Wednesday, February 18, 2015

$2.3 Million Apartment Building Sale Arranged by Marcus & Millichap in St. Petersburg, FL

Royal Palm Apartments, 550 50th Avenue North, St. Petersburg, FL

Casey Babb
ST. PETERSBURG, FL,  Feb. 18, 2015 – 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 Royal Palm Apartments, a 40-unit vintage garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The $2,300,000 sales price equates to $57,500 per unit.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office represented the Florida-based seller.

The local buyer, a private investor, was secured and represented by Ari Ravi, associate, Casey Babb, CCIM and Luis Baez. 

Financing for the purchase was arranged by Julius “Al” Kinkle, Jr., associate director in Marcus & Millichap Capital Corp’s Tampa office.

Luis Baez
Royal Palm Apartments is located at 550 50th Avenue North in St. Petersburg, Florida.  This vintage garden community is located off 4th Street North just east of Interstate 275 in St. Petersburg, Florida, and consists of one, two-story building constructed in 1969 of concrete block with concrete subfloors and a flat, concrete roof. 

The property offers a mix of one-bedroom/one-bath and two-bedroom/one bath units averaging 719 square feet and has received over $400,000 in improvements, including new double-pane windows, exterior paint, new vinyl fencing, new signage and entrance lights, a new pool motor pump and new common-use washers and dryers.

“Considering its position between two of Tampa Bay’s largest employment hubs - Gateway/Carillon Business District and Downtown St. Petersburg - the 4th Street corridor has been attracting strong interest from investors, both local and international,” says Baez. 

“Royal Palm commanded six offers within two weeks of marketing, and closed at less than five percent of the list price.” 

“The 4th Street corridor will continue to be desirable to real estate investors as downtown St. Petersburg further develops into a destination location for employers and residents, and employment continues to improve throughout Pinellas County and the MSA as a whole,” concludes Baez. 

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

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

Hold-Thyssen's Carol Kinnard Negotiates New Office Lease and Three Long Term Renewals in New Port Richey, FL

Carol L. Kinnard
 TAMPA, FL --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park with offices in Tampa, recently negotiated a six year lease renewal with Pride Integrated Services, Inc. at Counsel Square in New Port Richey representing the landlord.  

Kinnard said Pride Integrated Services has been a tenant for 10 years and renewed for an additional six years their lease of Suite 350C with 2,250± square feet at Counsel Square I located at 7619 Little Rd.   Pride, the oldest private probation agency in the United States, is approved by the State of Florida and has been a pioneer in criminal justice and rehabilitative programming.

Florida State Representative Amanda Murphy
At the same time, Kinnard represented the landlord at Palm Center, 5509 Grand Blvd. at the intersection of Gulf Drive, in a new lease agreement with State Representative Amanda Murphy for Suite 300 with 930 square feet.   

Representative Murphy relocated her office to Palm Center to give her District 36 constituents better accessibility

Last month Kinnard negotiated lease renewals with two other long-time tenants at Counsel Square:

 Pasco County Sheriff’s Child Protection Team, a tenant for over 10 years renewed the lease of Suite 201E with 23,771± square feet encompassing the entire second floor of Counsel Square II and a renewal agreement for a newly renovated 1,000 square foot suite at Counsel Square I.   

The tenant Psychological Management Group, PA who has been a tenant at Counsel Square I for 15 years

Hold-Thyssen, Inc. 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 than100 commercial properties throughout the United States.

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

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

Cushman & Wakefield's Christopher Thomson and Matthew McAllister lease 23,471 SF at Lewis Terminals Distribution Center in Riviera Beach, FL

Christopher Thomson
RIVIERA BEACH, FL - Cushman & Wakefield announced today that is has assisted Cabot Properties in leasing 23,471 square feet at its Lewis Terminals Distribution Center in Riviera Beach, Florida.

Senior Director Christopher Thomson and Associate Director Matthew McAllister represented Cabot in securing a lease with Zenith Freight Lines, LLC. Zenith provides efficiency and supply chain solutions to the home furnishing industry.

 The firm is headquartered in Conover, North Carolina. The Lewis Terminals location will serve as a home delivery hub. Zenith is expected to open a second Florida location in Orlando later this year.

Lewis Terminals, located at 1301 West 13th Street, is a 47,156-square-foot flex facility built in 2008. The space and its location proved to be an excellent match for Zenith’s needs.

“Riviera Beach is a great logistics hub for distribution companies looking to service the entire South Florida market,” explained McAllister. “Easy access to major transit arteries and the Port of Palm Beach are ideal for this type of use.”

Matthew McAllister
Michael Falk & Company represented Zenith.

Cabot Properties is a private equity real estate investment firm which invests, devleops, and operates industrial properties throughout North America and the United Kingdom.

 Formed in 1986, Cabot has invested $5.2 billion in industrial real estate, managing and operating approximately 1,800 tenants in more than 125 million square feet.

Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. 

Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. 

It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.

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

Christopher Thomson, SIOR
Senior Director
(561) 227-2020

Matthew G. McAllister
Associate Director
(561) 227-2018

Upswing in Old Town Scottsdale, AZ: Velocis Purchases Camelback Square

Camelback Square, Old Town, Scottsdale, AZ

David Krumwiede
PHOENIX, AZ, Feb. 18, 2015 – Velocis, a private equity real estate fund, today announced the purchase of Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale, Arizona.

The asset was previously owned by Lincoln Property Company (LPC), along with a fund managed by Oaktree Capital Management, L.P. (Oaktree).

The sale underscores the attractiveness of the project and Old Town Scottsdale.

“The Old Town Scottsdale office market is an extremely popular area that is experiencing steadily rising rents and values,” said Velocis Principal Paul Smith.

 “Camelback Square is our first acquisition in the Phoenix market, and one we hope to build on as we pursue additional assets in the Southwest region.”

The project buyer, Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 16 assets located in markets in Texas, Colorado, Georgia, Florida and North Carolina.

Amr Ceran
 Velocis is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets.

LPC will continue to manage the property for the new owner.

“Over the last few years, we’ve witnessed a strong tenant demand in Old Town Scottsdale due to the surrounding amenity base of high-end residential, luxury shopping, hotels and entertainment options,” said Oaktree Managing Director Mark Jacobs.

“We believe the tenant demand will continue and are looking to make additional investments in Old Town Scottsdale along with other areas of Phoenix.”

The 174,917-square-foot Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Goldwater roads. 

It is currently 95 percent leased to tenants including Mastro’s City Hall Steakhouse, ZocDoc, Regus, Ashton Woods, Echo Global Logistics and Digital Airstrike. 

The project’s on-site amenities include the award-winning Mastro’s (a top 10 steakhouse in the U.S.), a bistro, tenant collaboration space and common area Wi-Fi.

Paul Smith
“Old Town Scottsdale is an example of the new creative office environment, with the amenities investors look for to deliver solid rent growth, rising values and strong tenants year after year,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who completed the deal along with Vice President Amr Ceran.

 “We recognized this when we purchased Camelback Square almost four years ago, and that foundation is even more evident today – following the execution of a repositioning plan that re-energized this asset as a long term centerpiece project.”

LPC and Oaktree purchased Camelback Square out of special servicing in June 2011. Since that time, they have completed a major renovation including new building entrances, modern lobby and common area finishes, a courtyard water feature and patio furniture, and upgraded building signage. 

Mark Jacobs
They also initiated an aggressive leasing plan that – in partnership with Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates – moved the project from just 50 percent occupied to almost 100 percent occupied.
Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones of CBRE led the project’s investment sales listing campaign.

Camelback Square sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional shopping center featuring the state’s only Barney’s New York and Neiman Marcus. 

It is located in the heart of Old Town Scottsdale, a submarket that consistently attracts forward-thinking companies seeking the area’s contemporary mix of office, residential, dining, arts and entertainment destinations.

For leasing information on Camelback Square or to discuss additional investment opportunities in the Desert West Region, please contact David Krumwiede or Amr Ceran at (602) 912-8888.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

$15.85 Million Westchester County, NY Multifamily Sale Arranged by IPA

Soundview Apartments, 151 Fenimore Road, Mamaroneck, NY

Steve Witten
MAMARONECK, NY – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Soundview Apartments, an 86-unit apartment building overlooking Long Island Sound in Mamaroneck, N.Y.

 The $15.85 million sales price equates to $184,300 per unit.

IPA executive directors Steve Witten, Victor Nolletti, and IPA senior associates Adam Mancinone and Blake Barbarisi represented the seller, Soundview Apartments Co. LP.

The buyer is Bayou Properties Inc. J.D. Parker, first vice president in the firm’s Manhattan office, is Marcus & Millichap’s broker of record in New York.

“Soundview Apartments is an irreplaceable asset in an exceptionally high barrier-to-entry locale,” says Nolletti.

Victor Nolletti
“The location, strength of the local rental market, plus the size and condition of the units, strongly suggests that the new owner can generate significant additional revenue over time,” adds Witten.

Located at 151 Fenimore Road in Mamaroneck, the property is within walking distance of downtown Mamaroneck and Harbor Island Park. 

The location is a half-mile from the Mamaroneck train station, which has nearly 50 daily trains to Grand Central Station. 

New York City and Westchester, Stamford and lower Fairfield County employment centers are easily accessible from the property via Interstate 95 and Hutchinson River Parkway.

Built in 1926 on an 0.82-acre lot, Soundview Apartments features eight studios, 36 one-bedroom units, 41 two-bedroom apartments, one three-bedroom unit, a 21-car covered parking garage, a fitness room, on-site laundry and a private courtyard. Many units have views of Long Island Sound.

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

Gina Relva
Public Relations Manager                                              
(925) 953-1716

Laura Langer Joins Kiser Institutional Group as Associate

Laura Langer
                                        CHICAGO, IL (Feb. 18, 2015) – Kiser Institutional Group, a leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, has announced Laura Langer has joined the firm as associate.
Langer brings eight years of leasing and management experience to KIG. Most recently, she was project manager for Chicago-based HA Langer & Associates where she oversaw the rehabilitation of a vintage high rise.

Prior to that position, Langer was a senior leasing associate at Chicago Apartments & Condo where she maintained a database of landlords, advertised available apartments and located tenants. She also held broker associate positions at MidAmerica Development and Sierra Realty Advisors, both Chicago-based firms.

“We are fortunate to welcome Laura to KIG,” said Todd Stofflet, managing partner at KIG. “Laura’s extensive knowledge of North Side neighborhoods, market trends and lease rates will be invaluable to our firm.

" Her experience in maintaining high occupancy rates through major renovation projects will also benefit our clients.”

Todd Stofflet
Langer is a third-generation real estate practitioner, following the footsteps of her grandfather Harry Langer and her father Randall Langer whose family operated firm, HA Langer & Associates, owns and manages 1,500 apartment units in the Chicago area.

“I thrive on helping clients achieve their investment real estate goals,” Langer said.

 “By keeping a close watch on market trends, I seek to maximize rental income for clients as well as retain tenants through great customer service.”

Langer has a bachelor’s degree in finance with a specialty in real estate from the Illinois State University, Normal. She is a licensed real estate broker in the State of Illinois. Langer is also a two-time ironman finisher and has completed 14 marathons.

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

Mark Thomton,, 312-267-4523