Tuesday, July 15, 2014

Marcus & Millichap Arranges Sale of North Miami, FL Land Development for $1.125 Million

Michael A. Mele
NORTH MIAMI, FL, July 15, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of North Miami Land Development, 57,997 square feet of land located in North Miami, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.

Michael A. Mele, a first vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local developer. 

The buyer, Banner Storage Group, was secured and represented by Sean M. Delaney, a vice president investments in the firm’s Chicago Oak Brook office. 

North Miami Land Development is located at 640-685 NW 133rd Street in North Miami, Florida.  The property is situated on five parcels of land that have been zoned for commercial self-storage and consists of approximately 1.33 acres, allowing for a footprint up to approximately 46,000 buildable square feet, with a maximum height of 55 feet. 

Sean M. Delaney
This investment also includes 9,500 square feet on 133rd Street and easements in-between the parcels with the right-of-way abandoned.

“This is the first self-storage development site we have sold since before the downturn,” says Mele.  “It shows that development is back in a big way in south Florida, particularly in Dade County.”

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

Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700

HFF closes sale of Atascocita Shopping Plaza in northeast Houston, TX suburb

Rusty Tamlyn
HOUSTON, TX – HFF announced today that it has closed the sale of Atascocita Shopping Plaza, a 158,613-square-foot, grocery-anchored retail center in Humble, Texas.

               HFF marketed the property on behalf of the seller, Red Tail Acquisitions.  A private investor purchased the asset.

               Atascocita Shopping Plaza is situated on a 16.73-acre site at 6900-7072 FM 1960 in Humble, a retail corridor in northeast Houston less than seven miles from I-69.  The grocery-anchored property is 94.7 percent leased to tenants including Aldi, Dollar Tree, Specs and Goodwill Industries. 

               The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.

“This property featured Aldi on a lease, which is rare in the Houston area as most are free-standing owned stores,” Tamlyn said. “It also involved a loan assumption and is located in a thriving retail section of Atascocita in northeast Houston.”

Ryan West
Red Tail Acquisitions is a value investor that seeks office, industrial and retail properties that normally have leasing or construction issues. Over the last 25 years, the group has purchased more than 10 million square feet of commercial property in the western United States.  Learn more at www.rtacq.com.

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 | www.hfflp.com

Avison Young completes $7.75-million sale of two office buildings in Murrieta, CA

Dan Vittone
Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $7.75-million sale of two, class A office buildings totaling 37,652 square feet (sf) in Murrieta, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, Village Walk Square, LLC, as well as the buyer, Village Walk Murrieta, LP.

 Built in 2004, the well-located buildings offer high visibility from Interstate 15. The first building in the acquisition is called Village Walk Corporate Center and is located at 41391 Kalmia Street.

The three-story property totals 32,572 sf and was 96% occupied by 11 tenants at the close of escrow. The second building in the sale is located at 41381 Kalmia Street and totals 5,080 sf. The building is fully occupied by Pacific Western Bank.   

 The two assets are within the first phase of Village Walk Murrieta, a 65-acre mixed-use business park which includes more than 400,000 sf of upscale shops, restaurants, seniors housing and office buildings.

Alan Pekarcik
 “This transaction was a favorable one for both the buyer and seller,” comments Vittone. “The seller was able to dispose of a stable asset that is outperforming the immediate submarket, and the buyer acquired a high-quality asset below replacement cost.”

 Vittone adds: “Murrieta has a growing population base that wants to work close to where it lives as opposed to commuting to employment centers such as San Diego or Orange County. With that said, the Murrieta office market is poised to strengthen over the next few years.”

 The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. 

Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.

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

Darcie Giacchetto
D.G. Communications, Inc.

Award Winning Calculator Helps Local Agencies Predict Hotel Occupancy Tax Revenues

Jamie Lane
Atlanta, GA, July 15, 2014  -- PKF Hospitality Research, LLC (PKF-HR) today announced the release of the “Hotel Occupancy Tax Calculator,” an Excel-based tool that gives local agencies the ability to incorporate objectively developed forecasts into their estimates of future hotel occupancy tax collections.

 “The calculator helps agencies improve their projections and avoid operational inefficiencies, such as unjustified budget cuts, hiring freezes and changes in tourism promotion efforts,” said Jamie Lane, senior economist with PKF-HR.

 The award-winning calculator estimates taxed revenues for the next five years using the PKF-HR Hotel Horizons® econometric forecasting methods.  These highly accurate forecasts come from estimating the stable statistical relationship between measures of the economy and hotel performance for the metropolitan area in which the tax district is located.

 “The Hotel Occupancy Tax Calculator allows users to customize their forecasts based on the taxing juristiction historical data and also make alternative assumptions about key inputs, such as occupancy tax rates,” Lane added.

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

Jamie Lane                                                           Chris Daly
PKF Hospitality Research, LLC                          Daly Gray Public Relations
Tel: 404 809 3950                                                Tel: 703 435 6293
Email: jamie.lane@pkfc.com                                Email: chris@dalygray.com
www.pkfc.com                                                       www.dalygray.com