded, from the roof to the flooring and everything in between,” said Murray L. Dow II, DHC founder and president.
“We have paid close attention to what our guests want, ranging from introducing our Masterson’s Steakhouse, with its sophisticated, yet southwest appeal, that offers pristine views of Lake Travis and the surrounding Hill Country, to the award-winning San Saba Spa.”
            Dow noted that the extensive renovation was undertaken in phases to eliminate guest disruption and enhance revenues.
  “Through careful planning and execution, we were able to systematically re-imagine the resort with little to no impact on guests.  Throughout the process, we were able to maintain occupancy and room rate.  
“Our design process paid close attention to what our guests and meeting planner’s are asking for.  This was one of our most complicated renovations due to re-concepting of the outlets and creating a new environment for everyone.
For a complete copy of the company’s news release, please contact:

Chris Daly, Lauralee Dobbins                    
Phone:  (703) 435-6293

Marcus & Millichap Arranges Sale of Ground-Leased McDonald’s in Sunrise, FL

Douglas K. Mandel
SUNRISE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the ground lease of a 3,926-square foot McDonald's in Sunrise, FL. The asset sold for $1,065,000.
Douglas K. Mandel, a first vice president investments, and Barry M. Wolfe, a vice president investments, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company.  Mandel and Wolfe also secured and represented the buyer, a limited liability company from Oakbrook, IL.
Built in 1984, McDonald's is situated on a 0.50-acre parcel and occupies a 3,926 square-foot freestanding building with a drive-thru. McDonald's is located at 10013 Sunset Strip in Sunrise, FL.
For a complete copy of the company’s news release, please contact:
Ryan Nee
Regional Manager,
Ft. Lauderdale

Wells Fargo Center Tampa Reaches 93% Occupancy for the First Time in Two Decades

Wells Fargo Center, 100 South Ashley Drive, Downtown Tampa, FL
TAMPA, FL – It took the new ownership only 13 months to bring occupancy at Wells Fargo Center in downtown Tampa to over 90%.  
Larry Feldman
The signature office tower reached 93% occupancy with over 96,000 square feet of leases since Feldman Equities and Tower Realty Partners purchased the Class A office building in January of 2013.
 Larry Feldman, CEO of Feldman Equities who is a co-owner of the building, spearheads leasing efforts.  He attributes their leasing success to aggressive rental rates and the recent renovations to the building. 
“Prospects and tenants have responded favorably to our newest amenities including a state-of the-art fitness center, conference room with a 90” TV and a modern cafĂ© and internet lounge,” according to Feldman.  
 Located at 100 South Ashley Drive, Tampa, FL 33602, the building is near the Tampa Convention Center in downtown Tampa, the 22-story, 388,000 square foot Wells Fargo Center is one of Tampa’s premier Class A office buildings with unimpeded views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline.  It is anchored by Wells Fargo & Company, Phelps Dunbar and UBS.
 For a complete copy of the company’s news release, please contact:

  Feldman Equities
 Larry Feldman,

Kiser Group Brokers $28.85M Sale of Apartment, Mixed-Use Portfolio on Chicago’s North Side

4621-25 North Lincoln and  2259-63 West  Eastwood
in Chicago’s Lincoln Square neighborhood.
Lee Kiser
CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, represented the seller of an eight-building, 236-unit portfolio of apartment and mixed-use properties on Chicago’s North Side. New York-based Pioneer Acquisitions purchased the portfolio for $28.85 million in a sale that closed March 5, 2014.
Family owned for more than 60 years, the portfolio included an apartment building in West Rogers Park; an apartment building and mixed-use retail and apartment property in Lincoln Square; four properties in Ravenswood; and a mixed-use retail and apartment building in Irving Park.

“This rare opportunity attracted several investors,” said Lee Kiser, principal of Kiser Group. He and Michael D’Agostino, managing director of Kiser Group, represented the seller in the transaction. “It’s an enormous portfolio in a strong location with upside potential.
Michael D'Agostino
 “Many of the units are rented at below-market levels, so the buyer could immediately reap additional income by increasing rents,” Kiser added. 
“Also, with some minor renovations, many of the large one-bedroom units could easily be converted into two-bedroom apartments, further adding value and increasing the portfolio’s annual income.”
The seller regularly made upgrades throughout the past six decades, so the buildings have little to no deferred maintenance. All the buildings include coin-operated washers and dryers, private storage lockers, intercom security and secure bicycle areas.
“These high-quality apartments are located in sought-after neighborhoods on Chicago’s North Side,” D’Agostino said. “Also, the large rooms, high ceilings, hardwood floors and irreplaceable vintage architectural details made this portfolio enticing to buyers.”
 For a complete copy of the company’s news release, please contact:

  Mark Thomton,, 312-267-4523

ZipRealty Names the 5 Most Popular Boston Neighborhoods

Joseph Pucillo
 EMERYVILLE, CA ZipRealty, Inc. ( (NASDAQ: ZIPR), a leading online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released a list of the Five Most Popular Boston Neighborhoods, based on user data collected on ZipRealty analyzed the 10 most popular zip codes for saved home searches and their corresponding median sales prices.

 “Boston’s real estate market was very healthy in 2013, performing well above the rest of the nation,” said Joseph Pucillo, Vice President of Brokerage Services for ZipRealty.

 The median home sales price for Boston homes stood at $330,650 in January 2014, a 14% year-over-year increase. That compares to a median home sales price of $259,914 in the combined metros tracked by ZipRealty, a 12.5% year-over-year increase.

 “Housing inventory remained low in Boston last year as well, and continues to trend downward. Inventory fell 21% annually to 17,104 homes at the end of January, whereas the combined inventory for the 24 metros surveyed by ZipRealty were only down 7% year-over-year during the same time period,” added Mr. Pucillo.

 “We expect that demand for Greater Boston real estate will remain strong this year, spurred by the region’s world-class education systems and strong job growth in the medical and biomed sectors. People from all over the world are coming to Boston to study, and many of them stay here after they graduate,” noted Mr. Pucillo.

The 5 Most Popular Boston Neighborhoods are:

Zip Code
Jan. 2014 Median Home Sales Price
Jan. 2014 YOY
Sales Price Change

1) 02127
South Boston

2) 02124
Dorchester Center

3) 02116
South End, Back Bay
$1.135 million

4) 02122

5) 02119

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

 Stacey Corso

Marcus & Millichap Capital Corp. Arranges Financing for $1.28 Million DaVita Dialysis Center Acquisition in Oviedo, FL

Jim Sotos
OVIEDO, FL– Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged 5-year, fixed rate financing for the acquisition of a newly constructed DaVita Dialysis property in Oviedo, Florida.

               Jim Sotos, a director in MMCC’s Chicago O’Hare office, secured a loan at 69% of the property’s value on behalf of a first time commercial real estate buyer. 

  “The borrower was thrilled that we were able to obtain a 25-year amortization on a 10-year lease at under 3.65%,” says Sotos.

 “Beyond the attractive interest rate and loan terms, the borrower was most impressed with the way we treated her throughout the process,” adds Sotos.

               “Jim’s patience and attentiveness is at the heart of  his reputation and differentiates him in an increasingly impersonal world ,” says MMCC’s central region vice president, Charles Krawitz.

“Jim’s ability to connect on a truly personal level, while securing impressive financing terms makes him a real asset to his clients,” says Krawitz.  

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

Charles Krawitz, Vice President
Marcus & Millichap Capital Corporation
(312) 327-5439

New tenant for Emerson International at Major Plaza I and another tenant expands space in Orlando, FL

Kenneth Koch
Altamonte Springs, FL --- Emerson International has recently negotiated a new lease for agreement with Dunnia Medical Solutions, LLC at Emerson’s Major Plaza I facility in Orlando.

Kenneth Koch, director of leasing at Emerson International, said Dunnia Medical Solutions leased 549 square feet at Major Plaza I located at 5728 Major Blvd. in southwest Orlando.

At the same time, Koch said bankruptcy attorneys Brain Michael Mark, PA expanded their lease and now occupy 2,049 square feet at Major Plaza I.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

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

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

Hold-Thyssen Completes $575,000 Sale of Former Perkins Restaurant Facility in Lake Wales, FL

Therese Taylor
LAKE WALES, FL and WINTER PARK, FL  --- Hold-Thyssen Real Estate Services recently completed a $575,000 cash sale of the 4,543 square foot former Perkins Restaurant facility at 503 Hamlin St. in Lake Wales.

Therese Taylor, leasing agent at Hold-Thyssen in Winter Park, negotiated the transaction representing the Los Angeles-based seller, California Credit Union.

 The buyer, who was not disclosed, plans to redevelop the property for another type of business to be announced in the future, Taylor said.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Hendricks-Berkadia Negotiates Sale of 39.5 Acre site in Innisbrook, FL

Hal Warren
TAMPA, FL--- Hendricks-Berkadia Apartment Real Estate Advisors, which ranks as one of the nation’s leading multi-family investment banking and research companies, recently negotiated a $7.1 million sale price for a 39.53-acre development site in north Tampa. 

Cole Whitaker, partner who heads Hendricks-Berkadia’s southeast region, negotiated the transaction along with associate partner Hal Warren in Orlando, representing the seller PNC Bank.    Bruce Erhardt of Cushman and Wakefield represented the buyer, Homes at Westbay, LLC.

Whitaker said the site is located inside Innisbrook in Pinellas County.

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

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

NAI Realvest Negotiates Sale of Commercial Development Site on Benton Street in Ormond Beach, FL

Chris Butera
Ormond Beach, FL -- NAI Realvest, based in Orlando, recently negotiated the sale of 3.77 acres of commercial land located on Benton Street off of US Hwy. 1 in Ormond Beach. 

 Chris Butera, investment associate at NAI Realvest, brokered the transaction representing both the buyer and the local seller, HGL Investment Group, LLC.

Michael Ferro of Catskills, N.Y. purchased the property for $287,500.

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

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