Plaza Advisors Announces Sale of Commons at Twin Lakes in Clearwater, FL

Commons at Twin Lakes, Clearwater, FL

Jim Michalak

TAMPA, FL -- Plaza Advisors is pleased to announce the $8.4 million sale of the Commons at Twin Lakes shopping center located in Clearwater (Tampa Bay MSA) Florida.

The center contains a total of 53,100 square feet of gross leasable area. The property is situated on 6.09 acres and was built in 1986. The asset was 100% leased at the time of sale.

 The seller and buyer were Commons at Twin Lakes Associates, LLC and Realty Financial Corporation, respectively. Both parties are a private equity firms.  Jim Michalak of Plaza Advisors and Mike Milano of Colliers International represented the buyer and seller in the transaction, respectively.

 “The center has a long history of high occupancy, attractive market rents and a stable tenant roster that was appealing to the capital markets” said Michalak. “The buyer was able to secure excellent long term financing and locked-in an interest rate prior to the recent increase”.

Mike Milano

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

 Plaza Advisors has closed over 130 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.

 For a complete copy of the company’s news release, please contact:

 Jim Michalak

Managing Partner

Plaza Advisors

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

NAI Realvest Negotiates Renewal Lease to Pediatrics firm at Primera Court II in Lake Mary, FL

ORLANDO, FL--- NAI Realvest recently negotiated a lease renewal for 3,882 square feet of Class A medical office space at Primera Court II, 735 Primera Blvd. in Lake Mary. 

Mary Frances West

 NAI Realvest Senior Broker Associate Mary Frances West, CCIM negotiated the transaction representing the landlord RREF Interchange-FL, Primera I, LLC, based in Daytona Beach. 

 The tenant Medical Partners of Central Florida P.A., d/b/a Central Florida Pediatrics represented themselves in the lease agreement to renew their lease of suites 130, 135 and 140 at Primera Court II.

For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications

NAI Realvest Negotiates Lease Expansions and Renewals totaling more than 22,700 SF at Oviedo Commerce Center in Oviedo, FL

Oviedo Commerce Center, Oviedo, FL

ORLANDO, FL– NAI Realvest recently negotiated three lease agreements for expansions and renewals totaling 22,705 square feet of industrial space in the Oviedo Commerce Center at 2460 and 2464 West S.R. 426 in Oviedo.

George Viele

 George Viele, associate at NAI Realest, brokered the transactions representing the landlord, Oviedo Commerce Center, LLC based in Altamonte Springs.

 Bill Ault Systems, Inc. renewed its original space and expanded into another space for a total of 10,366 square feet leased. 

 Damage Control, Inc. renewed its original space and expanded into additional space that brings that tenant’s total leased space to 9,480 square feet.

 Going Green Services, Inc. renewed its lease of 2,859 square feet at Oviedo Commerce Center.

For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications

Berger Commercial Realty Brokers Close Three Leases at Mangonia Business Park near West Palm Beach, FL

Mangonia Business Park, Mangonia Park, FL

Judy Dolan

FORT LAUDERDALE, FL, (Aug.  8, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan and Greg Milopoulos closed three new leases for warehouse space at  Mangonia Business Park near West Palm Beach.

Dolan and Milopoulos represented landlord GA 4711 Australian Avenue, LLC, in leasing

3,064 square feet to P&I Supply Co.;

1,532 square feet to Global Dynamics Capital, LLC.; and

1,532 square feet to T.J. Enterprises Inc. of Palm Beach.

Greg Milopoulos

Mangonia Business Park is located at  4711 N. Australian Ave., Mangonia Park, FL 33407.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Avison Young completes 10-year office lease with Live Nation in Beverly Hills, CA

9350 Civic Center Drive, Beverly Hills, CA

 

Neil Resnick

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today a 10-year office lease with Live Nation Entertainment.

 The 33,094-square-foot (sf) creative space is located at 9350 Civic Center Drive in Beverly Hills, immediately east of the Beverly Hills Civic Center. The award-winning building was transformed in 2001 from what was an old industrial building. 

Neil Resnick, Avison Young Principal and Managing Director of the West Los Angeles office, and Matt Wallace, a senior associate based in the firm’s West Los Angeles office, represented the landlord, a family trust. 

Matthew Wallace

Chris Mongeluzo, Executive Managing Director and Mike Arnold, Executive Vice President of Newmark Grubb Knight Frank represented Live Nation.

 Live Nation Entertainment is the world's leading live entertainment and eCommerce company, consisting of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network.

Live Nation Entertainment will be expanding its presence in the Beverly Hills market. The firm currently occupies a 44,673-sf adjacent property known as The Ice House, located at 9448 Civic Center Drive.

Chris Mongeluzo

 Live Nation’s new space features a classic bow truss high-ceiling roof with a red-brick exterior.  The internationally acclaimed architectural firm Barton Myers Associates spearheaded the award-winning renovation and the City of Beverly Hills awarded the building with an Architectural Design Award in 2001. 

 “The objective laid out by Barton Myers and the landlord team was to retain the unique and creative characteristics of the building while fully modernizing it for a contemporary, creative user,” comments Resnick, who has been affiliated with the building for 15 years, and assisted Bank of America as it was contemplating the refurbishment and redesign of the property.

Michael P. Arnold

“Prior to the renovation, there was no onsite parking, so the design team constructed a 70-space rooftop parking deck.” 

 Resnick adds: "9350 Civic Center Drive is one of the most beautiful and unique buildings in West Los Angeles. This transaction is perfect in that it marries one of the most creative firms in the world, Live Nation, with an extraordinary creative space that melds with its corporate culture." 

 According to Resnick, several potential tenants pursued the leasing opportunity. However, the landlord appreciated the synergy that Live Nation would bring to the property.

 The building in its entirety is approximately 46,000 sf. Gibson Guitar Corporation occupies the balance of the space.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HSA Commercial and Great Point Investors Partnership to Build 218,500-SF Spec Warehouse in Waukegan, IL

  

Rendering of planned 218,500-SF speculative warehouse facility
at Delany Road and Blanchard Road in north suburban Waukegan, IL

Jack Shaffer

CHICAGO, IL, Aug. 8, 2013— Jack Shaffer, chairman and founder of HSA Commercial, Inc., announced today that the firm has partnered with Boston-based Great Point Investors to develop a 218,500-square-foot speculative warehouse facility at Delany Road and Blanchard Road in north suburban Waukegan, Ill.

Robert Smietana

The partnership broke ground this month on the new industrial building which will be divisible to 25,000-square-foot suites and will offer 30’ clear heights, 28 truck docks, 4 drive-in doors, 300 parking spaces and convenient access to both Highway 41 and Interstate 94.

 “We have targeted this property for development for a number of years, and we have watched patiently as the vacancy rates for industrial space have dropped year after year without any new facilities being added to the market,” said Bob Smietana, vice chairman and chief executive officer of HSA Commercial.

Tim Thompson

 “With the economy continuing to rebound and with the right partner in Great Point, we knew that there was no better time than now for this project.”

Joseph Versaggi

 “When this opportunity was brought to our attention, we were immediately intrigued by the lack of available industrial product near this strategically valuable Lake County location,” said Joseph Versaggi, principal of Great Point Investors. 

“We were even more compelled by the ability to partner with HSA Commercial Real Estate, one of the most accomplished industrial development firms in the Midwest.”

 “There’s a great base of firms in the pharmaceutical, fulfillment, packaging, manufacturing, and technology industries in Lake County that don’t currently have the option of locating in the type of premier industrial real estate product that this project will offer,” said Tim Thompson, SIOR, executive vice president and managing director of the Industrial Services Division at HSA Commercial.

Michael Caprile

“Through our leasing efforts, we hope to provide prospective tenants with a level of quality and flexibility that hasn’t been available in recent years because of the lack of new development.”  

Steve Roth

Michael Caprile, vice chairman, and Steve Roth, executive vice president, of CBRE, secured Great Point Investors for the joint venture with HSA. Birmingham, Ala.-based Regions Bank is providing construction financing for the project, and Premier Design + Build will serve as the general contractor.

 For a complete copy of the company’s news release, please contact:

Mark Thomton

 mthomton@taylorjohnson.com

(312)-267-4523    

Smith Equities Real Estate Investment Advisors Sells 522-Unit Vizcaya Lakes Apartments in Ocoee, FL

  

Vizcaya Lakes Apartments, Ocoee, FL

Gerald Smith

ORLANDO, FL – Smith Equities Real Estate Investment Advisors is pleased to announce it brokered the sale of the Vizcaya Lakes Apartments located in Ocoee, FL (9 miles west of Downtown Orlando).

The 522 unit Vizcaya Lakes Apartments was sold for an undisclosed price. Vizcaya Lakes was built in 1998.

 Amenities include Lakefront views on Lake Lotta, Playground, Bark Park, WiFi Coffee Café, Picnic Areas with BBQ Grills, Lush Landscaping, 24 Hr State of the Art Fitness Center, Newly Designed Clubhouse, Kid's Zone, Two Swimming Pools, Clubhouse, Clothes Care Center, Sports Court, and a Gazebo with Fishing Pier on Lake Lotta.

Gerald Smith, Senior Investment Advisor for Smith Equities Real Estate Investment Advisors brokered the deal.  The Seller was V.L. Apartments Master, LLC.  The Buyer was Landmark Apartment Trust of America Holdings, LP, a Virginia limited partnership.

 “The continued improvement in the multifamily rental market over the past 18 months has resulted in the highest occupancy since the real estate boom in 2005/2006” said Gerald Smith. 

Vizcaya Lakes was 98% occupied at closing.  “Given the strong rental market demand and with interest rates beginning to trend higher, we see the opportunity for buyers and sellers to capitalize on the current fundamentals in the market. 

“For owners considering disposing of assets over the next 24 months, we believe now is a good time to be making those decisions given the strong rental market and the inherent risk of interest rates going higher.   Likewise for buyers looking to lock in long term debt at historically low rates we see this as an excellent opportunity to do so” said Smith. 

“Having the technology to assess the market conditions and provide timely market data to potential buyers and sellers is the key to successfully closing transactions. 

“As a boutique brokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset.” says Gerald Smith, Senior Investment Advisor for Smith Equities.

Founded in 1990, Smith Equities Real Estate Investment Advisors (SEREIA) is a "boutique" Multifamily Real Estate Brokerage firm that uses its own proprietary industry-leading technology and experienced senior multifamily real estate advisors to represent our client’s needs.

SEREIA is a leader in apartment sales and financing throughout Florida with investment sales and financing of over 27,100 Apartments in over 191 deals. For more information, please visit their website at www.smitheq.com or call (407)422-0704.

Robert E. Smith

SEREIA’s founder, Robert E. Smith, CCIM also founded the website known as www.MyRentComps.com.

MyRentComps is a national award winning, free online market survey tool, covering over 100,000 apartment properties nationwide. In the past, apartment personnel spent time and money calling around each week to similar properties in the area to keep up with current market conditions. 

As properties update their information online, the MyRentComps platform allows instantaneous access to updated comp information for all participating properties (Click to See Example).

MyRentComps has also partnered with over 22 Local and State Apartment Associations in 11 states (and counting) to deliver the Free Online Market Survey through the local Apartment Association.

For more information, please visit their website at www.MyRentComps.com  or call (407)206-3791.

 For a complete copy of the company’s news release, please contact:

 Robert E. Smith, CCIM

President

Smith Equities Real Estate Investment Advisors

Founder MyRentComps.com

350 East Pine St

Orlando, FL 32801

Tel: (407) 422-0704 X 101

Fax: (407) 422-0705

Email: RSmith@SmithEq.com

Websites: www.SmithEq.com | www.MyRentComps.com |

  

MBA Releases 2013 Mid-Year Commercial/Multifamily Servicer Rankings

WASHINGTON, D.C. (Aug.  8, 2013) –The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2013.

At the top of the list of firms is Wells Fargo with $431.0 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $352.8 billion, Berkadia Commercial Mortgage LLC with $235.0 billion, KeyBank Real Estate Capital with $165.4 billion, and GEMSA Loan Services, L.P. with $98.4 billion.

Wells Fargo, PNC/Midland, KeyBank, and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. Commercial Mortgage Backed Securities (CMBS), Collateralized Debt Obligations (CDO) and other Asset Backed Securities (ABS);

Prundential Asset Resources, PNC/Midland, MetLife, and GEMSA are the largest servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop, LLC., KeyBank, Berkadia, and Berkeley Point Capital, LLC are the largest Fannie Mae/Freddie Mac servicers.

• PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; 
• 
  
• GEMSA the top credit company, pension funds, REITs, and investment funds servicer;
• 
  
•  PNC/Midland the top FHA and Ginnie Mae servicer; 
• 
  
• Wells Fargo the top for loans held in warehouse facilities; and Berkadia the top for other investor type loans.

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. 

A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. 

Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

To view the entire report, click http://www.mortgagebankers.org/files/Research/CommercialServicing/MY13ServicerRankings.pdf.

 For a complete copy of the company’s news release, please contact:

      

Matt Robinson

(202) 557-2727

Quality Self Storage Sale in Clearwater, FL Brokered by Marcus & Millichap

Quality Self Storage, 18524 US Highway 19 North, Pinellas County, Clearwater, FL

Michael A. Mele

CLEARWATER, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Quality Self Storage, a 53,720-square foot self-storage facility located in Clearwater, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,430,000.

Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office represented the buyer, a limited liability company based in New York and the local seller.

Quality Self Storage is an institutional quality self-storage facility built in 2001 and located at 18524 US Highway 19 North, in Pinellas County, the most densely populated county in Florida.

 This stabilized asset has 478 units, of which 407 are climate controlled, 68 are non-climate controlled and three units are for outside parking.  Units range in size from 25 to 600 square feet and the property layout consists of five storage buildings with one manager’s office building.

Amenities at this location include:  digital surveillance, keypad entry, surround sound stereo system, drive-up units, roll-up doors, two freight elevators and a wide variety of unit sizes.

“This is a great example of just how hot the self-storage market in Tampa is,” said Mele in a statement.  “The property has generated a tremendous amount of interest.”

 For a complete copy of the company’s news release, please contact:

      

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges Sale of Two-Property Apartment Portfolio in Tampa, FL

  

2317 West Texas Avenue Apartments, Tampa, FL

  

Casey Babb

TAMPA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 2317 West Texas Avenue and 1403 South Bay Villa Place, a two-property portfolio totaling eight units located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $788,000.

Casey Babb, a CCIM and senior multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller a private investor and the buyer, a limited liability company.

The properties were built in 1926 and consist of two-bedroom/one-bath units averaging just over 1,000 square feet.  The West Texas building had received over $200,000 worth of renovations in 2006 in advance of a failed condo conversion and rents today averaged close to $1,200 per month.

1403 South Bay Villa Apartments, Tampa, FL

The incoming buyer is planning to duplicate the renovation on the South Bay Villa building and also add a common area courtyard with lush tropical landscaping and a fountain.  

 Babb brokered the sale on an off-market basis. He commented that…“investor demand for well-located apartment assets is at an all-time high right now and we’re seeing record pricing in the marketplace.  This property was sold without the benefit of a formal listing and we generated multiple offers after showing it to only a handful of our closest clients.  The buyer purchased the building all-cash and closed in under 30 days of contract.”

 For a complete copy of the company’s news release, please contact:

      

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges Sale of 13-Unit Apartment Community in Clearwater, FL

Paradise Trail Apartments, 1111 Cardova Lane, Clearwater, FL

CLEARWATER, FLA., August 7, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Paradise Trail, a 13-unit apartment community located in Clearwater, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $575,000.

Michael
Donaldson

Michael Donaldson, senior multifamily associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was represented by Mark Schmitz of Excel Realty of Pinellas County, Inc.

Paradise Trail is located at 1111 Cardova Lane in Clearwater, Florida.  This two-story apartment community was built in 1972 of concrete block construction and is situated on just over 0.175 acres of land.  The unit mix consists of one and two-bedroom units.  Several units have views of the intracoastal which is located one quarter of a mile away from the property.

Mark Schmitz

“The sale of Paradise Trail was another example of a multifamily short sale being sold at market pricing,” said Donaldson in a statement. 

 “With so few distressed apartment assets being available on market any more, we are continuing to see bank-owned and short sale properties selling at, or very close to, typical market pricing due to substantial demand from investors.”

“Paradise Trail was purchased by a non-profit and obtained an excellent price per unit for the Clearwater submarket,” concludes Donaldson.

 For a complete copy of the company’s news release, please contact:

      

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Essex Brokers Sale of 45-Unit Courtyard Building in Chicago’s Logan Square Neighborhood

 

1832--42 North Humboldt, Logan Square neighborhood, Chicago, IL

  

Kate Varde

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 1832-42 N. Humboldt, a 45-unit courtyard building located in Chicago’s Logan Square neighborhood.

The property is situated on the west side of Humboldt Blvd., four blocks south of the newly renovated Palmer Square Park.  Public transportation is easily accessible via the CTA Western-O’Hare Blue Line station located six blocks to the east.  Additionally, several bus stops are located along Armitage and North Avenues.

 The Subject Property consists of six  one-bed, one-bath units, twenty-five (25) large 1 bed/1 bath units and fourteen (14) 2 bed/ 1 bath units.

Doug Imber

 Doug Imber, and Kate Varde of Essex were the brokers in the transaction.  Jill Sickle of Hanover Hamilton Investments purchased the property for approximately $4,775,000.

For a complete copy of the company’s news release, please contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Essex Realty Group, Inc.

2211 N. Elston Avenue, Suite 302

Chicago, Illinois 60614

773.305.4900

Essex Realty Group Brokers Sale Of 12-Story Apartment Building in Chicago, IL

  

The Lawrence House, 1020 West Lawrence Avenue, uptown Chicago, IL

Doug Imber

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 1020 W. Lawrence Avenue (The Lawrence House),  a 12-story apartment building located in Chicago’s  Uptown neighborhood.  Situated on the northeast corner of Kenmore and Lawrence Avenues, the property contains 371 apartments and five commercial spaces. 

The Lawrence House has currently operated as a Quasi-senior housing complex appealing to elderly adults seeking a living environment that promotes community cohesion.  Each apartment is furnished and includes weekly maid service that provides fresh linens and light cleaning.

Matt Welke

 The Lawrence House is comprised of 23 sleeper units, 334 studios, 13 one-bedrooms and one  two-bedroom/two-bathroom penthouse apartments. 

 Doug Imber, Matt Welke and Doug Fisher of Essex were the brokers in the transaction.  The price was approximately $7,500,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Doug Fisher

For a complete copy of the company’s news release, please contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Essex Realty Group, Inc.

2211 N. Elston Avenue, Suite 302

Chicago, Illinois 60614

773.305.4900