Marcus & Millichap arranges sale of cvs plaza at coral way in miami for $6.45 million

Kirk D. Olson

MIAMI,FL,  June 24, 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 CVS Plaza at Coral Way, an 18,214-square foot neighborhood shopping center located in Miami. The asset sold for $6,450,000.

Kirk D. Olson and Drew A. Kristol, vice president investments, and Jonathan Gerszberg, an associate 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 Miami. 

The buyer, a limited liability company from Miami Springs, Fla., was secured and represented by Jonathan De La Rosa, an associate, and Scott C. Sandelin, an associate vice president investments, also in Marcus & Millichap’s Miami office. 

“This was a rare opportunity to acquire a fully-occupied center with 65 percent of its tenants operating from the location for more than 10 years,” says Kristol. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”

Drew Kristol

“This sale is a testament to the strength of the 1031 exchange market which is one of the main factors driving the high velocity for retail properties in Miami,” adds De La Rosa. 

“The buyer was attracted to the property’s diverse tenant mix and location next to a CVS that will provide long-term stability.”  

Located at 2411 SW 147th Avenue, the center is situated on the northeast corner of SW 26th Street (Coral Way) and SW 147th Avenue. 

The property is shadow anchored by a free-standing CVS Pharmacy building which sits on the hard corner and was not included in the sale.

CVS Plaza at Coral Way was developed in 2004 and remains in very good condition with no deferred maintenance. 

The center is 100 percent occupied, with a good blend of local tenants, including a restaurant, preschool and medical center. The property sits on 2.17 acres of land and has abundant parking and excellent visibility to SW 147th Avenue.

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

Kirk A. Felici

First Vice President/District Manager, Miami

(786) 522-7000

Phoenix + Food: $4.7 Million JLL Dos Gringos Portfolio Sale in Arizona Reflects Strength

Dos Gringos portfolio, Arizona

Tyson Switzenberg

PHOENIX, AZ – Phoenix loves its food, a characteristic that’s growing the local restaurant industry and building a strong investment story for restaurant real estate. 

This strength is evidenced by JLL’s recent $4.7 million Dos Gringos, Inc. restaurant portfolio sale, a multi-building deal spanning three active retail markets.

JLL’s Tyson Switzenberg, John Reva, Trask Switzenberg and Matthew Berres completed the sale on behalf of Arizona-based Dos Gringos and the portfolio buyer, STORE Capital.

The Dos Gringos portfolio totals 14,695 square feet in three single-tenant, freestanding restaurants in three active retail submarkets: Chandler, South Tempe and Scottsdale. All three buildings are 100 percent leased to the award-winning Dos Gringos restaurant chain.

According to JLL research, Phoenix’s retail market is emerging from the ashes of the recession, fueled by the resurgence of the residential market and an influx of quality employers created by the growing tech scene. 

Trask Switzenberg

This has helped to deliver three straight years of positive net absorption greater than 1.5 million square feet and vacancy rates that have finally dropped below 10 percent for the first time since 2008. 

Economists are expected to stay high on Phoenix as continued job and population growth drive down vacancies and raise rents. In turn, the market is receiving more demand from all types of investors.

The Dos Gringos portfolio locations deliver prime locations in busy retail corridors and a dense population base. Within three miles of each Dos Gringo portfolio location, the average population exceeds 110,000 and average household incomes are nearly $74,000.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marty Alston Joins Fifield Cos. as Managing Director

         

Marty Alston

                                                                     

CHICAGO, IL (June 24, 2015) – Chicago-based developer Fifield Cos. has announced Marty Alston has joined the firm as a managing director.

 In this role, Alston is responsible for developing and expanding institutional investor relationships across the firm. 

In collaboration with Fifield’s existing team, he will also oversee the firm’s fundraising efforts for new construction development and value-add acquisitions. 

“I’ve known Marty for more than 20 years, and I can tell you that his industry knowledge and key relationships with institutional investors are unmatched,” said Steve Fifield, president and CEO of Fifield Cos.

 “I’m thrilled to bring him on board and leverage his experience to help nurture and expand Fifield Cos.’ long-term institutional relationships.” 

Previously, Alston was a partner and head of portfolio and asset management at Capri Capital, where he was active in new business development, investor relations and private equity fund management, and oversaw a transaction volume of $5 billion during his tenure.

 In addition, Alston was responsible for a $3.5 billion national real estate portfolio comprising more than 15,000 apartment units and 3 million square feet of office, retail, mixed-use, condominium and lodging assets. He was also a member of Capri’s Investment Committee.

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

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Stepp Commercial Completes $3.2 Million Sale of Apartment Property in Long Beach, CA

Robert Stepp

LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3.2 million sale of a 16-unit apartment property located at 1175 2nd Street in Long Beach. 

Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented both the buyer, Joda Investments, and the private seller in this off-market transaction. The property closed at a 5.1 percent cap rate and $200,000 per unit.

Joda Investments plans to completely renovate the face of the property as well as make significant improvements to the units, which include installing hardwood floors and new stainless steel appliances in addition to making other updates to modernize the units.

“The seller was reluctant to let go of his Alamitos Beach property but agreed to look at offers after learning that properties in the area were selling for a premium,” said Toveg. “We procured an off-market offer that exceeded the seller’s price expectations from a buyer that was attracted to the building’s upside potential.”

Michael Toveg

Stepp added that Stepp Commercial also worked with the buyer obtain a 2.88 percent, 5-year fixed rate, $2.35 million permanent loan on the property.

Built in 1964, the property is well-located near many retail and dining amenities, Miracle on 4th Street Park, East Village Arts Park and Bixby Park, and is just three blocks from the beach.

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

Darcie Giacchetto

949.278.6224