Estate Investments Group, Mattoni Group and Fortune Capital Partners Hosts Ground-Breaking Ceremony of Gables Prado Apartments in West Miami, FL

Robert Suris

Miami, FL—On Thursday, Nov. 20, 2014, Estate Investments Group, Mattoni Group and Fortune Capital Partners celebrated at the groundbreaking of Gables Prado, a class A luxury apartment community that is the second development of this kind to rise in the City of West Miami.

The property is located just west of Coral Gables in West Miami at 950 S. Red Road.

 The development group is also responsible for the construction of the first luxury apartment residences to exist in the City of West Miami, known as Gables Gate Tower.

"Gables Prado is the beginning of more developments to flourish in the City of West Miami," said Robert Suris, Principal of Estate Investments Group. "We plan to impact the community in more ways than just building apartments and look forward to continued participation of the rebirth occurring in the City of West Miami."

  

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

  

Jessica Wade Inc.

Jessica Wade Pfeffer, President

7100 Biscayne Blvd., Suite 305A | Miami, FL 33138

Office +1.305.456.0483 | Cell +1.305.804.8424

Jessica@jessicawadeinc.com

 www.jessicawadeinc.com

Holman Automotive Purchases Fort Lauderdale, FL Site for New MINI Cooper Showroom in $3.65 Million Deal Brokered by Steve Hyatt of Berger Commercial

Steve Hyatt

FORT LAUDERDALE, FL – Berger Commercial Realty Senior Vice President Steve Hyatt represented Holman Automotive, Inc. in the $3.65 million purchase of a Fort Lauderdale site located at 2150 S. Federal Highway. Element Three Inc. sold the 1.06-acre property, which formerly housed Air & Sea Rent-A-Car.

Holman Automotive is planning to relocate the sales department of MINI of Fort Lauderdale, a MINI Cooper car dealership currently located at 1440 S. Federal Highway, to the new site within a year.

The property features a parking garage with 185 spots and a 38,000-square-foot building, which Holman Automotive plans to renovate. 

The facility's architects are Falkanger, Snyder, Martineau and Yates, who are designing a new, ultra-modern showroom for the MINI sales department.

The MINI dealership's new service center will be located six blocks away at 2627 S. Andrews Ave., where Holman Automotive is currently building a new $15 million service center, designed by the same architects, for both its BMW and MINI franchises. 

Holman Automotive purchased the South Andrews Avenue property in March 2013 for $5.6 million from Causeway Lumber Company in a deal that was also closed by Hyatt, who specializes in automotive real estate.

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

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

$16.4 Million Suburban Apartment Community Sold by IPA in Middletown, CT District

Steve Witten

MIDDLETOWN, CT – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Hunters Crossing, a 198-unit apartment complex in the Westlake district of Middletown, Conn. The $16.4 million sales price equates to $82,800 per unit.

            IPA executive directors Steve Witten and Victor Nolletti represented both parties in the transaction with the assistance of Marcus & Millichap associate Eric Pentore. The seller is Middletown Apartment Associates LLC. The buyer is Hunters Crossing LLC.

“Middletown multifamily assets have a history of positive rent growth and value appreciation that outpaces those in most other regional markets,” says Witten.

“Constructed in 1973 and updated in 1997-1998, Hunters Crossing provides the new owner with value enhancement opportunities through modernized interior upgrades and exterior renovations,” adds Nolletti.

Victor Nolletti

The property is located at One Russet Lane in Middletown, which is 10 minutes from downtown Hartford, 20 minutes to New Haven and 30 minutes from the Connecticut shoreline. 

The location provides easy access to interstates 91 and 691 and Route 9 and is 90 minutes from New York City and less than two hours from Boston.

Hunters Crossing is composed of 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments.

 Each first-floor unit has a patio, all second- and third-floor one-bedroom apartments have two outdoor decks and the loft units offer a third rooftop deck. 

The units feature spacious floor plans with oversized closets, kitchens with a full complement of appliances, breakfast bars and private storage areas in select units and lake and woodland views. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry and a nature trail.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

$2.4 Million Boca Security Center Sale in Boca Raton, FL Brokered by Marcus & Millichap

Howard Bregman

BOCA RATON, 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 Boca Security Center, a 13,400-square foot retail property located in Boca Raton, Fla. The asset sold for $2,400,000.

Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Boca Raton, Fla and the buyer, a private investor from Vero Beach, Fla.

“This was an ideal opportunity for an investor to acquire a rare, prime east Boca Raton retail asset with long-term tenants, a history of high occupancy levels, existing cash flow and the ability to significantly increase the rental income,” says Bregman.

Situated less than a half mile from the east entrance to Florida Atlantic University and with prime frontage on Boca Raton Boulevard, the shopping center was renovated in 2006.  Its tenants include: Boca Security Center, Irishman Pub, Tom Sawyer and other local retailers.

The center is located just north of Glades Road and south of NW 20th Street at 1739-1819 NW 2nd Avenue in Boca Raton, Fla. 

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

 Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $3.5 Million Sale of Pineapple Plaza and Mini Storage in Fort Pierce, FL

  

Pineapple Plaza and Mini Storage complex, Fort Pierce, FL

 FORT PIERCE, 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 Pineapple Plaza and Mini Storage, a 101,352 rentable square foot, self-storage facility located in Fort Pierce, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,500,000.

Michael A. Mele, senior vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, along with Derek Francis and Tom Thompson, associates in the firm’s Orlando office, represented the seller, a private investor.  Mele and Elliott secured the buyer of the property, a private investor.

Michael A. Mele

Pineapple Plaza and Mini Storage was built in 1987 and is located at 4892 Okeechobee Road in Fort Pierce, Fla.  This is a mixed-use offering consisting of 641 self-storage units and three retail units, for a total of 101,352 square feet. 

 “Pineapple Mini Storage presented a tremendous value add opportunity for this investor who will also benefit from increased management efficiencies,” says Elliott.

 “This is yet another example of the consolidation we are seeing in the industry. I think it will continue to be harder and harder for the mom and pop’s to compete in this new market.” adds Mele.

“This transaction marked the first of three self-storage closings the Mele Group had this week,” concludes Elliott.

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Flamingo West Apartments in Tampa, FL for $3.5 Million

Luis Baez

TAMPA, FLA., November 19, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Flamingo West Apartments, a 72-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,500,000.

Luis Baez, senior associate and Casey Babb, a CCIM and vice president investments, in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Flamingo West Apartments is a 1970s vintage, Class “B” garden apartment community located at 3738 West Idlewild Circle in Tampa, Florida. 

The community consists of two-story concrete block buildings with built-up flat roofs clustered around central courtyard areas. 

Casey Babb

Units are 90 percent two-bedroom/one-bath or larger and average 872 square feet.  Units are accessed from exterior breezeway corridors and feature fully-equipped kitchens with dishwashers, large open floor plans, tile floors in the living areas, private balconies and fenced-in backyards, washer-dryer connections in select units and updated kitchens and bath. 

Community amenities include an on-site leasing center, large laundry facility, swimming pool and sundeck, interior courtyard areas and a playground.

“This transaction was equally, frustrating, challenging and rewarding,” says Babb.  “The frustrating part was that the sale took 19 months to complete.

"  It was a major challenge to make a deal at an aggressive price point given the sub-par operating performance and physical issues, which included bad roofs and a lot of other deferred maintenance,” continues Babb.

“The rewarding part was that the buyer was able to secure preservation tax-credits which are highly competitive and is positioned to embark very soon on a $3 million rehab job.  This will add another 30 to 50 years of useful life to the property and will provide the residents with a better place to live.”

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

U.S. Home Flipping in Third Quarter 2014 at Lowest Level since Second Quarter 2002 While Average Gross Profits Climb to New Record High

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q3 2014 U.S. Home Flipping Report, which shows that 26,947 single family homes were flipped nationwide in the third quarter of 2014 — where a home is purchased and subsequently sold again within 12 months — representing 4.0 percent of all U.S. single family home sales, down from 4.6 percent in the second quarter of 2014 and down from 5.6 percent in the third quarter of 2013 to the lowest level since the second quarter of 2009.

Investors averaged a gross profit of $75,990 per flip on homes flipped in the third quarter of 2014, a 36 percent gross return on the initial investment — not including rehab costs and other expenses. The average gross return was up from 35 percent in the second quarter but down from 37 percent a year ago.

“Flipping returned to its historic norm of 4 percent in the third quarter as home price appreciation cooled in many of the hot flipping markets across the country,” said Daren Blomquist, vice president at RealtyTrac.

“Meanwhile, the record-high average profits per flip in the quarter demonstrate that flippers are still filling an important niche in an aging housing market with historically low levels of new homes being built. 

"The most successful flippers are buying older, outdated homes in established neighborhoods and rehabbing them extensively to appeal to modern tastes.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com