Wednesday, January 2, 2019

Marcus & Millichap Brokers $10 Million Sale of 92-Unit Park Place Condominiums in Tampa, FL


Aerial of Park Place Condominiums
3400 Fletcher Avenue, Tampa, FL

TAMPA, FL, Jan. 2, 2019 – 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 Park Place, a 92-unit condominium community located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,000,000.

John E. Brigel
John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the listing to market the property on behalf of the seller, a condominium association.  The buyer, a limited liability company, was also secured and represented by Brigel.

“Situated immediately across the street from the University of South Florida, this land represents one of the true, last gems of student housing development potential at USF," says Brigel.

"Interest from national student housing developers was quite strong as was the final pricing. Both Seller and Buyer are most satisfied with the results of the agreement.” 

Park Place is located at 3400 Fletcher Ave in Tampa, Fla., on an approximately 3.91-acre parcel of land and situated immediately across the street from the University of South Florida. 

Ari Ravi
Currently the land is improved with 92 condominiums built in 1973. The land is in a prime location on the northeast corner of a signalized intersection at the University’s main entrance on USF Magnolia Drive.


 Ari Ravi

Regional Manager, Tampa
(813) 387-4700

Whitney Davis
Marketing Coordinator
Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602
(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 fax


HFF announces $135 million construction take-out of two new Class A industrial buildings near Baltimore, MD

Tradepoint Atlantic Industrial Site One
WASHINGTON, DC,  Jan. 2, 2019 Holliday Fenoglio Fowler, L.P. (HFF) announces the $135 million financing for two new, build-to-suit, Class A industrial buildings fully leased to Under Armour and and totaling 2.2 million square feet within the Tradepoint Atlantic multimodal industrial project in the Baltimore-area community of Sparrows Point, Maryland.

The HFF team worked on behalf of the borrower, Tradepoint Atlantic, to place two separate, non-recourse loans with Allianz Real Estate, including the $71.8 million, 18-year, fixed-rate loan for the Under Armour facility and the $63.2 million, 17-year, fixed-rate loan for the Amazon facility. 

Tradepoint Atlantic Industrial Site Two
The Tradepoint Atlantic site covers 3,250 acres on the Sparrows Point peninsula along the Patapsco River at the gateway to the Port of Baltimore approximately five miles southeast of Baltimore’s Central Business District. 

The location provides immediate access to major interstate and regional road networks via Interstate 695, which bifurcates the site and encircles the city of Baltimore and connecting the project to Interstates 95, 895, 97, 70 and 83 as well as Route 295 (the Baltimore-Washington Parkway). 

Cary Abod
Tradepoint Atlantic contains the largest privately owned rail interchange yard on the East Coast and includes a fully operational, privately owned and operated short-line railroad with more than 60 miles of track (and plans for expansion) and connections to two Class I railroads, CSX Transportation and Norfolk Southern Railway. 

 In addition, Tradepoint Atlantic owns and operates a marine terminal within the Port of Baltimore and offers significant deep-water frontage with deep water berths.

The 1.35-million-square foot building occupied by Under Armour was completed in 2018 and has future expansion potential.  The cross-dock building features 35 total dock-door positions, two drive-in doors and 38-foot clear heights. 

Rob Carey
 Completed in 2018, the 857,514-square-foot building leased to also has a cross-dock design with 63 dock doors, two drive-in doors and 41-foot clear heights.  Both buildings have a small office finish.

HFF’s debt placement team representing the borrower included managing director Cary Abod, director Rob Carey and associate Kevin Byrd.

“The long-term leases to Under Armour and Amazon, state-of-the-art construction and desirable sponsorship yielded a highly competitive bidding process,” Abod said. 

Kevin Byrd
 “Allianz performed admirably as the lender, and we look forward to watching the continued development of the revolutionary Tradepoint Atlantic project.”


HFF Managing Director
(202) 533-2500

HFF Digital Content/Public Relations Specialist
(713) 852-3420

Allianz Real Estate of America
(917) 520-5168