Friday, June 3, 2016

HFF closes $16.75 million sale of boutique office building along “Bankers Row” in Palm Beach, FL

The Royal Palm Office Building, 250 Royal Palm Way, Palm Beach, FL

Ike Ojala
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $16.75 million sale of The Royal Palm, a three-story, 23,362-square-foot, boutique office building in Palm Beach, Florida.

HFF represented the seller, Ivy Realty, in the transaction, and procured the buyer, EPIC.  The property was sold free and clear of existing debt.

The Royal Palm is situated at 250 Royal Palm Way along “Bankers Row” just one mile from downtown West Palm Beach.

  This location is home to dozens of top wealth management companies, banks and private equity funds, among others.  Extensively renovated in 2012, The Royal Palm is 88 percent leased to a diversified tenant roster led by Deutsche Bank and Northern Trust.

 Property amenities include a two-level, 79-space parking garage and seasonal valet and doorman services.

The HFF investment sales team representing the seller was led by Ike Ojala, Hermen Rodriguez and Jorge Portela.
“250 Royal Palm received broad investor interest from institutions and private investors alike, thanks to its marquis rent roll, Bankers’ Row location, generous structured on-site parking and recent complete renovation expertly done by Ivy,” said Ojala.

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

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | Reports Hundreds of Porter Ranch-Style Underground Storage Facilities Near 4.8 Million Homes Across the U.S.


Michael Sawtell
 IRVINE, CA — RealtyTrac® (, the nation's leading source for comprehensive housing data, announced that its pre-diligence website,, has identified the locations of more than 300 natural gas underground storage facilities across the county.

Consumers can now use to find out if a home they’re interested in buying or renting is near any one of these facilities. 

One of these facilities — in Aliso Canyon in Porter Ranch, California — became national news in October 2015 when it began leaking methane gas into the air, causing over 2,500 families in the Porter Ranch neighborhood of Los Angeles County, California to evacuate their homes.  Many residents reported illnesses believed to be caused by the exposure of the excess levels of methane gas in the air, reportedly up to a 10-mile radius of the Aliso Canyon facility.

"There are more than 300 underground storage facilities across the country, many of which are near populated areas,” said Michael Sawtell, executive vice president and general manager at RealtyTrac.

 “Of course most will never suffer a leak or will ever have an issue, but our feedback indicated the home buying public was very interested if a property that they live in or were looking to purchase was located anywhere near such a facility.

“The HomeDisclosure report will identify all properties within a 10-mile radius of the 300-plus underground storage tanks across the country.”

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

   Jennifer von Pohlmann
   Sr. Public Relations Manager
   Office: 949.502.8300 ext 139

Stepp Commercial Completes $3 Million Apartment Portfolio Sale in Long Beach, CA

Robert Stepp

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a two-property, 15-unit apartment portfolio in the Alamitos Beach submarket of Long Beach.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Beach Heights, LLC, as well as the buyer, Orange County-based RyaNik Boca River Holdings, LLC, in an off-market transaction.

“The properties are adjacent to each other and are on large lots just a few blocks from the beach,” said Stepp.

 “This portfolio was a unique opportunity for the buyer to acquire two value-add properties in Alamitos Beach, a hot, waterfront neighborhood that is centrally located and benefits from proximity to Retro Row, the beach, and Downtown Long Beach.”

Toveg added: “The buyer plans to reconfigure and renovate the units in order to bring them from rental grade to condo quality to meet the growing demand from residents seeking luxury apartments in Long Beach neighborhoods.”. 

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

Darcie Giacchetto


Pulte Homes Sets Grand Opening of Crown Pointe Cove in Ocoee, FL June 25

Lyndsey Patterson
OCOEE, Fla. – Pulte Homes will host a Grand Opening Saturday, June 25 for Crown Pointe Cove, a new gated, single-family home community located off of West and Ocoee Apopka Roads in Ocoee.

Lyndsey Patterson, director of marketing for Pulte Homes in North Florida, said the event is open to the public from 11 a.m. to 2 p.m. and will feature food, music, crafts for children and tours of the furnished and decorated Citrus Grove model.

Crown Pointe Cove is an intimate enclave of just 44 home sites for three to six-bedroom homes with two-and-a-half to four baths, priced from the mid-$200s.   

New one and two-story Pulte home designs at Crown Pointe Cove range from 2,162 square feet of living area to 3,172 square feet with flex rooms and owner’s retreats among the special features.  Several options are offered, including Pulte’s Drop Zone at the Owner’s Entry and entertainment packages.

The two-story Citrus Grove model showcases five bedrooms, three full baths and one half bath in 2,830 square feet of living area, based priced  at $282,990.  Top features for this home design include an owner’s suite on the first floor, a huge game room on the second floor and additional attic storage.

Patterson said Crown Pointe Cove is less than one mile from SR 429 and near outdoor recreation areas, Ocoee High School and is 10 minutes from Winter Garden Village, a 1.15 million square foot open-air shopping center. 

Visit or call Maria McKee 877-768-8819 for more information. 

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

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

NAI Realvest negotiates Sale of Two Story Office Building in Altamonte Springs, FL for $825,000

Mary Frances West
 ORLANDO, FL -- NAI Realvest recently negotiated the $825,000 sale price for the two-story office building at 238 N. Westmonte Drive near the intersection of SR 436 and Douglas Ave. in Altamonte Springs.

NAI Realvest Vice President Mary Frances West, CCIM negotiated the transaction on behalf of DRSK 8, LLC the Winter Park-based Seller of the 13,700 square foot building built in 1981.  The property includes a 51-space parking lot.

The Buyer is The Park at Westmonte LLC of Lake Mary represented by David Lundberg of CEP Realty.  

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

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

NAI Realvest Negotiates Sale of Industrial Building for $800,000 at Springview Industrial Park in DeBary, FL

Michael Heidrich
DeBary, FL – NAI Realvest recently negotiated the $800,000 sale price for a 14,800 square foot industrial building with 18 parking spaces at 400 Chairman Court in Springview Industrial Park in DeBary.

Michael Heidrich, a principal at NAI Realvest based in Orlando, negotiated the sale representing the seller, Maureen P. Misuraca of Orlando. 

Michael Tumminello of DeLand is the buyer of the facility which was built in 2005.   Peter Petrilli of Custom Builder Realty represented the buyer in the transaction.

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

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