Sunday, October 2, 2016

Berger Commercial Realty Facilitates $666,000 Sale of Andrews Avenue Industrial Building in Pompano Beach, FL

St. George Guardabassi
FORT LAUDERDALE, Fla. (September 19, 2016) - Berger Commercial Realty Senior Vice President St. George Guardabassi and Broker Associate Greg Milopoulos closed a transaction for a 3,750-square-foot industrial building in Pompano Beach on September 7.

Guardabassi represented Ficarra Equities, LLC in the $666,000 sale of the property to Reliable Concrete Cutting, LLC, represented by Milopoulos.

Located at 1216 S.W. 12th Ave., the two-story office and warehouse building consists of three private offices, a marble-floored showroom and a conference room featuring an etched glass wall. 

The building sits on a 31,123-square-foot lot along Andrews Avenue between Atlantic Boulevard and Cypress Creek Road.

The property also offers a fenced and gated yard, a large street-level door, direct frontage on Andrews Avenue, and a rear entrance on S.W. 10th Avenue, allowing maximum flexibility for loading, unloading and customer access. Reliable Concrete Cutting plans to use the property to service the local construction community and expand its fleet of trucks.

Greg Milopoulos
"Given the minimal inventory of buildings with large lots in this price range, this was a desirable property for many owner-users in search of centrally located opportunities," Milopoulos said. 

"The transaction closed just 15 days after the execution of the contract, further demonstrating the demand for multi-use properties in Broward County."

Guardabassi served as the exclusive leasing agent for the property for more than 10 years. Most recently, the property was rented by Culligan, a supplier of water softening equipment and services.

For more information about Berger Commercial Realty's brokerage services, call 954-358-0900.

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

Lexi Robinson, ext. 255,

Marielle Sologuren, ext. 226, 

JLL Sells First Downtown Phoenix Apartment Community of New Cycle

Rendering of Planned Proxy 333 Apartments, Evans-Churchill Neighborhood,
Downtown Phoenix, AZ

John Cunningham
PHOENIX, AZ – The first urban apartment project to be constructed and traded in downtown Phoenix’s post-recession real estate upswing has sold this week in a $21.8 million deal brokered by the Phoenix office of JLL.

 Named Proxy 333, the project totals 118 highly amenitized urban multifamily units located in the heart of downtown’s Evans-Churchill neighborhood.

JLL Executive Vice President John Cunningham and Senior Vice President Charles Steele represented the property owners, Goodman Real Estate and Tilton Development Company. The buyer was Weidner Apartment Homes.

“Proxy is the first generation of new downtown construction to finish, lease and sell in this multifamily cycle,” said Cunningham. 

“Goodman Real Estate and Tilton Development Company designed and developed this property to address the burgeoning residential population in downtown, and to address the type of urban lifestyle and dynamics associated with the surrounding neighborhood.”

Built in 2016, Proxy 333 totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth streets in downtown Phoenix. It includes 118 units ranging from 438 square feet to 878 square feet, including studios, one bedroom, two bedroom and ten ground-floor live work units complete with individual signage.

Charles Steele
The project’s $21.8 million sale price represents an average $314 per-square-foot, or $184,745 per unit. At the time of sale, the community was approximately 45 percent occupied.

“Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street,” said Steele. “The economies of owning both properties and the complementary nature of the floor plans will give the company a unique advantage in this submarket.”

With the acquisition of Proxy 333, Weidner now owns 38 properties – approaching 12,000 units – in Arizona.

Each unit at Proxy 333 includes a private patio or deck, large closets, upgraded appliances and designer interior selections complete with quartz countertops. Community amenities range from a 24-hour concierge and private fitness center to a bike garage and exclusive rooftop lounge.

Additional amenities include a pool and recreation area with fire pit, game tables, bocce ball, an outdoor kitchen and TV. As a pet-friendly community, Proxy also includes an on-site dog park.

These amenities are complemented by nearby shopping, dining, arts and entertainment – some as close as the building’s first-floor retail space – as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.

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

 Stacey Hershauer
 +1 480 600 0195

George Smith Partners Secures $34 Million Construction Loan for Ground-Up Condominium Development in San Francisco, CA

Rendering of Planned Mixed-Use Project, Financial District, San Francisco, CA

Jonathan Lee
SAN FRANCISCO, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $34 million in ground-up construction financing for the development of a mixed-use property comprised of 90 for-sale housing units above ground-level retail space in San Francisco’s Financial District, according to George Smith Partners’ Principal Jonathan Lee, Senior Vice President David Stepanchak and Vice President Adam Candler.

“As job growth continues based on high-paying tech industry positions in San Francisco, demand for housing remains on the rise,” says Lee. 

“Downtown San Francisco offers a lifestyle that is appreciated by a myriad of demographics, from Millennials to Baby Boomers, and we were successful in demonstrating that widespread demand to lenders.”

George Smith Partners secured the loan on behalf of the developer, real estate investment and development firm Encore Capital Management.

Hector Calderon, Managing Director of Encore Capital Management, says, “San Francisco’s mid-market has transformed in the past four years, attracting major tech companies such as Uber, Square, Dolby and Twitter.  The result is a tremendous number of new jobs within walking distance of our planned development.”

David Stepanchak

Calderon notes that walkability is a prime consideration when developing in this urban core.

“Our target buyers are singles and young couples who want to be near the vibrancy of mid-market, as well as empty nesters that are retiring, downsizing and moving back into the area. 

"These are individuals who want to enjoy a walking lifestyle, and take advantage of being within four or five blocks of some of the hottest neighborhoods in the city,” he explains.

The project’s price point will be entry level, according to Calderon.

“Buyers in San Francisco can be easily discouraged by the high cost of housing.  We plan to offer most of these condos for less than $1 million per unit, providing an accessible option for San Francisco workers hoping to buy.”

The planned development is located in the heart of the San Francisco Financial District, within walking distance of several popular dining and shopping destinations. The ground-floor retail space is designed for restaurant use, and can be sold to a single user or easily subdivided and sold to two separate owner/operators in the future.

Adam Candler
“The flexibility of this proposed project, coupled with its irreplaceable location in the urban core of San Francisco made it an attractive project for lenders,” says George Smith Partners’ Jonathan Lee.

 “The challenge, however, was in addressing lenders’ concerns with regard to fluctuations in the current residential market.  

"Conflicting reports have emerged in recent months regarding the potential ‘cooling’ of the San Francisco condo market.  

"To alleviate these concerns, our team focused on demonstrating the strength of the sponsor, as well as the steady demand for well-located mixed-use space that delivers the live/work/play environment today’s consumers are seeking.”

Ultimately, George Smith Partners was able to secure the $34 million non-recourse construction loan with only a completion and carve-out signature – there is no repayment guarantee.  Sized to 60% of actual costs, the loan is priced at LIBOR plus 400 with a term of three years, and includes an option to extend an additional one year.

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

Miki Conant / Jenn Quader
Brower, Miller & Cole
(949) 955-7940