RealtyTrac Reports 5 Percent of Single Family Home Sales in 2014 Were Flips, Down to Lowest Level Since 2011 Despite Increase in Q4

Daren Blomquist

IRVINE, CA – RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q4 and Year-End 2014 U.S. Home Flipping Report, which shows that 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the year — the lowest share of flips since 2011.

A total of 32,578 U.S. single family homes were flipped in the fourth quarter, representing 5.3 percent of all single family home sales during the quarter.

 The 5.3 percent share of flips in the fourth quarter was up 11 percent from the previous quarter but still down 12 percent from a year ago.

The average gross profit — the difference between the purchase price and flipped price — for completed flips of single family homes in the fourth quarter was $65,993, representing a 37.1 percent gross return.

That was up from an average gross profit of $65,285 representing a 36.5 percent gross return in the third quarter, and an average gross profit of $63,017 representing a 36.4 percent gross return in the fourth quarter of 2013.

“Investors have picked much of the low-hanging fruit when it comes to home flipping over the past three years since home prices bottomed out in the first quarter of 2012,” said Daren Blomquist, vice president at RealtyTrac.

“As home price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target.

“In many cases the best neighborhoods for profitable flipping in a slower-appreciating market are those that come with a higher risk because of location and condition of properties, but also have a bigger upside if investors are able to correctly predict the path of progress in the region,” Blomquist added.

 “It appears that most investors completing flips in the fourth quarter were able to do just that. Even though the share of flips was down from a year ago during the quarter, the average gross return per flip increased.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

Ginny.walker@realtytrac.com

Pulte Homes Acquires 52 Estate Home Sites in Northeast Orange County, FL

Sean Strickler

 Orlando, FL  - Pulte Homes has acquired 52 estate home sites at Lake Pickett Reserve, expanding the homebuilder’s presence in the greater Orlando market. 

Land development activity is already underway at the new community site, located in northeast Orange County just south of the Seminole County line.

The gated luxury community will include a residents-only boat ramp on 762-acre Lake Pickett, a private lake with no public access, said Sean Strickler, vice president of sales and operations for PulteGroup’s North Florida Division.

The community, which is expected to open for sales this fall, will offer half-acre to full-acre home sites – including some lakefront sites.

“Lake Pickett Reserve is one of the most beautiful residential areas remaining in this part of the state,” said Strickler, adding that the location has excellent accessibility to employment hubs, transportation, entertainment and recreation corridors.

Pulte plans to build single-family estate homes that range in size from approximately 2,000 to more than 4,000 square feet with open, flexible living spaces, Strickler said.

Lake Pickett Reserve photo by LoopNet

“Lake Pickett Reserve offers one of the last and best opportunities to live in this area, with unrivaled privacy and space,” said Strickler.

 “Pulte plans to offer well-appointed homes in this very unique, gated and waterfront community at a compelling value.”

Pulte Homes acquired the property, located off Lake Pickett Road near Chuluota Road, in January 2015.

To receive email updates about Lake Pickett Reserve from Pulte Homes go to www.pulte.com/lakepickett or call 877-838-5809.

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

Jacque Petroulakis

jacque.petroulakis@pultegroup.com

Larry Vershel or Beth Payan

 Larry Vershel Communications

407-644-4142

lvershelco@aol.com

Marcus & Millichap Capital Corp. Arranges $1.74 Million in Financing for St. Petersburg, FL Garden Apartment Community

Royal Palm Apartments, St. Petersburg, FL

Julius "Al" Kinkle

ST. PETERSBURG, FL – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $1,743,750 loan for the acquisition of Royal Palm Apartments, a 40-unit vintage garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

            Julius “Al” Kinkle, associate director, in the firm’s Tampa office arranged the financing.

This vintage garden community is located off 4th Street North just east of Interstate 275 in St. Petersburg, Florida. The property offers a mix of one-bedroom/one-bath and two-bedroom/one bath units averaging 719 square feet and has received over $400,000 in improvements.

            “Through our platform, we were able to bring multiple loan options to the table and, ultimately, delivered the most favorable terms, allowing our client to close on time and exceed their return objectives,” says Kinkle.

The 75.8 percent loan-to-cost amortizes over 30 years, with a 30-year term and 4.75 percent interest rate fixed for five years.

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

Richard D. Matricaria,

Vice President/Regional Manager,

 Tampa, FL

Marcus & Millichap Capital Corporation

(813) 387-4700

Davidoff of Geneva Announces Flagship Store to Open at MetWest International in Tampa, FL

Kalyn Brandewie

TAMPA, FL  –   Davidoff of Geneva has announced the opening of a flagship store in its Tampa, Florida hometown.

The company signed a 5,000 square foot lease at MetWest International in Tampa’s Westshore Business District.

 Kalyn Brandewie of Florida Retail Partners brokered the deal on behalf of the project’s owner while co-broker Mark Borysiewicz represented the tenant.  

Davidoff of Geneva will cement its commitment to the Tampa Bay area with a new Davidoff of Geneva since 1911 store in late 2015. 

Situated in the MetWest International retail village the 5,000 square foot store will be the largest Davidoff of Geneva since 1911 store in the world.

 This will be the company’s first licensed boutique in the United States outside of Las Vegas, NV. Davidoff of Geneva USA will open the new location in partnership with Jeff & Tanya Borysiewicz, successful owners of Orlando based Corona Cigar Company.

Tanya Borysiewicz

 Jeff Borysiewicz is the president & founder of Corona Cigar Company, an Orlando based chain of premium cigar retail stores and bars, which has grown to become one of America’s leading Brick & Mortar retailers of premium cigars

To create a destination in the Cigar City, the new Davidoff of Geneva since 1911 will feature a completely humidified store filled with premium cigar retail space, multiple lounges both indoor and out, private lockers, as well as an elegant full service bar serving premium alcoholic beverages.

  

“Davidoff will be a wonderful complement to the world-class restaurants at MetWest International,” stated Florida Retail Partner Kalyn Brandewie. “Cigar aficionados will appreciate ending an evening of dining at Del Frisco’s Grille, Cooper’s Hawk Winery & Restaurant, Kona Grille or Texas de Brazil with a nightcap & cigar at Davidoff’s.”

MetWest International, Tampa, FL

Jim Young, president of Davidoff of Geneva North America comments “We are delighted to open a new Davidoff of Geneva since 1911 store in our home market. 

“We are particularly excited to do this in partnership with Jeff and Tanya who have been outstanding Davidoff partners for quite some time.  They know how to provide consumers with a premium retail experience, they know our entire product portfolio, and they know our company.”

“We're thrilled to expand our retail operations and to serve cigar enthusiasts in the Cigar City of Tampa.  We look forward to creating the "Ultimate Cigar Experience" in a community with such a long history of cigar manufacturing and rich cigar culture,” says Jeff Borysiewicz, president of Corona Cigar Company.

Jeff Borysiewicz

 “It's an honor to be partnering with Davidoff of Geneva, the global leader in premium cigars and luxury cigar stores.  It's exciting to be building upon the legacy that Zino Davidoff started over 100 years ago.”

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

Kalyn Brandewie

Florida Retail Partners

(813) 251-3333

Kalyn@floridaretailpartners.com

www.floridaretailpartners.com 

www.metwestinternational.com

Chatham Lodging Trust Acquires Residence Inn San Diego Downtown-Gaslamp

Residence Inn San Diego Downtown-Gaslamp Quarter Hotel, San Diego, CA

Jeffrey H. Fisher

 PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that it has completed the previously announced acquisition of the 240-room Residence Inn San Diego Downtown-Gaslamp Quarter for $90 million, or approximately $375,000 per room.

“Having invested approximately $500 million into new hotel investments in 2014, our outlook on the industry remains bullish, and we expect to continue acquiring hotels in 2015 that meet our strict underwriting criteria,” said Jeffrey H.Fisher, chief executive officer, Chatham Lodging Trust.

 “The Residence Inn is ideally located in the heart of the Gaslamp Quarter, just a block away from the San Diego Convention Center, one of the most popular convention markets in the country given San Diego’s beautiful year-round climate.

“This high quality, downtown, infill hotel in one of the best lodging markets in the country, is an ideal addition to our expanding presence in California.”

San Diego Convention Center

Opened in 2009, the Residence Inn is within walking distance to the Petco Park and the Westfield Horton shopping complex. 

  The hotel has 1,500 square feet of meeting space and offers the full range of Residence Inn amenities, including free breakfast and complimentary Wi-Fi. 

The property includes street level retail space which presently incorporates two leased restaurants that cater to the pedestrian traffic within the popular Gaslamp Quarter.

Sajan Hansji, president of J Street Hospitality, stated “The Residence Inn Gaslamp epitomizes our business strategy of developing and owning tremendously successful properties in unbeatable locations, and we are pleased to sell it to such a well respected owner as Chatham.

“It has been an important part of J Street’s portfolio, and we look forward to further developing new projects that are equally successful in robust destinations like the Gaslamp Quarter."

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

Chris Daly         

Daly Gray Public Relations  

chris@dalygray.com

(703) 435-6293   

Dennis Craven

Chief Financial Officer

dcraven@cl-trust.com

 (561) 227-1386  

www.chathamlodgingtrust.com.

More than 120,000 SF in Lease Renewals and Expansions Announced in the Miramar Park of Commerce in Miramar, FL

Maridee Bell

MIRAMAR, FL – Miramar Park of Commerce, the largest locally owned and managed Business Park in South Florida, has announced the following lease renewals and expansion: 

IQor has renewed its lease for 52,833 sq. ft. of space at 2989 & 2889 N. Commerce Parkway. With more than 32,000 employees in 17 countries, IQor offers award-winning technology and services designed to improve business processes and identify efficiencies. IQor has been a tenant at the Miramar Park of Commerce for 14 years.

United Aerospace, a division of YMC Aviation Inc., has renewed its lease for 35,054 sq. ft. of office, warehouse and distribution space at 9800 Premier Parkway. United Aerospace is one of several companies that are part of the aviation hub in the Park. United Aerospace has been a tenant since 2001 when the company moved its corporate headquarters to the Park. 

Ryan Goggins

One Home Medical Equipment LLC, a subsidiary of One Homecare Solutions, has added 30,720 sq. ft. of space at 3330-3350 Executive Way. One Homecare Solutions is an integrated homecare service provider offering home health care services to include home nursing care, home infusion services and home medical equipment.

Telephonetics, a premier Message On Hold company, has renewed its lease for 8,210 sq. ft. for its corporate and sales office at 2841 Corporate Way. Telephonetics has been a tenant in the Park for 10 years

For all transactions, the Miramar Park of Commerce was represented by Maridee Bell, vice president of Sunbeam Properties, developer of the Park, and Ryan Goggins of Sunbeam Properties.

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

Kathryn Gallagher

Pierson Grant Public Relations

954-776-1999, ext. 242

kgallagher@piersongrant.com

$115.5 Million Multifamily Sale Arranged by IPA in Stamford, CT

Avalon on Stamford Harbor Apartments, 150 Southfield Avenue,  Stamford, CT

Steve Witten

 STAMFORD, CT – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Avalon on Stamford Harbor, a 323-unit waterfront apartment community with a marina and 72 boat slips in Stamford, Conn.

The $115.5 million sales price equates to $357,585 per unit.

            IPA executive directors Steve Witten and Victor Nolletti represented the buyer, TGM Anchor Point LLC. The seller is Harbor Financing LLC.

            “The property is a truly exceptional, one-of-a-kind, direct waterfront community in the heart of Fairfield County Connecticut’s Gold Coast,” says Witten. 

“Rebranded as Anchor Point, planned upgrades will ensure that the property continues to provide a truly unique Class A housing alternative to more traditional communities located in Stamford’s South End and central business district,” adds Nolletti.

Victor Nolletti

            The property is located at 150 Southfield Ave. in Stamford with easy access to Interstate 95, U.S. Route 1, the Metro-North train station and bus lines.

Constructed in 2002, Avalon on Stamford Harbor consists of 14 studios, 159 one-bedroom apartments, 130 two-bedroom units and 20 three-bedroom apartments in two four-story buildings.

 Apartments feature full-size washers and dryers in every home, white laminate or granite countertops, white raised-panel Thermofoil cabinets/vanities, spacious walk-in closets and private patios or balconies.

 Select homes have nine-foot ceilings with fans, gas-burning fireplaces and views of Stamford Harbor.

Community amenities include a gated entrance with controlled access, personal concierge service, 24-hour fitness center, wireless Internet lounge, business center, an indoor racquetball court, an indoor basketball court, an outdoor swimming pool, bike racks and bike storage, covered parking, and landscaped areas for barbecues and picnics.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$15.2 Million Buys Michigan Manufactured Home Community

Jonathan McClellan

DETROIT, MI – 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 400-site all-age manufactured home community in Eastern Michigan.

The $15,221,788 sales price equates to $37,865 per space.

            Jonathon McClellan, vice president investments, and Kyle Baskin, associate vice president investments, both in Marcus & Millichap’s Cleveland office, represented the seller, a private investment group based in Arizona.

The buyer is Kingsley Management Corp. Steven Chaben, senior vice president in the firm’s Detroit office, is Marcus & Millichap’s broker of record in Michigan.

            The 88.2-acre community features concrete streets, mature trees, and a creek. All homes have lap siding and shingled roofs.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Capital Markets Arranges $7.8 million in Acquisition Financing for $11.25 Million Sale of Wells Fargo Cash Transfer Station in Miami-Dade County, FL

Wells Fargo Transfer Station, 10325 Northwest 112th Avenue, Miami-Dade County, FL

Benjamin H. Silver

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 35,000-square-foot one-story office and warehouse building 100 percent occupied by Wells Fargo.

The $11.25 million sales price equates to $321 per square foot.

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

The Taylor-Zang-Dougherty Group and the MacLaren Group in the firm’s Philadelphia office represented the buyer, a Philadelphia-based investor in a 1031 tax-deferred exchange. Andrew Dansker, from Marcus & Millichap’s Institutional Property Advisors Capital Markets division, arranged $7,875,000 in financing.

“The property is a mission-critical facility built-to-suit for Wells Fargo as its primary South Florida cash transfer station,” says Mandel. “The building is triple-net leased to Wells Fargo through February 2024.”

Andrew Dansker

Constructed in 2009 on four acres, the investment real estate asset is located in the Flagler Station business park at 10325 Northwest 112th Ave. in Miami-Dade County’s Airport West submarket.

The location is one-half mile east of the Florida Turnpike and has a dedicated Florida Turnpike interchange that provides excellent access to every major transportation system in South Florida.

            The building has 110 parking spaces and two loading docks. It is surrounded by an eight-foot security fence with electronic and video surveillance.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers $6.1 Million Sale of Shoppes at Monarch in Miramar, FL

Douglas K. Mandel

MIRAMAR, 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 Shoppes at Monarch, a 13,466-square foot retail property located in Miramar, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $6,150,000 equating to $457 per square foot.

Douglas K. Mandel, a first vice president investments, and Barry M. Wolfe, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Coral Springs, Fla.  The buyer was a limited liability company from Miami Beach, Fla.

The property is a Mediterranean-style center featuring prime retail and restaurant spaces and is part of the Monarch Professional Centre mixed-use development that also includes 64,000 square feet of medical and professional office space.  The center is 100 percent occupied by a mix of local and national tenants including: Little Caesars Pizza, Karate America, and restaurants Nami Sushi and El Trebol.

Barry M. Wolfe

“The surrounding area’s demographics are extremely optimistic and suggest a massive population growth of over 10 percent by 2019,” says Mandel. 

“With an average age of just over 34 years old and median household income of almost $80,000 per year within one mile of the property, the upside potential of future revenue increases is very apparent.”

The property’s strategic location just north of Florida’s Turnpike, less than two miles east of Interstate 75 and south of Pines Boulevard, offers convenient access to and from the densely populated residential communities of Pembroke Pines and Miramar as well as all of the major travel arteries of South Florida.  

Shoppes at Monarch is located at 12703 Miramar Parkway in Miramar, FL

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $1.7 Million Sale of Boca Raton, FL Strip Center

  

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 10075 Yamato Road, a 6,500-square foot retail property located in Boca Raton, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,700,000, equating to $262 per square foot.

Howard Bregman, a senior associate, and Michael Mandel an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Springfield, NJ. 

The buyer, a private investor from Boca Raton, Fla, was secured and represented by Derek R. Gibbs and Daniel Cunningham, senior associates, and Tal I. Frydman, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office. 

Derek R. Gibbs

“This was the perfect opportunity to acquire a stabilized asset with three long-term tenants and little management responsibility in the heart of west Boca Raton. Sherwin Williams recently exercised their first five-year option 13 months early," says Mandel.

The strip center is located at 10075 Yamato Road in Boca Raton and is occupied by Sherwin Williams, Personal Touch Dry Cleaners and Brendy's Yogurt.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400