Marcus & Millichap Arranges $5.3 Million Sale of 53-Unit Casa Corsicana Apartments in Seminole, FL

Casey Babb

SEMINOLE, 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 Casa Corsicana Apartments, a 53-unit apartment community located in Seminole, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $5,300,000.

Casey Babb, CCIM and vice president investments, 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 Tampa-based private investor. 

The buyer, a private investor based in Newport Beach, California, was secured and represented by Tyler Leeson, vice president investments in the firm’s Newport Beach office. 

Casa Corsicana Apartments, a 53-unit, Class A, garden apartment community, is located at 12430 Rose Street in Seminole, Florida, which is just 1.8 miles from the beautiful Pinellas County beaches. The property consists of six, single-story buildings on a lushly-landscaped 3.61 acre site providing a low-density, park-like setting for residents. The units feature large, open floorplans averaging 925 square feet and are a mix of nine percent one-bedroom/one-bath, 76 percent two-bedroom/one-bath, 11 percent two-bedroom/two-bath and four percent three-bedroom/one-bath.

Luis Baez

“Casa Corsicana is a best-in-class apartment asset in its respective submarket after receiving a $1,500,000 rehab in 2014. As a result, it commanded what we think is record prices for small apartments in the Seminole submarket,” says Babb. “There is still a tremendous amount of runway left for rent growth and we expect the buyer will do very well with this property.”

“The buyer was in a 1031 exchange and was procured through a relationship between our Tampa and Newport Beach offices, which is a testament to our national platform and our ability to move capital throughout the country to service our clients’ real estate needs,” concluded Babb.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Bull Realty Brokers $7.6 Million Medical Office Building in Florida

 

Michael Bull

ATLANTA, GA (Jan. 8, 2016) —Healthcare Real Estate Services at Bull Realty brokered the sale of Lange Eye Institute, a 23,000  SF Class B Medical Office Building located in The Villages, FL. The sale closed on Dec. 15, 2015 for $7.6 million.

The property was 100% leased at the time of sale. Lange Eye Institute will remain the primary tenant. Other tenants include VIP Dentistry, Southern Trace Chiropractic, Center for Retina Macular Disease and Dr. Floyd Foot & Ankle.

The team of Michael Bull and Paul Zeman with Bull Realty worked with H.L. Roberts of H.L. Roberts Realty as the brokers on the deal.

The buyer was Flagship Capital Partners, LLC. “This is a long-term buy and hold for the buyer,” said Zeman.

Healthcare Real Estate Services (www.HealthcareRealEstateServices.com) are specialty brokers with Bull Realty, Inc. (www.BullRealty.com), 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 47 radio stations nationwide, iTunes, YouTube and CREshow.com. Bull Realty FL License # CQ1026029

  

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

HFF closes sale of corner site near Lincoln Road in Miami Beach, FL

1575 Alton Road, Miami Beach, FL

 

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 1575 Alton Road, a 15,000-square-foot corner site one block south of Lincoln Road in Miami Beach, Florida. 

HFF marketed the property on behalf of the seller, Bridgestone Retail Operations, LLC. 

1575 Alton is currently occupied by a Firestone service center but could accommodate a new mixed-use, multi-level structure up to 22,250 square feet.  

Built in 1935, the property is located at the southeast corner of Alton Road and 16th Street, one block south of Lincoln Road, one of the premier shopping districts in the country and top tourist attractions in Miami.

 Additionally, Alton Road is Miami Beach’s primary commercial north-south thoroughfare.

The HFF capital markets team representing the seller was led by managing director Luis Castillo and senior managing director Daniel Finkle.

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