Marcus & Millichap Brokers $2.65 Million Sale of Wilton Villas in Wilton Manors, FL

Joseph P. Thomas

WILTON MANORS, 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 Wilton Villas, an 18-unit apartment property located in  Wilton Manors, Fla.

 The asset sold for $2,650,000 representing $147,222 per unit.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles Beach, Fla.

  The buyer was a private investor from Weston, Fla.

“The uniqueness of the asset, the location and our marketing efforts led to a highly competitive bidding environment, which ultimately pushed the sales price $50,000 above the asking price,” says Thomas.

Adam Duncan

“The seller acquired the property in 2004 and subsequently renovated and converted it to condominiums. The condominium was later dissolved and the property was reverted back to a multifamily building,” adds Duncan.

Wilton Villas was constructed in 1975 of concrete block and painted stucco and encompasses a .52 acre lot. The unit mix consists of six two-bedroom/one-bathroom apartments and 12 two-bedroom/one-and-a-half-bathroom townhomes.

 Located at 2705 NE 9th Avenue near the epicenter of Wilton Manors, the property offers convenient access to downtown Fort Lauderdale, along with numerous schools, parks, places of worship, shops and restaurants.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Havoline Lube Site in Winter Garden, FL Sells for $665,000 in Deal Handled by Marcus & Millichap

James Medefind

WINTER GARDEN, 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 Havoline Xpress Lube, a 2,298-square foot net-leased property located in Winter Garden, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $665,000.

James Medefind, senior associate, and James Garner, associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

Havoline Xpress Lube is located at 12304 West Colonial Drive in Winter Garden, Florida. It sits on busy West Colonial Drive at the major interchange between State Road 429 and the Florida Turnpike.

Winter Garden is a quiet suburb of Orlando in an ideal location less than 20 minutes to both Disney World and downtown Orlando.

Havoline Xpress Lube is less than three miles from the West Oaks Mall and is surrounded by national retailers including Mattress Firm, Walgreens, Big Lots, Taco Bell, Starbucks, Burger King and McDonald’s among others.

“We drove 11 offers to this opportunity, five of which came from out of area. Our access to out of area investors who are aggressive in these markets ultimately allowed our client to close the deal at 98 percent of list price,” says Garner.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Azalea Woods Student Housing in Valdosta, GA Sold for $3.9 Million in Deal Brokered by Marcus & Millichap

John E. Brigel

VALDOSTA, GA – 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 Azalea Woods, an 80-unit apartment property located in Valdosta, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,900,000.

John E. Brigel, vice president investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 The buyer was secured and represented by Brigel, and Michael Fasano, broker for the state of Georgia, assisted in closing of this transaction.

Azalea Woods, a student housing community, is located at 811 West Mary Street in Valdosta, Georgia and is immediately across from Valdosta State University. Currently there are 80 existing units consisting of 38 three-bedroom/one-bath, 38 two-bedroom/one-bath and four one-bedroom/one-bath.

“I suggested to my seller, a longtime client, that a higher and better use for his strategically situated, family Section 8 asset would be as a prime location, student housing property. He agreed, and so did the investor,” says Brigel.

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 $4.2 Million Sale of 64-Unit Apartment Community in Panama City, FL

Nicholas Meoli

PANAMA CITY, FL – 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 Ava Kay Townhomes, a 64-unit apartment property located in Panama City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,200,000.

Nicholas Meoli, associate vice president investments, and Michael Donaldson, vice president investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer was secured and represented by Michael Donaldson and Meoli. 

Ava Kay Townhomes is located at 295 Nelle Street in beautiful Panama City, which is in Bay County, Florida.

This townhome community is situated on an attractive 4.54 acre site, and is comprised of 17 two-story residential buildings. 

The property has a competitive amenity package including additional storage, children’s playground, large picnic area with barbecue grills and serene wooded views.

Michael Donaldson

 Ava Kay Townhomes offer a variety of spacious, open floor plans consisting of entirely three-bedroom/two-bathroom units, which have been thoughtfully designed to maximize the usage and functionality of the space. 

“Ava Kay represented an attractive 2007-built value-add opportunity through continued rent growth and exterior renovations,” says Meoli. “The property has excellent floor plans with an average of 1,294-square feet making it a rare and attractive asset to the local tenant base.”

“We generated a significant amount of interest from across the country and closed with a prominent group based out of California on an all cash basis,” 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