Saturday, July 25, 2015

RealtyTrac Reports FHA Buyer Share of Home Sales at Two-Year High in Q2 2015 as All-Cash Buyer Share Drops to 82-Month Low in June


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its June and Midyear 2015 U.S. Home Sales Report, which shows distressed sales, cash sales and institutional investor sales in June were all down from a year ago to multi-year lows even as sales to first-time homebuyers and other buyers using FHA loans increased compared to a year ago in June and reached a two-year high in the second quarter.

Buyers using Federal Housing Administration (FHA) loans — typically low down payment loans utilized by first time homebuyers and other buyers without equity to bring to the closing table — accounted for 23 percent of all single family home and condo sales with financing — excluding all-cash sales — in the second quarter of 2015, up from 20 percent in the first quarter and up from 19 percent in the second quarter of 2014 to the highest share since the first quarter of 2013.

The report also shows 914,291 single family and condo sales through April 2015 — the most recent month with complete sales data available — at the highest level through the first four months of a year since 2006, a nine-year high.

“As the investor-driven housing recovery faded in the first half of 2015, first-time homebuyers, boomerang buyers and other traditional owner-occupant buyers started to step into the gap and pick up the slack,” said Daren Blomquist, vice president at RealtyTrac.


  “This is good news for sellers in many markets, providing them with strong demand from a larger pool of buyers, and U.S. sellers so far in 2015 are realizing the biggest gains in home price appreciation since 2007.

“ In June sellers sold for above estimated market value on average for the first time in nearly two years.

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268



Marcus & Millichap Handles $6.4 Million Sale of Mobile Home Community in Tarpon Springs, FL


Dan Mulkey
TARPON SPRINGS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 15.37 acre mobile home community in Tarpon Springs, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,400,000.

Dan Mulkey, vice president investments, in Marcus & Millichap’s Tampa office, represented the seller, a local private investor and the owner of multiple mobile home and RV communities in the area.

The buyer, Shamrock Tarponaire LLC, was also secured by Mulkey. Shamrock is a well-known, Arizona based investment company experienced in the purchase and operation of mobile home communities.

The park is an age restricted, lakefront community with over 135 sites located on US Highway 19 along Lake Tarpon, a 2,500 acre freshwater lake and the largest in Pinellas County.

This community consists of both single and double wide homes, and has a clubhouse, shuffleboard courts and boat docks on-site. Additionally, the park is within close proximity to shopping and medical facilities, as well as the popular Greek community of Tarpon Springs, which is famous for some of the finest Greek restaurants, markets and bakeries in the country.

“This site, having generous lake frontage, provides the buyer an opportunity to upgrade many of the homes on site, as well as back-fill vacant sites adding worth to the asset, and by doing so the value of this community will be greatly enhanced,” says Mulkey.


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

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

$8.6 Million Sale of Blue Water Storage Center & Retail Plaza in Jacksonville, FL Brokered by Marcus & Millichap


Blue Water Storage Center & Retail Plaza,
 9119 Merrill Road, Jacksonville, FL
JACKSONVILLE, FL – 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 Blue Water Storage Center & Retail Plaza, a 125,869-square foot self-storage and retail asset located in Jacksonville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,625,000.

Michael A. Mele, senior vice president investments and senior director of the firm’s National Self Storage Group, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a fund manager.  The buyer, a private investor, was secured and represented by Mele.

Blue Water Storage Center & Retail Plaza is a state-of-the-art facility in a high density location on a main thoroughfare with excellent accessibility and demographics.

The property is situated on approximately 10.38 acres located at 9119 Merrill Road in Jacksonville, Florida, which is half a mile east of Interstate 295.  The asset was constructed in 1990 and renovated in 2008.

It consists of 772 storage units totaling 80,734 net rentable square feet and two retail tenants, Big Lots and Salvation Army, with a total of 45,135 net rentable square feet. 

The storage facility has both drive-through, climate and non-climate controlled units and covered RV and boat parking. It boasts security features that include hi-tech digital video surveillance and electronic gate access.

“The market is gaining momentum and buyers are paying premiums for solid assets, however, it does not necessarily mean this is the time to sell,” cautions Mele. “As rates increase, cash flows do as well. This is a great time to be a self-storage operator and to continue to improve their bottom line,” he adds.

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

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

Marcus & Millichap Arranges Sale of Leesburg Self Storage in Leesburg, FL


Michael A. Mele
LEESBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Leesburg Self Storage, a 60,420 square-foot self-storage facility located in Leesburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $3,700,000.

Michael A. Mele, senior vice president investments and senior director of the firm’s National Self Storage Group, in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a REIT, was secured and represented by Mele.

Leesburg Self Storage is located at 1435 Center Street in Leesburg, Florida. It was constructed in 1988 and expanded in 2007. The property consists of 488-units for a total of 60,420 net rentable square feet situated on approximately 3.93 acres. The property sits off Highway 27 approximately 10 miles north of the Florida Turnpike and it is just south of The Villages, a highly desirable retirement community.

“We are seeing more and more smaller owner/operators finding it hard to compete against the big guys in today’s market, and they are taking advantage of record prices being paid today. This sale is just another example of the consolidation of the industry by large institutional owners,” said Mele.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa

(813) 387-4700

Contemporary Riverfront Townhomes Available for Immediate and Quick Delivery at Heritage Harbor Ottawa Resort in Ottawa, IL


Tammy Berry
OTTAWA, IL  – Buyers in the market for a unique waterfront home can now choose from four contemporary riverfront townhomes designed by Chicago-based Nicholas Design Collaborative, available for immediate and quick delivery at Heritage Harbor Ottawa Resort, a marina resort community located in Starved Rock Country, along the Illinois River in Ottawa, Ill.

Located just 90 minutes southwest of Chicago, Heritage Harbor Ottawa is a 142-acre master-planned development of single-family homes, townhomes, vacation cottages, carriage homes and condos, centered on a 32-acre harbor and full-service marina.
  
“The Flite series was purposefully created to offer buyers a very modern option that is something different than any other home available at Heritage Harbor, and even throughout Starved Rock Country,” said Tammy Barry, director of sales and marketing for Heritage Harbor Ottawa Resort.

“These homes would be just as comfortable in an urban neighborhood, and yet because of their thoughtful design, they fit perfectly with the riverfront location, natural surroundings and overall coastal style in the community.

“Now that construction is complete and we can showcase these homes, we expect a great response from buyers looking for a very contemporary full-time or vacation residence on the water.”

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

 Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Smithtown, NY Walgreens Sells for $10.4 Million

  
Walgreens Drugstore, North Shore of Long Island, Smithtown, NY

SMITHTOWN, N.Y. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 14,560-square-foot Walgreens drugstore on the North Shore of Long Island in Smithtown, N.Y.

The $10.4 million sales price equates to $714 per square foot.

Simon Jonna
            Simon Jonna and Raymond Jonna, both in Marcus & Millichap’s Detroit office, represented the seller and procured the buyer. J.D. Parker, senior vice president and district manager in the firm’s Manhattan office is Marcus & Millichap’s broker of record in New York State.

            “This trophy Walgreens has a unique lineage and historical ties behind the original development that contributed to the mass appeal of the offering and led to a multitude of offers from around the nation,” says Simon Jonna.

“The property features immediate ease of access to nearby Long Island landmarks such as Stony Brook University and the U.S. Department of Energy hub known as Brookhaven National Laboratory.

“The culmination of said strong suits that distinguished an already well-located store in an affluent and high-density demographic is likely the reason for the store’s remarkable performance, which supersedes the standard for groundbreaking Walgreens sales.”

“The trade zone is heavily developed by suburban housing communities and commercial infrastructure with numerous surrounding national nameplate retailers.

Raymond Jonna
“Walgreens Smithtown is truly a rare pride of ownership asset just east of Manhattan on the most densely populated island in the country. 

Having sold over 100 net-leased drugstores, this one will personally serve as one of the most memorable for me,” adds Raymond Jonna.

Built in 2006 on two-plus acres, the property is located on the southeast corner of Main Street—Route 25—and Elm Road, at 10 West Main St. in Smithtown.


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


Gina Relva, Public Relations Manager

(925) 953-1716

2,226-Unit Multifamily Property Sale Arranged by IPA in Troy, MI


Somerset Park Apartments, Troy, MI
TROY, MI – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Somerset Park Apartments, a 2,226-unit garden-style apartment community in Troy, Mich.

The terms of the sale were not released. The transaction is the largest single-complex multifamily sale in Michigan this century.

            IPA executive directors Steve Witten and Victor Nolletti of IPA Northeast and Florida, and Detroit-based Marcus & Millichap senior vice presidents investments Paul Davis and Andrew Daitch, and vice president investments Peter Wenzler represented the seller and procured the buyer.

Steve Witten
            “Completed in 1969 as the largest market-rate garden-style apartment community in the country, Somerset Park Apartments was offered for sale for the first time by the original developer,” says Witten.

 “The new owner plans to plans to renovate the property to make it even more appealing to lifestyle renters seeking high-end apartments with extraordinary on-site amenities.”

            “The property is in an excellent position to benefit from the ongoing economic recovery in the Detroit metropolitan area,” adds Davis.

            The apartment complex is located at 1911 Golfview Drive in Troy adjacent to Somerset Collection, a 1,440,000-square-foot super-regional mall with more than 180 specialty stores.

Major employers in the area include Bank of America, Delphi Corp., Kelly Services, ThyssenKrupp USA, The Kresge Foundation, J. D. Power and Associates, Ziebart, Ameritech Publishing, Beaumont Health System, LaSalle Bank, Flagstar Bank, Altair Engineering and Behr America Inc.

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

Gina Relva, Public Relations Manager
(925) 953-1716



IPA Sells Reno, NV Apartment Complex for $23.45 Million


Sundance West Apartments, 3285 Clover Way, Reno, NV

 RENO, NV – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Sundance West Apartments, a 350-unit multifamily community in Reno, Nev. The $23,450,000 sales price equates to $67,000 per unit and a 5.76 percent cap rate.

Kenneth N. Blomsterberg
Marcus & Millichap first vice president investments Kenneth N. Blomsterberg, IPA executive director Stanford Jones, IPA senior directors Philip Saglimbeni and Salvatore Saglimbeni advised the seller and procured the buyer, a privately held Omaha, Nebraska-based investment group.

 Ryan Rife and Benjamin Nelson in Marcus & Millichap’s Reno office also provided representation.

“Sundance West is a well-performing, stabilized asset with historically low vacancy rates in a supply-constrained market,” says Blomsterberg. “The new owner has the opportunity to enhance the property’s value through the continuation of the interior upgrade program.”

 Blomsterberg fielded multiple inquiries from investors across the United States who wanted to purchase the apartment complex.

“The high level of interest expressed by multifamily investors from California to New York shows the strength and depth of the apartment market in Reno-Sparks,” adds Jones.

Philip Saglimbeni
The apartment community is located on the corner of Clover Way and Moana Lane near Plumas Street at 3285 Clover Way in mid-town Reno. The Washoe County Golf Course is across the street and the Lakeridge Golf Course is not far away.

Moana West Shopping Center is a short drive from the property and Meadowood Mall is approximately two miles away. Two of Reno’s largest casino employers, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa are within a mile of the community.

Interior amenities at Sundance West include wood-beamed cathedral ceilings, carpeted flooring, private patios or balconies, spacious closets, dual-pane glass, outside storage, individual air-conditioning, electric heat and central gas hot water heaters. 

Shared amenities include a stand-alone rental office, three large, heated, outdoor swimming pools surrounded by sundecks, two gazebo areas with barbecue and picnic areas, five laundry facilities, covered parking, and a fitness center.

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

Gina Relva, Public Relations Manager

(925) 953-1716

1000 17th Street in Miami Beach, FL Hits the Market at $30 Million; Marcus & Millichap Has Exclusive Listing


1000 17th Street, Lincoln Road Submarket,  Miami Beach, FL

MIAMI BEACH, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for 1000 17th St., a 17,975-square-foot corner retail property in Miami Beach, Fla.

Kirk D. Olson
The asset is listed at $30 million and is free and clear of existing debt.

Kirk D. Olson and Drew A. Kristol, vice presidents investments in Marcus & Millichap’s Miami office are representing the seller, a Miami Beach-based developer.

“The 1000 17th St. building is an incredibly rare opportunity for an investor to acquire a newly constructed, trophy retail property in the heart of the Lincoln Road Mall submarket,” says Kristol. 

“The property is cash-flow positive and offers more than 13,500 square feet of vacant space ready to be leased or occupied.”

The three-story retail property was built in 2014 and is anchored by Suitsupply, an international men’s clothing retailer. Suitsupply recently signed a long-term net lease for the entire 4,469-square-foot third floor. The first and second floors are both vacant and in gray shell condition.

Designed by renowned architecture firm Arquitectonica, the 1000 17th St. building has excellent exposure along the southwest corner of 17th Street and Michigan Avenue. The building is one block north of the Lincoln Road Mall, and is surrounded by public parking lots.

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

Gina Relva, Public Relations Manager
(925) 953-1716

$38 Million Office Building in Miami, FL Hits Market; Listed Exclusively by IPA


200 Southeast First building, Downtown Miami, FL

MIAMI, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce it has obtained the exclusive listing for the 200 Southeast First Building, a 12-story, Class A office building with ground-floor retail in the heart of Miami’s downtown business district. The asset is listed for $38,000,000.

Douglas K. Mandel
IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver are representing the seller, a Miami-based real estate company.

“With its high-class finishes, unmatched location and amenities, plus an immense level of value-add upside potential through lease-up and rent escalation, the 200 Southeast First Building is poised to take advantage of the explosive growth happening in downtown Miami,” says Silver.

“The property’s rental rates are approximately half of those of similar-class buildings on Brickell Avenue. 

"Also, the property just underwent a multi-million-dollar renovation that included a new exterior façade and signage, lobby upgrades, elevator and corridor finishes, new digital security cameras and access control with card-swipe entry, a new fire and life safety panel and a new HVAC chiller.”

The 200 Southeast 1st Street Building is located just a few blocks from Brickell Avenue on the north of the end of the Interstate 95 downtown interchange in the heart of Miami’s downtown business district.

The full-service, first-class building offers 141,682 rentable square feet at the epicenter of the city’s booming construction and redevelopment area and is surrounded by cafés, restaurants, shops, hotels and other amenities. 

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

Gina Relva, Public Relations Manager
(925) 953-1716