Thursday, December 29, 2016

58-Unit Canard Apartments in Davie, FL Sold for $5 Million in Deal Brokered by Marcus & Millichap


Brandon J. Rex
DAVIE, FL, Dec. 29, 2016 – 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 Canard Apartments, a 58-unit apartment property located in Davie, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,000,000.

Canard Apartments consists of 3681/3711/3721/3731/3741/3801 SW 60th Terrace and 3740/3760 SW 61st Avenue in Davie, FL.   The community consists of eight buildings on a total of 1.73 acres of land.  Canard Apartments has an excellent unit mix of four one-bedroom apartments, eight two-bedroom and one-bathroom apartments, 30 two-bedroom and one and one-half bathroom apartments and 16 two-bedroom and two-bathroom apartments.

Evan P. Kristol, Senior Vice President Investments, and Brandon J. Rex, Vice President Investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“An out of area partnership owned the asset for a very long time.  They were hesitant in exclusively listing due to the amount of unsolicited interest they were receiving.  We brought a buyer to the table that we had closed within the past and who was a large owner of similar properties throughout Broward County.

“ The asset had deferred maintenance but the rents were far below market and with a unit mix that is predominantly two-bedroom units, the buyer will be able to significantly increase rents after renovating the property,” says Kristol.

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

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $990,000 Sale of Eight-Unit Highlands Apartments in North Miami Beach


Evan P. Kristol
NORTH MIAMI BEACH, FL, Dec. 29, 2016 – 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 Highlands Apartments, a 8-unit apartment property located in North Miami Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $990,000.

Harrison Rein, Associate, Felipe J. Echarte, Vice President Investments, and Evan P. Kristol, Senior Vice President Investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and the buyer, a private investor. 

Highlands Apartments is located at 13880 NE 20th Place in North Miami Beach, FL.  The property was constructed in 1970. The unit mix consists of four one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. 

The Highlands Apartments is uniquely positioned in close proximity to two universities, Florida International University – Biscayne Bay Campus and Johnson & Wales University. Additionally, the property is located adjacent to a $4 Billion, master-planned development that broke ground in June 2015 and is expected to open in 2018.
  
For a complete copy of the company’s news release, please contact:

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $520,000 Sale of Five-Unit Fulford Apartments in North Miami Beach, FL


Felipe J. Echarte
NORTH MIAMI BEACH, FL, Dec. 29, 2016 – 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 1870 NE 161st Street, a 5-unit apartment property located in North Miami Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $520,000.

Harrison Rein, Associate, Felipe J. Echarte, Vice President Investment, and Evan P. Kristol, Senior Vice President Investment, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Fulford Apartments is located at 1870 NE 161st Street in North Miami Beach, FL. It is comprised of four one-bedroom/one-bathroom units and one two-bedroom/two-bathroom unit. The property is located in a rental market that continues to strengthen.  The property is positioned in a central location that should continue to see occupancy and rental rates improve. Additionally, many apartment owners have experienced significant rental growth over the last three years

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

 Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Grover Corlew Acquires 46-Acre Orlando Central Office Park


Orlando Fashion Square Mall, Orlando, FL
ORLANDO, FL – G&C OC Investors, LLC, an affiliate of Grover Corlew, a Florida-based real estate investment management group, has acquired Orlando Central Office Park. The sale price was not disclosed.

The 21-building, 637,380 sq.-ft., office park is strategically located minutes from Orlando’s central business district. The park is 82 percent leased, with suites available ranging in size from 800 sq.-ft. to over 20,000 sq.-ft.

“This is a landmark property and an exceptional investment opportunity for us,” said Partner Anuj Grover, whose group is focused on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “Orlando Central’s submarket is undergoing a transformation as sites are being redeveloped in the immediate area. We are looking at improvements to the property in the short term with an eye on redevelopment over the next decade. The potential of Orlando Central is extraordinary.”

Area surrounding Orlando Central is booming

Orlando Central is ideally situated just north of East Colonial Drive across from Orlando Fashion Square Mall.  Orlando Fashion Square Mall, a 1.2 million sq.-ft. mall is undergoing a complete renovation. 

As part of that renovation, an estimated $26 million, 151-room boutique ecofriendly hotel is opening in 2017.  

The outdated Sears building is being demolished and replaced with a $19.9 million, 140,000 sq.-ft. redevelopment anchored by Orchard Supply Hardware and Floor & D├ęcor. Dicks Sporting Goods recently opened a new store on the west side of the mall.

Mark Corlew
 Trammel Crow Residential has submitted plans to redevelop the northeast corner of the mall’s commercial space into a 356-unit, $50 million Class A multifamily complex. Elan Audobon Park, a 449-unit apartment complex, which abuts the property, was completed this year (and is part of the currently existing 2,000 multifamily units within a .5 mile radius of Orlando Central).

 Just south of Orlando Central, Colonial Plaza and Colonial Marketplace were recently redeveloped.

Located 3.5 miles east of Orlando’s central business district, the office park is immediately adjacent to the west of Baldwin Park, one of Orlando’s few “live, work, play” communities set within a dense, walkable community with the perfect mix of amenities, parks and recreation. 

Located just five minutes north is the City of Winter Park, one of Central Florida’s most affluent suburbs well-known for its historic roots and high-end retail.

“There is no question that Orlando is a thriving community which will only continue to become more desirable as Florida’s population continues to grow,” said Partner Mark Corlew. “We consider Orlando to be a strategic and important market to our organization as we continue to expand our footprint throughout the state.”
  
Grover Corlew has been an active developer and investor in and around Central Florida.  Grover Corlew recently redeveloped a former auto dealership in Vero Beach, a portion of which was redeveloped with a Wawa which sold earlier this month for $5.055 million.  In 2014, Grover Corlew sold Summer Palms, a 340-unit apartment complex in Riverview, for $31.7 million.

Grover Corlew will manage the property and Tower Realty will continue as the leasing agent. Chris Lee, lead broker with CBRE, represented G&C OC Investors, LLC with the project financing.


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

Samantha Van Nuys
Pierson Grant Public Relations
6301 Northwest 5th Way, Suite 2600
Fort Lauderdale, FL  33309
P: (954) 776-1999  ext. 115
F: (954) 776-0290


Berger Commercial Realty Secures 30,000 Square-Feet in Lease Transactions for Landlords in Broward County, FL

  
Keith Graves
 FORT LAUDERDALE, FL  - Berger Commercial Realty brokers recently secured 30,279 square-feet in lease transactions on behalf of landlords in Broward County.

Powerline Business Center

Senior Vice President Keith Graves represented Rising Tide Development, LLC in leasing 8,400 square-feet of office space to Auto Mobility Sales, Inc. at Powerline Business Center, located at 5601 N.W. Powerline Road. Powerline Business Center is part of a portfolio owned by Rising Tide Development.

The 82,330-square-foot Powerline Business Center is situated on six acres of land just north of Commercial Boulevard and features frontage on Powerline Road, overhead doors and convenient access to I-95 and Florida's Turnpike.

Sawgrass Plaza

Senior Vice President Joseph Byrnes represented Bergeron Sawgrass Plaza, LLC in leasing 5,074 square-feet of retail space to America's Escape Game, LLC at Sawgrass Plaza, located at 12701 W. Sunrise Blvd. in Sunrise. With the transaction, Sawgrass Plaza has reached 100 percent occupancy.

The 27,117-square-foot Sawgrass Plaza is situated on 3.66 acres at the main entrance of Sawgrass Mills Mall on the northwest corner of West Sunrise Boulevard and White Seahorse Lane, offering convenient access to the Sawgrass Expressway and I-595. This is America's Escape Game's first location outside of its initial site along the International Drive corridor in Orlando.

Joseph Byrnes
Executive Airport Business Center

Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel represented TCPH, LLC in leasing 2,467 square-feet of flex space to SKAF Group, Inc. at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

The 73,130-square-foot, class-A business park is situated on 6.09 acres just north of Commercial Boulevard and southwest of Fort Lauderdale Executive Airport. The property consists of two buildings and features lush landscaping, ample parking, close proximity to I-95 and Florida's Turnpike, and a diverse mix of tenants in the retail, brokerage, medical, telecommunications and professional service industries.

Enterprise Commerce Center

Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida #2, LLC in leasing 1,890 square-feet of industrial space to Hallmarc Group, Inc. at Enterprise Commerce Center in Deerfield Beach.

Located at 5051 N.W. 13th Ave., the 19,620-square-foot, class-A warehouse and flex building features grade-level overhead doors, ample parking, and convenient access to I-95, Florida's Turnpike and the Sawgrass Expressway. The building is situated on 2.91 acres just east of Powerline Road and north of Green Road.

Judy Dolan
Harbor Walk Building

Senior Vice President Steve Hyatt represented Intervest-Harbor Walk, LLC in leasing 1,543 square-feet of office space to Fr. Meyer's Sohn North America, LLC, an international logistics company, and 1,500 square-feet of office space to publishing company Bonnier Corporation, Inc. at the Harbor Walk Building, located at 1650 S.E. 17th Street.

The 60,360-square-foot Harbor Walk Building is situated on 1.38 acres along Fort Lauderdale's renowned 17th Street Causeway, a major east/west corridor that connects Fort Lauderdale / Hollywood International Airport with Port Everglades and Fort Lauderdale beach.

 The four-story office building offers building signage opportunities, office suites starting at 750 square-feet, renovated common areas, an onsite restaurant and structured parking directly accessible from the first three floors.

Springtree Country Club Plaza

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented DELP, LLC in leasing 1,511 square-feet of retail space to Reese Vision Care, PA and 846 square-feet of retail space to Quantum Connect Financial, Inc. at Springtree Country Club Plaza, located at 3801 N. University Drive in Sunrise.

The 57,575-square-foot Springtree Country Club Plaza is situated on 3.41 acres adjacent to Springtree County Club Golf Course. Located on North University Drive just north of West Oakland Park Boulevard, the property offers ample parking, lush landscaping and proximity to I-95 and the Sawgrass Expressway.


Jonathan Thiel
Lyons Tech 4

At Lyons Tech 4, located at 4811 Lyons Technology Parkway in Coconut Creek, Berger Commercial Realty Senior Vice President Judy Dolan and Broker Associate Greg Milopoulos represented 4811 Lyons Tech Pkwy, LLC in:the new lease of 1,562 square-feet of industrial space to GMB Aquatic Services, Inc.,the lease renewal of 1,562 square-feet of industrial space to Parkland Printing & Graphics,the lease renewal of 1,562 square-feet of industrial space to Bottomley Aviation, Inc.,
and the lease renewal of 1,562 square-feet of industrial space to Tasoro, LLC.

Lyons Tech 4 is a 49,984-square-foot industrial and flex building situated on five acres at the northwest corner of Lyons Road and Johnson Road. Lyons Tech 4 is located within Lyons Technology Park, an industrial complex consisting of two buildings, each with 30 bays of approximately 1,562 square-feet. The property offers hurricane impact glass, ample parking and convenient access to I-95, Florida's Turnpike and the Sawgrass Expressway.

Greg Milopoulos
Cypress Creek Executive Court

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented Rising Tide Development, LLC in renewing a lease for 800 square-feet of office space to S.R.E.M. Corporation at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road.

 Cypress Creek Executive Court is part of a portfolio owned by Rising Tide Development. The 70,287-square-foot office building offers round-the-clock access, kitchens and private restrooms in most units, and close proximity to Fort Lauderdale Executive Airport and I-95.

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

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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com