Marcus & Millichap sells vacant south beach retail building for $5.25 million

  

1400 Alton Road, Miami Beach, FL

 MIAMI, 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 1400 Alton Road, a two-story, 11,716 square foot vacant retail building, located in Miami Beach, FL. The asset sold for $5,250,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Greenwich, CT. 

Drew A. Kristol

Harrison Rein, an associate, Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments - all in Marcus & Millichap’s Fort Lauderdale office - secured the buyer, a limited liability company from Miami, FL.

“Alton Road retail is very sought after due to the lack of product and the density of high-end condominium projects that line West Avenue along the west side of South Beach.

"Even rarer are corner properties that benefit from the dual exposure. This is a prime opportunity for the investor to stabilize the building with new tenants which will result in strong cash flow upon lease up,” says Drew Kristol.

“The buyer plans to complete major renovations to the property before occupying a portion of the space with his high-end cosmetics and skin care company. He saw this as a phenomenal opportunity to improve the company’s brand recognition by being in close proximity to the Lincoln Road Mall,” adds Rein.

Felipe J. Echarte

1400 Alton Road is a vacant retail property located on the northwest corner of 14th Street and Alton road in the heart of South Beach.

The building totals 11,716 rentable square feet over two floors (8,000 on the ground and 3,716 on the second floor), with an additional 1,296-square foot outdoor terrace.

 Also included in the offering was a 7,500-square foot vacant parking lot zoned RM-3 currently striped for 22 parking spaces.

  

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

Kirk Felici

First Vice President/Regional Manager, Miami

(786) 522-7000

South Florida Walgreens Trades Hands for $10.15 Million

Walgreens, SW 127th Avenue and SW 200th Street, Miami 

MIAMI, 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 a 14,820-square-foot Walgreens drugstore in Miami. The $10,150,000 sales price equates to $685 per square foot.

            Scott Sandelin, senior associate and Marcos Puente, associate, both in Marcus & Millichap’s Miami office, represented the seller, a private investor from Miami. Alex Zylberglait, first vice president investments, also in the firm’s Miami office, represented the buyer.

            “Investor demand for Miami retail assets, especially those in prime, close-in locations, has intensified in recent quarters, thanks in part to an influx of foreign and out-of-state capital,” says Sandelin.

Alex Zylberglait

            “With a lot size of 1.66 acres, a drive-thru pharmacy, ample parking and ease of access, this Walgreens is an especially attractive asset,” adds Zylberglait. “The area surrounding the store is a suburban area of Miami composed of mostly single-family homes.”

            The property is located at the signalized intersection of SW 127th Avenue and SW 200th Street (Quail Roost Drive) at 12711 SW 200th St. in Miami. The drugstore is directly in front of a Publix-anchored shopping center that includes tenants such as Payless and Bank of America. More than 19,000 people live within a one-mile radius of the property.

            Walgreens signed a 25-year, triple-net lease on the property in 2009.

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

Gina Relva

Public Relations Manager

(925) 953-1716

120-Unit Apartment Complex Trades Hands in Gulf Coast Region

Port Royale Apartment Homes, Victoria, TX

VICTORIA, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria, Texas. The terms of the sale were not released.

            Joe James, Kent Myers and J. Patrick Burke, all senior associates in the Austin office of Marcus & Millichap, represented the seller, the property’s developer, and the buyer, a limited liability company.

Joe James

            “Point Royale is a stable, newly constructed asset in a strong secondary market in the heart of the Eagle Ford Shale, South Texas’ largest oil and gas development,” says James. “The interest we are seeing for quality apartments in the region is extremely high due to the economic boom in the area,” adds Myers.

            Built in 2012, the property is located at 4106 North John Stockbauer Drive in Victoria, Texas, which is approximately 30 miles from the Gulf of Mexico and within a two-hour drive of Austin, Corpus Christi, Houston and San Antonio. 

The apartment complex is near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston–Victoria.

            Apartments at Point Royale feature a one-, two- or three-bedroom floor plan with washer and dryer, electric appliances, nine-foot ceilings, walk-in closets, crown molding, large windows, private patios/balconies and garden tubs. All units are wired for high-speed Internet and cable television. Community amenities include gated entry, covered parking, on-site management, a swimming pool, fitness center, outdoor kitchen, resident clubhouse and business center.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Berger Commercial Realty’s Joseph Byrnes Negotiates Three Leases Totaling More Than 16,000 Square-Feet of Space at Lauderdale Marketplace in Lauderdale Lakes, FL

Joseph Byrnes

FORT LAUDERDALE, FL – Berger Commercial Realty recently represented  Lauderdale Marketplace Investments in three lease transactions at its Lauderdale Lakes complex.

Broward Health

Berger Commercial Realty Vice President Joseph Byrnes brokered a deal for 5,180 square-feet of retail space leased by Broward Health for a new health clinic located off State Road 7 at 3716 W. Oakland Park Blvd. The real estate firm's property management team oversaw the redesign and renovation of the space, which opened to the public for comprehensive healthcare services on June 9th.

Broward County Commission on Alcoholism

Byrnes also closed a lease renewal for Lauderdale Marketplace Investments with the Broward County Commission on Alcoholism, which is currently occupying 3,226 square-feet of retail space at 3720 W. Oakland Park Blvd.

Value Financial Services

Additionally, Byrnes closed a five-year lease renewal for 8,010 square-feet of retail space, located at 2950 N. State Road 7, with Value Financial Services, a pawn shop operator. The lease commences on Jan. 1, 2015 and will mark 20 years of the tenant's location at Lauderdale Marketplace.

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Maury L. Carter and Associates, Inc. Brokers Two Florida Land Sales Totaling 947 Acres

  

Daryl M. Carter

Orlando, Florida – Daryl M. Carter, President of Maury L. Carter & Associates, Inc. brokered the sale of 800 acres in Palm Coast, Flagler County for $3,864,000. The property is located just south of the SR 100 and I-95 interchange and is part of the Grand Landings subdivision.

The sellers were Citation Boulevard Investments, LLC and ML Carter Development Corp (owning 9 lots), and the buyer was JTL Grand Landings Development LLC.

 Daryl M. Carter and Jeffrey R. Douglas with Maury L. Carter & Associates, Inc. represented the Seller and Shaul Baruch and Jim Clendening with Argus Capital represented the buyer.

John Evans

Additionally, Maury L. Carter & Associates, Inc. brokered the sale of 147 acres in Hardee County for $850,000. The property is located on the Peace River and included river frontage and a large home and barn. 

The seller was River Hammock Ranch LLC  and the buyer was Aero Engine International Corp.  Daryl M. Carter and John Evans with Maury L. Carter & Associates, Inc. represented the seller.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

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

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200, Orlando, FL 32806

407-422-3144

www.maurycarter.com

Cousins Properties Declares Third Quarter Common Stock Dividends

ATLANTA, GA --Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.075 per common share, payable August 25, 2014, to common stockholders of record on August 11, 2014. The $0.075 per share quarterly dividend equates to $0.30 on an annualized basis.

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

Cousins Properties Incorporated

Marli Quesinberry, 404-407-1898

Director of Investor Relations and Corporate Communications

marliquesinberry@cousinsproperties.com

www.cousinsproperties.com

HFF Dallas hires Ben Beaird as director focused on land sales

Dan Beaird

DALLAS, TX – HFF announced Ben Beaird has joined the firm as a director in its Dallas office to focus on land investment sales transactions in the Dallas/Fort Worth market.

               Mr. Beaird has more than 14 years of commercial real estate experience. 

  He joins HFF from Beaird Commercial Realty where he was responsible for business development, acquisition of property for developers and investors, and land dispositions.

  Prior to that, he was the director of economic development for the Greater Dallas Chamber of Commerce.  Mr. Beaird graduated from Hampden-Sydney College with a Bachelor of Science degree.

“The Dallas office has been focused on adding a land specialist to complement our existing sale and finance business in multi-housing, retail, office and industrial product.  We are extremely excited to have added someone of Ben's caliber to our team,” said Andrew Levy, senior managing director and co-head of HFF’s Dallas office. 

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com