North American Properties Announces 12 New Tenants Coming to Avalon Development in Alpharetta, GA

Mark Toro

ATLANTA, GA – On the heels of a much-celebrated grand opening, the new year brings the opening of 12 new tenants at Avalon, a $600 million mixed-use development in Alpharetta, Georgia.

Anthropologie, Antico Pizza and Caffe Gio recently opened their greatly anticipated locations, eager to join the lineup of 50 retailers and 11 restaurants that opened on October 30. 

“We are thrilled to welcome the newest tenants to Avalon on the heels of an exceptionally successful Grand Opening,” said Mark Toro, North American Properties (NAP) managing partner.

“More than a dozen of our retailers and restaurants set opening day records and 80 percent reported holiday sales ahead of plan, many more than doubling their projections.”

Rendering of Avalon, Alpharetta, GA

Colletta, exhale and Crate & Barrel will all be open by the end of February, followed by Marmi, Boston Proper, Piedmont Nails, Johnny Was, LottaFrutta and Bonobos opening in the first half of 2015.

  

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

Suong Nguyen

The Wilbert Group

404-343-0637 (O)

 678-642-4301 (C)

snguyen@thewilbertgroup.com

Essex Realty Group Brokers the Sale of 254 Units in Palos Hills, IL

Scenic Tree Condominiums, 10205 South 86th Terrace, Palos Hills, IL

Douglas Fisher

 CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the bulk sale of 254 units within Scenic Tree Condominiums (10205 S. 86th Terrace) in Palos Hills.

Scenic Tree Condominiums is a multi-family garden unit community consisting of 448 total units in Palos Hills, IL. The Condominiums are situated on the northeast corner of 86th Avenue and 103rd Street.

The property is within short walking distance of the Green Hills Public Library, Oak Ridge Elementary School and Osborne Park. 

In addition, the property is located one mile south of the Hickory Hills Golf Club and less than one mile east of the expansive Palos Fen Nature Preserve.

The sale price was approximately $17,100,000.

Matt Welke

Doug Fisher represented the purchaser and Matt Welke and Jason Fishleder represented the seller.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

  

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Rhodes+Brito Architects Appoints Desiree Pedersen Business Development Manager in Orlando, FL Office

Desiree Pedersen

 ORLANDO, FL --- Rhodes+Brito Architects in Orlando has appointed Desiree Pedersen a business development manager.

Ruffin Rhodes, AIA co-founder and partner at Rhodes+Brito Architects, said Pedersen has more than 17 years of experience in business development.  She is a graduate of Orange Coast College in Costa Mesa, Calif. 

Ruffin Rhodes

In her new role as a business development manager for Rhodes+Brito, Pedersen will generate new business and reach out to existing clients to cultivate relationships for additional business.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including seven registered architects. 

The firm has exceptional experience providing architectural services to a wide variety of agencies thorough the state of Florida, including municipal government agencies, federal, education, aviation and senior living facilities.

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

Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142 (fax: 4410)

CBRE Capital Markets Arranges $66.25 Million Sale of Sun Lake Apartment Homes in Lake Mary, FL

Sun Lake Apartment Homes, 420 Sun Lake Circle, Lake Mary, FL

Shelton Granade

Orlando, FL  – Shelton Granade, Luke Wickham, and Justin Basquill of CBRE Capital Markets arranged the sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community in Lake Mary, Florida to Ecoventures Capital Fund, LLC for $66.25million.

Located at 420 Sun Lake Circle, the transaction was the second largest apartment complex sale in Greater Orlando in 2014.

CBRE’s Granade, Wickham and Basquill worked on behalf of Harbor Group International (HGI), a leading global private investment firm with a portfolio valued at approximately $4.2 billion. Sun Lake was acquired by an HGI affiliate in 2012.

“Sun Lake attracted very competitive bidding from several large investment groups that resulted in one of the year’s largest transactions in Orlandom” said Granade, Executive Vice President of CBRE Capital Markets, Multifamily.

Luke Wickham

“The property has a unique location on Greenwood Lake in the prestigious Lake Mary neighborhood, and draws an excellent tenantbase due to its proximity to retail, dining, and major white-collar employers.”

Sun Lake is comprised of 26 two-and three-story residential buildings and a clubhouse with fitness and business centers. 

With more than $1 0 million in capital upgrades completed in recent years, this “best-in-class” asset was built in 1988 and was 96 percent occupied at closing.

Located across the street from Northpoint Office Park and just a few minutes from major employment centers such as the Primera and Lake Mary Heathrow Office Parks, the lakefront community features fishing, kayaking and paddle boarding from the property’s pier.

Granade, Wickham and Basquill have closed approximately $1.6 billion in multifamily sales in Central Florida from 2013 to date.

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

Shelton D. Granade, Jr., Executive Vice President

CBRE | Investment Properties - Multifamily

200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801

T 407 839 3103 F 407 404 5001

Shelton.Granade@cbre.com| www.cbre.com | www.cbre.com/shelton.granade

RealtyTrac Reports 7.1 Million U.S. Residential Properties Still Seriously Underwater

Frank Duran

IRVINE, CA  — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data,  released its U.S. Home Equity & Underwater Report for the fourth quarter of 2014, which shows that at the end of the year there were 7,052,570 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13 percent of all properties with a mortgage.

“Over the last year and a half I have had more people come to me thinking they need a short sale only to be shocked by the current market value and the positive equity in their home,” said Frank Duran, broker at RE/MAX Alliance, covering the Westminster, Colo., market in the Denver metro area, where 81 percent of distressed homeowners had positive equity at the end of 2014 — the highest percentage of any market nationwide — compared to 9 percent of distressed homeowners seriously underwater.  

“We have certainly seen an upward turn in the market.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

$1 Million Apartment Building Sale Arranged by Marcus & Millichap in Tampa, FL

  

San Isidro Apartments, 2803 and 2805 West San Isidro Street, Tampa, FL

Ari Ravi

TAMPA, FL,  Jan. 27, 2015 – 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 San Isidro Apartments, an eight-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $1.140 million sales price equates to $142,500 per unit.

Casey Babb, CCIM and vice president investments, Luis Baez, senior associate and Ari Ravi, associate in Marcus & Millichap’s Tampa office, represented the local seller and the New York-based buyer who was executing on a 1031 exchange.

Originally built in the 1920s and located at 2803 and 2805 West San Isidro Street on 0.25 acres, San Isidro Apartments consists of eight, two-bedroom/two-bath apartment homes. 

Casey Babb

The units are housed in two, two-story Mediterranean-style, garden apartment buildings with wood frame and stucco exteriors, and built-up flat roofs.  

Amenities include stackable washers and dryers, central HVAC and premium kitchen and bath finishes, including granite countertops and custom cabinetry in select units.

“The asset is located in an A+ South Tampa location which was attractive for the buyer who was looking for a stable, consistent cash-flow and long-term capital preservation,” says Ravi. 

“This is a further indication that out-of-area investors see an enormous amount of growth potential in the Tampa Bay market and view it as an attractive place to invest,” adds Babb.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

$645,000 Sale of Hickory Crest Apartments in Brooksville, FL Handled by Marcus & Millichap

  

Hickory Crest Apartments, 173 Hickory Street, Brooksville, FL

Michael Donaldson

BROOKSVILLE, FL, Jan. 27, 2015 – 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 Hickory Crest, an 18-unit garden-style, apartment community located in Brooksville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $645,000.

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

Hickory Crest was built in 1983 and is located at 173 Hickory Street in Brooksville, Florida.  The property consists of two, two-story eight-plex buildings and one single-story duplex.

  The buildings are constructed of concrete block on concrete slab and are situated on approximately 1.36 acres of land.

Nicholas Meoli

Amenities include ample parking, central air-conditioning and full size washer and dryer connections in all units.  The property has had historical high occupancy levels and is currently 94 percent occupied.

“By emphasizing the strong cash flow opportunity of this property, our team was able to procure multiple offers from out-of-area investors,” says Hague. 

  “We ultimately closed with a California-based investor in a 1031 exchange who was able to close in less than 30 days of the contract date on an all-cash basis.”

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 Brokers Sale of Graham Bottling Works Factory Lofts in Tampa, FL for $375,000

Graham Bottling Works Factory Lofts, 3106 North Jefferson Street, Tampa, FL

Casey Babb

 TAMPA, FL,  Jan.  27, 2015 – 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 Graham Bottling Works Factory Lofts, a 20-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $375,000.

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

Graham Bottling Works Factory Lofts is located at 3106 North Jefferson Street in Tampa, Fla.  This is an adaptive reuse of a historic 22,000-square foot former orange juice factory into between 12-16 residential lofts.

Luis Baez

 This unique residential development offering provides an exciting opportunity to remake a small piece of Tampa’s history, into a new and exciting loft project with numerous development incentives and rebates for improvements if the building is awarded a historic preservation designation.

“Tampa Heights and Seminole Heights are experiencing a rebirth of sorts which makes sense given their proximity to Tampa’s urban core,” says Babb. 

“This project is one of a handful of residential adaptive-reuse projects announced recently which signals that developers sense a growing demand for these infill submarkets, and are now willing to invest fresh capital into these neighborhoods.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Matthew Kim Joins Marcus & Millichap’s Tampa, FL Office

Matthew Kim

Tampa, FL  – Matthew Kim has joined Marcus & Millichap’s Tampa office according to Richard D. Matricaria, regional manager.

Prior to joining Marcus & Millichap, Mr. Kim was a Senior Associate with Prudential Commercial Real Estate FL., with a primary emphasis on commercial and industrial facilities throughout Tampa Bay.

 Matt will specialize in office and industrial properties located in Hillsborough, Pinellas, and Pasco Counties.

Matt has served on the University Alliance committee for the CCIM West Coast Chapter and the Board of Directors for the Tampa Bay Jaycees with the main role of business development.

He also participates in Emerge Tampa Bay, the Tampa Bay Young Professionals Club, the Florida Gulf Coast Association of Realtors (FGCAR), and the University of South Florida Alumni Association.

Richard D. Matricaria

“We are excited to have Matt come on board with our firm and welcome him to the team,” says Matricaria.  “He brings a vast amount of experience that our client base will surely benefit from.”

“I am looking forward to providing all my clients with the benefits and resources afforded by Marcus & Millichap,” adds Kim.

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 three fountains apartments in South Pasadena, FL for $5.6 million

Three Fountains Apartments, 6740 Gulfport Boulevard South, South Pasadena, Fla.

Francesco P. Carriera

SOUTH PASADENA, 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 Three Fountains, a 59-unit multifamily community located in South Pasadena, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $5,600,000 sales price equates to $94,915 per unit.

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

Three Fountains was built in 1969 and is located at 6740 Gulfport Boulevard South in South Pasadena, Fla.  The property consists of two, three-story residential buildings. 

The buildings are comprised of 47 one-bedroom/one-bathroom units, nine two-bedroom/one-bathroom units and three, two-bedroom/two-bathroom units.

Michael P. Regan

 All units have central heating and air-conditioning and the buildings are situated on approximately 1.48 acres of land.  Amenities of the property include two, on-site laundry facilities, a playground, waterfront views and a private fishing dock.

“Properties in a prime location do not trade often,” says Carriera.  “This property has been held in a family trust for over 30 years.  

"The buyers plan on keeping with this tradition and after a full interior and exterior renovation of the entire property has been completed, they plan on holding this irreplaceable piece of waterfront property in their portfolio for many years,” adds Carriera.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700