Thursday, March 8, 2012

Ackerman Sells Camp Creek Medical Center III in Atlanta for $8.9 Million

Atlanta, GA, March 8, 2012 – Camp Creek Medical Center III (top left and middle right photos), the third of a four-building outpatient medical campus located in the new Camp Creek community of South Fulton County, has been sold to Arizona Real Estate Investment Trust, Healthcare Trust of America, Inc.

 The 30,000-square-foot, two-story medical building, developed by Ackerman & Co.’s healthcare division, Ackerman Medical, sold for $8.9 million.
Camp Creek III was developed in 2010 by Ackerman Medical in a venture with leading physician practices, Camp Creek Medical Center III, LLC.

Ackerman Medical also handled the leasing and management for the property.

“The fact that Camp Creek III was fully leased within 10 months of opening, in this economy, is a testament to Ackerman Medical’s leasing team and our unique understanding of physician needs,” said John A. Willig (middle left photo), principal of Ackerman Medical.

At closing, the building was 97% leased; leading tenants include Tenet South Fulton, Orthopaedics of Atlanta and Georgia Cancer Specialists.

In all, the three buildings at Camp Creek Medical Center feature 60 doctors, 21 specialties, a Women’s Center and a Diagnostic Imaging Center.  The final phase, Camp Creek IV, is on track to be developed later this year.

The Ackerman & Co. investment sales team of Andrew Murphy (lower right photo) and Spencer Coan (lower left photo) represented Camp Creek Medical Center III, LLC in the sale of the building.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

The company, founded in 1967, retains an expert team of more than 100 real estate professionals.

To date, Ackerman & Co.  has developed and acquired more than 200 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

The company’s healthcare division, Ackerman Medical, has developed more than 1 million square feet to date and has more than 585,000 square feet of active medical listings.

For more information on Ackerman & Co., visit


Fara Wilson,
VP of Marketing,
Ackerman & Co.,
770. 913.3904    

Marcus & Millichap Sells Two Broward County, FL Apartment Buildings

 FT. LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Andrews (top left photo), a 25-unit apartment building in Wilton Manors and Granada Hall, (middle right photo) a 10-unit apartment building in Ft. Lauderdale, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.

The Andrews commanded a sales price of $2.0 million and Granada Hall sold for $1.15 million.

Senior Associate Joseph P. Thomas (middle left photo) of the Ft. Lauderdale office had the exclusive listings to market the properties on behalf of the seller, a well known private investor from Ft. Lauderdale, Fla.  The Andrews was purchased by a private investor from Ft. Lauderdale and Granada Hall was purchased by a private investor from Delray Beach, Fla.

 “Our marketing campaign generated considerable interest in each property,” says Thomas.  “We had multiple offers on both assets which resulted in Granada Hall selling for slightly above the asking price on an all-cash basis and The Andrews selling near the asking price with attractive new bank financing.”

The Andrews is a 25-unit mid-rise apartment building and consists of one two-bedroom/one-and-a-half bathroom townhouse, nine two-bedroom/two-bathroom townhouses and 15 two-bedroom/two-bathroom apartments.  It is located at 2520 N Andrews Avenue in an excellent Wilton Manors rental location.

Granada Hall is a 10-unit apartment building and consists of three studios, three one-bedroom/one-bathroom apartments, one one-bedroom/two-bathroom apartment, two two-bedroom/two-bathroom apartments and one two-bedroom/three-bathroom apartment. 

The property is situated between the Intracoastal Waterway and Atlantic Ocean on Fort Lauderdale Beach.  Granada Hall is located at 3000 Granada Street in Ft. Lauderdale.

Press Contact: Ashley Steele, (954) 245-3400

Marcus & Millichap Sells Miami Office Building for $4.6 Million

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 42,000-square foot vacant office building in Miami, according to Kirk A. Felici (middle right photo), Vice President/Regional Manager of the firm’s Miami office.

The asset commanded a sales price of $4,600,000 representing $99 per square foot. There was also an adjacent 8-unit apartment building included in the sale. 

Senior Associates Greg Zeifman (lower left photo) and Associate Benjamin H. Silver (lower right photo) in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, an international nonprofit organization headquartered in Miami, Fla. 

The buyer, a local developer from Miami, was also secured by Zeifman and Silver.

 “The four-story office building presented a unique opportunity for an investor to acquire a meticulously-maintained office building in an irreplaceable location.

The buyer plans on leasing the property as a multi-tenant office building with future development potential,” says Silver.

The office building is located at 550 LeJeune Road (Northwest 42nd Avenue) (top left photo) in close proximity to the Miami International Airport.

Press Contact:  Ashley Steele, (954) 245-3400

Forest City Announces Sale of Quebec Square Retail Center in Denver

CLEVELAND, OH /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB)  announced the closing of the sale of Quebec Square (top left photo), a retail "power" center in Denver, to Quebec Square, CMH, LLC. 

The sale price of $34.25 million generated net proceeds of approximately $8 million, representing an effective cap rate of 6.4 percent based on 2011 net operating income. 

"We're pleased to complete this sale," said David J. LaRue (middle right photo), Forest City president and chief executive officer.  "The disposition of this center is part of our retail strategy to focus on our regional malls and anchored lifestyle centers around the country, as well as urban retail in our New York core market." 

The company plans to use proceeds from this and future dispositions to pay down debt, reinvest in its portfolio, and selectively activate new development with a focus on existing entitlement. Forest City will continue to manage Quebec Square on behalf of the new owner. 

Quebec Square is located at the corner of Quebec Street and Smith Road in Denver, adjacent to Stapleton (lower left photo), Forest City's mixed-use redevelopment community. 

The center has a total of 739,000 square feet of space, with gross leaseable area (GLA) of approximately 217,000 square feet, including current tenants Famous Footwear, Ross Dress for Less, Big 5 Sporting Goods, Office Depot and PetSmart.  Anchors (not included in the GLA) are WalMart, Home Depot and Sam's Club.


 Robert O'Brien, Executive Vice President - Chief Financial Officer,
Jeff Linton, Senior Vice President - Corporate Communication,