$3.2 Million Sale of Development Site in Fort auderdale, FL Brokered by Marcus & Millichap

  

 

Joseph Thomas

FORT LAUDERDALE, 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 the Tidewater Development Site,  a 30,538-square foot waterfront land parcel located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,200,000.

“The northern section of Fort Lauderdale Beach is experiencing a tremendous amount of redevelopment. This was a unique opportunity to acquire a AAA waterfront location on the Barrier Island,” says Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“We received 18 offers in two weeks, 16 of which were at or above list price.  Ultimately, the sellers selected the buyer who could close in the shortest amount of time, offered $700,000 above list price and waived all due diligence contingencies upon the execution of the contract.”

Duncan along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Baldwinsville, NY, and the buyer, a private investor from Fort Lauderdale, Fla.

Derek Soven

“The property is currently zoned RMH-60, which provides the buyer with the potential to redevelop the site into a residential building of up to 42 units or a hotel of up to 60 rooms,” says Thomas. “Auberge Beach Residences, a two-tower, 171-unit oceanfront condominium estimated for completion in late 2017, is located nearby.”

Situated a few blocks south of Oakland Park Boulevard and a few blocks west of North Ocean Boulevard (A1A), the Tidewater development site consists of two adjacent waterfront parcels totaling 0.7011 acres of land with approximately 219 linear feet of water frontage. The site is currently improved with a 17-unit multifamily complex.

The property allows for convenient access to many local shops, restaurants and attractions, including Bokampers Sports Bar & Grill, Shooters Waterfront, Lauderdale-by-the-Sea fishing pier, the Coral Ridge Mall and The Galleria at Fort Lauderdale.

Tidewater development site is located at 3115 - 3209 NE 28th Street in Fort Lauderdale. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Marcus & Millichap Arranges $2.7 Million Sale of 31-Unit Margate Manor Apartments in Margate, FL

Derek R. Gibbs

MARGATE, 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 Margate Manor, a 31-unit apartment property located in Margate, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,775,000.

“Small private investors are targeting assets in good physical condition and with strong tenant profiles outside of the city of Fort Lauderdale - where they can achieve greater returns,” says Derek R. Gibbs, an associate vice president investments.

“Margate Manor Apartments is fully-occupied and features unit upgrades and recent building improvements,” adds Daniel J. Cunningham, an associate vice president investments. “We received multiple offers and ultimately closed at list price.”

Gibbs and Cunningham along with Evan P. Kristol, a senior vice president investments, Brandon J. Rex, a vice president investments, and Robert S. Hunter, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami Beach.

The two-story residential property contains 31 units comprised of 22 two-bedroom/two-bathroom units, eight one-bedroom/one-bathroom units and one studio. Each apartment features brand new wood kitchen cabinets, granite counter tops, ceramic flooring and new central air-conditioning units. The building also has a new roof and updated landscaping.

Located at 6095 NW 8th Street on 0.814 acres along State Road 7, Margate Manor Apartments is in a high-density neighborhood predominantly consisting of retail supercenters, restaurants and bars.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Bayer Properties to Lease and Market Ashley Park in Newnan, GA

  

Jeffrey Bayer

BIRMINGHAM, AL – Bayer Properties announced it has been selected by Return Holdings to lease and market Ashley Park, a 554,364-square-foot regional open-air retail center, located in Newnan, Georgia.

Ashley Park serves southern Metro Atlanta’s rapidly expanding I-85 South corridor and the burgeoning communities of Newnan and Peachtree City. Newnan is continually named as one of Georgia’s fastest growing cities.

 Built in 2004 and completed in 2008, the center is anchored by Dillard’s, Best Buy, Dick’s Sporting Goods, Barnes & Noble and a 50,580-square-foot Regal Cinemas Georgian 14 Theater. 

Its diverse national and regional tenant base of retail, restaurants, services and entertainment consistently position it as the area’s leading open-air shopping center.

Jeffrey Bayer, president and CEO of Bayer Properties, said, “We look forward to evolving the tenant mix at Ashley Park, securing its position as a destination for customers to shop, dine, live, work and play.”

For more information about Ashley Park, visit www.bayerproperties.com. For leasing information contact: Jackson Ratliff at 205.907.2686 or jratliff@bayerproperties.com.

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

Kristin Jones • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

M: 630-363-5747  

@kayjay818

www.thewilbertgroup.com

Verigreen Development Announces Start of Renovations at Historic St. Charles Hospital in Downtown Aurora, IL

Mayor Thomas Weisner

CHICAGO, IL  -  VeriGreen Development, a division of Evergreen Real Estate Group, announced it will begin renovations at the former St. Charles Hospital in downtown Aurora in early February, transforming the historic Art Deco building into a 60-unit independent living facility for seniors.

A groundbreaking ceremony held on February 3, commemorated the significance of the project and the positive impact it will have on the Aurora community.

Verigreen Development collaborated with Invest Aurora, the Northern Lights Development Corporation, the City of Aurora, the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the project’s complicated layers of financing and tax credits.

“The City of Aurora is excited about the opportunity to revitalize a long-vacant building that was once a cornerstone of our community,” said Mayor Thomas Weisner. “The work that went into securing the tax credits needed to make this project financially viable is simply amazing.

“This speaks to the dedication of VeriGreen and its development partners who share in our mission of preserving this important landmark for generations to come.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

NAI Realvest Team Negotiates $9.3 Million Sale of Class A Office Building at Heathrow International Business Center in Heathrow, FL

 

Christie Alexander

 HEATHROW, FL -- NAI Realvest recently negotiated the $9,300,000 sale of a 75,860 square foot Class A office building at 500 International Parkway at Heathrow within the Lake Mary Blvd. / I-4 corridor. This is a three-story building which was built in 1997 on its 8.65-acre site.

The NAI Realvest team of Chairman George Livingston and Broker Associate Drew Saphos, CCIM, and Christie Alexander, Crossman & Company Director of Brokerage Services negotiated the sale representing the seller, Remington Administrative Services, Inc. 

The local buyer, Heathrow Land Holdings, LLC, was represented by Tom Green of Providence One Asset Management, LLC.

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

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

Crossman & Co. negotiates the Sale of an 18,000 Square Foot Retail Center in Lakeland, FL

Brian Carolan

LAKELAND, Fla. – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently closed on the sale of Huntington Hills Plaza, a Lakeland neighborhood retail center constructed in 2001.

The center, located at 2905 Duff Rd. at the intersection of US Highway 98, was 62 percent occupied at the time of sale and provided a significant value-add opportunity for the purchaser, according to Brian Carolan, Crossman & Company’s Director of Investment Sales.  Carolan negotiated the transaction on behalf of the seller, a Miami-based special servicer.

The buyer is a private investor based in Tampa. 

The Early Years childcare center and Sorrento’s Italian Restaurant are major tenants at the Huntington Hills Plaza.     

Crossman & Company will continue to lease and manage the center for the new owner.

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

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

Aruba Condominium Names Architect and Builder for New Condo Project in Daytona Beach Shores, FL

  

 

Jim Mack

Daytona Beach Shores, FL --- Aruba, the first oceanfront condominium project to get started in the area in seven years, named Architect Larry Robinson of Daytona Beach and Peck and Associates Construction, Inc. as builder of the 84-unit condominium development in Daytona Beach Shores.

Jim Mack, who heads the Aruba sales and marketing team at Oceans Luxury Realty,

said the project recently received full approval by the City Council of Daytona Beach Shores, while sales are ahead of schedule.

“More than 60 percent of the condominiums have sold priced from the $300s to the $600s,” Mack said, 

Developer of the project, Jacksonville-based Greenpointe Communities, is on target to start construction of Aruba in May with completion the end of 2017.

Peck and Associates Construction has built over thirty condominium projects in the East Volusia County area, Mack said.

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Aruba is located at 3721 S. Atlantic Ave. with 225 lineal feet of beachfront south of the Sunglow pier. Sixty of the units will directly overlook the ocean and 24 will have ocean and river views. 

Condominiums will range from 1,400 square feet of living area to over 1,800 square feet. Four floor plans are available in three-bedroom two-bath designs, and end units available have the four-bedroom, three-bath plans that include wraparound balconies.

Amenities include onsite maintenance and building management, a home owners association, underground parking, a fully equipped workout center, clubroom, a swimming pool and an adults-only outdoor spa area.

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

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

Berkadia Closes on 48 Units for $3 Million in Birmingham, AL

  

Joshua Jacobs

BIRMINGHAM, AL  --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Chesterfield, a 48-unit apartment community located in the Highlands district of Birmingham.

Josh Jacobs, Associate and David Oakley, Managing Director in Berkadia’s Alabama office brokered the transaction representing the local Seller, Chesterfield, LLC.    Chesterfield, which was built in 1968, was sold free and clear of any existing debt.

The local Buyer, Manchester Partners, LLC paid $3,000,000 for the two-story garden-style apartment community, or $62,500 per unit, and plans to upgrade and renovate the interiors in the coming year.  

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

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

Hold-Thyssen Completes $5.1 Million Sale of 42,000 Square Foot Retail Center in Kissimmee, FL Attractions Area

N. Joelle Forster

Kissimmee, FL --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently closed the $5,100,000.00 sale of a 42,072 square foot retail center at 5737 W. Irlo Bronson Memorial Highway (S.R. 192) in Kissimmee.

Martin Forster

The Hold-Thyssen Associates Martin Forster, CCIM and N. Joelle Forster brokered the transaction representing the local seller, Grand Oaks Plaza, Inc.

RT Retail Investments of Parkland, Fla. purchased the property that consists of two separate retail buildings – one containing Big Bargain World and Ponderosa Steak House, and the other housing four tenants, including Senigallia Restaurant, Full House Chinese Restaurant and Baraka Electronics. 

Located adjacent to McDonalds and directly across from the Old Town attraction in the tourist area, “the retail center offered the buyer the opportunity for a good return and potential upside,” Joelle Forster said.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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