HFF closes sale of iconic Boca Raton, FL shopping center

  

University Commons, 1400 Glades Road, Boca Raton, FL

 

Daniel Finkle

MIAMI, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of University Commons, a 180,323-square-foot, 100-percent-leased shopping center with multiple national anchors in Boca Raton, Florida. 

HFF marketed the property on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties.  Jacksonville-based Regency Centers purchased the asset subject to an existing loan.       

Situated on 22.4 acres at the Interstate 95 interchange, University Commons is located at 1400 Glades Road.  This “main and main” location is in one of Boca Raton’s top commercial trade areas and is visible to approximately 260,000 vehicles per day. 

Developed in 2001 by the seller, the pedestrian-friendly, open-air center consists of one primary building with four outparcel buildings and 1,156 parking spaces.  

University Commons is 100 percent leased to Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, PF Chang’s, J. Alexander’s, Mario’s Osteria, and Shake Shack. 

Luis Castillo

The HFF team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.

“University Commons is one of the premier retail centers in the country,” Finkle said.  “Its combination of location, tenancy and design are impeccable and highlighted by the tenant’s outstanding sales performance.”

“I have a tremendous amount of excitement about purchasing this trophy asset that will further promote Regency’s time-tested strategy of acquiring very high quality shopping centers,” said Scott Porter, vice president of Transactions for Regency Centers.

 “We couldn’t have done this without the good people over at HFF and Schmier & Feurring Properties.  Their expertise and professionalism were key in working through many hurdles in this deal.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.regencycenters.com

Twitter @regencycenters

www.sfrealty.com.

Berger Commercial Realty Brokers Close Five Lease Transactions at Lyons Technology Center in Coconut Creek, FL

Judy Dolan

FORT LAUDERDALE, FL - Judy Dolan and Greg Milopoulos of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently brokered five lease transactions totaling more than 9,000 square-feet of warehouse space at Lyons Technology Center, located at 4911 Lyons Tech Parkway in Coconut Creek.

Representing 4811 Lyons Tech Parkway, LLC, Dolan and Milopoulos closed:

the new lease for 1,562 square-feet of space to Winner Business, LLC in bay 25;

the expansion lease of 3,124 square feet of space to Genex A/C, Inc. in bays 10 and 25;

the renewal of 1,562 square-feet of space to Florida Heat Pump and AC Service, Inc. in bay 8;

the renewal of 1,562 square-feet of space to Kerr Fire Investigations, Inc. in bay 11;

and the renewal of 1,562 square-feet of space to Pan Ocean Communication, Inc. in bay 27.

Built in 2003, Lyons Technology Center consists of 49,336 square-feet of industrial, warehouse and flex space.  The two-building property features front-loading bays and grade-level doors. Lyons Technology Center is located in the heart of Coconut Creek just north of the Sawgrass Expressway with easy access to Florida's Turnpike and I-95. 

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

Media Contact: 954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Marcus & Millichap Arranges $4 Million Sale of Plaza 1551 Office Park in West Palm Beach, FL

Plaza 1551 Office Park, West Palm Beach, FL

 

Douglas K. Mandel

WEST PALM BEACH, 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 Plaza 1551, a 39,899-square foot, five-building, multi-tenant office park located in West Palm Beach, Fla. The asset sold for $4,000,000.

Douglas K. Mandel, a senior vice president investments, and C. Todd Everett, a senior 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 Red Bank, NJ.

  The buyer, a limited liability company from Coral Gables, Fla., was also secured and represented by Mandel and Everett.

“This was an excellent opportunity to acquire a stabilized, multi-tenant office investment in the Palm Beach Lakes corridor of West Palm Beach. 

"With the tightening supply of quality office product in the downtown submarket, Palm Beach Lakes Blvd is seeing significant positive absorption. The buyers recognized the value and ability to push rental rates. 

"In addition, the site is zoned OC (office commercial) allowing for high-density multi-family, commercial or hospitality redevelopment opportunities,” says Mandel.

The property consists of a five-building, multi-tenant office campus situated on a 3.7-acre, lake-front lot. The property is situated in the east Palm Beach Lakes office micro-market, at 1551 Forum Place, just minutes from downtown West Palm Beach.

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

                  

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

RealtyTrac Real-Life Analysis: The Best Time to Buy a Home

IRVINE, CA -- When is the best time of year to buy a home? RealtyTrac took a big data approach to this question, analyzing 32 million single family home and condo sales over the past 15 years.

 We compared average sale prices to average estimated market value at the time of sale to determine whether buyers paid a premium or bought at a discount.

Based on the closing date of the sale, we broke down the data by month, weekday and day of the year to identify when buyers historically have realized the biggest discounts. Below are high-level details.

·         The best month to close on the purchase of a home is October.

o   Out of 2.7 million single family home and condo sales over the last 15 years that closed in October, buyers realized an average discount of 2.6 percent below full estimated market value at the time of sale.

o   Following October as best months to buy were February, July, December and January — all fall or winter months except for July, which was a surprise given that conventional wisdom would suggest that is a good time to sell but not necessarily to buy to buy at a bargain price.

o   The worst month of the year to close on the purchase of a home is April, when buyers over the last 15 years have purchased at an average premium of 1.2 percent above estimated market value at the time of sale.

·         The best weekday to close on the purchase of a home is Monday.

o   Out of 5.5 million single family home and condo sales over the last 15 years that closed on a Monday, buyers realized an average discount of 2.3 percent below full estimated market value at the time of sale.

o   Friday is the second-best weekday to close on a home purchase. Buyers who closed on Friday realized an average discount of 2.0 percent.

o   Thursday is the worst day of the week to buy a home, with a 1.0 percent average discount, followed by Wednesday with a 1.4 percent average discount, and Tuesday, with a 1.9 percent average discount.

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

jennifer.vonpohlmann@realtytrac.com

Bull Realty Brokers $5.1 Million Sale of 53,000-SF Stanley Marketplace in Metro Charlotte, NC

Frank Meyrath

ATLANTA, GA —Bull Realty brokered the sale of the 53,000 square foot grocery anchored shopping center in metro Charlotte, NC known as Stanley Marketplace. The sale closed on Sept. 1, 2015 for $5.1 million. The center is anchored by Food Lion and Family Dollar. 

Bull Realty was the only broker involved in the transaction. Frank Meyrath, VP of Capital Markets, arranged the sale between the seller, The Simpson Organization of Atlanta, GA and the buyer, a North Carolina-based private investor. 

Meyrath had previously worked with both the buyer and seller on separate transactions. He called Stanley Marketplace an “outlier asset” for the seller, which has recently made significant investments in office properties. The buyer was attracted to the strength and remaining lease term of the anchor tenant, Food Lion.

Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. 

The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com). The popular weekly show is broadcast on 40 radio stations nationwide, iTunes, YouTube and CREshow.com.

Bull NC License # C17910

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

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110