Lyndsey Paetterson

 OCOEE, FL – Pulte Homes plans to open Crown Pointe Cove, a new single family home community in Ocoee, this spring.

Lyndsey Patterson, director of marketing for Pulte Homes in North Florida, said Crown Pointe Cove is an intimate enclave of just 44 home sites for new, three to six-bedroom, single-family homes with two to three-and-a-half baths, priced from the mid-$200s. 

New one and two-story Pulte homes at Crown Pointe Cove will range from 2,162 square feet of living area to 3,172 square feet with flex rooms and owner’s retreats among the special features of these floor plans.  

Crown Pointe Cove, Ocoee, FL

Several options are offered, including Pulte’s Drop Zone at the Owner’s Entry and entertainment packages.

Patterson said the gated community – located off West and Ocoee Apopka Roads – is less than one mile from SR 429 and near outdoor recreation areas, Ocoee High School and is 10 minutes from Winter Garden Village, a 1.15 million square foot open-air shopping center. 

Visit www.pulte.com/CrownPointe

 or call 877-768-8819 for more information and to register for VIP updates.

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

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

Westcore Properties and American Realty Advisors Sell Class A Office Tower in Oakland, CA

1221 City Cemter. Oakland, CA

OAKLAND, CA – American Realty Advisors and its partner, Westcore Properties, announced the sale of 1221 City Center, a LEED Platinum trophy-caliber office tower located in the heart of Oakland California’s CBD.

The 24-story tower, which encompasses 521,177 square feet, is located within Oakland’s thriving City Center mixed-use development at the intersection of 12th Street and Broadway.

 1221 City Center features immediate access to Bay Area Rapid Transit (BART), prolific view corridors, a newly renovated lobby, and common areas with exceptional finishes.

According to Kirk Helgeson, American’s Chief Investment Officer, American and Westcore timed the disposition to capitalize on the strong demand for high quality office assets in the Bay Area.

 “Our strategy at acquisition was to renovate the property, lease up the remaining vacancy, and ultimately create an asset that was attractive to a wide range of core buyers,” says Helgeson.

“1221 City Center is a strong asset for a long-term holder, and we believed that it was time to realize the value that we have created for our investors after successfully executing the business plan,” he added.

Kirk Helegeson

Westcore Properties’ Don Ankeny indicated that the “extensive recent capital enhancements, the strong tenancy, which features 98% occupancy with an investment grade credit anchored rent roll, and the asset’s direct access to market leading amenities,” were reasons for the significant buyer interest.

 He added that the nearly $21.5 million in capital improvements from the American and Westcore partnership have transformed 1221 City Center into one of Oakland’s premier office properties.

In recent years, the Oakland office market has continued to benefit from the strength of the overall Bay Area economy.

“Significant amounts of adaptive reuse development, substantial institutional investment in the office and multifamily sectors, and the rent discount from San Francisco’s CBD has continued to attract high quality office tenants to the area,” noted Ankeny.  

American and Westcore were represented in the transaction by Eastdil Secured.

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

Lexi Astfalk

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

lastfalk@browermillercole.com

www.americanreal.com.

Marcus & Milllichap Brokers $11.8 Million Portfolio of NNN-Leased KFC Properties in Louisiana and Mississippi

Gabriel Britti

LOUISIANA and MISSISSIPI, Jan. 16, 2016 – 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 a portfolio of NNN Leased KFC Properties.

 The properties, totaling over 35,779-square feet, are located in Louisiana and Mississippi.  The total sales prices exceed $11.8 million, according to Kirk A. Felici, regional manager of the firm’s Miami office.

Vice Presidents of Investments Ronnie Issenberg and Gabriel Britti, Associate Roee E. Ben-Moshe and Anne Williams, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company out of Canada. 

          This 11 property portfolio sold individually, in less than 6 months and within 95% of the list price.  The Issenberg Britti Group brought 4-7 offers on each property.  “The majority of the buyers were California and New York based 1031 buyers with needs to place under $1 million of capital,” says Britti.

          “Sale Leaseback Opportunities throughout the United States continue to be sought after investments for many 1031 Buyers,” says Ronnie Issenberg. “We see no slowdown in the market quite yet,” adds Ben-Moshe.

The properties:

1730 Jerry Clower Blvd.     Yazoo City    MS

104 NE. E. Wallace Blvd.   Ferriday        LA

24 Sergent Prentiss Dr.      Natchez        MS

3296 Hwy 80 West  Jackson        MS

1060 E. Country Line Rd.   Ridgeland     MS

3198 W. Northside Dr.       Jackson        MS

1701 West Government      Brandon        MS

225 Pinola Dr.         Magee          MS

102 Market Pl.         Richland       MS

100 Byram Parkway Byram MS

442 Hwy 80   Clinton          MS

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

Kirk A. Felici

First Vice President/District Manager, Miami, FL

(786) 522-7000

Marcus & Millichap Arranges $3.25 Million Sale of 2,500-SF Net LeasedTD Bank Ground Site in St. Petersburg, FL

Ronnie Issenberg

ST. PETERSBURG, FL, Jan. 16, 2016 – 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 newly developed 2,500-square foot TD Bank Ground Lease, located in St. Petersburg, Florida.

According to Kirk A. Felici, regional manager of the firm’s Miami office, the asset sold for $3,250,000.

Gabriel Britti, Jonathan Gerszberg and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer.  The buyer, a family trust, was secured and represented by Scott C. Sandelin , an investment specialist in Marcus & Millichap’s Miami office. 

“There has been tremendous demand in the market for well-located, net leased investments with class A tenants” says Britti. “The Tampa MSA is very strong, and we  had multiple offers at or around list price on this deal,” says Issenberg. 

Jonathan Gerszberg

Gerszberg adds that  “The seller took advantage of prime market conditions.  We are seeing cap rates top out on these deals, and the seller wisely sold now, as the market is slowing a bit.”

Sandelin explains that the buyer, “saw the merits of buying into such a solid tenant in a market that is so strong that there are two brand new Publix Markets just one block from the property.  He wanted a secure investment and we found it for him.”

TD Bank Ground Lease is located at 3900 4th Street North in St. Petersburg, FL.   The Marcus & Millichap Team, through the years of experience and dedication, generated multiple offers, creating a bidding process and closed the property at a record low cap rate for a Florida bank (4%) at list price with no re-trade.

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

Kirk A. Felici

First Vice President/District Manager, Miami, FL

(786) 522-7000

Stepp Commercial Expands Presence in Westside Los Angeles; Names Stephen Passy as Vice President

Steven Passy

SANTA MONICA, CA – Stepp Commercial, a leading multifamily brokerage firm in the Westside market of Los Angeles, has named Stephen Passy as vice president. In this role, he will focus on apartment investment sales transactions within Venice, Marina Del Rey, Playa Del Rey, Palms, Mar Vista and Culver City sub-markets.

Prior to joining Stepp Commercial, Passy, worked more than 20 years in the industrial auctioneering industry. As founder and CEO of his own company, 

Stephen Passy & Associates, he conducted public auctions in nearly every state turning assets to cash for various benefactors. In 2007, the company turned its focus to asset appraisals, valuations, and liquidations. To date, Stephen has been involved in over $3 billion in auction sales.

“I look forward to expanding Stepp Commercial’s presence in the Westside market,” said Passy. “The combination of my background in sales and understanding of property valuations, investor contacts I have made over the years, and the firm’s solid reputation in the local market, will enable me to provide our clients with the highest level of service and investment success.”

Passy is a graduate of the University of California, Los Angeles with a Bachelor’s degree in Business Administration and Management. He is also a certified appraiser, and an active member of the Certified Appraisal Guild of America and National Auctioneers Association.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224