Two-Story Edgewater Retail Property on Market for $6.75 Million on Biscayne Boulevard, Miami, FL

2400 Biscayne Boulevard, Edgewater Submarket
Miami, FL

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has obtained the exclusive listing for 2400 Biscayne Boulevard, an 11,516-square foot corner retail property in the Edgewater submarket of Miami. The asset is listed for $6,750,000.

“This is a great repositioning opportunity of a high street retail property located in Miami’s predominant furniture corridor,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office. “The current tenant is on a month-to-month lease and can either vacate at close or stay on for six months with increased rent.”

Scott C. Sandelin

Sandelin, along with Alejandro D’Alba, an associate also in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller.

“Unlike ‘redevelopment’ opportunities available in this market, this is a straight-forward retail deal. We expect it will garner significant interest from both local and national investors who are looking to own a piece of this main Miami artery,” adds D’Alba.

The two-story retail building sits on a 12,650-square-foot lot on the corner of 24th Street and Biscayne Boulevard. To the east of the property is Edgewater’s high density residential district and Wynwood is directly west. A new roof with a transferable warranty was installed last year.

For more information on 2400 Biscayne Boulevard, contact Scott Sandelin or Alejandro D’Alba at (786) 522-7000.

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

Kirk Felici, Regional Manager

(786) 522-7000

Mortgage Bankers Association Reports Five-Year Commitment from Arch Capital Group Provides Support to Opens Doors for Expansion into California

Debra Still

WASHINGTON, DC – The Mortgage Bankers Association Opens Doors Foundation (MBA Open Doors) announced that it is expanding into California in the coming months, thanks to a generous ongoing contribution from Arch Capital Group (U.S.) Inc. (Arch Capital), a parent company of Arch Mortgage Insurance Company (Arch MI).

MBA Opens Doors is a non-profit organization dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment. The foundation has recently established a relationship with two hospitals in California, Lucile Packard Children’s Hospital in Palo Alto and Children’s Hospital of Los Angeles. MBA Opens Doors works directly with children’s hospitals to identify families in need.

“We cannot thank Arch Capital enough for their generous contribution and long-term commitment,” said Debra Still, Opens Doors Foundation Chairman and CEO of Pulte Mortgage.

“The Opens Doors Foundation celebrates its fourth anniversary in October. We’ve established a strong partnership with our industry and built excellent relationships with hospital administrators, social workers, and pediatricians who connect us with families in need of our help.

We are now ready to grow into an organization that will serve families coast-to-coast. Thus far we’ve helped over 450 families, and with leadership from companies such as Arch Capital and others who are pledging ongoing commitments, we will be positioned to serve hundreds more.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727 

North American Properties Reveals Colony Square Design Team and Branding

 

Richard Metsky

ATLANTA, GA – After nearly 200 interviews and five months of seeking the community’s input, North American Properties (NAP) and local branding firm Imbibe have landed on one word that summarizes its findings and the future for Colony Square: Urbane.

Defined as “having the polish and suavity regarded as characteristic of sophisticated social life in major cities,” urbane serves as the inspiration behind the development’s new branding, logo and design. 

To bring its vision to life, NAP enlisted New York City-based Beyer Blinder Belle in collaboration with Atlanta-based Lord Aeck Sargent as the architectural design team.

“The renewal of Colony Square represents an extraordinary opportunity to create a charismatic and welcoming public place at the heart of a growing neighborhood, on the corner of ‘Main and Main’ Atlanta,” said Richard Metsky, partner at Beyer Blinder Belle. “The design concept supports the ongoing transformation of Midtown into a vibrant commercial, retail, residential and cultural district.”

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

Liana Moran

The Wilbert Group

404-254-1487 (O)

lmoran@thewilbertgroup.com

Cooper Carry-Designed Hyatt House-Hyatt Place Charleston Opens on King Street in Charleston, SC

Hyatt House-Hyatt Place,
Downtown Historic District
Upper King Street, Charleston, SC

ATLANTA, GA – One of the first dual-branded Hyatt House Hyatt Place hotels in the country recently opened in Charleston, South Carolina’s downtown historic district on Upper King Street.

This mixed-use project, designed by design firm Cooper Carry, includes a 112-key Hyatt House hotel, a 191-key Hyatt Place hotel, rooftop bar, conference center, 20,000 square feet of street-level retail and a 400-space parking deck.

“The hotel’s design is a modern interpretation of historic Charleston, incorporating large bay windows, intricate brick and cornice detailing, charming, shaded courtyards and covered loggias that open up to pedestrians,” said Keith Simmel, Principal of Cooper Carry’s Hospitality Studio.

“Dual-branded hotels such as this one provide the convenience of shared amenities and services while creating opportunities for the individual brands to reach a wider demographic.”

The hotel was developed by Regent / BN Charleston Holdings, LLC; an entity including Regent Partners, LLC of Atlanta, GEM Realty of Chicago and Clement Crawford & Thornhill, Inc. of Charleston.

For more information about Cooper Carry, visit www.coopercarry.com.

  

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

Liana Moran

The Wilbert Group

404-254-1487 (O)

lmoran@thewilbertgroup.com

Atlantic Station in Atlanta, GA takes home two MAXI Awards from ICSC RECon

  

 

Daniel Easton

 ATLANTA, GA – The International Council of Shopping Centers (ICSC) presented Atlantic Station, the vibrant, 138-acre mixed-use community in Midtown Atlanta, with two U.S. MAXI Awards on May 22 during RECon, the global retail real estate convention in Las Vegas.

The U.S. MAXI Awards honor the highest caliber of premier marketing, community outreach, sales promotion, NOI enhancement and new media efforts within the U.S. retail real estate industry. 

Atlantic Station won silver in both the integrated digital campaign and cause related marketing categories. Real estate investment, development and management firm Hines manages and operates Atlantic Station.

“Hines is committed to an award-winning marketing program at Atlantic Station,” said Daniel Easton, marketing director for Atlantic Station. “We’re thrilled to be recognized for our efforts. This year, we will continue to expand our current programs, as well as create new ones that will further elevate the Atlantic Station experience.”

A complete list of 2016 award winners can be found on the ICSC MAXI Awards website.

  

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

Liana Moran

The Wilbert Group

404-254-1487 (O)

lmoran@thewilbertgroup.com

Lincoln Receives Leasing Assignment for 56 Perimeter Center East in Atlanta’s Central Perimeter Submarket

  

56 Perimeter Center East, Atlanta, GA

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has won the exclusive leasing assignment for 56 Perimeter Center East, a six-story 94,839-square-foot office building in the Atlanta’s Central Perimeter submarket that was recently acquired by OA Development. Michael Howell, senior vice president at Lincoln, will oversee the leasing of the building.

“We are honored to have been awarded this assignment from OA Development,” Howell said. “The Central Perimeter submarket has been Atlanta’s most dynamic submarket in recent years as evidenced by the high-profile expansion and relocation announcements to include Mercedes Benz, State Farm, Cox Enterprises and AirWatch to name a few.”

Central Perimeter experienced nearly 300,000 square feet of positive absorption in 2015, driving the vacancy rate down to 13.5 percent, the second lowest historical vacancy rate since 2000 when vacancy was 10.7 percent.

56 Perimeter Center East features an abundance of nearby walkable amenities including Perimeter Mall and Park Place Shopping Center. Located within the master-planned Perimeter Center East office park, the property is just minutes away from Georgia 400 and Interstate 285.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Lincoln Property Company to Lease Crestwood Pointe I & II in Duluth, GA

  

Michael Howell

ATLANTA, GA – Lincoln Property Company (Lincoln) has been retained to handle the leasing of Crestwood Pointe I & II, two office buildings located in Duluth, Georgia, within the Gwinnett County Opportunity Zone. The new ownership group, OA Development, has selected Matt Davis and Michael Howell of Lincoln to oversee the leasing efforts.

Lincoln has already secured its first lease at the property. Trans Dynamics Inc., a freight company, signed a 3,100-square-foot lease. Davis and Howell represented the landlord in the transaction and Don Travis of Travis & Associates represented the tenant.

“The Buildings’ quality,  location within the Gwinnett Place Opportunity Zone and easy acess to the highway makes Crestwood Pointe perfect for tenants looking to expand and open new offices in Gwinnett County,” Davis said.

Located off Pleasant Hill Road near interstate 85 with immediate proximity to hotels, banks and dining, the property offers suites ranging from 1,835 square feet to 6,445 square feet, and features a two-story atrium with a second story balcony; surface parking with five spaces per 1,000 square feet; and efficient, 22,000-square-foot floorplates.

The Gwinnett Place Opportunity Zone allows tenants to receive a tax credit up to $3,500 per new job created for five years. Duluth is home to more than 120 international headquarters, and has the strongest private-sector job performance across Metro Atlanta during the past 10 years.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Marcus & Millichap Handles Sale of 99-Unit Haciendas de Ybor Seniors’ Apartments in Tampa, FL

Casey Babb

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 Haciendas de Ybor, a 99-unit Project-Based Senior Section 8 apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, both 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 secured and represented by the two brokers.

“Haciendas de Ybor was a highly sought offering considering its desirable urban location near downtown Tampa coupled with the fact that it had a 20-year senior HAP contract in place with 19 years remaining,” says Babb.

“Within a short period of time, our marketing campaign generated nine written offers resulting in a sale at 100 percent of the list price. The buyer in turn was able to acquire a fully stabilized asset with a safe and reliable income stream in place for years to come,” Baez concluded.

Luis Baez

Haciendas de Ybor is located at 1510 East Palm Avenue in the Ybor City submarket of Tampa, near the Tampa Central Business District. The property was originally developed in 1970 under the HUD 236 program and has provided affordable housing for seniors age 62 and over since inception.

There are two, two-story, elevator-served apartment buildings are on an approximately 3.15 acre site which features a mature oak tree canopy across the property. The buildings house 99 apartment homes, a central leasing office and club/activity room.

Apartments are a mix of 68 studios and 31 one-bedroom/one-bathroom units which are 408 and 651 rentable square feet, respectively. Residents of Haciendas de Ybor enjoy amenities such as an on-site leasing office with 24-hours desk clerk, a community club room, four laundry facilities and a mobile public library.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

10-Unit Bungalow City Apartments in Tampa, FL Sold for $1 Million in Deal Handled by Marcus & Millichap

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 Bungalow City Apartments, a 10-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.

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 limited liability company.  The buyer, a limited liability company, was secured and represented by the three brokers.

“We have been advising the owner of Bungalow City on a strategic business plan for several years, which has allowed her to increase the value of her property by well over 30 percent in 2016 alone,” says Rupp.

Bungalow City Apartments is a two-property apartment community located at 304 South New Jersey Avenue in the South Tampa submarket of Tampa, Florida. Built in 1948 and 1951, both buildings feature the charm and character typical for buildings from this historically rich construction era.

Luis Baez

The two-story, garden style apartment building consists of four, one-bedroom/one-bathroom apartments and four studio apartments. These units average approximately 400 square feet.

The duplex consists of two, two-bedroom/one-bathroom units, which average approximately 1,029 square feet. Bungalow City Apartments sit on a spacious one-third acre site with plenty of green space and off-site parking.

 “The new purchaser will be performing strategic upgrades to both the common areas and buildings which will allow them to further increase rents and add even more value to their purchase in this Class A submarket,” Rupp concluded.

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 Sale of 530-Unit Storage West Facility in Port St. Lucie, FL

Michael A. Mele

PORT ST LUCIE, 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 Storage West, a 530-unit, 53,111 net rentable square foot self-storage facility located in Port St Lucie, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele, senior vice president investments, and Luke Elliott, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Mele and Elliott also procured the buyer, a public, non-traded REIT, Strategic Storage Trust II, Inc. (SST II).

“This client success marks the 18th transaction for the Mele Group since the beginning of the year,” says Elliott, director of the firm’s National Self Storage Group. “It also shows the continued increase in larger buyers purchasing well-located secondary and tertiary market facilities.”

Storage West is located at 525 SW South Macedo Boulevard in Port St. Lucie, Florida and features excellent accessibility and demographics. The property is only 0.4 miles east of the Florida Turnpike and has clear visibility from Port St. Lucie West Boulevard, benefitting from over 60,000 vehicles per day combined from both roads. The property is in St. Lucie County, located along Florida’s Atlantic coastline. The city has almost doubled in population since 2000.

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 $1.68 Million Sale of 34-Unit Tampa Villas in Tampa, FL

Michael Donaldson

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 Tampa Villas, a 34-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,685,000.

Ned Roberts, associate, Michael Donaldson, vice president investments, and Nicholas Meoli, vice president investments, all 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 private investor, was secured and also represented by the three brokers. 

Tampa Villas is a 34-unit, garden-style community located at 5901 Bryce Lane in Tampa, Florida. 

The property is positioned on Bryce Lane, just off Sheldon Road, a half-mile north of the Hillsborough Avenue, Memorial Highway and Sheldon Road intersection, which has a combined traffic count of 128,000 vehicles per day. Tampa Villas is comprised of five, one-story residential buildings situated on an approximately 1.78 acre site.

Nicholas Meoli

The property offers three open floor plans consisting of nine studio units with 286 rentable square feet, 24 one-bedroom/one-bathroom units with 576 rentable square feet and one, two-bedroom/one-bathroom unit with 864 rentable square feet. Many units have been remodeled with re-faced cabinetry and new appliances.

“We leveraged the strength of our team’s multi-faceted marketing approach to source a buyer who is new to the Tampa Bay market, and paid cash for the deal,” said Roberts.

“We generated 100 registered buyers and sold the asset for more than 96 percent of asking price, further solidifying the current market’s continued demand for Tampa Bay apartment communities,” added Donaldson.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

NAI Realvest Negotiates 5 Leases, Condo Sale Totaling 41,790 Square Feet at Monroe CommerCenters in Sanford, FL

Patty Nolff

SANFORD, FL--- NAI Realvest recently negotiated five leases totaling 41,790 square feet and closed on an industrial condo sale at Monroe CommerCenters.

Michael Heidrich, principal at NAI Realvest who heads the leasing and management at the Sanford industrial facilities, brokered the transactions on behalf of the landlords and seller. 

At Monroe CommerCenter North, 4200 Church St., Derive Power, LLC (formerly SCT Performance) renewed their lease of 16,916 square feet and expanded into an adjacent suite at 4150 Church St. with 10,926 square feet for a total of 27,842 RSF. 

Heidrich and Associate Patty Nolff negotiated a lease renewal with Franklin Electric Sales, Inc. of Fort Wayne, Ind., for the 7,252 square feet they occupy at Monroe CommerCenter North, with Casey Bourque of Avocat Group representing the tenant.

Michael Heidrich

At Monroe CommerCenter South, Heidrich brokered a new lease with Kiewit Infrastructure South Co. of Omaha, Nebraska for 2,000 square feet at 707 Progress Way and a lease renewal with Luis Martinez and Vanessa Gonzalez for 2,000 square feet at the industrial center.

Heidrich and Nolff negotiated the sale of  an industrial condo comprising units 1324 and 1332 at Monroe CommerCenter IV representing the developer Small Bay Partners, LLC.   

The buyer, Lake Mary-based Keenan Business Group, Ltd, purchased the property with 2,700 useable square feet for $189,000.

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

NAI Realvest Completes $2.01 Million Sale of 10,500 Square Foot Retail Center in Okeechobee, FL

  

Mez Birdie

Okeechobee, FL -- NAI Realvest recently negotiated the $2,015,000 sale price for Okeechobee Corners at 2105 S. Parrot Ave. next to Walmart Supercenter in Okeechobee, Fla.

Mez Birdie, CCIM, director of retail and investment services, was listing agent of the center and brokered the transaction on behalf of the local Seller Hibbs Okeechobee Properties, LLC.   

Okee Holdings, LLC of Hamilton, N.J. purchased the 10,500 square foot center built in 2001.   Major tenants include Hibbett Sports, Verizon Wireless, GameStop and Little Caesar’s.   The property was 100 percent occupied at the time of the sale.

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

Emerson International Negotiates New and Expansion Lease Agreements at Major Plaza and Louisiana Office Park in Central Florida

  

Zac Starkey

Orlando, FL and Winter Park, FL -- Emerson International in Altamonte Springs recently negotiated two lease agreements totaling 5,500 rentable square feet of office space at Major Plaza I in Southwest Orlando and at Louisiana Office Park in Winter Park.

The engineering firm of Smith, Seckman, Reid leased 3,400 square feet at Major Plaza I, 5728 Major Blvd.  Nicholas Fouraker of Bishop Beale represented the tenant and Kenneth Koch, director of leasing represented the landlord Emerson International who owns and manages Major Plaza.

Zac Starkey, leasing associate with Emerson, negotiated a lease expansion agreement in   Louisiana Office Park at 1177 Louisiana Ave. with a current tenant, Belmont Management Group, who now occupies 2,100 square feet at the Winter Park office development.   

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

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