HFF closes $27 million sale of waterfront development site in Sarasota, FL

Development Site, 333 North Tamiami Trail adjacent to Sarasota Bay, Sarasota, FL

Jaret Turkell

MIAMI, FL – HFF announced today that it has closed the $27 million sale of a 14.54-acre waterfront development site located at 333 North Tamiami Trail adjacent to Sarasota Bay in Sarasota, Florida.

                HFF represented the seller, an affiliate of National Asset Management Agency (NAMA).  Jacksonville, Florida-based GreenPointe Communities purchased the asset for $27 million.

                The site is located at the intersection of North Tamiami Trail and Fruitville Road in downtown Sarasota and is bound by Sarasota Bay to the west, a Hyatt Regency hotel to the north and the Ritz-Carlton Hotel and Residences to the south. 

The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space and 175 hotel rooms.  The site also includes protected marina space that could potentially be incorporated into any future land uses.

The HFF investment sales team representing the seller was led by managing director Jaret Turkell, executive managing director Manuel de Zárraga and associate director Scott Wadler.

Manuel De Zarraga

“The Quay site represents arguably the best waterfront development opportunity on the entire west coast of Florida,” Turkell said.

Ron Kriss of Stroock & Stroock & Lavan LLP provided legal counsel for the seller.  The firm also handled the foreclosure of the property from the former owners. 

“It’s been a long time coming,” Kriss said.  “We are glad to have resolved this asset for our client, and I think the land is in very good hands.  As a large waterfront parcel in the heart of downtown Sarasota, it’s a really special site offering the new owners many possibilities.”

GreenPointe Communities is the community development division of GreenPointe Holdings with extensive real estate market data and analytical systems to rapidly assess real estate values and challenges. 

Scott Wadler

Its mission is to acquire, create and transform residential and mixed-use communities into neighborhoods for today's homebuyer while providing lasting, sustainable value.

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

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

Marcus & Millichap Brokers Sale of Centre Shops of Longboat Key, FL for $3.7 Million

Centre Shops of Longboat Key, 5370 Gulf of Mexico Drive, Longboat Key, FL

James Medefind

LONGBOAT KEY, FL, Dec. 9, 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 Centre Shops of Longboat Key, a 37,880-square foot retail property located in Longboat Key, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,700,000.

James Medefind, a senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Centre Shops of Longboat Key was built in 1986 and is located at 5370 Gulf of Mexico Drive in Longboat Key, Fla. 

This 37,880-square foot neighborhood center is located directly across the street from the Gulf of Mexico.  Longboat Key is an exclusive barrier island just west of Sarasota, and an hour south of Tampa. 

With its white, sandy beaches, it is a popular destination for retirees and families alike.  The Centre Shops of Longboat Key is positioned competitively, as it is one of the only major retail properties on the island. 

“This is a classic case of our ability to make a market for an asset and navigate through very difficult deal issues,” says Medefind. 

“During the marketing period we procured 21 offers from both local and out-of-area investors from all over the country. 

“Our ability to navigate through very difficult and complicated deal issues resulted in a successful closing, while ensuring our client maximized his proceeds in delivering access to the largest buyer pool imaginable,” adds Medefind.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

HFF closes $15.8 million sale of 3-building Class A industrial portfolio in Reno, NV

Brookside Corporate Center, Reno, NV

Steve Golubchik

SAN FRANCISCO, CA – HFF announced today that it has closed the $15.8 million sale of the leasehold interest in Brookside Corporate Center, a 94-percent-leased portfolio comprised of three Class A industrial buildings in Reno, Nevada, totaling approximately 261,141 square feet.

               HFF marketed the property on behalf of the seller.  The property was acquired by Libitzky Property Companies.

Brookside Corporate Center’s buildings are located on 17.58 acres adjacent to the Reno-Tahoe International Airport, and are on a ground lease owned by the Reno-Tahoe Airport Authority.

 The state-of-the-art assets were all completed in 2006 and are less than two miles from Interstate 80, the second longest interstate highway in the U.S. connecting the East and West Coasts, and less than three miles from Interstate 580/U.S. Highway 395, a freeway that stretches from Southern California to the U.S.-Canadian border. 

               The HFF investment sales team representing the seller included managing director Steve Golubchik, director John Simerlein and real estate analyst Josh DiSalle.

John Simerlein

“The Reno industrial market has experienced a significant increase in leasing velocity over the last 24 months and continues to gain momentum,” Simerlein said.  “The announcement of the construction of Tesla’s gigafactory in the Reno area will further support this trend.”

“We feel that the accelerating absorption and strong demand in the Reno market will continue as more manufacturing and high tech industries see the cost advantages of locating in Nevada,” said Nathan Petrowsky, a Principal of Libitzky Property Companies.

The Libitzky Property Companies’ portfolio is comprised of various property types ranging from office projects to large industrial parks in California, Texas, and elsewhere.  The LPC portfolio consists of more than six million square feet of property.  Learn more at libitzky.com.

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

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

$1.2 Million Sale of Colton Apartments in St. Petersburg, FL Brokered by Marcus & Millichap

Colton Apartments, 249 Fourth Avenue North, St. Petersburg, FL

Joshua Teplitzky

ST. PETERSBURG, FL, Dec. 9, 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 The Colton Apartments, a 17-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $1,200,000.

Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office represented both parties in this transaction.

The Colton Apartments are located at 249 4th Avenue North in St. Petersburg, Fla. and within walking distance to Vinoy Park and the St. Petersburg Pier. 

The property consists of a three-story building with five studio units, nine, one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom units. 

Michael P. Regan

Amenities include an on-site laundry facility.  The interiors of the units have been upgraded with hardwood flooring and ceramic tile in the kitchens and bathrooms. 

"This asset was extremely well located in the heart of downtown St. Petersburg,” says Teplitzky.  “We drove eleven offers throughout the marketing period and closed within the timeframe stated in the contract.

“This property received a great deal of interest due to the ongoing developments in downtown and expanding local St. Petersburg economy.”

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 Palm Vista I and II Apartments in fort Myers, FL for $6.7 Million

Palm Vista Apartments I and II, 3726 Central Avenue, Fort Myers, FL

Nicholas Meoli

 FORT MYERS, FL,  Dec. 9, 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 Palm Vista I & II, a 144-unit apartment community located in Fort Myers, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $6,700,000 sales price equates to $46,527 per unit.

Nicholas Meoli, senior investment associate and Michael Donaldson, vice president investments in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Palm Vista I & II is located at 3726 Central Avenue in Fort Myers, Fla.  The property consists of 12, two-story buildings built in 1974 and 1985 and is comprised of 33 one-bedroom/one-bathroom units and 111 two-bedroom/two-bathroom units.

Michael Donaldson

 Palm Vista I & II is situated on two spacious lots totaling approximately 5.86 acres.  Amenities include a swimming pool, clubhouse, on-site laundry facilities, renovated units and screened-in patios and balconies.

The community also offers an abundance of parking with two spaces per unit, providing convenient parking options for residents and guests. 

“Central and Southwest Florida have seen increased demand for value-add opportunities in secondary markets, as core assets in primary locations have experienced significant cap rate compression,” says Meoli.

 “Fort Myers has sustained considerable rent growth over the past 12 months, which has captured the attention of national and international investors as the area continues to achieve increased rental demand,” adds Donaldson

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Spafinder Wellness, Inc. to Move Global Headquarters to Miami, FL

MetLife's Wells Fargo Center, Downtown Miami, FL

Pete Ellis

Miami, FL Dec. 9, 2014 — In a new to market deal, New York based Spafinder Wellness, Inc. ® will move its global headquarters from New York to the Miami market, leasing 10,047 square feet at MetLife’s Wells Fargo Center in downtown Miami. 

Brian Gale, Principal with Taylor Mathis, negotiated the lease on behalf of building owner MetLife. 

"We looked at a lot of potential spaces but MetLife's Wells Fargo Center caught our attention immediately,” said Spafinder Chairman Pete Ellis.

“It has fresh amenities, an ideal location, spectacular views, and it fits the wellness-oriented, high-end partners we represent around the world. 

“In our search for a downtown location, we just could not pull the trigger–but not with this building. We immediately saw us doing business here.

“The energy in Miami is exactly the kind of vitality we want to foster at Spafinder Wellness. Miami is at the crossroads of the Americas and has been called ‘America’s City of the Future.’

“The business climate will be conducive to our continued growth and further our mission to help people–including our staff– live well every day.”

  

Brian Gale

Ellis noted that the driving factors behind the decision include a strong business environment that performs above the national average, a lifestyle that is more conducive to healthy living and easier access to the rapidly expanding Latin American/Caribbean wellness travel market.

  

“The Spafinder Wellness headquarter relocation to Miami and specifically to Wells Fargo Center is a boon to the city and to our development which continues to attract many of the country’s most prominent companies,” stated Chuck Davis, Director and Head of the MetLife Southeast Regional Office. Wells Fargo Center is one of MetLife’s premier developments and long-term investments.

  

Spafinder Wellness has a global network of 20,000-plus spas and fitness locations and is the world’s largest media, marketing and gifting company for the wellness industry. 

The company’s Corporate Wellness 365® division offers incentive products and partnerships that help to foster wellness in the workplace. Spafinder also has offices in London and Toronto.

  

“We are continuing to see strong interest at Wells Fargo Center from new to market tenants,” stated Brian Gale.  Taylor & Mathis has executed six new leases this year at the building three of which were new to market tenants.  

The 47-story tower will soon be home to Spafinder Wellness, Inc., ® Moto Capital, Dentmall of Florida, Berkadia Commercial Mortgage and La Prairie Group.  PwC moved its office from Brickell Avenue earlier this year and leased 43,277 square feet at the downtown tower. 

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

tyoungman@assetmarketingonline.com

www.wellsfargocentermiami.com

 

W Financial Closes $17 Million Queens, NY Bridge Loan in Two Days

                    138,000-SF Development Site, Flushing Neighborhood, Queens, NY  

Greg Winter

NEW YORK, NY, Dec. 8, 2014 --Direct lender W Financial has provided a $17,000,000 first mortgage bridge loan for the acquisition of a highly desirable ~138,000 square foot development site in the Flushing neighborhood of Queens, NY.

While the purchasers are fully capable of developing the property on their own, they also sensed an opportunity to “flip” the property to another developer at a significantly higher price and needed to close very quickly.

This highly time-sensitive transaction was made possible both because of the Sponsor's very significant equity contribution and level of preparation, and also because of W's strong familiarity with the local market which accelerated the underwriting process.

The loan closed within two days of the borrower executing W's term sheet.

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship.

David Heiden

Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity or joint venture equity on well-located, cash-flowing properties.

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - Founder & Managing Partner

W Financial Fund, LP

Special Situation Financing for Commercial Real Estate ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@w-financial.com

http://www.w-financial.com

recent news:

http://www.w-financial.com/articles.php

Marcus & Millichap Sells Holiday Inn Express Hotel & Suits in Houston, TX

Holiday Inn Express Hotel & Suits, 125 Airtex Drive, North Houston, TX

Jake Gaddy

HOUSTON, TX, Dec. 8, 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 two-building, 109-room Holiday Inn Express Hotel & Suites in Houston. The terms of the sale were not released.

            Jake Gaddy, senior associate and Steve Swenholt, associate, both in Marcus & Millichap’s Austin office, represented the seller, a Houston-based developer.

Chris Gomes, vice president investments in the firm’s Dallas office, along with Allan Miller, vice president investments in San Antonio, represented the buyer, a Dallas-based private client.

            “As the hotel is still in ramp-up mode after its conversion to a Holiday Inn Express & Suites, it presents the new owner with significant upside potential,” says Gomes.

Chris Gomes

            Built in 1999 and converted into a Holiday Inn Express & Suites in early 2012, the three-story hotel is located in North Houston at 125 Airtex Drive, five miles from George Bush Intercontinental Airport.

Amenities include an outdoor pool and whirlpool, fitness center, on-site guest laundry, business center, meeting room and complimentary hot breakfast. 

All suites and guest rooms feature flat-screen cable television, microwave oven, mini-refrigerator, coffee maker, sofa-bed, iron with ironing board and work desks.

            “This sale represents the 43rd hotel transaction the Miller-Gomes hotel team has closed in the last 12 months,” notes Gaddy. “The team currently has 12 hotels in escrow and 20 listings spread across Texas, Kansas, Louisiana, Arkansas, and Oklahoma.”

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

Gina Relva

Public Relations Manager

(925) 953-1716

$17.5 Million Industrial Warehouse Park Sale Arranged by Marcus & Millichap in Aventura, FL

Douglas K. Mandel

AVENTURA, 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 215,921-square-foot industrial warehouse park consisting of nine buildings in Aventura, Fla. The property sold for $17,502,000.

Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, an associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller,

The Adler Group, and the buyer, an Aventura-based company led by Mario Grosfeld and Jorge Linkewer. 

“Growing space demand, modestly restrained construction, and a wave of domestic and foreign investment capital continue to strengthen the South Florida industrial market,” says Mandel.

“Owners contemplating a sale stand a solid chance of capturing top value for their assets in South Florida’s competitive bidding climate. Also, a prevalence of all-cash deals are leading to quick executions.”

Benjamin H. Silver

“This was a unique opportunity for an investor to acquire an industrial asset with ample acreage and functional design in a true infill location with superior distribution access and significant barriers to entry,” Mandel concludes.

The property consists of air-conditioned warehouse, office and flex space and includes grade-level and dock-high doors. The buildings sit on 10.2 acres and have a total of 75 bays ranging from 1,000 to over 18,000 square feet.

Located at 1600 Northeast 205th Terrace in Miami, the property is situated on the south side of Ives Dairy Road, directly along the west side of Interstate 95, and approximately four miles northeast of the Golden Glades interchange.

The property’s strategic location across from Aventura on the Miami-Dade/Broward County line provides convenient travel to the international airports and ports of both counties.

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

Gina Relva

Public Relations Manager

(925) 953-1716