Berger Commercial Realty Closes $1.9 Million Sale of Site for Flagler Village Hotel Project in Downtown Fort Lauderdale, FL

  

Judy Dolan

FORT LAUDERDALE, FL - Berger Commercial Realty brokers Judy Dolan and St. George Guardabassi recently represented the Curtis T. Bell Trust in the $1.9 million sale of a downtown Fort Lauderdale site to 315 Flagler, LP.

The site is slated for the new Flagler Village Hotel, a $25 million project managed by developer and hotel operator Dev Motwani.

Located from 315 to 333 N.W. 1st Avenue, the 24,000-square-foot site currently consists of four contiguous parcels including a 4,100-square-foot office building and nearby parking lot. The site will be developed into a 195-room hotel with retail space, amenities and 100 parking spaces. When finished, the property will total nearly 200,000 square-feet.

"The site offers close proximity to the planned Brightline train station, formally known as All Aboard Florida, and the new Wave Street Car route, making it a prime site for redevelopment," said Dolan.

St. George Guardabassi

A burgeoning Fort Lauderdale neighborhood, Flagler Village spans from Broward Boulevard to Sunrise Boulevard and from Federal Highway east to the FEC Railway.

"Over the last few years, multiple redevelopment projects, rebranding campaigns and community grassroots efforts have resulted in Flagler Village becoming an attractive, avant-garde setting for Fort Lauderdale's young professionals," said Guardabassi. 

"It's home to FAT Village, Peter Feldman Park, Mockingbird Trail, state-of-the-art condos and multiple in-progress developments that will further its transformation."

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

954-776-1999

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

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

CBRE Arranges $42 Million Sale of Luxury Apartments in Orlando, FL

Shelton Granade

Orlando, FL –– Shelton Granade, Luke Wickham, and Justin Basquill of CBRE Investment Properties arranged the sale of The Glenn, a luxury apartment community at 10801 Heather Ridge Circle in Orlando, Florida.

he 396-unit complex was acquired from Heather Glen Holding Company LLC by Insula Companies for $42 million. CBRE provided exclusive representation to the seller.

“Although community amenities and exterior features of The Glenn were extensively upgraded in recent years, the interiors still presented the new ownership with a great value-add opportunity,”  said Mr. Granade, CBRE Vice Chairman.

“As an added attraction, this well-appointed community occupies a very high-demand location near the University of Central Florida,”

The Glenn features three pools with sundeck and tanning areas, a clubhouse, sand volleyball, and a newly constructed 2,500-square-foot fitness center with spin and yoga room. Constructed in 1986 and updated in 2014-15, the community was 95% occupied at closing.

Mr. Granade and his Central Florida Multi-Housing team have executed more than $6 billion in apartment transactions in the Orlando area.

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

Elizabeth Cross

Daniel Jimenez

+1 305 428 6373

+1 407 839 3191

elizabeth.cross@cbre.com

 daniel.jimenez@cbre.com

www.cbre.com.

Marcus & Millichap Brokers $6.75 Million Sale of 40,000-SF Parkway Professional Center in Lakeland, FL

Krone Weidler

LAKELAND, FL, Feb. 10, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Parkway Professional Center, a 40,000-square foot medical and professional office building located in Lakeland, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,750,000.

L.J. Tsunis, associate, and Krone Weidler, vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a REIT, was secured and represented by Kimberly Cameron, an associate in the firm’s Nashville office. 

Parkway Professional Center is located at 4725 U.S. Highway 98 South in Lakeland, Florida. Constructed in 2009, Parkway Professional Center sits on an approximately 2.68 acre parcel with ingress and egress to the property located on the southbound side of U.S. Highway 98. The property is approximately one mile south of the Polk Parkway allowing easy access to Tampa and Orlando.

“We had tremendous interest in this asset from investors all across the country and were able to put the property in contract in under 30 days,” says Tsunis. “Investors, particularly REITs, are looking for Class A quality medical office buildings that are close to a hospital or have hospital affiliated tenants.”

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

                              

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

RealtyTrac Reports onTop 5 Most Vacant U.S. Cities

MSA	ALL Residential Properties	Vacant Properties	Vacancy Rate
Flint, MI	154,137	11,605	7.5%
Detroit-Warren-Dearborn, MI	1,539,609	81,190	5.3%
Youngstown-Warren-Boardman, OH-PA	156,861	6,979	4.4%
Beaumont-Port Arthur, TX	124,939	4,695	3.8%
Atlantic City-Hammonton, NJ	112,765	4,191	3.7%

Top 5 U.S. Cities Running out of Rooms

MSA	ALL Residential Properties	Vacant Properties	Vacancy Rate
San Jose-Sunnyvale-Santa Clara, CA	443,387	858	0.2%
Fort Collins, CO	105,876	246	0.2%
Manchester-Nashua, NH	117,729	342	0.3%
Provo-Orem, UT	131,449	397	0.3%
Lancaster, PA	148,177	457	0.3%

1.       Out of nearly 85 million residential properties (1 to 4 units) nationwide, more than 1.3 million (1.6 percent) were vacant in February 2016, down from 1.5 million vacant (1.8 percent) in September 2015.

2.       Investment properties are more likely to be vacant (4.3 percent vacancy rate nationwide), but investment property vacancy rates a rock-bottom 3 percent in more than one-third of U.S. markets — good news for landlords but bad news for renters in those markets.

3.       Vacant “zombie” foreclosures were down 4 percent from a year ago nationwide, but continue to increase in a minority of markets, mostly those with a protracted foreclosure process or high numbers of blighted properties.

o   Metro areas with the biggest increase in zombie foreclosures from a year ago included Worcester, Massachusetts (up 163 percent), Providence, Rhode Island (up 148 percent), Boston (up 111 percent), St. Louis (up 108 percent), and Detroit (up 71 percent).

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

jennifer.vonpohlmann@realtytrac.com

Pulte Homes at Royal Estates near Windermere, FL to Celebrate Opening Phase 2 with 62 Additional Homesites

Lyndsey Patterson

ORLANDO, FL--- Royal Estates, the luxury community of single-family homes in the Windermere area off Reams Rd. at 9412 Royal Estates Blvd. Orlando, will host a celebration - the opening of Phase 2 with 62 additional home sites on Saturday, Feb. 20.

Lyndsey Patterson, director of marketing for Pulte Homes in the Orlando region, said that out of the 62 new home sites at Royal Estates, 30 of them will be waterfront – a welcome opportunity for the area.  In addition, roads into Phase 2 have been completed so home buyers may drive through the entire community.

The community offers four one and two-story home designs with four, five and six bedrooms, up to six baths, and three-car garages,  priced starting from the high-$300s to $500s.

Amenities at Royal Estates include a resort style swimming pool, cabana and tot lot. The area boasts top-rated Windermere schools and convenience to Orlando area attractions, shopping complexes with brand-name chains and downtown districts with specialty boutiques.     

Pulte’s new “Life Tested® homes at Royal Estates range in size from 2,489 square feet of living space to 4,200 square feet and offer optional features such as loft spaces, Pulte Planning Centers, multi-generational suites and tile roofs.

Patterson said the event, which is open to the public from 1 to 3 p.m., will feature music entertainment and refreshments.

 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

Bull Realty Brokers $3.1 Million Learning Experience Site in Jacksonville, FL

Nancy Miller

ATLANTA, GA  —Bull Realty brokered the sale of a Learning Experience in Jacksonville, Florida. The sale closed on Feb. 1, 2015 for $3.1 million at a 7.7% cap rate. The property is a 10,000 SF single tenant net lease investment.

The Learning Experience, a child care provider founded in Florida in 1980, has locations nationwide and is the fastest growing child care franchise in the U.S.

Michael Bull, CCIM, Nancy Miller, SVP and Will Jackel, VP, with the National Net Lease Investment Group with Bull Realty, represented the buyer, Diagoris Properties LLC. Lori Schneider with Marcus & Millichap represented the seller, Jacksonville Wolf Bay, LLC.

According to Ms. Miller “The buyer bought several properties, paying all cash as part of a 1031 exchange in 2015.  

"They took advantage of the current low interest rates to leverage a few properties from the original portfolio to buy additional properties at a higher cap, which improved their cash on cash return.”

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 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