$20 million, state-of-the-art, luxury Audi Fort Lauderdale dealership to be built on former Fuddruckers site on North Federal Highway

Steve Hyatt

FORT LAUDERDALE, FL - Two parcels of land in Fort Lauderdale, purchased for $7.85 million by Q Fort Lauderdale, LLC in September, have been approved by the city for the development of a new Audi dealership and service center.

 The land consists of approximately 5.65 acres located at 1200 N. Federal Highway, sold by James Fazio, and at 1400 Progresso Drive, sold by 13th Street Progresso and King Broward Holdings.

Berger Commercial Realty Senior Vice President Steve Hyatt and Bill Rotella of The Rotella Group represented Q Fort Lauderdale, LLC in both transactions.

 Q Fort Lauderdale is planning an upscale Audi dealership featuring a 159,000-square-foot, four-story building with a two-story glass showroom that will front Federal Highway.

The land on Progresso Drive will serve as an additional off-site service and delivery center. The dealership will employ approximately 90 employees when it opens in December 2014. A March 2014 groundbreaking is planned.

Bill Rotella

 Q Fort Lauderdale is part of the Qvale Automotive Group, the owners of Audi Coral Springs and Audi Lighthouse Point, as well as 12 other dealerships in the Northern California and Texas markets. 

With annual sales of more than $500 million, the Qvale Automotive Group is ranked as one of the top 50 dealership groups in the United States, according to Ward’s Dealer Business. 

 Hyatt, a former AutoNation executive, spearheaded Audi's three-year search for a new location in Fort Lauderdale. He was assisted by Rotella, who is also an active retail broker in the area.

Commenting on the sale, Bruce Qvale, dealer principal of the Qvale Automotive Group said, “We are very pleased and excited to be entering the Fort Lauderdale marketplace with the Audi franchise.

“It is one of fastest growing premium luxury franchises in the world and Fort Lauderdale is one of top markets in the whole country for luxury vehicle sales. 

Combined with our Audi Coral Springs dealership, we will be able to conveniently serve customers from all points in Broward County.“ 

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

  Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Berger Commercial Realty Brokers Negotiate Three New Leases Totaling More Than 15,000 Square Feet of Space in Fort Lauderdale, FL

St. George Guardabassi

FORT LAUDERDALE, FL (Jan. 15, 2014) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from its brokers.

 Berger Commercial Realty Vice President Judy Dolan represented landlord Merrill Industrial Center in leasing 4,071 square feet of warehouse space, located at 3402 S.W. 26th Terrace in Fort Lauderdale, to Avenger Engineering, LLC, represented by Berger Commercial Realty Broker Associate Greg Milopoulos.

 Dolan also represented tenant Top Notch Productions, Inc, in the new lease of 9,037 square feet of warehouse space, located at  3333 S.W. 13th Ave. in Fort Lauderdale, from landlord Schaefer Industrial Park, represented by Berger Commercial Realty Senior Vice President St.George Guardabassi and Berger Commercial Realty Principal Keith Graves.

 Additionally, Keith Graves represented SPG Palm Crossing LLC in leasing 1,960 square feet of office space, located at 3350 N.W. 53rd Ave. in Fort Lauderdale, to New Era Pharmaceutical LLC, represented by Milopoulos.

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

  Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

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

  

Judy Dolan

 FORT LAUDERDALE, FL - 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 represented landlord GA 4711 Australian Avenue, LLC in three leases for warehouse space at the Mangonia Business Park, located at 4711 N. Australian Avenue in the Town of Mangonia Park near West Palm Beach.

Supreme Awning Services, Inc. leased 3,064 square feet in suites 31 and 32; AA Boat Tops & Canvas Inc. renewed its lease for 1,532 square feet in suite 8; and GSB Group,  represented by Patty Brueckman of Green House Realty, leased 1,532 square feet in suite 6.

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

  Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

  

Nominations Now Open for Third Annual Orange County Commercial Real Estate Spire Awards

  

Dana White

Orange County, CA – Nominations are now open for the third annual “SPIRE Awards,”  Orange County’s only commercial real estate industry awards program recognizing the achievements of Orange County men and women. 

This distinguished industry honor, presented by the Commercial Real Estate Women, Orange County chapter (CREW-OC), denotes Superior Performance In Real Estate by individuals and teams in redevelopment, design/construction, brokerage, lending, and philanthropy. 

“Orange County’s commercial real estate industry continues to demonstrate tremendous growth, and it’s important to sustain this growth by recognizing our local professionals,” explains Dana White, Vice President of Bank of the West, Past-President of CREW-OC and Co-Chair of CREW SPIRE Awards. 

Robert Brunswick

“The SPIRE Awards provide a platform to recognize clients, business associates, and project/deal teams who have distinguished themselves through their accomplishments and creative real estate solutions.”

Nomination forms for the awards, which are due by January 24, 2014, are now available for download at www.crewocspireawards.com. 

The 3rd Annual SPIRE Awards will be presented during a cocktail reception on February 27, 2014 at the Center Club in Costa Mesa, Calif.  All nominees will be published in the Orange County Business Journal on February 24, 2014.

James C. 'Watty' Watson

This year’s keynote speaker for the event will be Robert Brunswick, Chief Executive Officer of Buchanan Street Partners. 

  James C. Watson, President and CEO of CT Realty Investors will serve as master of ceremonies.

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

Jenn Quader/Amanda Alenick

Brower, Miller & Cole

(949) 955-7940

Aalenick@browermillercole.com

29th St. Capital and Stonemark Create $50 Million Real Estate Fund

Southern Hills Apartment Homes, Arlington, TX

Atlanta, GA and San Francisco, CA – The Stonemark Group and investment firm 29th Street Capital have created a $50 million programmatic joint venture, which will target value-add and opportunistic multifamily acquisitions.

Michael Taylor

The goal is for the fund to acquire $200 to $250 million in apartment communities across the Southeast, Midwest and Texas.

“This is a significant opportunity for Stonemark to add to our holdings in Texas and the Southeast while also expanding into the Midwest,” said Stonemark Group CEO Michael Taylor. 

“We are looking for opportunities where we can strategically renovate, upgrade and manage communities to increase their market position and value.”

Robert Bollhoffer

“This represents a significant opportunity to grow our investment portfolio,” said 29SC Managing Partner Robb Bollhoffer. “We expect that our strong partnership with Stonemark will create value for our investors.”

In November, the firms announced their first joint venture – the acquisition of Southern Hills, a 250-unit apartment community in Arlington, Tex., which is being re-branded as The Mark at 2600. The value-add opportunity includes $1.3 million in capital improvements.

Stonemark Management currently manages more than 15,000 units in 12 states for The Stonemark Group as well as third-party multifamily owners and investors.

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

Media Contact for Stonemark Group:

 Terri Thornton

404-932-4347

 Terri@TerriThornton.com

http://www.29thstreetcapital.com.

http://www.stonemarkmanagementllc.com

Faris Lee Investments Completes $10.1 Million Sale of Craig Promenade Retail Center in North Las Vegas, NV

Craig Promenade, 525-785 W. Craig Road, North Las Vegas, NV

Rick Chichester

 LAS VEGAS, NV– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $10.1 million sale of Craig Promenade, an 86,395-square-foot shopping center located at 525-785 W. Craig Road in North Las Vegas.

 Built in 1985 and situated on nearly 11 acres, the property was 70 percent occupied at the close of escrow with national tenants including Big Lots and Metro PCS along with a number of neighborhood retailers.

Faris Lee marketed the property on behalf of the seller, San Mateo, Calif.-based TNP SRT Craig Promenade, LLC. The buyer, RREF II-KI Promenade LLC, a joint venture between Rialto Capital and Kismat Investments, represented itself. The transaction closed at a 7.3 percent cap rate.

“This is the third multi-tenant retail property that we’ve sold over the past 11 months on behalf of this seller, including retail properties in Hawaii and Colorado,” said Rick Chichester, president and CEO of Faris Lee Investments.

Lisa Brady

“The total scope of our work on these assets underscores the discipline, intellect and creativity of our team and the depth of our national database in effectively positioning these properties to maximize value.”

Chichester added, “In the case of Craig Promenade, the team positioned both the Las Vegas market and the property as value-add opportunities.

“Over the last few quarters the Las Vegas retail market has continued to improve, with expectations that we will continue to see positive momentum as the national and local economies gain traction.

“ We’re now at the front end of this recovery. This momentum bodes well for the asset due to its infill location and long term potential for more development due to existing vacant land parcels.”

Craig Promenade is located in a dense, infill location, across from a 170-acre now under construction park, and includes two vacant land parcels along Craig Road between Revere Street and Kings Hill Road.

Katie Brase

Senior managing director Rob Moore, managing director Lisa Brady, and director Katie Brase, based in Faris Lee’s Las Vegas office, positioned Craig Promenade’s new development and leasing potential along with a creative long-term exit strategy that includes the option to break up the asset into four separate parcels.

“Retail property vacancy in North Las Vegas now stands at 12.2 percent while the greater Las Vegas market has dropped to about 10 percent. Although recovery has been slow, all signs show that it’s imminent,” Moore said.

 “For this reason retail investment sales activity, especially for this multi-tenant property type, is expected to be strong through 2014 as cap rates and pricing continue to improve. Moreover, West Coast buyers are starting to notice.

“The Las Vegas market is experiencing some of the strongest interest from California buyers based on the area’s long-term growth potential.”

Robert Moore

Craig Promenade is the final property of a three-property portfolio totaling more than $51 million that Faris Lee marketed and sold on behalf of TNP SRT over the past 12 months.

The other properties include Waianea Town Center, a 171,065-square-foot regional shopping center in Waianae, HI, on the island of Oahu, and Willow Run, a 91,565-square-foot grocery-anchored retail center in the Denver, CO area.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.farislee.com

George Smith Partners Secures $70 Million to Refinance Luxury Multifamily Community in Downtown Los Angeles, CA

Piero II Apartments, 609 St. Paul Avenue, Los Angeles, CA

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $70 million in financing for the cash-out refinance of Piero II Apartments, a 335-unit luxury multifamily community located in downtown Los Angeles, according to George Smith Partners’ Principal and Managing Director Gary M. Tenzer. 

Piero II Apartments Lobby

The property owner, an institutional quality developer, engaged George Smith Partners to secure financing in order to pay off the property’s maturing $65 million construction debt.

“This transaction was unique because of the specific financing being sought by the client,” explained Tenzer, who noted that George Smith Partners’ client was seeking interest-only financing with a floating rate, without recourse or requirements for any interest rate derivatives.

“While floating rate loans usually carry lower interest rates than fixed and are generally available in the current market most borrowers are apprehensive to take on a loan without a fixed interest rate due to the risk of future payment increases.” he explained. 

Tenzer continued, “Because the owner’s current portfolio is comprised of quality, fixed-rate financing, our client was well-positioned to take on the uncapped floating rate risk and ultimately achieve the best possible interest rate.”

Piero II Apartments Theater

George Smith Partners secured a non-recourse loan for its client through an off-shore commercial bank, that closed at a rate of LIBOR+155, approximately 1.72 percent, with a 5-year, interest-only term.

The loan was used to pay off the existing construction debt for Piero II Apartments, a Class A multifamily community located in downtown Los Angeles.  

Construction was completed in Fall 2011, and the property is currently over 95 percent occupied, according to Tenzer.

“This property benefits from a growing demand for multifamily rental housing in the flourishing downtown market,” Tenzer explained.  “Businesses are now gravitating to this iconic part of Los Angeles, resulting in an increased need for rental housing.”

George M. Tenzer

According to Tenzer, securing a large loan to pay off construction debt can often be a challenge for borrowers.

 “In this case, however, the steady rental demand, coupled with the security in the borrower’s owner history allowed our firm to achieve a highly competitive rate for our client, while meeting each of the loan requirements,” Tenzer said.

Piero II is located at 609 St. Paul Avenue in the City of Los Angeles. The property is comprised of 335 units featuring studio, one- and two-bedroom floor plans.

 The community was built with an Italian-inspired design and is located directly across the street from a sister property, Piero Apartments. The two properties are connected by a pedestrian bridge over St. Paul Street.

Apartments in the community feature panoramic skyline and city views, as well as luxury finishes including stainless steel appliances, nine-foot ceilings, full-size washer and dryers, walk-in closets, Italian marble vanities and individual balconies or patios.

 The property also features community amenities such as a spa, theater, library, gym, fire pit and communal barbecues.

  

Founded in 1992, George Smith Partners is a leading national real estate investment banking firm that specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity.

 The company has arranged more than $35 billion in financing since its inception.

Additional information about George Smith Partners is available at www.GSPartners.com

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Marcus & Millichap Brokers $435,000 Sale of Bay Villa Place Apartments in Tampa, FL

Bay Villa Place Apartments, 1403 South Bay Villa Place, 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 Bay Villa Place, a four-unit garden apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $435,000.

Casey Babb, a CCIM and senior multifamily specialist and Ari Ravi, associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based in Maryland.  Babb and Ravi also procured and represented the buyer, a private investor from Tampa.

Bay Villa Place was built in 1926 and is located at 1403 South Bay Villa Place in Tampa, Fla.  

Ari Ravi

This is a newly renovated, Class “B” historic garden apartment community located in South Tampa’s Hyde Park/SoHo submarket.  Originally built in the 1920s, the property consists of four, two-bedroom/one-bath apartment homes with hardwood floors.

  Recent updates to the building include new exterior paint, new window framing, hardscaped flower beds and an updated kitchen. 

 “Hyde Park in South Tampa is a very desirable submarket for rental apartments and we were able to generate five offers in less than a week and went under contract with multiple backups,” says Ravi.  “The buyer paid all cash and the transaction closed within 30 days.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $3 Million Sale of Fountain Court Apartments in St. Petersburg, FL

  

Fountain Court Apartments, St. Petersburg, FL

  

Francesco 'Frank'
Carriera

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fountain Court Apartments, a 62-unit multifamily community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,090,000.

Michael Regan

Francesco “Frank” Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor.

The listing agents also procured the buyer of the property, a limited liability company based in Safety Harbor, Fla.

Fountain Court Apartments was built in 1968 and is located at 600 40th Street North in St. Petersburg, Fla. 

Joshua Teplitsky

There are two, two-story buildings and two, three-story buildings consisting of one-, two- and three-bedroom floor plans.  The property has undergone major renovations within the last two years which includes, new exterior paint, new roofs, updates to the pool, elevators, courtyard and the interiors of select units.

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

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Housing Market Shows Improvement With West Coast Metros Leading the Nation

EMERYVILLE, CA -- After a few months of decelerating home sales price trends, the tide might be turning − or at least stabilizing − in the real estate market, based on ZipRealty’s latest analysis of key housing market trends.

Las Vegas Skyline

Median home sale prices rose 11.9% in the month ended Dec. 15, 2013 compared to the same period of 2012, and that’s just over half a percentage point stronger growth than in the 30-day period ended Nov. 30, 2013.

The median sales price in the metros analyzed by ZipRealty was approximately $267,000 as of mid-December 2013.

Median home price growth leaders as of Dec. 15, 2013 include:

·         Sacramento and Las Vegas, 30% YOY growth

·         The San Francisco Bay Area, Los Angeles and Orlando, 24% YOY growth

·         Orange County and San Diego, 22% YOY growth

Metros where home buyers can find the best bargains, or where home sales price growth has been relatively flat to minimal year-over-year as of Dec. 15, 2013, are located on the East Coast:

Downtown Philadelphia, PA

·         Philadelphia, flat with no YOY growth

·         Long Island and Baltimore, with 2% YOY growth

Additional housing market trends to watch include the recent decline in newly advertised home listings. 

New home listings dropped into negative territory for the first time in 10 months to negative (3%) or 98,771 listings in the four-week period ending on Dec. 15, 2013.

  

Metros that are seller’s markets, based on a decline in new home listings YOY as of mid-December, include:

·         Denver, a 31% decline

·         The SF Bay Area, a 27% decline

·         Austin, a 17% decline

Home buyers can find the best opportunities in these markets, based on the number of new home listings YOY as of Dec. 15, 2013:

Denver, CO Skyline

·         Portland, with a 20% increase

·         Phoenix, with an 11% increase

·         Baltimore, with an 8% increase

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

Stacey Corso

Public Relations Manager

ZipRealty, Inc.

Office: 510.735.2667

Cell: 415.672.6460

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Three Brokers Join Bull Realty in Atlanta, GA

 

Stuart Cott

 ATLANTA, GA (Jan. 15, 2014) – 2014 is off to a busy start at Bull Realty with three brokers — Stuart Cott, Jeremiah Jarmin and William Jackel — joining the growing commercial real estate sales, leasing and consulting firm headquartered in Atlanta.

 Stuart Cott, President, Corporate Office Services Division at Bull Realty, has 30 years of experience in brokerage, representing multi-billion dollar companies as well as local entrepreneurs.

 He has worked as a consultant in a strategic planning role, assisting clients in locating, negotiating, acquiring and leasing office space in Atlanta and in cities across the United States.

“Bull’s marketing will be beneficial for my existing client base,” Cott said. “I look forward to utilizing the firm’s resources to assist new tenant and landlord rep clients.”

Jeremiah Jarmin

Jeremiah Jarmin, Vice President, The Apartment Group at Bull Realty, joins the firm after six years as a successful real estate lawyer; his law practice concentrated on multifamily transactions and consulting to foreign investors acquiring properties in the United States.

At Bull Realty, Jarmin will utilize this experience to assist foreign investors with United States acquisition and disposition services.

 William Jackel, Associate, National Net Lease Investment Group at Bull Realty, attended Florida State University and is a former professional baseball player. “Coming from the sports world, I understand the value of good training and coaching,” Jackel said. “I chose Bull Realty for the quality of their resources and team culture of adding value.”

“We are pleased to add these three talented professionals to our team,” said Michael Bull, founder of Bull Realty and host of the “Commercial Real Estate Show” program. “Their considerable skills and experience will be great assets for our firm’s growing client base.”

William Jackel

In 2013, Bull Realty expanded its office in Atlanta’s Perimeter area, providing private offices with floor-to-ceiling glass for proven brokers. The space features an open, coffee shop-style community center facing a state-of-the-art video/radio studio.

Another expansion to the office is currently in the design phase. The Faciltec-designed space will include additional office space, as well as a game room with billiards, darts and Ping-Pong. “There are times when it’s better to brainstorm over a game of eight ball or cricket rather than sitting in an office or meeting room,” Bull said.

Bull Realty Inc (www.BullRealty.com) is a U.S. commercial real estate sales, leasing and advisory firm headquartered in Atlanta. The company was founded in 1998 with two primary missions that drive the firm’s decisions every day. Grow a company known for its stellar integrity, and to provide the best marketing in the nation.

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

Savannah Duncan • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870  • M: 404-901-4433

www.thewilbertgroup.com