Condo Vultures Reports 1,400 New Condos In Development Pipeline In Coral Gables, FL

Peter Zalewski

DOWNTOWN MIAMI, FL -- Developers have announced - and continue to proceed with plans for - more than 1,400 new condo units in the Coral Gables market of Miami-Dade County in South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Coral Gables ranks as the ninth most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about three percent of the more than 47,500 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Feb. 20, 2017.

It is worth noting, nearly 200 additional units that had originally been planned as new condos in Coral Gables have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies.

The three revised buildings are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans come at a time when Coral Gables has an eight-month supply of units available for purchase near the peak of this year’s South Florida Winter Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Coral Gables will ultimately be built.

Ponce de Leon Condos, Coral Gables, FL
(file photo)

Currently, the new development pipeline in Coral Gables breaks down as follows:

- 319 units proposed or seeking governmental approval;

- 781 units planned or secured governmental approval;

- 306 units under construction;

- And zero units completed since 2011.  

Based on the statistics, the Coral Gables condo market will increase by at least 300 units during this cycle. 

It is unclear if the new condo units - many of which are expected to be available for rent - will impact lease prices in the Coral Gables market given that an unknown number of new apartment units are also being built in the area. 

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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

Peter Zalewski

Condo Vultures® Founder

Condo Vultures® Realty LLC | Lic. Real Estate Broker

South Florida's Buyer Experts | 425 NE 22nd St. | Suite 205 | Miami | FL | 33137

© Copyright 2017. All Rights Reserved.

Direct: (305) 865-5629 | Fax: (888) 688-3415

Email: Inquiry@CondoVulturesRealty.com

HFF arranges financing totaling $10.525 million for 2 Walnut Creek, CA apartment communities

Vista Terrace Apartments, Walnut Creek, CA

Tom Wilson

 PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing totaling $10.525 million for two Walnut Creek, California, apartment communities, Vista Terrace and Oak Terrace.

HFF worked exclusively on behalf of the borrower, PTLA Real Estate Group, to arrange financing in two separate transactions for the properties through a national bank lender.  Both properties are secured by seven-year, fixed-rate loans.

 Vista Terrace is located at 1355 Mount Pisgah Road just east of numerous retail, dining and entertainment amenities in downtown Walnut Creek.  The property is also convenient to nearby transit options, including Interstate 680 and the Walnut Creek BART station.

 The 40-unit property offers a mix of one-, two- and three-bedroom floor plans.  In addition to its prime location, Vista Terrace offers amenities, including a landscaped courtyard, private balconies, stainless steel appliances and newly renovated designer interiors.

Oak Terrace is located one mile west of Vista Terrace at 1414 Oakland Boulevard.  The property is just east of Interstate 680 and to the south of the Walnut Creek BART station.  The property has eight two-bedroom units averaging 750 square feet each.  The property was most recently renovated in 2016 and was 100 percent leased as of closing.

HFF’s debt placement team representing the borrower was led by senior managing director Tom Wilson and director Chris Gandy.

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

  www.ptlareg.com.

Berger Commercial Realty Facilitates $480,000 Purchase of Riviera Beach Industrial Property

.

Robert Dabrowski

FORT LAUDERDALE, FL -- Sales Associate Robert Dabrowski of Berger Commercial Realty/CORFAC International represented Stone & Equipment, Inc. in the $480,000 purchase of a 4,397-square-foot industrial warehouse from Donnini Management Company, LLC.

Located at 1821 W. 10th Street in Riviera Beach, the warehouse is situated in a gated industrial condominium complex consisting of 12 units with ample parking. 

Featuring a front office, up to 17 feet of clear ceiling height, three oversized bays and exterior storage, the warehouse will be used by Stone & Equipment as a showroom and distribution center for natural stone and flooring.

Stone & Equipment is a leading manufacturer, importer, distributor and wholesaler of marble, limestone, travertine and onyx. In addition to its new location in Riviera Beach, the company has distribution facilities in Miami, West Palm Beach and Spain.

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

 www.bergercommercial.com

.

 www.corfac.com.

  

Lincoln Property Co. Adds 2777 Camelback to Class A Phoenix Office Portfolio

2777 Camelback, Phoenix, AZ

David Krumwiede

PHOENIX, AZ – With a $24.65 million purchase, Lincoln Property Company (LPC) has added 2777 Camelback to its Class A Phoenix office portfolio. The 104,618-square-foot building is located at 28th Street and Camelback Road, in a section of the Camelback Corridor undergoing a wave of new development.

The acquisition brings LPC’s metro Phoenix Class A office portfolio to more than 3.5 million square feet across 20 assets. This includes four buildings (Biltmore Commerce Center, 3131/3133 Camelback, and 2777 Camelback) totaling approximately 660,000 square feet along the prestigious Camelback Corridor.

“The land surrounding 2777 Camelback is enjoying a major revival, thanks to multiple new development projects,” said Lincoln Property Company Executive Vice President David Krumwiede. 

“This is a significant accomplishment in the high-barrier-to-entry Camelback Corridor submarket – and one that we will support as we upgrade 2777 to an even higher standard of quality.”

Directly to the west of 2777 Camelback, StreetLights Residential is developing a five-story, Santa Barbara-style residential community with 253 luxury apartment homes.

The new project sits on land previously hindered by receivership, but that is now under new ownership. To the east of 2777, LaPour is developing the mixed-use Camelback Collective, which includes a 160-room AC by Marriott hotel and 120,000 square feet of new Class A office space.

John Orsak

LPC purchased the 2777 building from DRA Advisors/Fountainhead Equity Partners and has plans to immediately begin repositioning the asset with lobby and common area renovations, an indoor tenant lounge and conference facility, a new collaborative outdoor lounge area, improved signage and upgraded landscape and hardscape.

It will also introduce institutional-quality management via the LPC property management team, who currently manages approximately 6 million square feet of LPC-owned and third-party office, industrial and retail space across the region.

These efforts add to the company’s more than $6 million in renovation efforts just completed or underway at buildings across the metro Phoenix market – ranging from Gainey Center and Luhrs City Center to Biltmore Commerce Center, Promenade Corporate Center, and 3131/3133 Camelback.

“Since 2012, The Camelback Corridor has recorded positive office space absorption of more than 214,000 square feet annually,” said Lincoln Property Company Director of Real Estate John Orsak.

 “Institutional owners have poured hundreds of millions of dollars into upgrading properties in this submarket, and they continue to invest with renovations and new construction. Like us, they see a very strong future for Camelback Corridor buildings, and are positioning themselves to support a long runway of tenant demand.”

John Bonnell

Tenants at 2777 Camelback include UMB Bank, WFG National Title, The Lavidge Company, Hill International and Avison Young. 

“We also have approximately 37,000 square feet of space available for lease at the property, including a full second floor with a 28,000-sqaure-foot floorplate,” said Krumwiede. “This is a rare find on the Camelback Corridor and is ideal for tenants looking for the amenities of this central location within a very appealing, renovated building.”

Amenities at 2777 Camelback include 13-foot ceilings, modern open layouts with exposed concrete aesthetics, flexible 36,000-square-foot floorplates, views of surrounding mountains and a two-level underground parking garage with direct elevator access to tenant spaces. 

The building offers prominent signage exposure to Camelback Road and walkability to more than a dozen restaurants and Biltmore Fashion Square. It is within minutes from State Route 51 and Sky Harbor International Airport.

Chris Toci of Cushman & Wakefield served as the investment sales broker. JLL Managing Director John Bonnell, Senior Vice President Brett Abramson and Vice President Chris Latvaaho serve as the building’s exclusive leasing brokers.

For more information or to discuss investment opportunities with LPC, contact David Krumwiede or John Orsak at (602) 912-8888. To discuss property management opportunities with LPC, contact Megan Watkins.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.lpc.com

or www.lpcphx.com.

NAI Realvest Negotiates $3.19 Million Sale of 39,712 Square Foot Neighborhood Shopping Center in Casselberry, FL

  

George Livingston

Casselberry, FL  – NAI Realvest, based in Orlando, recently negotiated the $3,190,000 sale price for Greater Marketplace II, a 39,712 square foot retail center at 112 Sausalito Blvd. in Casselberry north of Orlando. 

NAI Realvest Broker Associate Drew Saphos, CCIM, Chairman George Livingston and Associate Chris Adams represented the Pompano Beach-based seller JAB Shopping Center II, LLC. 

Pyensa, LLC of Hialeah, Fla. purchased the center, which was built in 1985.  Buyer was represented in the transaction by Oscar Rodriquez of B Live Real Estate. 

Existing long-time tenants at the Greater Marketplace II include Planet Fitness, Seminole County Health Department, and Sego’s Home Medical.  The center was 83 percent occupied at the time of the sale.

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

Beth Payan or Larry Vershel, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Silva Fiduciary Advisors Debuts in Daytona Beach, FL

 Todd Newton (left), senior vice president at Eqis Wealth Management in Daytona Beach
was among the nearly 100 who attended the recent Silva Fiduciary Advisors launch
 party,  shown above with Jose Silva, CEO (right) and Natalia Silva,
special events coordinator and daughter of the CEO.

DAYTONA BEACH, FL --- Silva Fiduciary Advisors (SFA), an independent state registered investment advisor, was recently launched in Daytona Beach at a celebration that hosted over 100 at the Volusia-UCF Business Incubator at Daytona Beach International Airport.

      

Jose Silva, CEO and founder, said clients, fellow entrepreneurs, business owners, students and fellow faculty members of Embry Riddle were among the guests. Also in attendance were CPAs, estate planning, tax and immigration attorneys and international real estate brokers with whom Silva has cultivated strong professional partnerships during the 17 years he has lived and worked in the area, and who help provide SFA clients with a full suite of services.

Jose Silva

The new company plans to grow to over 50 clients and manage more than $30 million in assets by the end of this year, and increase that by around 50 percent annually in the following three years.

One of the most unique and important aspects about SFA  that will go a long way toward achieving such goals is the fact that clients are all financially advised in their native languages. 

       

Silva, not only has a 35-year background in the world of finance – as a management consultant to corporations around the world, as a mortgage banker at one of the largest banks in Volusia and as a financial advisor – he is fluent in five languages – English, Spanish, Portuguese, French, Italian – and he’s currently working on Mandarin, Arabic and Russian.   

Advising clients effectively in their own language may give SFA a better understanding of what investments would be in their best interests, and clients in turn gain complete confidence.  

The U.S. Census Bureau reports one out of four Central Florida residents speak a language other than English at home, “The opportunity to help these folks with their finances is huge,” said Silva.

  

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

Beth Payan or Larry Vershel, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com