Sunday, February 5, 2012

Marcus & Millichap Arranges Sale of $5,5 Million Condo Community in Bradenton, FL


.BRADENTON, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Treesdale Condominiums (top left photo), a 193-unit condominium community located in Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $5,550,000.

Michael P. Regan (middle right photo) an associate vice president investments and Francesco P. Carriera (lower left photo), a senior associate based in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Quebec, Canada and the buyer, a private investor.

 Treesdale Condominiums was built in 1971 and is located at 1818 9th Avenue East.  This two-story, garden-style condominium community is situated on approximately 18.57 acres of land. The community is comprised of 25, eight-unit residential buildings, a clubhouse and a freestanding fitness center/laundry center. 

“This property was only on the market for 30 days before it went under contract” says Carriera. “We can't keep our listings long enough to have an inventory.”

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

Tolaris Realty Group in Lake Forest, FL Posts Record Sales of More Than $20 Million in 2011; Best Year Since 2007

LAKE FOREST, FL--- Tolaris Realty Group, which focuses on sales of luxury homes in Seminole, Orange and Lake Counties, reported it closed on sales valued at more than $20 million in 2011.

“We had our best year since 2007,” said Rick Bavec (top right photo), president of Tolaris Realty Group.

Bavec said he expects to double that figure in 2012.

“We are seeing a significant increase in queries from home buyers and we currently have more than $4 million in sales in the works now,” Bavec said.

Bavec added that he projects sales in 2012 will top $40 million.

For more information, contact:

Richard Bavec, President, Tolaris Realty Group, 407-402-9866;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 (fax: 644-4410),

Winston James’ Beville Road Business Park in South Dayton, FL leases 1,050 SF office suite to Apex Laboratories

SOUTH  DAYTONA  BEACH, FL --- The Beville Road Business Park (top left photo) in South Daytona, developed and owned by Winston-James Development Co., recently leased 1,050 square feet of office space to Apex Laboratories. 

 Winston Schwartz, president of Winston-James Development, said the new tenant is a clinical lab doing medical testing for clients in East Volusia County.

For more information, contact:

Winston Schwartz, President, Winston-James Development, Inc.,  933 Beville Rd., South Daytona, Fla. 32119; PHONE 386-760-2555
Larry Vershel, Larry Vershel Communications 407-644-4142

$24.5 Million Buys Tampa Bay Area Multifamily Property

BRANDON, FL –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of Charleston Landings (top left photo), a 19-building, 300-unit multifamily complex in Brandon. The sales price was $24,500,000.

            Jamie B. May (middle right photo), a senior director, represented the seller, Apartment Investment and Management Co. (AIMCO) and the buyer, Dorvidor Management Co. IPA is a division of Marcus & Millichap Real Estate Investment Services.
            “Charleston Landings is a fully stabilized property with excellent in-place cash-on-cash returns,” says May. “Recently completed major renovations alleviate the need for significant capital expenditures in the near future. The new ownership is well positioned to achieve strong in-place cash flow yield and realize the property’s upside potential through the reduction of concessions as the rental market recovers,” adds May.

            The 256,144-square foot property is located at 902 Delaney Circle, adjacent to the Westfield Brandon Mall (lower left photo), a nearly one million-square foot shopping and entertainment complex anchored by Macy’s, Dillard’s, JC Penney, Sears, Dicks Sporting Goods, Abercrombie & Fitch, an Apple Store, Books-A-Million and DSW Shoes.

            Charleston Landings was built in 1987 on 23.6 acres surrounding a four-acre lake with a pier. Institutionally owned and managed, the property has been updated with energy saving high-efficiency air handlers and condensers, partial roof replacements, new countertops and new brushed-steel appliances.

            Community amenities at Charleston Landings include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and theater. Apartments feature updated gourmet kitchens with an open layout, breakfast bar, stainless-steel appliances and refinished oak cabinetry, remodeled bathrooms with new electrical fixtures, plumbing fixtures and accessories, ceiling fans, screened-in patios and balconies and washers and dryers.

            Brandon, Fla. is approximately 13 miles from Tampa.

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

137-Unit Rental Complex Comes to Market in San Francisco’s East Bay


BRENTWOOD, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Town Centre Commons (top left photo), a 137-unit multifamily property located in Brentwood, a city in the San Francisco Bay Area.

Brandon Geraldo (middle right photo), a multifamily property investment specialist in Marcus & Millichap’s San Francisco office, is representing the seller.

“Strong apartment rent growth in San Francisco and parts of the South Bay continue to support renter migration to the East Bay,” says Geraldo. “Brentwood is a fast-growing community that is continuing its transformation from a primarily agricultural area into a well-balanced residential Contra Costa County suburb of the greater Bay Area.”

  “Town Centre Commons is one of just four apartment communities greater than 100 units in Brentwood and it is the largest market-rate multifamily community in the city,” adds Geraldo.

The 114,080-square foot property is located on 7.3 acres at 1275 Central Blvd., near downtown Brentwood.

Town Centre Commons consists of 13 two-story buildings. Nine buildings with 94 total units were constructed in 1991 with stucco exteriors and pitched composition roofs. In 1996, an additional 43 units were developed featuring high-end condo-style finishes.

The property offers nine unique floor plans, including studio, one-, two- and three-bedroom homes averaging 832 square feet. The living spaces feature private patios or balconies, central heating and air conditioning, gas ranges or all-electric kitchens, individual water heaters, garbage disposals, dishwashers and refrigerators.

 Ample parking for residents and guests is provided by 137 carport spaces and 132 open parking spaces.

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