Marcus & Millichap Brokers $15.6 Million Sale of 151-Unit Wickham Village Apartments in Melbourne, FL

Wickham Village Apartments, Melbourne, FL

MELBOURNE, FL, July 5, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Wickham Village, a 151-unit apartment property located in Melbourne, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $14,600,000.

Michael Donaldson

Michael Donaldson and Nicholas Meoli, senior investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  The buyer was also secured and represented by Michael Donaldson and Nicholas Meoli.

“Wickham Village was the final property to be sold as part of the Tripointe Value-Add Portfolio which consisted of 1,161 units in seven properties throughout North and Central Florida”, said Donaldson. “Within the portfolio, Wickham Village had some of the most upside potential to significantly raise rents through a renovation program and capitalize on the positive trends taking place on the Space Coast.”

“While 60 offers were generated on all the seven properties, a Tampa-based portfolio buyer ultimately purchased all seven properties and closed at the contract price of $103,000,000” adds Meoli. “We expect to see continued demand for portfolio purchases in order for larger investment groups to meet capital placement requirements and to grow a presence in Florida’s attractive economic climate.”

Wickham Village has an excellent location, with frontage on Wickham Road with 35,000 vehicles per day. The site has several convenient transportation options with proximity to major thoroughfares Interstate 95, State Road 528, and US-192, as well as the Orlando Melbourne International Airport, which is within a few minutes’ drive. 

Nicholas Meoli

The property is in a strong employment area within walking distance to the 113-bed Wuesthoff Medical Center and a working population of 138,000 within a five-mile radius. Also, Wickham Village has excellent nearby retail options including Wal-Mart Supercenter, Dollar Tree, Staples, Old Time Pottery Melbourne, Harbor Freight Tools, and ALDI.

Wickham Village also provides a rare value-add opportunity to increase gross revenue by over $600,000 within the first two years, this property is located at 500 North Wickham Road in Melbourne, FL. 

For more information, please contact:

 Ari Ravi

Regional Manager, Tampa

(813) 387-4700

OR

Crystal Marino
Brokerage Administrator/Front Desk
Marcus & Millichap 4030 W. Boy Scout Boulevard Suite 850 Tampa, FL 33607 (813) 387-4700 main (813) 380-7694 mobile (813) 387-4710 fax crystal.marino@marcusmillichap.com

Marcus & Millichap Arranges $950,000 Sale of 8,320-SF Family Dollar Property in Topmost, KY

Family Dollar, Topmost, KY

Daniel Hurd

TOPMOST, KY, July 5, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a brand-new construction Family Dollar, a 8,320-square-foot net-leased property located in Topmost, Kentucky, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $950,000.

  The buyer, a private investor, was secured and represented by Daniel Hurd, a senior investment advisor in Marcus & Millichap’s Tampa office.  Colby Haugness, Broker, assisted in closing this transaction. Family Dollar is located at 6801 Highway 7 S in Topmost, KY. 

 “I was able to get my client into this deal at an excellent price point and annual rate of return," stated Hurd. "Additionally, we were able to navigate a short due diligence period and successfully plan for the closing to occur almost simultaneously with the store opening.

Colby Haugness

"The property is very well positioned, given the tenants business model and it benefits from no immediate nearby retail competition. This store will provide the surrounding communities with a low price and hassle-free shopping experience for years to come.

"We continue to see an increase in investor demand for discount dollar stores, especially new construction product."

For more information, please contact:

 Ari Ravi

Regional Manager, Tampa

(813) 387-4700

OR

Crystal Marino
Brokerage Administrator/Front Desk
Marcus & Millichap 4030 W. Boy Scout Boulevard Suite 850 Tampa, FL 33607 (813) 387-4700 main (813) 380-7694 mobile (813) 387-4710 fax crystal.marino@marcusmillichap.com

Hanley Investment Group Arranges Sale of New Single-Tenant Del Taco in Perris, CA for $1,364 PSF

51 East Ramona Expressway, Perris, CA

Eric Vu

PERRIS, CA -- Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a new construction single-tenant retail property occupied by Del Taco at 51 E. Ramona Expressway in Perris, California.

The property’s corporate guaranteed, absolute, triple-net lease has more than 18 years remaining on its 20-year initial term. The sale price was $2.81 million, representing $1,364 per square foot and a 4.07 percent cap rate, a record low cap rate for a single-tenant Del Taco in Riverside County.

 
Hanley Investment Group Senior Associate Eric Vu and Executive Vice President Bill Asher, along with President Ed Hanley, represented the seller, a developer based in Orange County, California. Paul Bahk at Realtex Properties Inc. of Los Angeles represented the buyer, a private investor based in Los Angeles.

Bill Asher

The freestanding 2,060-square-foot Del Taco, which was built in 2016, has a drive-thru and is located on a 0.36-acre pad to the newly renovated Expressway Center shopping center at the signalized intersection of Ramona Expressway and Perris Boulevard which has a combined estimated traffic count approaching 70,000 cars per day.

The property is easily accessible via Interstate 215. Average daily traffic counts at the Ramona Expressway exit on Interstate 215 are 145,000 cars per day. 

“This was a highly sought-after single-tenant investment due to the initial long-term corporate lease combined with the high-traffic signalized intersection location,” said Vu.

 “Del Taco is highly visible from the corner of Ramona Expressway and Perris Boulevard, two well-traveled thoroughfares that connect Perris to Moreno Valley and includes immediate accessibility to a strong daytime workforce generated from approximately 18.2 million square feet of nearby distribution centers.”

“Through Hanley Investment Group’s strategic marketing efforts, we generated five qualified offers in the first three weeks of marketing the property, secured a Southern California-based 1031 exchange buyer at 98 percent of list price, and negotiated a significant non-refundable deposit from the buyer upon opening escrow,” said Asher.

Ed Hanley

 “Investor response to this offering clearly demonstrated the continued demand for well-located single-tenant fast-food investments like Del Taco.” Del Taco Restaurants, Inc. is the 2nd largest Mexican-American QSR chain by units in the United 22. 

The Del Taco sale in Perris comes on the heels of other recently completed fast-food or quick-serve restaurant transactions by Hanley Investment Group including Raising Cane’s in La Habra, which achieved the lowest cap rate ever nationwide.

Hanley Investment Group also has many other quick-serve restaurants for sale including Carl’s Jr. in Hemet and Dunkin’ Donuts in Victorville, California; Popeyes Louisiana Kitchen in Post Falls, Idaho; Bush’s Chicken in Georgetown, Texas; Whataburger in Oklahoma City, Oklahoma; Arby’s in Black River Falls, Wisconsin; Church’s Chicken in Belleville, Illinois; and multiple Starbucks located throughout California.

For more information, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com 
830.997.0963

www.hanleyinvestment.com.

Hanley Investment Group Represents Albanese Cormier Holdings in Purchase of 105,000 SF Regional Shopping Center in Fort Worth, TX

Renaissance Square Shopping Center, Fort Worth, TX

Eric Wohl

FORT WORTH, TX - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Eric Wohl and Associate Andrew Cunningham, CCIM, represented the buyer, Albanese Cormier Holdings, a national commercial real estate investment company based in Beaumont, Texas, in the purchase of Renaissance Square, a Class A regional shopping center in Fort Worth, Texas. 

Built in 2014 on 20.67 acres, the 105,605-square-foot shopping center is located at 2700 Renaissance Drive in Fort Worth and is shadow anchored by a recently developed Walmart Supercenter.

The property, which was 98.5-percent occupied at the time of the purchase, is anchored by Ross Dress for Less, Marshalls, Shoe Carnival, It’s Fashion, Dollar Tree and Hibbett Sports.

Andrew Cunningham

The purchase also included an outparcel featuring Wingstop, Pizza Hut, Metro PCS and Legacy Texas Bank. Jeffrey Jackson, a senior associate with CBRE in Houston, represented the seller, Moriah Real Estate Company of Midland, Texas. 

“Renaissance Square shopping center was an ideal fit for Albanese Cormier Holdings’ portfolio of quality assets,” said Wohl. “It is a premier shopping center within the community and offers an excellent array of value-oriented tenants with strong upside potential through the development of excess land.”

Wohl adds, “Fort Worth is a highly sought-after submarket with growth projections outpacing many other US markets. There are several new commercial developments in the immediate area and a strong pipeline of residential growth.

Jeffrey Jackson

"The property’s diverse mix of national credit tenants, close proximity to highly trafficked US Hwy-287 and its ‘main and main’ location in southeast Fort Worth make it an optimal long-term investment in today’s marketplace.” 

Albanese Cormier Holdings is a national commercial real estate investment company based in Beaumont, Texas currently holding roughly 5 million square feet of 78 strategically placed assets throughout 22 states. For more information about our company or on any other property within the ACH portfolio, please visit www.ach-us.com or contact the main office at (409) 892-0200.
For more information, please contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com 
830.997.0963
www.hanleyinvestment.com.

Native Realty Closes Nearly $7 Million Sale of Seagrape Commons in Lauderdale-by-the-Sea, FL

Rendering of Seagrape Commons, 218 and 222 East Commercial Boulevard, Lauderdale-by-the-Sea, FL

LAUDERDALE-BY-THE-SEA, FL –– Native Realty, the pioneering Fort Lauderdale commercial real estate firm led by Jaime Sturgis, has closed the $6.75 million sale of Seagrape Commons, a fixture in Lauderdale-by-the-Sea for more than 50 years. Sturgis and the firm’s Amanda Roy arranged the off-market transaction.

Jaime Sturgis

Located at 218 and 222 E. Commercial Blvd., Seagrape Commons is a unique mixed-use plaza that is home to numerous restaurants, including the brand-new Billy Jack’s Shack – Florida’s first location for the American franchise, Basilic Vietnamese Grill, Dr. Juice and Pump Sushi.

The 37,027-square-foot plaza also includes ground-floor retail, office space on the second floor and two residential units.

The seller, Seagrape Commons, LLC, completed substantial upgrades to the building in 2015. It maintained the plaza’s mid-century modern style that is prevalent in Lauderdale-by-the-Sea.

Amanda Roy

ACS 218, LLC is the buyer. The sale closed on Friday, June 29.

“Lauderdale-by-the-Sea is popular year round between locals and tourists, so the town is coveted by commercial real estate investors as it is less affected by season,” Sturgis said.

 “But opportunities to acquire signature assets like Seagrape Commons are extremely rare, with only a handful of trades occurring in the market. We are thrilled to have the opportunity to facilitate the sale of this iconic property.”

The Seagrape Commons transaction continues a busy stretch of activity for Native Realty.

In May 2018, the firm’s Sara Dorfman completed the record-breaking sale of an Airbnb rental property in the city’s popular Victoria Park neighborhood. The 808-812 NE 16th Terrace changed hands for $1.65 million, the highest sale price in Victoria Park since at least 2006 and the most expensive in the history of the neighborhood on a price per unit basis.

Sara Dorfman

Also in May, Sturgis represented homegrown co-working space operator General Provision in a long-term lease for a brand-new location in downtown Fort Lauderdale. General Provision is set to soon open the three-story location inside a historic building at 300 SW First Ave., Suite 155 – adjacent to the mixed-use X Las Olas project.

Native Realty is headquartered in Flagler Village’s the Hive – a popular complex with retail, restaurants, offices, a vintage arcade bar and yoga studio.

Integra Realty Resources, U.S.A. Parking and many more. Native Realty is headquartered in the heart of Fort Lauderdale’s Flagler Village at 908 N. Flagler Drive. For more information, visit . 

For more information, please contact:

Hannah Colson

Account Executive, BoardroomPR

hcolson@boardroompr.com

O 954-370-8999 

C 954-258-2118

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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 www.nativere.com