42-Story Condo Tower Site Sells In Greater Downtown Miami

MIAMI, FL, June 18, 2010--The development site for the proposed 42-story Pointe At Brickell Village (rendering top left)  condominium tower in the heart of Greater Downtown Miami's financial district has been sold for $5.4 million, or $150 per square foot, according to a new report from CondoVultures.com.

Union Credit Bank, a one-branch Florida chartered institution with assets of $167 million, sold the 36,000-square-foot development site at 1100 S. Miami Ave--a block away from the popular Shops at Mary Brickell Village outdoor mall (top right photo)  -- to a private equity group on June 11, according to the report based on Miami-Dade County and FDIC records.

Union Credit Bank repossessed the property on May 26 after a lengthy foreclosure process against the development company,  Brickell Village Partners with principal J. Kevin Reilly.

At the time of the foreclosure, the bank was owed $7.6 million in principal plus an additional $1.2 million in interest, fees, and court costs, according to the final judgment of foreclosure signed by Miami-Dade Circuit Court Judge Gerald D. Hubbart on Jan. 22, 2010.

"Nearly 10 high-rise condo development sites in Greater Downtown Miami have been sold in the last two years, and several more are for sale," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Private equity groups have been buying up deeply discounted condos in Greater Downtown Miami with great velocity for the last 18 months. As the oversupply of new condos is whittled down, buyers are increasingly broadening their criteria. Land is starting to become acceptable - at the right price - once again."

Besides the development site acquisitions, bulk buyers have completed 50 transactions for more than 4,800 units and 6.5 million square feet in the tricounty South Florida region since July 2008, spending more than $1.1 billion, according to the Condo Vultures® Bulk Deals Database™.

For this latest land deal, the buyer, The Point At Brickell Village Corp with principals Diego E. Manfio and Silverio E. Alberto Manfio, paid an amount equal to the current assessed value of $5.4 million established by the Miami-Dade County Property Appraiser's Office.

Originally, Reilly's group purchased the proposed Pointe at Brickell Village land - four separate lots owned by two different groups - in January 2005 for a combined $7.2 million, or $200 per square foot.

Four months later in April 2005, the City of Miami approved Reilly's plans - which were submitted in December 2004 - to construct a 330-unit condo tower designed by the famed Arquitectonica architectural firm for the site. The tower was to proposed to feature nearly 325,000 square feet of residential space, 42,000 square feet of office space, and 14,000 square feet of retail space, according to government records.

The projected construction cost for the proposed 442-foot tall tower was estimated at $142.4 million, according to government records.

Reilly never developed the proposed Pointe at Brickell Village project as some 22,250 new condo towers were constructed in Greater Downtown Miami between 2003 and 2010 in a 60-block stretch where 11,500 units had been built between 1963 and 2002, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

At the end of the first quarter of 2010, some 6,600 new condo units were still unsold in Greater Downtown Miami. At the current pace of 240 sales per month, the current unsold inventory will take more than two years to sell, according to a recent Condo Vultures® White Paper™.

For Reilly, this is not the only proposed condo project that he planned but was never was able to build.

In February 2007, a Reilly company, Brickell Citicentre LLC, deeded to the lender 26 lots totaling nearly 247,000 square feet of developable land on both sides of South Miami Avenue between 7th and 8th Streets in Greater Downtown Miami's Brickell Avenue area, according a previous Condo Vultures® Market Intelligence Report™.

The Brickell Citicentre land is three blocks north of the Pointe at Brickell Village land.

Reilly's company had planned to construct a three-tower, mixed-used complex with more than 2,400 condo units, 200,000 square feet of retail and restaurant space, and 130,000 square feet of office space to be called Brickell Citicentre at 700 and 701 S. Miami Ave., according to Miami Today newspaper.

Hong Kong-based Swire Properties, which built most of Brickell Key, paid $41.2 million, or $167 per square foot, for the 5.7 developable acres in October 2008. At the time of Swire's acquisition, the land was assessed at $49 million, or $199 per square foot, according to the Miami-Dade County Property Appraiser's Office.

Reilly's company originally purchased the Brickell Citicentre land for $46.5 million, or $189 per square foot, and borrowed $58.1 million, or $236 per square foot, from a Delaware entity controlled by iStar Financial, according to government records.

Contact: Peter Zalewski, Condo Vultures®,  800-750-0517,  peter@condovultures.com

Stirling Sotheby's International Realty is Leading Revival of Luxury Home Sales at Bella Collina in Monteverde, FL

ORLANDO – Bella Collina, (top left photo)  the exclusive ultra-luxury community that started development overlooking Lake Apopka in Monteverde just before the housing market collapsed, is experiencing a revival.

Part of the reason is bargain pricing—golf course home sites that were priced from $490,000 to $935,000 at the height of the real estate boom are now selling for under $50,000.

Just two months ago, the LR team at Stirling Sotheby’s International Realty announced an international marketing campaign to spur sales in the luxury neighborhood.

Roger Soderstrom, (bottom left photo)  founder and owner at Stirling Sotheby’s International Realty in Orlando, said through May of this year two luxury homes have sold at Bella Collina and six luxury home sales are currently pending. Twelve luxury homes are currently listed for sale at Bella Collina with the average list price of $3.3 million.

“Home sites at Bella Collina are a bargain right now,” said Dan Natoli, a partner with the LR Team.

“Golfside home sites on the market right now are priced from $2,900 to $80,000 and they were originally priced from $490,000 to $935,000,” he said.

Luxury homes for sale at Bella Collina today range in price from $900,000 to $7.9 million. However, Natoli foresees new homes priced in the $400-500,000 range in some neighborhoods in the coming year. Those prices will be driven by very affordable lot pries and new consumer buying trends.

Stirling Sotheby’s LR Team (middle  right photo, Dan Natoli, Carolyn Burgiel, and Darren Iozia) of the firm’s Windermere/Dr. Phillips office—said that buyer interest is growing everyday.

“Buyer interest at Bella Collina has been extremely strong in 2010, the strongest we have seen in three years,” Burgiel said.

“We’re talking with traveling professionals, couples downsizing, pre-retireds and professionals from the Orlando area looking for a high-quality lifestyle and attractive pricing,” Burgiel added.

For more information,  contact:
Carolyn J. Burgiel, Sales Executive, Stirling Sotheby’s International Realty 407-864-0605;
Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142; lvershelco@aol.com

East Coast Retail Investment Team at Lavista Associates Negotiates Largest Sale of Multi-Tenant Retail Center in Jacksonville, FL

ATLANTA - The East Coast Retail Investment Team at Lavista Associates, one of the Southeast’s leading commercial property brokers, based in Atlanta, recently negotiated the sale of Crossroads Square (top left photo)  retail center on Blanding Blvd. at I-295 in Jacksonville, Fla.

Whitney Knoll, (middle right photo) managing director of The East Coast Retail Investment Team at Lavista Associates and Pierce Mayson, director, negotiated the sale representing the seller, Abrams Properties, Inc. of Atlanta.

Global Fund Investments LLC, a real estate investment company headquartered in Miami Beach, acquired the 174,153 square foot power/community center. The sale represents the largest multi-tenant shopping center transaction in Jacksonville in more than three years.

“It’s always a pleasure to work with such veteran shopping center owners,” Knoll said. The sale was the third transaction Knoll has negotiated on behalf of long-time client Abrams Properties.

Over the past 36 months, Knoll has sold 35 properties in six states in the Southeast, totaling 3.3 million square feet. Property sales have generated more than $400 million in revenues.

Anchored by Floor & Decor, Office Depot, Dollar General and Harbor Freight Tools, Crossroads Square is 95 percent leased. Knoll said Lat Purser and Associates deserves some credit for the sale, as the property management firm has maintained a healthy 91+ percent occupancy at Crossroads Square retail center throughout the recession.

The purchaser assumed an existing Protective Life loan.

Serving Atlanta for over 37 years, Lavista Associates, Inc. is one of metro Atlanta’s leading commercial real estate companies, representing clients in the sale and leasing of a broad spectrum of commercial, industrial, office and retail properties. The firm’s goal is excellence of service to its clients resulting in the highest value for their real estate holdings.


For more information, contact:
C. Whitney Knoll, Managing Director East Coast Retail Investment Team, Lavista Associates, Inc. 3105 Northwoods Place, Norcross, Ga. 770-729-2818; wknoll@lavista.com;
Kimberly Steele, Lavista Associates, Inc. 770-729-2824; ksteele@lavista.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Names Kent R. Williams Managing Director

ENCINO, CA, June 18, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Kent R. Williams (top right photo) as a managing director, according to Harvey Green (top left photo) , president and chief executive officer.

Williams currently serves as the regional manager of both the San Diego and Las Vegas offices.

Most recently, Williams was a senior vice president of the firm.

“Under Kent’s leadership, Marcus & Millichap’s San Diego office has ranked first in revenue firm wide for the past two fiscal years and has captured a significant portion of the San Diego County investment brokerage market,” says Green.

 “Kent consistently provides a high level of service to our Southern California investor clients and fosters an environment that supports the success and professional fulfillment of the firm’s brokers. The San Diego office has also produced more award-winning graduates of the firm’s sales intern program than any other office.”

Williams began his career at Marcus & Millichap in 1991 as an agent in the Ontario office. He was named sales manager of the San Diego office in 1998 and was promoted to regional manager in 1999.

Williams became a vice president of the firm in 2001 and was elected as a first vice president in June 2004. He received the company’s Regional Manager of the Year award in 2005. In 2008, Williams was promoted to senior vice president.

Williams attended San Diego State University.(middle  right photo)  He has served on the board of directors for CCIM (Certified Commercial Investment Member) and the University of San Diego’s real estate board where he assisted in the development of that school’s real estate master’s degree program.

Danny K. Bahng Named Associate Vice President Investments in Los Angeles

LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm,  announced the promotion of Danny K. Bahng (middle left photo)  to associate vice president investments in the Los Angeles office, according to first vice president and regional manager Stephen D. Stein (middle right photo) . Most recently, Bahng was a senior associate.

“Danny has extensive experience as a multifamily investment property specialist in the Los Angeles office,” explains Stein. “Throughout his career with Marcus & Millichap, he has matched numerous private and institutional investors with investment real estate in the Los Angeles metropolitan area and throughout Southern California. Danny has been instrumental in driving our business forward and helping to establish our firm as a market leader.”

Bahng joined the firm in June 2000 and was promoted to associate in 2001. He was promoted to senior associate in 2003.

Richard J. Ringer Promoted to First Vice President Investments in West Los Angeles

LOS ANGELES, CA— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Richard J. Ringer (bottom left photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Kevin Assef, senior vice president, managing director and regional manager of the firm’s West Los Angeles office.

Most recently, Ringer was a vice president investments.

Ringer joined Marcus & Millichap in May 1998. He was promoted to associate in 2000 and earned senior associate status in October 2001. Ringer was named a senior investment associate in July 2004 and a vice president investments in January 2008.

He specializes in the sale of multifamily assets and currently serves as a senior director of the firm’s National Multi Housing Group. Ringer has received numerous sales achievement awards from Marcus & Millichap, including seven National Achievement Awards.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716