Friday, July 1, 2011

NAI Realvest negotiates sale of office condo at Legacy Village in Lake Mary, FL for $96,350

MAITLAND, FL --- NAI Realvest recently negotiated the sale of an office condominium in Legacy Village Office Park at 3208 West Lake Mary Blvd. off I-4 in Lake Mary.

 George Viele (top right photo), associate in the firm, negotiated the sale representing the seller, CVM I REO, LLC of Fairport, NY.

 The buyer, Lake Mary-based D&P Music, LLC paid $96,350 for unit 1720 with 945 square feet. Alan Salerno of Florida Home Team Realty represen6ted the buyer in the transaction.   

For more information, contact,
George Viele, Associate NAI Realvest 407-875-9989
Patrick Mahoney, President NAI Realvest 407-875-9989
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Rhodes+Brito Architects Complete Design of $4 Million Mechanical Project for North Marion High School in Ocala, FL

ORLANDO, FL --- Rhodes+Brito Architects, based in Orlando, recently completed a design project to build $4 million worth of mechanical improvements at North Marion High School in Ocala.

Ruffin Rhodes (top right photo), co-founder and partner at Rhodes+Brito Architects, said the construction includes a new energy plant for the campus and replacement of the air conditioning and fire alarm systems in the main classroom building.

Rhodes said construction is underway and expected to be complete by end the end of the Marion County Public Schools summer break.

For more information, contact:
Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103
 Maximiano Brito, Rhodes+Brito Architects, 407-648-7288
 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Marcus & Millichap Facilitates Sale of Wendy’s in Clermont, FL for $1.3 Million

 CLERMONT, FLA., July 1, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wendy's (top left photo), a 3,048-square foot single-tenant net-leased property located in Clermont, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,307,000.

Peter Nisbet (middle right photo), Vice President Investments and a Senior Director of the National Retail Group in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

Moe Derbala, a Retail Specialist in the firm’s Tampa office secured and represented the buyer, a private investor based out of Dunedin, Florida.

Wendy's was built in 1985 and is located at 850 East Highway 50.  This area is full of large and small lakes and is considered by some to be called Lake Land. The surrounding businesses and establishments include Green Valley Country Club, Church of Jesus, Gateway Church of Clermont, J Concepts and Howard Fertilizer & Chemical.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Names John Vorsheck Regional Manager of San Diego Office

  SAN DIEGO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named John Vorsheck (top right photo) regional manager of the firm’s San Diego office, according to John J. Kerin (lower left photo), president and chief executive officer.

“John has a very successful track record in commercial real estate as a manager and as an investment professional,” says Kerin. “As regional manager of the San Diego office, he will be a tremendous resource to our agents and clients.”

Vorsheck began his career with Marcus & Millichap in November 2006 as the sales manager of the Newport Beach office. He was promoted to regional manager of the Las Vegas office in April 2007 and joined the sales force in Las Vegas in April 2010. He transferred to the Long Beach office in August 2010.

 Prior to returning to Marcus & Millichap, Vorsheck was a top multifamily broker at another commercial real estate brokerage firm where he earned investment broker rookie of the year status as well as numerous investment broker awards. He was also involved in the development of a start-up full-service commercial real estate firm, from investment brokerage to management, consulting and acquisition.

Vorsheck is a graduate of the University of Arizona with a Bachelor of Arts degree in communications and a minor in business administration.

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

$17.1 Million Lender-Owned Apartment Complex Trades in Florida

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Skyline Fifth Avenue Apartments (top left photo), a 178-unit lender-owned apartment complex in St. Petersburg. The sales price of $17,125,000 represents $96,208 per unit and $101 per square foot.

Frank Carriera (middle right photo), a senior associate, and Michael Regan (lower left photo), an associate vice president investments, both in the firm’s Tampa office, represented the seller, and the buyer, a Canada-based investment group.

“The lender began foreclosure proceedings in November 2010 with the intention of selling the loan,” says Carriera.

“However, there were some significant hurdles in the transaction and the buyer and seller eventually decided to make this a real estate transaction instead of a loan sale.

“The seller foreclosed in May 2011 and the buyer ended up financing the sale with a 68.6 percent LTV bridge loan,” adds Carriera. “The group plans to hold the building long term. This is their second commercial real estate purchase in Florida.”

The 169,286-square foot property is located at 441 33rd St. North, approximately 2.5 miles west of downtown St. Petersburg, a few blocks west of Interstate 27 and one block east of 34th Street, U.S. Highway 19, Pinellas County’s major north/south artery.

Built in 1962, Skyline Fifth Avenue Apartments underwent a $30 million renovation that was completed in 2007. The apartments have vaulted ceilings, dual-pane glass, refinished kitchens, high-speed Internet access and stacked washer/dryers in the one-bedroom units and full-size washers and dryers in the two-bedroom units.

Shared amenities include controlled access, a swimming pool, a fitness center, a business center and a clubhouse.

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