Family Dollar Net-Leased Site in Bradenton, FL Sold by Marcus & Millichap for $2 Million

Dan Mulkey

BRADENTON, FL, Nov. 9, 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 Family Dollar, a 8,320-square foot net-leased property located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,090,000.

Dan Mulkey, vice president investments, in Marcus & Millichap’s Tampa office, represented the buyer, a Tampa-based limited liability company.

Family Dollar is located at 3215 15th Street East in Bradenton, Florida. “With the close proximity to Tampa, this asset was the perfect fit for a 1031-exchange property for my buyer,” says Mulkey.

 “The investment offered a corporate, triple-net lease on new construction providing a very secure investment for years to come.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

My Neighborhood Storage Center in Orlando, FL Sold for $8.5 Million in Deal Brokered by Marcus & Millichap

ORLANDO, FL,  Nov. 9, 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 My Neighborhood Storage Center, a 64,480-square foot self-storage facility located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,500,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a REIT, was secured and represented by Mele.

My Neighborhood Storage Center is a meticulously maintained, institutional-quality facility located at 10053 Lake Underhill Road in Orlando, Florida.

The facility is situated on approximately 9.87 acres and was constructed in 1997. It consists of 572 units for a total of 64,480 net rentable square feet, and has both climate and non-climate controlled units and R.V. parking. It boasts security features that include video surveillance and electronic gate access. The facility is currently 92 percent physically occupied based on rentable square footage.

“This facility was very well maintained and located. The seller, who had built and owned this property for 17 years, decided to take some chips off the table in this vibrant market,” says Mele..

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $4.95 Million Sale of Airport Discount Storage in Kissimmee, FL

  

Michael A. Mele

KISSIMMEE, FL, Nov. 9, 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 Airport Discount Storage, a 84,030-square foot self-storage facility located in Kissimmee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,950,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, an institutional operation based in New York City, was secured and represented by Mele.

“The buyers of this facility will be able to leverage their size and experience to greatly improve this facility,” says Mele.

Airport Discount Storage is quality self-storage facility located at 1004 North Hoagland Boulevard in Kissimmee, Florida. The property is less than 0.25 miles south of Highway 192, a major tourist stop in the area near the Walt Disney Resort.

Its location is part of the desirable Orlando MSA, which was ranked number one in job growth in 2014. The facility is situated on 3.15 acres and was constructed in 1981. It consists of 474 units for a total of 84,030 net rentable square feet plus boat, R.V. and vehicle parking.

Other amenities include video surveillance, electronic gate access, a fully fenced perimeter and on-site management office.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $650,000 Sale of 12-Unit Prince Gregor Apartments in St. Petersburg, FL

                                                                                      

Casey Babb

 ST. PETERSBURG, FL, Nov. 9, 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 Prince Gregor Apartments, a 12-unit apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $650,000.

Casey Babb, vice president investment, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Prince Gregor Apartments is a landmark, 12-unit vintage apartment property located at 844 5th Avenue South in the thriving downtown area of St. Petersburg, Florida. 

The Prince Gregor was built in the late 1940s during St. Petersburg’s initial population explosion post-World War II by a German immigrant.

Luis Baez

 The two-story, interior-corridor building was constructed in an art-deco architectural style and consists of 12-units which are a mix of studios, small and large one-bedrooms. 

Situated on approximately 0.25 acres just south of Interstate 175, the Prince Gregor is directly west of the All-Children's and Bayfront Medical Hospital complexes and the USF St. Pete campus, two of the largest demand drivers in downtown St. Pete.

Residents will enjoy walkability to jobs, direct bus access, private off-street parking, on-site laundry facility, a private courtyard and shuffleboard courts.

“The Prince Gregor received considerable interest from local and out-of-town investors due to the highly desirable location in St. Petersburg’s urban core,” says Baez. “Our marketing campaign generated 11 offers within a two week period and we were able to secure a contract shortly thereafter.

“The buyer ultimately awarded with the deal was from Canada, and is planning a comprehensive rehab in efforts of preserving the historical significance of the building.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

NAI Realvest completes three industrial lease agreements at Carter CommerCenter in Winter Garden, FL for a total 7,500 square feet

Patty Nolff

WINTER GARDEN, FL – NAI Realvest recently completed three lease agreements for industrial space totaling 7,500 square feet in Carter Commerce Center at 890 and 902 Carter Rd. in Winter Garden.

Michael Heidrich, a principal at NAI Realvest and Associate Patty Nolff represented local landlord Carter Commerce Center LLC, in a new lease to Andro Corp. Industries for suite 180 with 1,875 square feet. 

Heidrich also negotiated two lease renewals at Carter Commerce Center – one suite with 3,750 square feet occupied by Fastenal and one 1,875 square foot suite where Turf Athletics, LLC is the tenant.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

NAI Realvest Completes Lease Agreements Totaling over 7,700 square feet of Office Space in East Orlando, FL

Mary Frances West

ORLANDO, FL --- NAI Realvest recently negotiated three office lease agreements at University Court on Rouse Rd. and one at The Citadel International III on Hazeltine National Drive in east Orlando.

Senior Broker Associate Mary Frances West, CCIM represented Landlord Citadel Partners, Ltd.  of Oviedo, in negotiating the lease of Suite 510 with 1,010 rentable square feet at The Citadel International III, 5950 Hazeltine National Drive.  The new tenant is Haven HHC7, LLC of Plymouth, Michigan.

West negotiated a new sublease of Suite 135 with 1,380 rentable square feet at University Court, 3361 Rouse Rd. representing the local Sublandlord American Financial Advisors, LLC.  Vacation Destinations, LLC is the new subtenant.

Representing University Court’s landlord Interchange-FL, Rouse, LLC of Daytona Beach, West negotiated a new lease of Suite 225 with 2,670 square feet and a lease renewal agreement for 2,670 square feet in Suite 245.  

The new tenant is Corsair Engineering, Inc. and the existing tenant is Veraxx Engineering Corporation, a firm specializing in software development, flight simulation and avionics systems.   

Steve Morse of Coughlin Commercial represented Corsair Engineering, a training, simulation and logistics firm.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Berkadia Closes on 277 Units in Montgomery, AL

 

David Etchison

BIRMINGHAM, AL --- Berkadia recently negotiated the sale of Courtyards at Garden Glen, a 277-unit apartment community located in Montgomery.

David Oakley, Managing Director and David Etchison, Senior Director, in Berkadia’s Alabama office represented the buyer, Fox Crossings LLC, and Rock Advisors represented the seller, CMS Gaslight, L.P.

Built in 1972 and renovated in the early 2000s, Courtyards at Garden Glen is a two-story, garden-style apartment community situated on 13.6 acres of land with a density of 20.37 units per acre and an average unit size of 1,053 square feet.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Berkadia Closes on 315 Units in Birmingham, AL for $29.2 Million

  

 

David Oakley

BIRMINGHAM, AL --- Berkadia recently negotiated the sale of Stonecrest at Double Oak Mountain, a 315-unit apartment community located in Birmingham, for $29,200,000.

David Oakley, Managing Director, and Royce Emerson, Senior Director, in Berkadia’s Alabama office represented the seller, Rodman Properties.

Built in 1998, Stonecrest at Double Oak Mountain is a garden-style community with two- and three-story buildings on 26.47 acres with a density of 12 units per acre and an average unit size of 1,176 square feet.

The buyer is Waypoint Residential, based in Atlanta.  

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Winter Park Land Commercial Lists Prime Wekiva Parkway Development Site for $3.5 Million

MOUNT DORA, FL – Dean Fritchen of Winter Park Land Commercial has listed a prime development site in the affluent Lake County city of Mount Dora, FL for $3.5 Million.

 The 24.5-acre, high-land site is at State Road 46 and Round Lake Road where the 1.7 billion dollar Florida Wekive Parkway is under construction.

Fritchen says the site has been approved for mixed commercial, industrial and act.core. Water is available. 

The road frontage is 2,000-plus feet and is contiguous to Mount Dora at a busy traffic light corner.

The site is near a 32-mile-plus multi-lane major highway between Sanford, FL and Mount Dora, connecting (I-4) and Orange Blossom Trail (US 441) in the Orlando area.

Dean Fritchen

The area features a moderate Central Florida climate. Major fresh water lakes, agriculture and parks are nearby. Fritchen says the seller will entertain a joint venture.

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

Dean Fritchen

Winter Park Land Commercial

Office Phone: (407) 740-5300

Mobile: (407) 619-8848

Fax: (407) 539-5639

deanfritchen@gmail.com

Arbor Funds $30 Milllion in Multifamily Deals Across Michigan

Mike Jehl

UNIONDALE, NY (Nov. 9, 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of six loans totaling $29,855,000 across Michigan under the Fannie Mae DUS Small Loan, Freddie Mac Small Balance Loan and FHA 223(f) programs.

Mike Jehle, Vice President in Arbor’s Oklahoma City, OK, office, originated all of the loans.

 “Arbor has the nationwide expertise that’s required to meet borrower demands no matter where they do business, including the growing multifamily markets found throughout the country,” Jehle said. 

“As demonstrated by this collection of loans, Arbor is providing investors the personal service and customized loan products they need to take advantage of today’s strong multifamily market conditions.”

·         Aspen Lakes Estates Apartments, Holt, MI – This 213-unit multifamily property received $20,400,000 funded under the FHA 223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule.

·         Oakwood Villa Apartments, Royal Oak, MI – This 100-unit multifamily property received $2,700,000 funded under the Fannie Mae DUS Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule.

Oakwood Villa Apartments, Royal Oak, MI

·         Garfield Park Apartments, Fraser, MI – This 110-unit multifamily property received $2,250,000 funded under the Freddie Mac Small Balance Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

·         Danbury Apartments, Grand Rapids, MI – This 66-unit multifamily property received $1,905,000 funded under the Freddie Mac Small Balance Loan. The 20-year acquisition loan amortizes on a 30-year schedule.

·         North Park Cooperative, Detroit, MI – This 94-unit multifamily property received $1,600,000 funded under the Fannie Mae Small Loan product line. The 10-year acquisition loan amortizes on a 10-year schedule.

·         Oak Park Apartments, Grand Rapids, MI – This 42-unit multifamily property received $1,000,000 funded under the Freddie Mac Small Balance Loan product line. The 20-year acquisition loan amortizes on a 30-year schedule.

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

Christopher Ostrowski

costrowski@arbor.com