Tuesday, June 13, 2017

Stepp Commercial Completes $2.1 Million Sale of Apartment Property in Santa Monica, CA

Kimberly R. Stepp

Los Angeles, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.1 million sale of a six-unit apartment property located at 2206-2208 1/2 Ocean Park Boulevard, in the desirable Sunset Park area of Santa Monica.

Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial, represented the seller, Los Angeles-based Gerst Family Trust. Stepp also represented the buyer, a Los Angeles-based private investor.  The property sold for a low cap rate of 3.5 percent, a high price per unit of $337,500, and $605 per square foot, which is close to record level in the area.

Aynsley Armbrust

"This property offered a prime location that is walking distance to the Green Street district of Ocean Park," said Stepp. "The buyer plans to hold this investment in their portfolio for the long term."

Built in 1948, the one-story property consists of a six bungalow-style one-bedroom, one-bathroom units. The units feature hardwood floors, crown molding, and private entrances.

Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

 Stepp Commercial's mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit http://steppcommercial.com

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

Darcie Giacchetto
D.G. Communications, Inc.


Marcus & Millichap Arranges $1.35 Million Sale of Denny’s Site in Venice, FL

Marc Strauss
VENICE, F  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of Denny's, a 5,031-square foot net-leased property located in Venice, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $1,350,000.

Marc E. Strauss, Senior Vice President Investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

“The Seller is a long-time client of Marcus & Millichap and is one of the largest operators of Denny’s in the United States,” states Strauss. “Our firm generated several offers in the process. In addition, we were able to go under contract, negotiate a new 10-year lease and close all within 52 days,” elaborated Strauss.

Denny's is located at 1763 Tamiami Trl S in Venice, FL.  The subject property is a 5,031-square-foot building on a 0.75-acre parcel. The location is dense with retail and surrounding residential neighborhoods.

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

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Hospitality Ventures Management Group (HVMG) Expands Further into Lifestyle Segment; Opens Plunge Beach Hotel in Lauderdale-by-the-Sea, FL, Fourth Lifestyle Hotel in Portfolio

Plunge Beach Hotel, Lauderdale-by-the-Sea, FL

Robert Cole
LAUDERDALE-BY-THE-SEA, FL – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, announced the grand opening of the 163-room Plunge Beach Hotel in Lauderdale-by-the-Sea, Fla. 

It is the company’s fourth recent upscale lifestyle hotel with unique and custom created F&B outlets to be added to the company’s portfolio.

            “Along with the recent additions of the Hotel Indigo Denver Downtown, the Hotel Indigo Atlanta Downtown and the only-one-of-its-kind, lifestyle-targeting, under-construction Embassy Suites by Hilton St. Augustine Oceanfront Resort in Florida, we have established a strong team of creative operators in this specialized hotel segment,” said Robert Cole, HVMG president and CEO.

 “HVMG continues to evolve and diversify our portfolio of investment grade hotels.  With this growth, we have added significant depth and specialization to create a seasoned upscale lifestyle team.  We continue to focus on adding to our portfolio within this segment, and the Plunge Beach Hotel is an excellent property to showcase our skills in this arena.”

            Located on 300 feet of pristine beach frontage in the town of Lauderdale-by-the-Sea, Plunge Beach Hotel is designed to offer a distinct guest experience.

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

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553