The Astor Companies Names Eduardo Pruna Director of Sales at Merrick Manor in Coral Gables, FL

Eduardo Pruna

 CORAL GABLES, FL  – Pioneering Miami developer The Astor Companies has added development sales specialist Eduardo Pruna as Director of Sales at Merrick Manor. Astor is nearing completion of the Coral Gables luxury residential project.

Pruna brings more than 15 years of experience selling and marketing high-end condominium developments throughout South Florida. The ONE Sotheby’s International Realty professional spent the past two years as Director of Sales at Brickell City Centre, the transformative Swire Properties project in Miami’s financial district.

 In that role, Pruna led sales teams and oversaw local, national and international strategic business development initiatives in key markets including the Northeast, New York and South America.

“We are thrilled to have Eduardo join our team at Merrick Manor,” said Henry Torres, President, CEO, and Founder of Astor. “The markets we are seeing the strongest demand from mirror the types of buyers Eduardo has successfully worked with. He brings significant experience and industry knowledge to our project.”

Henry Torres

The 10-story, 227-residence Merrick Manor is under construction in the Merrick Park neighborhood of Coral Gables – a suburb of Miami - and slated for completion during the fourth quarter of this year, well ahead of schedule.

 More than 60 percent of the project is under contract, with prices for remaining units starting from $449,990 and ranging up to $2.5 million. Remaining units range from 574 square feet to more than 3,400 square feet.

Prior to joining ONE Sotheby’s International Realty, Eduardo directed the marketing and sales efforts for Crescendo Real Estate, as Director of Sales for Bijou Condo in Bay Harbor Islands. Pruna also served as Director of Sales for Gulfstream Park Towers in Hallandale, FL and The Edge on Brickell, both represented and marketed through Cervera Real Estate.

Pruna’s real estate career began with J-Milton & Associates, where he spent nine years developing strategic relationships and clientele throughout the Middle East, Europe and South America.

“It is an honor to have the opportunity to work with a renowned developer like Henry Torres and The Astor Companies,” said Pruna. “Merrick Manor is a rare project that offers a combination of luxury, lifestyle and value. There is simply nothing like it in Coral Gables or the surrounding markets.”

The Mediterranean, villa-style Merrick Manor was designed by prominent architecture firm, Behar Font & Partners, P.A., with Witkin Hults Design Group providing the landscape design. Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor.

Roza H. Radkiewicz

Merrick Manor also offers 19,000 square feet of prime, Class A ground-floor retail and restaurant space marketed by the Astor Real Estate Group, led by Principal Broker Roza H. Radkiewicz.

The 5,000-square-foot Merrick Manor Sales Gallery showcases a full model one-bedroom unit with a gourmet kitchen, bathroom, living room and master bedroom designed by Interiors by Steven G.

To learn more about the residences, visit www.merrick-manor.com or contact ONE Sotheby’s at the Merrick Manor Sales Gallery at (305) 779-6870.

For commercial and retail opportunities available at Merrick Manor, contact Roza H. Radkiewicz at (305) 779-5672 or (786) 218-8322 or email roza@astorcompanies.com.

 For more information, visit the project Sales Gallery at 4200 Laguna Street, call (305) 779-6870 or email info@merrick-manor.com.

Facebook: https://www.facebook.com/MerrickManor/

For more information, please contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

www.astorcompanies.com.

Griffin-American Healthcare REIT IV Acquires Medical Office Building Near Phoenix, AZ

Stefan Oh

SURPRISE, AZ – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced the REIT has acquired Surprise Medical Office Building, located in the Phoenix suburb of Surprise, Arizona, for $11.7 million.

Built in 2012, the approximately 34,000-square-foot Surprise Medical Office Building is currently 89.5 percent leased to three tenants.

Approximately 72 percent of the building is leased to two Banner Health-affiliated tenants, Banner Medical Group and the Center for Orthopedic Research and Education, Inc., whose leases have expiration dates in 2022 and 2028, respectively. All tenant leases include annual rent escalators of between 2.5 percent and three percent.

“Surprise Medical Office Building is strategically located near two major hospitals in a rapidly growing suburb of Phoenix where the average population growth exceeds the national average,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.

“The local population also includes a significant segment of senior citizens within a 15-mile radius of the property. We believe all of these factors make Surprise Medical Office Building an exceptional acquisition to the growing portfolio of Griffin-American Healthcare REIT IV.”

For more information, please contact:

Damon Elder
Spotlight Marketing Communications
(949) 427-5172 ext. 702
damon@spotlightmarcom.com

www.griffincapital.com.

www.healthcarereitiv.com.

www.AmericanHealthcareInvestors.com.

Plaza Advisors Brokers Sale of Trophy Southtown Center in Tampa, FL

Southtown Center, Tampa, FL

TAMPA, FL -- Jim Michalak, the lead on the Plaza Advisors disposition team, stated that “this asset was highly sought after by both private and institutional investors resulting in: numerous offers, premium pricing and an expeditious due diligence and closing timeline”.

Jim Michalak

Furthermore, Jim stated, “In today’s E-Commerce sensitive capital markets environment the property commanded a lot of investor attention primarily due to three factors. 

One, its tenant base was relatively internet resistant and was composed of personal care, restaurant and service related tenants”.

 Second, the Publix store, located across the street, is one of the highest sales volume stores in Central Florida.

 Lastly, besides its location, in the epicenter of South Tampa, and affluent demographics the income stream was not reliant on big box users”.

This is the third sale located on Dale Mabry,  for Plaza Advisors, over the past few years. Michalak’s team sold the Winn Dixie Center, just north of I-275 and Marketplace North II in Carrollwood. The aggregate total of these transactions exceeded $43 million.

Michalak declined to identify the sale price of Southtown Center but according to Hillsborough County records it sold for $19.75 million which equates to $452 per square foot.

 For more information, please contact:

Jim Michalak

Managing Partner

Plaza Advisors

jim.michalak@plazadvisors.com

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 1

Fax 831.2627

 www.plazadvisors.com

Levin Johnston Creates Win-Win for Buyer and Seller With $15 Million Multifamily Asset Trade in Redwood City, CA

Sequoia Station Apartments, Redwood City, CA

Adam Levin

            Redwood City, CA – Levin Johnston, one of the top 10 multifamily brokerage teams in the U.S., has directed the $15 million sale of Velocity at Sequoia Station, a 30-unit multifamily community in Redwood City.

Levin Johnston represented both the seller, Old Adobe Management Company, and the buyer, a private owner and investor, in the transaction.

“This asset presented a tremendous opportunity for a valuable trade in one of the strongest rental markets in the U.S.,” says Adam Levin, Senior Managing Director of Levin Johnston. “We supported the seller, a long-time Client, in the acquisition of the property for $10 million in 2015. 

"Now, less than two years later, we were able to secure a strong price for the seller, while simultaneously helping the buyer to grow its portfolio and presence in the Bay Area.”

During its ownership, Old Adobe Management Company implemented an extensive renovation and repositioning campaign, which bolstered the value of the asset and positioned it as especially competitive in the already tight market.

Robert Johnston

“This is an unprecedented level of property renovations, resulting in a property that gives both the buyer and renters the closest option to new construction possible in this supply-constrained market,” says Levin. “New multifamily supply peaked in the Bay Area last year, and the resulting tightening market will see more dramatic growth in average effective rent as 2018 progresses.”

            Levin Johnston was able to help the buyer leverage this current momentum by acquiring Velocity at Sequoia Station as part of a 1031 exchange.

            “One of the most valuable services our firm provides is the ability to look at the big picture and support Clients in making the right moves at the right time,” says Robert Johnston, Senior Vice President of Levin Johnston.

          “In this case, we had a long-time Client with two small properties in the region who was seeking an opportunity to expand his portfolio. We facilitated a smooth 1031 exchange for the buyer, ultimately meeting the needs of both the buyer and seller in this transaction.”

            Velocity at Sequoia Station is located near downtown Redwood City offering residents a short walk to various shopping and dining options as well as multiple public transportation hubs. The property is in close proximity to many of the nation’s top tech employers including Google, Apple, Tesla and several more.

“This community is situated directly in the heart of Silicon Valley, which boasts exceptional renter fundamentals,” states Johnston. “The region is home to a highly educated and high income earning population, providing an opportunity for strong long-term NOI for multifamily owners.”

            The property is located at 1331 Jefferson Avenue in Redwood City, California.

  

For more information, please contact:

Jordan Kruk / Jenn Quader 

Brower Group

(949) 955-7940

JKruk@brower-group.com

Crossman & Co. Closes Parkland Town Center Sale in Parkland, FL

 

Brian Carolan

PARKLAND, FL -- Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, has negotiated the sale of Parkland Town Center in Parkland Fla. to a private investor in South America.

Crossman & Company’s Managing Director Brian Carolan represented the New York City based institutional seller in the $6.8 million transaction.

“We received significant interest in Parkland Town Center given its infill location and tremendous household incomes,” explains Carolan.  “Despite a rise in interest rates this year, pricing for destination retail remains strong.”

Crossman & Company has experience in retail and office leasing, property management and investment sales of shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties

Jose Chapman

Parkland Town Center sits on 5.5 acres at 6604-6710 Parkside Dr. in Parkland. The center’s 34,930 square feet is 96 percent occupied. Jose Chapman of A+ International Realty represented the buyer.

Parkland Town Center is in the heart of several upscale residential communities just north of Holmberg Road. The shopping destination is close to several 500+ unit residential neighborhoods currently under construction.

For more information, please contact:

Mike Bonts

Public Relations | Brand Development | Content Marketing
(904) 424-6641
www.mbprgroup.com

(407) 581-6242 or

 bcarolan@crossmanco.com or

 www.crossmanco.com.