Thursday, July 9, 2015

Six/Ten Signs El Norteño to Occupy Site of Publix’s First Store in Downtown Winter Haven, FL

El Norteno Restaurant, 58 4th Street NW, Downtown Winter Haven, FL

Winter Haven, FL — Six/Ten LLC (SixTen), a developer of commercial and residential properties in Winter Haven and other Florida cities, has completed a 2,000 SF lease to bring Mexican restaurant El Norteño to downtown Winter Haven in the same space where Publix Supermarkets established its first store in 1930.

Chad Lennox
The restaurant is located at 58 4th Street, NW and is now open for business.

El Norteño is relocating from 1925 6th Street N.W. where it has been for 15 years.  Established in 2000, El Norteño is owned and operated by Elizabeth Rangel, and offers authentic Mexican cuisine.

“Downtown is thriving because of the renovation of buildings, including numerous projects on my block alone,” said Rangel. “The area has become a popular dining destination.”

“An increase in retail traffic and offices downtown has made this area very appealing for local restaurants,” said Six/Ten’s leasing agent, Chad Lennox.  “Leasing activity has been brisk.” 

George Jenkins opened the first Publix at the location on September 6, 1930. It wasn’t until 10 years later that he opened the second Publix, located just two blocks away in Winter Haven.

Six/Ten has modernized and upgraded the location considerably, but has maintained its original charm by leaving exposed brick, refurbishing the wood floors and constructing a central bar. El Norteno also offers a full array of beer, wine and spirits.

“We look forward to the being the latest reason to sip and dine in downtown Winter Haven,” said Rangel.

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

Michelle Friedman

JLL Closes $4.2 Million Sale in Quiet Giant - Deer Valley Industrial Market of North Phoenix

Steve Sayre
 PHOENIX, AZ – The Phoenix office of JLL has just closed the $4.225 million sale of Bell17 Industrial, a three-building, 70,517-square-foot industrial project in North Phoenix’s Deer Valley submarket.

The fully leased building acquisition is the latest for the Southwest industrial property buying strategy of ViaWest Group.

“At more than 11 million square feet, Deer Valley is a subtle but powerful part of Phoenix’s industrial real estate market,” said JLL Executive Vice President Steve Sayre.

“Like the Bell17 Industrial property, this inventory consists primarily of well-located, quality assets in close proximity to Interstate 17 and the Deer Valley Airport. 

"For those two reasons alone, properties in the submarket tend to garner some of Phoenix’s higher asking rents and perform well for their owners.”

Sayre, along with JLL Executive Vice President Pat Harlan and Associate Kyle Westfall, led the project’s leasing effort on behalf of the prior property owner/developer/seller, Klefstad Companies, Inc. They will continue to do so for ViaWest Group, the entity that the JLL team identified to purchase the property.

Pat Harlan
Based in Phoenix, ViaWest has purchased approximately $50 million of industrial assets over the last nine months as part of its new fund focused on well-located industrial space in the Southwest U.S.

“We are very excited about the potential of Bell17 Industrial. It has consistently maintained strong occupancy and, with our hands-on management approach, we believe that we can continue having it serve as a premier location for smaller tenants in the Deer Valley market,” said Steven Schwarz, a Founding Partner of ViaWest Group.

Bell17 Industrial is located near Bell Road and I-17 at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps. The buildings are one mile from Interstate 17, two miles from the Loop 101, less than five miles from Deer Valley Airport and offer 2.5 million square feet of retail amenities within a two mile radius.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

Marcus & Millichap Brokers $4.8 Million Sale of Villa Nova Condominiums in Davie, FL

Joseph P. Thomas
DAVIE, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the portfolio sale of 52 units in Villa Nova Condominiums, a 92-unit condominium property located in Davie, Fla. The portfolio sold for $4,800,000.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Davie, Fla, and procured the buyer, a private investor from Dania Beach, Fla.

“Villa Nova is a unique opportunity to acquire over 50 percent ownership of a condominium situated in a booming location in Davie near Nova Southeastern University, Florida Atlantic University and Broward College,” says Thomas.  

“We generated tremendous interest in the portfolio, including interest from buyers that wouldn’t typically look to acquire bulk condominiums.”

“We received more than 10 initial offers for the portfolio and five groups were invited to the highest and best.  Ultimately, we matched the portfolio with a buyer that clearly recognized the upside and had a good vision for the property,” adds Duncan. 

Adam Duncan
Villa Nova Condominiums were constructed in 1985 and include eight two-story buildings and a single-story in the center of the property. 

The portfolio unit mix consists entirely of two-bedroom/two-bathroom floorplans and the community offers a fitness center, pool and children’s playground area.

Located at 6700 - 6940 Nova Drive, Villa Nova Condominiums is situated within walking distance to a variety of schools, universities, shopping, dining, entertainment venues and employment centers.

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 Sale of 83-Room Red Roof Inn Hotel in Ocoee, FL

Jonathan S. Ruprai
OCOEE, 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 Red Roof Inn Orlando West, a 83-room limited-service hotel located at 11241 West Colonial Drive in Ocoee, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The hotel traded for $4,300,000.

Dennis Hopper, associate, and Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.

 The buyer was secured and represented by J. Dominic Vito, associate, in the Washington, D.C. office and Ahmed Kabani, associate director of the National Hospitality Group and in the firm’s Miami office. 

“We received a significant amount of interest from both local and out-of-state investors, with the ultimate buyer being an Orlando based hotelier. 

"This transaction is another success story resulting from Marcus & Millichap’s collaborative platform, and long standing relationships with investors throughout the country,” says Dennis Hopper.

Dennis Hopper
“The buyer has a long-term relationship with Marcus & Millichap and has owned hotels in the Orlando market for years. 

"As a local hotelier, the buyer remains very upbeat about the future prospects for greater Orlando.  As such, the buyer will renovate the property and utilize the upgraded rooms and management capabilities to capitalize on the strong upward trend in average rate for the market,” adds Ahmed Kabani.

With an industry leading hospitality team in more than 40 markets nationally, this marks the 86th hotel sold by Marcus & Millichap’s National Hospitality Group in 2015.

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

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

RealtyTrac’s Buy-or-Rent Analysis Shows Buying More Affordable Than Renting in 66 Percent of Markets

Daren Blomquist
IRVINE, CA, July 9, 2015 — RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released a Buy-to-Rent analysis and a Buy-or-Rent analysis on 3-bedroom residential properties in 285 counties nationwide.

The Buy-to-Rent analysis found that potential returns from buy-to-rent purchases of 3-bedroom residential properties in the first five months of 2015 decreased from the same time period a year ago in 169 of the 285 counties analyzed (59 percent).

“As home price appreciation moderates and aligns more closely with trends in rental rates, the returns in the buy-to-rent market are stabilizing and becoming more predictable — if not as lucrative as they were for investors who purchased a few years ago near the bottom of the market,” said Daren Blomquist, vice president at RealtyTrac.

“Buying rentals continues to be a brilliant strategy that allows investors to hedge their bets in a real estate market shifting away from homeownership and toward a sharing economy.”

Average rental rates on 3-bedroom properties increased 3 percent from a year ago across all 285 counties analyzed, while average home prices on 3-bedroom properties increased 4 percent across those same counties.

For a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
 Sr. Data PR Manager
 Office: 949.502.8300 ext 139

W Financial Provides $3.8 Million Loan on Bedford Avenue Property in Brooklyn, NY

Bedford Avenue Commercial Property, Williamsburg Neighborhood, Brooklyn, NY

NEW YORK, NY -- W Financial has provided a $3,800,000 loan collateralized by a four-story, four-unit commercial property located on Bedford Avenue in the Williamsburg neighborhood of Brooklyn.

David Heiden
The borrower had originally closed on the property all-cash and utilized the W Financial loan to recapture a portion of their equity.

W's borrower is an experienced real estate owner and developer who plans to renovate the property and then lease the units at market rents. 

Once the property is fully stabilized the borrower intends to refinance the bridge loan with conventional financing.

W will also consider providing re-hab and construction loans for experienced developers, as well as mezzanine financing on well-located, cash-flowing properties.

For investment information, please call David Heiden | (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | (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
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