AuctionWorks to Host Real Estate Auction June 23-25

Diana M. Peterson

CHICAGO, IL  – AuctionWorks has announced the firm will host an auction online June 23-25 that will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land.

The auction includes two luxury homes in Chicago’s Lincoln Park and Peterson Park neighborhoods. 

Also, six of the 27 properties currently offered are bank-owned and will be sold absolute to the highest bidder, regardless of price. 

Buyers can bid online or submit pre-auction offers.

 “Auctions have become a popular choice for sellers of luxury properties who are seeking more control over the sale process in a time when traditional sale contracts often fall apart due to financing and other contingencies,” said Diana M. Peterson, president of Chicago-based AuctionWorks.

“These sellers are often sophisticated and wealthy ̶ not in distress, foreclosure or bankrupt ̶ and are attracted to the auction process for myriad reasons.” 

Interested parties in the June 23-25 online auction should visit www.svnauctionworks.com to bid and join the mailing list to receive upcoming auction notices. Many of the properties are expected to sell pre-auction, and pre-auction bids are highly encouraged.

  

Commercial properties and vacant land will also be offered in the June auction, with several being bank-owned, including four vacant land parcels and an industrial property, all of which will be sold absolute to the highest bidder, regardless of price.

  

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

                        

Marcus & Millichap Arranges $4 Million Sale of Two Waterfront Fort Lauderdale, FL Apartment Buildings

Joseph P. Thomas

  FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Villa Venezia and Riva Apartments, two adjacent apartment buildings totaling 16 units, located in Fort Lauderdale, FL.

The assets sold for $4,000,000 representing $250,000 per unit and $320 per square foot.

Villa Venezia and Riva Apartments are located at 132 and 136 Isle of Venice in Fort Lauderdale, FL.

Joseph P. Thomas, a vice president investments, and Adam Duncan, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Weirsdale, FL. 

“Villa Venezia and Riva Apartments have been beautifully maintained primarily as seasonal rental properties, with only a few long term tenants on annual leases. The properties offer the buyer the flexibility to takeover and continue to manage as seasonal rentals or to convert to monthly rental apartments with conventional leases,” says Thomas.

Adam Duncan

“Isle of Venice Drive and Hendricks Isle to the west are currently undergoing a transformation with a handful of new condominium and townhouse projects currently in permitting or development.

 Many older rental and vacation properties have been demolished as a result, creating an even greater demand for all rental units in the area and rising rental rates,” adds Duncan.

The Villa Venezia and Riva Apartments are adjacent waterfront properties located on Isle of Venice Drive in Fort Lauderdale. The properties are located just north of Las Olas Boulevard, a short drive from Fort Lauderdale Beach and downtown. 

They total 16 units and consist of luxuriously furnished one and two bedroom apartments. They also include 12 rental boat slips.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

HSA Commercial Lands DSW Designer Shoe Warehouse at The Mayfair Collection

CHICAGO, IL (June 2, 2014) — Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, today announced that DSW Designer Shoe Warehouse will be opening at The Mayfair Collection this fall. DSW recently executed a lease for an 18,072-square-foot space at Suite 190, two doors north of Old Navy, where the company will start building out its store within the coming weeks.

 “We are very excited to have DSW as part of The Mayfair Collection,” said Blum. “We believe that DSW has the exact type of branding, merchandising, and service that will complement the line-up of stores that are now open.”

“We are thrilled to open our new store at The Mayfair Collection. DSW will bring national brands and incredible values—from 20% to 70% off savings—every day in an easy-to-shop environment,” said Mike MacDonald, president and CEO of DSW Inc.

Mike MacDonald

 DSW will join Nordstrom Rack, Dick’s Sporting Goods, Saks Fifth Avenue OFF 5TH, Ulta Beauty, and the other stores in The Mayfair Collection’s Phase 1 which opened to huge crowds of customers on April 3rd.

The project’s construction consisted of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments that have been enjoyed by thousands of shoppers from across the metro Milwaukee area since the shopping center’s grand opening.

 DSW will relocate from its existing location at the southwest corner of North Avenue and Mayfair Road later this year once the store at The Mayfair Collection opens for shoppers.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-2523

Marcus & Millichap Arranges Sale of Midas-Leased Auto Center in Clearwater, FL for $600,000

James Medefind

CLEARWATER, FL, June 2, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a Midas leased automotive center, which is currently being subleased to Charlie's Car Care, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $600,000.

James Medefind, an associate in Marcus & Millichap’s Tampa office, Kirk D. Olson and Drew A. Kristol, vice presidents investments in the firm’s Miami office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company. 

Armando Rodriguez, associate in the firm’s Tampa office procured the buyer of the property, a private investor from California.

Midas-Clearwater was built in approximately 1960 and is located at 1519 Gulf to Bay Boulevard in Clearwater, Fla. The property is located off busy State Road 60 and is one block east of the five-point intersection where Highland Avenue, Gulf to Bay Boulevard and Court Street meet.

Kirk D. Olson

 This favorable location acts as the main route to Tampa and the local beaches, with a traffic count of over 48,000 per day.

“This sale is a classic example of Marcus & Millichap’s ability to access capital from across the country in order to maximize the net profit for its clients,” says Medefind.  “In this case, a California investor was looking for more attractive returns than he could receive in his home state.”

“Florida was an attractive alternative as an income tax-free state with a high population growth.  After realizing the high quality location on State Road 60 and limited downside, the buyer aggressively pursued this asset.  It was truly a ‘win-win’ for everyone involved,” concludes Medefind.

  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

WNC Closes $48.5 Million California Fund

                                                                              

Will Cooper Jr.

IRVINE, CA June 2, 2014 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund X California Series 12, LP (WNC Cal 12), a $48.5 million institutional low-income housing tax credit (LIHTC) fund.

The fund, which includes 11 investors, will acquire nine properties located in four counties in California.  

 Comprised of seven family and two senior housing properties, WNC Cal 12 includes 714 units of affordable housing in Los Angeles, San Diego, San Bernardino and Kern counties.

 WNC Cal 12 is the company’s second California fund to close in the past 12 months, representing equity raise of $94.5 million in the last year.

WNC has a long tradition of raising equity for affordable housing in the Golden State and has closed a total of 28 California funds that have acquired 185 properties in 45 counties. 

WNC is the only syndicator that has successfully offered and closed a California fund in each of the last 12 years.   

 “While other syndicators have come and gone in the California LIHTC market, we are very pleased to complete yet another successful offering with our development and investment partners,” said WNC President and Chief Executive Officer Will Cooper, Jr.

“California has one of the largest gaps in income equality, as well as some of the nation’s most expensive housing. With the California Series 12 fund, WNC seeks to protect existing affordable housing projects through renovation and expand the stock of units available to the state’s working families and low-income seniors.”

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives.

 WNC has acquired more than $6.2 billion of assets totaling in excess of 1,200 properties in 45 states, Washington D.C. and the U.S. Virgin Islands.

 Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects.

 WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Leasing Momentum Continues at Morgan Stanley Tower in Downtown St. Petersburg, FL

Morgan Stanley Tower
St. Petersburg, FL

 ST PETERSBURG, FL – Leasing momentum continues at the newly renamed Morgan Stanley Tower in downtown St. Pete. 

 RE/MAX Metro has leased 9,218 square feet and will move their corporate headquarters into the Tower in September.   The deal was brokered by RE/MAX Metro’s Commercial Division. 

 The Class A office building formerly known as Wells Fargo Plaza/150 2nd Avenue North was renamed Morgan Stanley Tower after the financial services giant signed a long-term lease earlier this year. 

“It was very important for us to continue to maintain a prime downtown location with street level entrance for our consumers,” stated RE/MAX Metro President and Owner, Rick Brown.

“The location in the Morgan Stanley Building, across from Sundial, in what will be the most prestigious financial center in downtown St. Petersburg was the perfect fit for our 75 agents and Luxelist (luxury) Division.” 

RE/MAX Metro corporate headquarters has been located across the street from Morgan Stanley Tower for nearly 13 years.   The company which handles all types of real estate services, including residential, luxury, bank-owned, property management and commercial properties has additional offices in Treasure Island, Tierra Verde and Gulfport.  

  

Rick Brown

 The 17-story, 187,000 square foot office building was purchased in August of last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners.

 “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building. 

 “In less than a year we have leased 42,282 square feet. This acquisition gave us the opportunity to do what we do best - renovating and upgrading office buildings in order to maximize their value.”  

A multi-million dollar renovation will begin later this year. Morgan Stanley Tower is one of downtown St. Petersburg’s best-located, premier Class A office buildings with water views of Tampa Bay and a premium downtown location across from the new Sundial Shops (formerly BayWalk).  The group also owns the nearby, 242,000 square foot City Center office building.

Larry Feldman

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings. 

Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District.

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

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

RE/MAX Metro – Rick Brown, 727-896-1800 rick@metroagents.net

Banner Property Management Wins 2013 Satisfacts National Resident Satisfaction Awards

  

Doug Miller

NORTHBROOK, IL -- SatisFacts (www.SatisFacts.com) is excited to announce that Banner Property Management is a 2013 national resident satisfaction award winner.

 Even more exciting is that Banner received the highest score of any client with 5,000 - 9,999 units using our Insite® product!  The company earned a dramatic 4.54 on a five point rating scale, and seventeen communities won a national award.

 The significance of this is that SatisFacts works with over 200 management companies and well over a million apartment homes nationally – so winning the highest award is quite an accomplishment.   

Doug Miller, founder and president of SatisFacts, adds, “Everyone wins when there is a passion for delivering world-class service – and resident feedback shows Banner has this passion!  Residents reward with their renewals.  Reduced turnover grows NOI. 

And dramatic marketing advantages can be realized leveraging scores and awards to boost a property and company’s online reputation.  When resident expectations are being met and exceeded, then SatisFacts helps clients leverage this by using award logos in advertising and marketing programs.”

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

Steve Matre

BANNER APARTMENTS / Banner Property Management, LLC

500 Skokie Boulevard, Suite 600

Northbrook, IL 60062

(847) 656-5101 Direct

(847) 480-5760 Fax

www.BannerApartments.com

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