Spanish Villas in South Daytona, FL Sold for $2.7 Million in Deal Handled by Marcus & Millichap

Nicholas Meoli

SOUTH DAYTONA, 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 Spanish Villas, a 56-unit apartment property located in South Daytona, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.

Allan Holbrook, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by the three brokers.

Spanish Villas is a 56-unit apartment community consisting of eight, two-story buildings located at 1648 Palmetto Avenue in South Daytona, Florida. 

Built in 1974, the buildings are comprised of 13 one-bedroom/one-bathroom units with 710 rentable square feet, 16 two-bedroom/one-bathroom units with 938 rentable square feet, and 27 two-bedroom/two-bathroom units with 1,010 rentable square feet.

“Spanish Villas is an attractive mid-size community in the Daytona Beach market with large floor plans, most of which were two-bedroom units,” says Donaldson.

“The out-of-area buyer found the consistent income stream appealing and saw an ability to increase revenue through further rent increases and various property improvements,” adds Holbrook.

“Through our national marketing campaign, we generated 100 registered buyers and seven written offers, ultimately closing within 96 percent of the list price,” concludes Meoli.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $3.8 Million Sale of Pikeville Mini Storage in Pikeville, KY

Michael A. Mele

PIKEVILLE, KY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Pikeville Mini Storage, a 79,585-square foot self-storage facility located in Pikeville, Kentucky, according to Joseph McKibben, regional manager of the firm’s Birmingham office. The asset sold for $3,800,000.

Michael A. Mele, senior vice president investments in the firm’s Tampa office, Eddie Greenhalgh, senior associate in the Birmingham office, and Aaron Johnson, Kentucky broker, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a limited liability company, was secured and represented by Anne Williams, with Johnson assisting closing this transaction.

Pikeville Mini Storage is located at 278 South Mayo Trail in Pikeville, Kentucky. The facility includes 79,585 net rentable square feet with both climate-controlled and non-climate controlled storage units ranging in size from 50 square feet to 375 square feet.

Eddie Greenhalgh

Additional income is currently generated through rentable RV and boat parking spaces, an on-site 3,000 square foot office and four on-site apartments. Pikeville is the county seat of Pike County and is in a historic white-collar area of Kentucky. 

Pikeville is currently experiencing a boom of economic development which should lead to further expansion and population growth.

“We were able to source multiple offers for this property and chose an out-of-state buyer with ties to this part of Kentucky,” says Greenhalgh. “This process demonstrates our ability to work with a team of qualified individuals from around the country to get the deal done.”

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

Joseph McKibben

Regional Manager, Birmingham

(205) 510-9200

$2 Million Sale of Wendy’s Site in Clermont, FL Brokered by Marcus & Millichap

Moe Derbala

CLERMONT, 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 Wendy's, a 3,048-square foot net-leased property located in Clermont, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,000,000.

Moe Derbala, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Wendy's is located at 850 East Highway 50 in Clermont, Florida, and has an absolute triple-net lease with 16 years remaining. The city is essentially residential in character and its economy is primarily tourist-driven with plenty of retail trade and lodging establishments.

 As of 2014, the population in the area was 69,050, a tremendous growth percentage of 117.42 percent since 2000. The property is located 30 miles east of the heart of Orlando, and is conveniently accessible to Orlando via Florida Highway 50.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $645,000 Sale of 6-Unit Paramount Apartments in Tampa, FL

  

Shawn Rupp

TAMPA, 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 Paramount Apartments, a six-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $645,000.

Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by the three brokers.

Paramount Apartments is a Class "B" apartment community located in the Class "A" Palma Ceia submarket of south Tampa at 2914 West Estrella Street. 

Originally built in the 1956, this community consists of six, one-bedroom/one-bath apartment homes which average 763 square feet and feature hardwood floors, nine foot ceilings, on-site laundry and off-street parking.

 The units are housed in a two-story, garden apartment building with stucco exteriors and a flat roof. The seller has owned the property for 37 years and has maintained high occupancy and a quality tenant mix throughout his ownership.

“Our team originally did an analysis for the seller in August of 2013, and advised him on an array of initiatives including changing management and making other strategic improvements to help him raise rents,” says Rupp.

“After implementing our suggestions, the seller was able to achieve a sale price of 50 percent higher than our 2013 valuation, and was still able to leave room for the incoming buyer to execute on their own business plan.”

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Flea World Demolition to make room for Reagan Center in Sanford, FL -– 2.4 Million square feet of offices, restaurants, retail, multi-family

Paul P. Partyka

 Sanford, FL --- Demolition work has begun at Flea World, the 118-acre site on U.S. 17-92 at Ronald Regan Boulevard and County Home Road and at one time “The nation’s largest flea market under one roof.”

The 34-year-old flea market land, located directly opposite the Seminole County Government Operations Center, the Courthouse and Seminole State College, is expected to become the “Catalyst Project of Seminole County.”

Demolition of the site will clear the way to develop Reagan Center, a mixed-use project that could eventually include as much as 2.4 million square feet of offices, along with restaurants and retail stores, apartments and townhomes.

Paul P. Partyka, Partner at NAI Realvest in Orlando and broker of record for the development, said Reagan Center will ignite a 20-year effort by Seminole County, Sanford, Lake Mary, Winter Springs, Longwood and Casselberry to create a sustainable economic development corridor along U.S. 17-92.

He said, “Reagan Center will create employment opportunities for thousands of Central Floridians over the next decade and will be a major economic engine.”

 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

Regency Centers Corp. Buys Market Common Clarendon Mixed-Use Property in Arlington, VA

Market Common Clarendon Mixed-Use Property, Arlington, VA    (Business Wire Photo)

ARLINGTON, Va.--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency”) (NYSE:REG), a national owner, operator, and developer of grocery-anchored shopping centers, has announced the acquisition of Market Common Clarendon, in Arlington, VA.

Barry Argalas

This mixed-use property, purchased in an agreement with AvalonBay Communities, features 300 class A apartment homes, 300,000 square feet of retail anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn, Williams-Sonoma, and an adjacent vacant building identified for future redevelopment.

“Market Common Clarendon has been a nationally recognized project since its development in 2001,” said Barry Argalas, Senior Vice President of National Transactions for Regency Centers.

“The combination of a dense, affluent, and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.

Market Common is a seasoned and cycle tested 10-acre urban shopping center that perfectly reflects our investment strategy of acquiring best-in-class properties in highly desirable markets.”

In order to facilitate the acquisition, Regency Centers and AvalonBay have formed an agreement under which AvalonBay will acquire all of the benefits of the residential components, and Regency will acquire the retail and all remaining components. The purchase price for Market Common Clarendon was $406M, of which Regency’s share was $285.7M.

For property inquiries, please contact Devin Corini at 703-442-4324, or at devincorini@regencycenters.com

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

Regency Centers Corporation

Eric Davidson, 904-598-7829

Communication Manager

ericdavidson@regencycenters.com

eVestment Engages Cooper Carry to Reimagine Its Workspace in Atlanta, GA

  

Kim Rousseau

 ATLANTA, GA –Atlanta-based design firm Cooper Carry is creating a new work environment for eVestment, the global leader in institutional investor data and analytics.

In Summer 2016, the software company is moving its corporate headquarters from Marietta, Georgia to 100 Glenridge Point Parkway at Perimeter Center in Atlanta.

“As a forward-thinking tech company, eVestment sought a collaborative design that would accommodate dynamic growth quickly, support its fast paced business, and provide employee comfort and life balance,” said Kim Rousseau, principal of Cooper Carry’s interior design studio.

 “We decided to create a loft office environment with a dynamic stair connecting workers on different floors; standardize a singular workstation size; provide key amenities, such as a robust fitness center and a large gathering break area connected to an exterior deck via garage doors; and lots of natural light. It’s a creative evolution of the start up garage.”

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

Liana Moran

The Wilbert Group

404.748.1367

lmoran@thewilbertgroup.com

www.coopercarry.com.

Wendover Housing Partners’ Granite Crossing to Be the Cornerstone in the City of Lithonia’s Revitalization Plan

Jonathan L. Wolf

LITHONIA, GA, May 17, 2016 – Wendover Housing Partners, a privately held real estate development, investment and management company, today announces breaking ground on a new affordable, multi-family apartment community in Lithonia, GA, Granite Crossing.

Located in the heart of the downtown Lithonia Plaza, construction on the 75-unit community is scheduled to begin in August 2016—the newest major construction in the city since 2009. 

With the first residents expected to move in during summer 2017, the new development is the cornerstone in the City’s sustainable revitalization plan for transforming the downtown neighborhood.

“The addition of housing in the Lithonia Plaza will bring new families as well as complement the existing retail and help to foster new business growth and development in the city,” said Lithonia Mayor Deborah A. Jackson. “After years of planning, Wendover’s Granite Crossing project is the first major step towards the City’s goal of transforming the downtown area.”

In order to make way for construction of the approximately $14.7 million Granite Crossing community, crews have begun demolishing the former 80,000-square-foot city-owned building—a location that has been vacant since 2009 and was recently accepted into the State Brownfield program.

Lithonia Mayor Deborah A. Jackson

 The environmentally challenged site was originally considered to be cost prohibitive, but City officials persevered in creating a remediation plan to replace the dilapidated building with a development that would stimulate economic growth for current merchants and drive additional business to Lithonia.

Wendover joined in a complex partnership with the State of Georgia, Lithonia Downtown Development Authority (LDDA), the City of Lithonia and Bainbridge GP. LLC to bring this shared goal to fruition.

“I was drawn to this property after viewing the City’s Blueprints Report from 2012, which details long-term plans to redevelop the plaza building,” said President and Founder of Wendover Housing Partners, Jonathan L. Wolf.

“In addition to adding another prestigious property to Wendover’s collection of communities across the Southeast, Granite Crossing will bring to life a vision shared by countless government officials and Lithonia community members who seek to provide better, affordable housing options to attract new families and add to the city’s social and economic fabric.”

Granite Crossing will feature one, two and three-bedroom units with monthly rent ranging from $750 to $1,000. Community amenities will include a clubhouse with a fitness area, computer lab and an activity room for after-school programming. Additionally, residents will be able to entertain their families on-site with an outdoor splash park and playground equipment.

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

Melissa Landy | Assistant Account Executive | Uproar PR

P 321.236.0102 x233 | M 561.512.3055 

W www.uproarpr.com

www.wendovergroup.com

HFF arranges $31 million refinancing for grocery-anchored retail center in Lyndhurst, NJ

Veterans Square Shopping Center, Lyndhurst, NJ

 

Jon Mikula

FLORHAM PARK, NJ, May 17, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $31 million refinancing for Veterans Square, a 136,928-square-foot, grocery-anchored community retail center in the Northern New Jersey suburb of Lyndhurst.

HFF worked on behalf of the borrower, The Hampshire Companies, to place the fixed-rate loan with Nationwide Real Estate Investments (Nationwide).  Loan proceeds will be used to effectuate an internal transfer of the asset.

Completed in 2000 and renovated in 2012, Veterans Square consists of four one-story buildings and features 710 parking spaces, of which 150 are licensed from NJ Transit.  

The 97.2-percent-leased center is home to 13 tenants, including ShopRite, Supercuts, PetSmart, Davita Healthcare, HomeGoods, GNC, Garden Nails and Gencarelli’s Italian Restaurant. 

Situated on 12.31 acres at 530-560 New York Avenue, the center is located in the heart of a densely populated residential neighborhood and is within walking distance to both the Lyndhurst train station and several New Jersey Transit bus stops. Veterans Square is located in the Meadowlands retail submarket, which is currently 97.5 percent occupied.

Michael Klein

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.

“Grocery-anchored shopping centers located in densely populated communities such as Lyndhurst are highly sought after by life insurance companies,” Klein said.  “Nationwide was already intimately familiar with the asset, so they were easily able to close within a short closing window.”

“Nationwide was extremely flexible and creative in solving the debt need for this transaction,” Mikula added.

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

Kristen M. Murphy

Director, Marketing

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

(www.facebook.com/hampshireco),

Twitter (@hampshireco), and

LinkedIn (www.linkedin.com/company/the-hampshire-companies).

Cushman & Wakefield Negotiates Sale of Denville, NJ Retirement Community

Megan Fetter

TAMPA, FL – Cushman & Wakefield announced it has negotiated the sale of Franciscan Oaks, an entrance fee continuing care retirement community in Denville, NJ.

Based in Cushman & Wakefield’s Tampa office, Executive Managing Director Allen McMurtry, Senior Managing Director Megan Fetter and Senior Managing Director David Kliewer represented seller Catholic Health Initiatives in the disposition.

The buyer was Springpoint Senior Living, New Jersey’s largest non-profit provider of housing and services for seniors. Springpoint currently manages a portfolio of six continuing-care retirement communities,18 affordable-housing communities and home-care services.

Franciscan Oaks is situated on ±14 acres at 19 Pocono Road in Denville. The facility features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility. Franciscan Oaks is adjacent to Saint Clare’s Hospital Denville and located less than one hour west of Manhattan via Interstate 80.

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

David A. Meyer 

Meyer Media 

407.489.7488 

david@meyer.media

  www.meyer.media