Berger Commercial Realty Closes $2.15 Million Sale of North Fort Lauderdale Warehouse

Keith Graves

FORT LAUDERDALE, FL  – Berger Commercial Realty/CORFAC International Senior Vice President Keith Graves recently represented Tires, LTD, LLC in the $2.15 million sale of 5470 N.W. 10th Terrace to Sand & Steel Properties, LLC. 

The property consists of a 31,517-square-foot, free-standing industrial warehouse situated on a 1.25-acre lot.

Sand & Steel Properties plans to utilize the property for its business operations.

Located just west of Powerline Road midway between Cypress Creek Road and Commercial Boulevard, the property is adjacent to Fort Lauderdale Executive Airport and Lockhart Stadium. It features six dock-high loading doors, up to 18 feet of clear ceiling height and convenient access to I-95, Florida’s Turnpike and the Sawgrass Expressway.

In the transaction, Sand & Steel Properties was represented by Tom Robertson of CRE Florida Partners. 

For more information, please contact:

 954-776-1999

Pierson Grant Public Relations

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

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

 www.corfac.com

www.bergercommercial.com.

Levin Johnston Directs Rare Multifamily Trade in Highly-Coveted Palo Alto, CA Market

            

Villa Sierra Apartments, Palo Alto, CA

            Palo Alto, CA – Levin Johnston, one of the top 10 multifamily brokerage teams in the U.S., has directed the sale of Villa Sierra Apartments, a multifamily community located in the ultra-exclusive Palo Alto market.

        The property is located at 801 Middlefield Road in Palo Alto, California and was sold for $8,450,000.

Adam Levin

Levin Johnston represented both the seller, an international owner, as well as the buyer, a private local investor, in the transaction.

            “It is extremely rare for a multifamily property in this high-performing market to become available,” says Adam Levin, Senior Managing Director of Levin Johnston.  “The Palo Alto submarket is exceptional in its long-term performance. Further, throughout the Silicon Valley, properties near corporate campuses or transportation routes remain attractive to investors, prompting cap rates in the low 4-percent range.”

            The seller, an entity that is based outside of the U.S. and on the East Coast, owned and operated the property for more than 30 years and sought out the Levin Johnston team to exclusively market and direct this transaction based on the team’s consistent track record and deep knowledge of the local marketing, according to Levin.

            “We were able to quickly identify a buyer that recognized the pride of ownership that accompanies owning in this exclusive submarket,” says Robert Johnston, Senior Vice President of Levin Johnston.  “To further increase the value of the asset, the buyer intends to implement major renovations to every unit.  Upgrades will occur as leases roll over and expire as to not disturb or displace current residents.”

Robert Johnston

The 12-unit apartment community is located in the downtown region of Palo Alto with shopping, dining and major transportation corridors nearby and Stanford University just under two miles away.

“The asset is situated in the heart of Silicon Valley, near several of the country’s top tech employers,” says Johnston. “The property is nearly 100% occupied and will remain a valuable investment for our Client due to the strong employment fundamentals and high multifamily occupancy rates in the area.” 

Levin Johnston is part of Marcus & Millichap’s Palo Alto office.

For more information, please contact:

Jordan Kruk / Jenn Quader 

Brower Group

(949) 955-7940

JKruk@brower-group.com

 

NAIOP South Florida Celebrates 2018 Awards of Excellence Winners

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NAIOP South Florida Board of Directors President Heidi Davis Knapik of Gunster (left) and Laurel Oswald of Tower Commercial Real Estate

NAIOP South Florida Celebrates 2018 Awards of Excellence Winners

FORT LAUDERDALE, FL – NAIOP South Florida, a Commercial Real Estate Development Organization, recently recognized the winners of its 2018 Awards of Excellence, highlighting the individuals and companies whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth.

 “The participation and support from our membership for this year’s Awards of Excellence is unparalleled,” said NAIOP South Florida Executive Director Jules R. Morgan.

Jules R. Morgan

 “From the leadership of our amazing board and committee members to the involvement of our dedicated volunteers, we could not have asked for a better Awards of Excellence. It was truly a celebration of the individuals who have made South Florida one of the economic frontrunners in our country.”

 The categories and winners of the 2018 Awards of Excellence are:

 Sale of the Year by Owner/User: Apotex's Acquisition of IDI's Miramar Building, CBRE and Cushman & Wakefield

Member of the Year recipient Susan Imbrigiotta of City National Bank (left) and NAIOP South Florida Executive Director Jules Morgan

Institutional Sale of the Year: Amaray Las Olas, Stiles

Private Sale of the Year: Opa-Locka/Hialeah Flea Market Portfolio, Avison Young

Industrial Lease Transaction of the Year: US AutoForce Lease at Bridge Point I-95, CBRE

Office Lease Transaction of the Year: Florida Blue at Doral Court, Cushman & Wakefield

From left: David Siegel of Stiles, Darcie Lunsford of Butters Realty, Jessica Abramson of Stiles and Madelayne Garcia of Stiles

Economic Impact Deal of the Year: Carrie Meek International Business Park, CBRE/Land Solutions Consulting

Industrial Broker Team of the Year: Cushman & Wakefield team of Richard Etner, Matthew McAllister, Christopher Metzger and Christopher Thomson

Brian DePotter of FirstPointe Advisors and Annette Aravena of CPM Services

Capital Markets Broker Team of the Year: Marcus & Millichap team of Elon Gerberg, Tyler Kuhlman, Doug Mandel, Ben Silver

Office Broker Team of the Year: Tower Commercial Real Estate team of Jon Blunk, Mike Erickson, Cristina Glaria, Laurel Oswald

Broker of the Year: Tony Hoover of CBRE

Rookie of the Year: Elon D. Gerberg of Marcus & Millichap

Project of the Year: Bridge Point Crossroads, Bridge Development Partners

Developer of the Year: Butters Construction & Development

Member of the Year: Susan Imbrigiotta of City National Bank

Terry Stiles

Additionally, NAIOP South Florida honored the legacy of commercial real estate giant Terry Stiles. Through more than four decades of leadership, Stiles led the transformation of downtown Fort Lauderdale and helped position Broward County as one of the most desirable locations for business, culture and living.

He was a member of NAIOP South Florida for more than 35 years and served as the chapter’s president from 1982 to 1984 and as national chairman in 1998, leading the executive committee and spearheading development initiatives that benefitted chapters across the country. For his efforts, he was awarded the illustrious NAIOP Lifetime Achievement Award in 2000.

In recognition of Stiles’ pivotal work and a lifetime of achievements, NAIOP South Florida donated to Nova Southeastern University’s campaign to create the Terry Stiles School of Real Estate Development, a master’s degree program at NSU’s H. Wayne Huizenga College of Business and Entrepreneurship. 

Funds from this campaign also will allow worthy students to complete their studies by providing scholarships in Terry’s name.

NAIOP is a commercial real estate development organization. It provides strong advocacy, education and business networking opportunities and connects its members through a powerful North American network.

For more information, please contact:

 954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255

lrobinson@piersongrant.com

Avanath Capital Management Acquires 300+ Affordable Housing Units in New Jersey and Maryland

Vistas at Lake Largo, Upper Marlboro, Maryland

John R. Williams

WHARTON, NJ – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has acquired three multifamily properties totaling 311 units for a combined consideration of $38.08 million.

The firm acquired Largo Center, a 100-unit family housing community for $14.3 million and Vistas at Lake Largo, a 110-unit senior housing community for $15.03 million, both in Upper Marlboro, Maryland.

Avanath Capital also acquired Centennial Court, a 101-unit senior living complex for $8.75 million in Wharton, New Jersey. This is the firm’s first acquisition in New Jersey.

These acquisitions were purchased through Avanath’s institutional fund, Avanath Affordable Housing III.

Daryl J. Carter

“While much of the multifamily market still caters to luxury housing, targeting annual incomes of $100,000 plus, the average American’s annual income is between $35,000 - $80,000. This presents a deficit of affordable housing options for the largest group of renters in the United States,” says John Williams, President and Chief Investment Officer of Avanath.

 “Our focus is to invest in markets with a need for affordable housing to fill this deficit, ultimately serving the needs of the largest cohort of renters in our nation.”

 Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities and delivering attractive returns..

For more information, please contact:

Lindsay Mackay/Lexi Astfalk

Brower Group

(949) 955-7940

lmackay@brower-group.com

www.avanath.com.

Lincoln Property Co. Southeast Names Austin Johnston New Director of Office Leasing

Austin Johnston

ORLANDO, FL – Lincoln Property Company Southeast, a full service commercial real estate firm based in Orlando, recently announced that Austin Johnston has joined the company as Director of Office Leasing.

Scott Stahley

Johnston has five years of industry experience in Central Florida.  At Lincoln Property Company, he will focus on office space leasing for both suburban and downtown submarkets, according to Executive Vice President Scott Stahley.

“The addition of Austin Johnston will strengthen our office leasing team for Central Florida,” Stahley said.

For more information, please contact:

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