$900,000 Sale of Tampa, FL Apartments Brokered by Marcus & Millichap

 This 24-unit, garden-style apartment community
is located at 4005 East Humphrey Street, Tampa, FL

Michael Donaldson

TAMPA, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 24-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $900,000.

Nicholas Meoli

Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Land O’ Lakes. 

The local buyer, a limited liability company, was secured by Luis Baez, an investment specialist also in the firm’s Tampa office.

The 24-unit, garden-style apartment community is located at 4005 East Humphrey Street in Tampa, Fla.  

Luis Baez

Built in 1972, the complex is situated on approximately a 0.60 acre lot which consists of two, two-story buildings.  Amenities of the property include private patios/porches, and central air-conditioning in each unit.

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

Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

www.MarcusMillichap.com

Marcus & Millichap Arranges Sale of 12,090-SF Seniors Housing Property in Sebring, FL

                 Former Sebring Assisted Living Facility, 2301 US 27 South, Sebring, FL

Krone Weidler

SEBRING, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of  a former Sebring Assisted Living Facility, a 12,090-square foot seniors housing property located in Sebring, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $415,000.

Krone Weidler, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  Ms. Weidler also procured the buyer of the property, a limited liability company from Winter Haven, Fla.

This former Sebring Assisted Living Facility is located at 2301 US 27 South in Sebring, Florida. 

This bank-owned asset is a former 32-unit/45-bed assisted living community that was built in 1960 and 1981. 

The property consists of two buildings totaling 12,090 square feet; a one-story assisted living facility and a two-story office building. The property ran as an assisted living community with a limited mental health (LMH) license.

“The seller, a financial institution outside of Florida, is a well-established client of our firm. When asked to do a proposal on this asset, it was important to ensure the asset could re-open as an assisted living community,” says Ms. Weidler. 

“After getting a comfort level that the asset could re-open as assisted living, finding the right buyer became much easier.  There were multiple offers on the asset, which shows the continued strength of seniors housing in Florida.”

“The buyer plans an extensive renovation to provide a fully secured memory care community, a demand that continues to grow around the country and particularly in Florida with our aging population,” concludes Ms. Weidler.

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

Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

www.MarcusMillichap.com

Kiser Group Retained to Sell Four Apartment Buildings and One Mixed-Use Property in Chicago Area

  

127 Ridge Apartments, Evanston, IL

Lee Kiser

CHICAGO, IL  (Jan. 2, 2014) – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has been retained for four new listings in the Chicago area – a five-unit mixed-use building at Sheffield and Wellington avenues in Chicago’s Lakeview neighborhood; a 16-unit walk-up near Northwestern University in Evanston; a 19-unit apartment building just steps from Lake Michigan in Chicago’s South Shore neighborhood; and a two-building portfolio in Hyde Park offering 77 units.

3000-3002 N. Sheffield - Lakeview, IL

Listed for $1.9 million and located at 3000-3002 N. Sheffield, this five-unit mixed-use property in Chicago's Lakeview neighborhood is located within one block of the Brown Line Wellington ‘L’ Stop on a vibrant corner with bars and restaurants. The apartments have been renovated, yet still feature vintage architectural details from the original 1898 construction.

Brian Semel

“This Lakeview opportunity presents an investor the opportunity to acquire a renovated, stabilized property with established, long-term commercial tenants,” said Lee Kiser, principal of Kiser Group, who is marketing the listing.

 “It’s highly desirable location just steps from the Brown Line ‘L’ Stop appeals to renters that work downtown, and the retail and restaurant tenants benefit from all the commuters walking by every day.”

                                                    

127 Ridge - Evanston, IL

 Listed for $1.8 million, 127 Ridge is a 16-unit walk-up apartment building in Evanston.

The corner property consists of one three-bedroom, 10 two-bedroom, two one-bedroom, and three duplex apartments. Building upgrades include new copper plumbing and recent roof work. The property is blocks from both Evanston and Chicago public transportation. The units are fully leased, and most of the tenants are long-term residents of the building.

Noah Birk

 “127 Ridge presents tremendous upside potential for an investor because as-is rents could be considerably higher than current levels,” said Brian Semel, senior managing director of Kiser Group, who is marketing the property.

 “The apartments offer more square footage than is typical in the area, and it’s located near downtown Evanston and Northwestern University, an area with extremely high rental demand.”

7234 S. Coles – South Shore, IL

Listed for $950,000, 7234 S. Coles is a 19-unit apartment building situated just blocks from Lake Michigan and South Shore Golf Course.

The unit mix consists of six two-bedroom and 13 one-bedroom apartments, each with one bath. Units feature hardwood floors throughout and newer kitchens and bathrooms. 

Some of the many updates to the building include: new roof, new porches, newer windows, newer boiler, and updated units.

Bill Baumann

“7234 S. Coles provides stable income,” said Noah Birk, managing director of Kiser Group, who is listing the property. “The location offers both the recreational benefits of Chicago’s lakefront and quick access to downtown via the CTA’s Lakeshore Drive express buses.”

5135 S. Blackstone and 5111 S. University – Hyde Park, IL

Listed for $4.5 million, this portfolio in Hyde Park offers two corridor-style buildings, comprised of 77 units. 5135 S. Blackstone consists of 33 studio apartments and 3 one-bedroom units, while 5111 S. University offers 41 studio apartments.

Located a few blocks from the University of Chicago’s main campus, Lake Michigan, public transportation and numerous shops and restaurants, the properties are in a sought-after portion of Hyde Park. The properties offer on-site laundry and management.

  

5111 South University, Hyde Park, IL

“This is a very desirable neighborhood that attracts a large tenant pool, from professionals to students,” said Kiser, who, along with Bill Baumann, senior managing director, is listing the property. 

“There are few opportunities available that allow for such a sizeable portfolio in Hyde Park, making this a very appealing option for investors.”

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

Mark Thomton

 (312) 267-4523

 mthomton@taylorjohnson.com.

 www.kisergroup.com.

Stirling Sotheby’s International Realty Negotiates Sale of 398 Home Sites at Hunter’s Ridge in Ormond Beach, FL for $8.7 Million

Hunter's Ridge community, Ormond Beach, FL

John Kurtz

ORMOND BEACH, FL --- Stirling Sotheby’s International Realty recently negotiated the sale of 398 home sites at Hunter’s Ridge in Ormond Beach for a total of $8.7 million.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associate John Kurtz negotiated the two part sale representing both the sellers.

Sixty-eight estate home sites of Ashford Lakes Estates at Hunter’s Ridge sold for $2.2 million to The Resource Group LLC, an investment and development group out of Jacksonville. The seller was Ashford Lakes Estates, LLC

BADC Huntington Communities, LLC purchased 330 partially developed single-family and townhome sites for $6.5 million. 

The sale included Huntington Townhomes, Huntington Lakes and Huntington Woods. The seller was TP Investments, LLC.

Roger Soderstrom

Hunter’s Ridge is a 5,000-acre DRI located on S.R. 40 just west of I-95. Hunter’s Ridge still has 1,100 undeveloped acres approved for 1,900 more home sites as well as commercial space, a new school and other amenities.

 Kurtz is also representing the seller of this remaining acreage, which is on the market for $15,000,000.00.

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.  

www.StirlingSIR.com.

Trepp December Loss Analysis: Volume, Severity Stay Steady

NEW YORK, NY -- December liquidation volume and loss severity stayed fairly close to November’s levels, which were a rebound from two months of below average activity, reports New York-based Trepp.

Liquidation volume registered $1.28 billion in December, up slightly from $1.21 billion in November and in line with the 12-month moving average of $1.18 billion. Of the loans liquidated, 90% fell into the greater than 2% loss severity category.

December loss severity came in at 50.36%, up from November’s 48.10% and considerably higher than October's 38.58%. The 12-month moving average for loss severity is 45.57%.

The number of loans liquidated in December was 93, which resulted in $647.17 million in losses, making the average disposed balance of $13.82 million--well above the 12-month average of $11.64 million.

Since January 2010, servicers have been liquidating at an average rate of $1.18 billion per month.

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

Eric@greatink.com

Key Components of a Successful Social Media Strategy

Les Adkins, CEO, Orange SMS

Observations by Michael Bull, CCIM, Founder, Bull Realty Inc., Atlanta, GA

In today’s online world, having an effective social media presence is more important than ever. To achieve a proper return on investment, successful business users utilize a well-planned social media strategy

Michael Bull

I had the opportunity to speak on some panels with social media strategist Les Adkins, CEO of Orange SMS. With everyone so impressed with his advice, we invited him to Studio One to share some best practices with the “Commercial Real Estate Show” audience. We discussed several key components of a good social business strategy, including how to pick the right platforms and how to attract the right audience for your specific business.

Creating a Strategic Plan

When building a social media strategy, the first two questions you should ask are “Who is your audience?” and “What do you want them to do?” Adkins said.

 Based on your answers, you’ll be able to choose which platforms are best for you to focus on and what kind of content you’ll want to create.

 Keep in mind that innovation and technology change rapidly, so you must have a fluid strategy that you are constantly reviewing, Adkins said.

For example, our audience for the “Commercial Real Estate Show” is nationwide and somewhat worldwide, so we post information interesting to a very wide commercial real estate-oriented audience.  

However if you’re an office tenant rep in New York, you should post information interesting to business owners in New York, and not always real estate oriented. Include HR, sales and other items interesting to business leaders in your area.

“It’s important to include a combination of some personal information along with business information on social media,” Adkins added. “People want to do business with people. Social media allows people to feel connected to your employees, even if they have never met. They are more likely to promote your organization if they can see that you are an entity of individuals.”

There are several tools that can help create efficiencies with your social media endeavors, like HootSuite, but you have to be careful how you use them, Adkins said. 

For example, some platforms allow you to pre-schedule posts, which is good within a small timeframe. 

If it’s too far out, your audience could change or there could be some kind of event that might make your information irrelevant, he added.

Choosing Platforms

What platform you use depends on your audience, Adkins said. The top three social media platforms are Twitter, Facebook and LinkedIn, but others such as Instagram might be a good fit depending on the interests of your audience and where they are active.

It’s important to know which platforms your best customers are most active in, Adkins said. “If your audience is on Twitter and your business isn’t, they may not do business with you because to them you don’t exist.”

Mistakes to Avoid

When launching your social media platforms, it’s important to know what not to do. If you are just starting out and you try to sell something, it won’t work and you’ll immediately lose your audience, Adkins said. “If you do something wrong on social media, people are much less forgiving and the mistake can take longer to overcome.”

A lot of big companies still try to use social media platforms for push marketing, but it’s more about attraction marketing because you are trying to build loyalty and trust, Adkins said. 

If your social media audience trusts your organization, they’ll be more likely to purchase and promote your product or service. You should post, re-tweet and share information helpful to your target customer to attract them.

We recently started another attraction marketing system utilizing twitter and YouTube. Called “Ask Michael Bull,” I answer a commercial real estate-related question on video each business day. You’re invited to check it out on twitter at @AskMichaelBull or at the play list “Answers” on the show’s YouTube channel.

To hear more tips and best practices, you’re invited to listen to the on-demand show podcast on iTunes or at the show website.

Michael Bull, CCIM, is the host of the nationally syndicated Commercial Real Estate Show and founder of Bull Realty, Inc., a U.S. commercial real estate sales and advisory firm headquartered in Atlanta. Michael on Twitter and LinkedIn.

Industrial Strength: Sector Making Significant Strides

Observations by Michael Bull, CCIM, Founder, Bull Realty Inc., Atlanta, GA

Michael Bull

With the housing market starting to pick back up and absorption on track to outpace last year, the industrial sector has continued its recovery, its sights set on a bright 2014.

That recovery was the focus of the most recent episode of the “Commercial Real Estate Show” radio program. My guests and I discussed the specific factors driving the recovery, such as the growth of e-commerce, as well as the return of new development.

Who’s Steering?

A steadily improving economy has led the industrial market to experience improving fundamentals for the last 13 quarters, said Rene Circ, director of research at PPR, a CoStar company. 

Approximately 33 million square feet of absorption occurred nationwide in third quarter for a total of 79 million square feet year-to-date, he said.

Rene Circ

“All we need is 3 million square feet of absorption in the fourth quarter to surpass absorption in 2012,” Circ added. “We are forecasting [the fourth-quarter total] to be closer to 30 million square feet.”

So what specifically is driving the recovery? The housing sector, for starters. “Housing was an anchor on the industrial market, but now that’s not the case,” Circ said. 

“The housing market has legs. That’s why we are seeing recovery in the light-industrial segment.”

In third quarter, approximately 60 percent of the 1,200 submarkets tracked by PPR saw improvement in the light-industrial segment — buildings that are approximately 100,000 square feet. 

Vacancies in that segment are about 7 percent, better than the 7.9 percent vacancy for the industrial market overall.

E-Commerce Remains Hot

Summey Orr

“When e-commerce first emerged, so many people said ‘That’s going to take commercial real estate under,’ but that doesn’t make sense,” said Summey Orr, managing partner of Hartman Simons.

 “Merchandise has to be housed somewhere. We’ve seen a lot more industrial development as big retailers are building large rapid-deployment centers closer to major commerce areas so the product can be shipped more quickly.”

Amazon has been the leader of this trend, said Sim Doughtie, president of King Industrial Realty Inc. “An economist from Texas A&M said that when Amazon had $58 billion in sales they had replaced approximately 128 regional malls,” he added.

“With Amazon delivering some items the same day, now that’s going to affect commercial real estate,” Orr said. “That means there are more opportunities for developers to get out there and find buildings to be a part of.”

Sim Doughtie

However, investors should be wary of the huge industrial distribution buildings that companies like Amazon are building, Circ said. “It’s a safe assumption that Amazon will leave after the first lease or possibly extend their lease for five years,” he said. “As an investor, you have to think about who would be willing to lease that space.”

Development Starting Again

Development has started to pick up, with strong industrial markets such as Houston, Dallas and Los Angeles seeing both speculative and build-to-suit activity, Doughtie said.

Markets like Chicago and Atlanta are still seeing more build-to-suit product, as vacancies in those markets still remain high. “For example, Atlanta has had 24 build-to-suit developments take place during the last couple of years, but only two speculative projects,” Doughtie added.

“We are actually doing a lot of deals where lenders are lending to developers to build new products,” Orr said. “That’s a real sign that this isn’t just a mythical recovery.”

For companies looking for new development sites, it’s imperative that they define their needs exactly, Doughtie said.

 “A lot of companies get off course because they don’t define clearly what it is that they want. They might have a national broker, but they need a local broker too who knows the market, incentives and where the properties are.”

A lawyer or broker can help navigate through the process of getting incentives for new developments or relocations, Orr said. “It’s becoming more and more important to use incentives. It can make a dramatic difference in the bottom line.”

The entire episode on the U.S. industrial market is available for download at www.CREshow.com.

Michael Bull, CCIM, is the host of the nationally syndicated Commercial Real Estate Show and founder of Bull Realty, Inc., a U.S. commercial real estate sales and advisory firm headquartered in Atlanta. Michael on Twitter and LinkedIn.

1,780 New Condos Unsold In South Florida From Real Estate Crash Of 2007

MIAMI, FL -- Less than 1,780 new condos from a pool of nearly 49,000 units created during the last South Florida real estate boom are unsold in the seven largest coastal markets of Miami-Dade, Broward, and Palm Beach counties as of the third quarter of 2013, according to a new report from CondoVultures.com.

Between July and September of 2013, buyers paid nearly $84.7 million - an average of about $470 per square foot - for almost 150 condo units in projects built since 2003 east of Interstate 95 in the coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to a report based on the Condo Vultures® Official Condo Buyers Guide™ eBook series.

The buying activity - at a pace of nearly 50 new condos monthly - in the third quarter of this year reduced the number of unsold developer units to more than 1,775 condos as of September 30, 2013, according to the report.

Peter Zalewski

"Developers in South Florida are still in possession of about four percent of the condo units created during the last boom-and-bust cycle that began in 2003," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"At the current 2013 sales pace of more than 75 transactions monthly between January and September, the unsold developer units from the last South Florida condo boom-and-bust cycle should be absorbed in about 23 months.

“The unanswered question is what impact the more than 180 pre-construction condo towers proposed - or under construction - in South Florida will ultimately have on the unit inventory from the last real estate boom."

Since the week of October 14, 2013, CondoVultures.com has been profiling condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

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

Condo Vultures® LLC

225 Midtown Building

 225 NE 34th Street

 Suite 209B

Downtown Miami, Florida, 33137.

1-800-750-0517.

Bull Realty Brokers Sales of Three Office Properties in Metro Atlanta

3050 and 3060 Royal Boulevard South, Alpharetta, GA

Casey Keitchen

ATLANTA, GA (Dec. 31, 2013) – In separate transactions, Bull Realty has brokered the sales of three metro Atlanta office properties. The properties, which are located in Acworth, Ga., and Alpharetta, Ga., total more than 78,000 square feet.

• SugarOak Investors acquired 3050 and 3060 Royal Blvd. South in Alpharetta for $3.9 million. The two office buildings total 60,352 square feet and have a combined occupancy rate of 70 percent. Tom Shafer and John Hinson of CBRE represented the seller, KR Office Investors LLC, and Casey Keitchen, a vice president in Bull Realty’s National Office Group, represented the buyer.

• An Israeli-based investor purchased the 18,000-square-foot Building 800 in the office park located at 4900 Ivey Rd. in Acworth for $960,000. In partnership with the FDIC, a regional bank sold the property, which has an occupancy rate of 50 percent. Keitchen represented the sellers in the transaction.

4900 Ivery Road, Acworth, GA

 “These sales are an example of investors’ increasing interest in suburban product as they search for opportunities to increase yield,” Keitchen said.

 “Investor interest has continued to increase throughout 2013 for both distressed and stabilized office product alike. As 2014 gets underway, we expect to see office investment sales activity continue to accelerate for both core and value-add opportunities like these.”

Bull Realty Inc (www.BullRealty.com) is a U.S. commercial real estate sales and consulting firm headquartered in Atlanta. The firm was founded 16 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.

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

Savannah Duncan • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870  • M: 404-901-4433

www.thewilbertgroup.com

Veteran Attorney Joseph J. Fucile Joins Hartman Simons Law Firm in Atlanta, GA

Joseph J. Fucile

ATLANTA, GA – Joseph J. Fucile, whose legal career includes a nearly six-year stint with the University System of Georgia, has joined the Hartman Simons & Wood (Hartman Simons) law firm as senior counsel. His practice will focus on commercial real estate matters.

Fucile, who most recently worked as a sole practitioner, served as director of real estate services for the University System of Georgia from 2007 to 2013.

There, he managed the legal and real estate issues of a portfolio that includes more than 9,000 buildings owned by the system as well as nearly 3.6 million square feet of space that it leases.

Fucile worked at Hartman Simons, where he served as an environmental and land development attorney for international retailers and commercial developers, from 2000 to 2005, and he later practiced at Kilpatrick Townsend & Stockton in Atlanta, where he represented clients in commercial real estate and construction contract matters.

Before attending law school, Fucile worked as a planner in the Putnam County, Fla., Department of Planning, Zoning and Building, and as a senior management analyst for the State of Florida’s Division of Emergency Management.

Summey Orr

“Joe brings both a depth and range of experience and expertise that will serve our clients very well,” said Summey Orr, managing partner of Hartman Simons. 

“His intelligence and skill were tremendous assets to our firm during his initial tenure at Hartman Simons, and we could not be more excited about his return.”

Fucile is a 1999 graduate of the University of Florida College of Law. 

He also holds a Master of Arts in Urban and Regional Planning from the University of Florida College of Architecture and a Bachelor of Arts from Florida Atlantic University. 

He was named a “rising star” in Atlanta magazine’s Super Lawyers issues in 2005, 2006 and 2007.

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

Stephen Ursery

The Wilbert Group

404.549.7150 – office

404.405.2354 – cell

sursery@thewilbertgroup.com

http://www.hartmansimons.com

http://hartmansimons.typepad.com.

Cuhaci & Peterson Architects awarded contract on redevelopment project in Hialeah, FL

       

Typical Aldi Grocery Store exterior

ORLANDO, FL--- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park started work on a redevelopment project with Sears Holding Co. on a former K-Mart facility in Hialeah.

Lonnie Peterson, chairman at Cuhaci & Peterson, said the facility, originally 100,000 square feet and now under construction, will be home to an 18,000 square foot Aldi grocery store and an 80,000 Sears store.

 Cuhaci & Peterson Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

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

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

   

Cuhaci & Peterson Architects awarded contract to design “Retail Center” by Palm Beach Mall in West Palm Beach, FL

                                                          

Palm Beach Mall, West Palm Beach, FL

 ORLANDO, FL--- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, recently won a contract to design a new “retail center” located off I-95 by the Palm Beach Mall on Palm Beach Lakes Blvd. in West Palm Beach.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the power center totals 310,100 square feet and the developer is New England Development in Boston.

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

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

   

Cuhaci & Peterson Architects complete design work on Eagle Creek Center in Orlando, FL

Eagle Creek Golf Course, Orlando, FL

ORLANDO, FL --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, recently completed design work on Phase One of a new Eagle Creek Retail and Business Center.

Eric J. Emerson, Vice President,
Emerson International Inc.

Lonnie Peterson, chairman at Cuhaci & Peterson said Eagle Creek is located off Narcoossee Rd. and Phase One of the center will offer around 28,000 square feet of restaurant, retail and professional office space that will be ready for occupancy in the fall of 2014.

The owner and developer of the project is Emerson International, Inc.

Cuhaci & Petersen Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

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

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

  

Marcus & Millichap Brokers $7.5 Million Sale of 155-Unit Apartment Building in Satellite Beach, FL

Shore View Apartments, 50 Berkeley Street, Satellite Beach, FL

Michael Donaldson

 SATELLITE BEACH, FL,  Dec. 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shore View, a 155-unit apartment community located in Satellite Beach, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,500,000.

Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, based in Maryland.  The local buyer, a limited liability company, was also secured by Donaldson and Meoli.

Shore View is located at 50 Berkeley Street, across the street from the Atlantic Ocean in Satellite Beach, Fla. 

This 155-unit apartment complex is situated on approximately 8.5 acres of land and consists of five, two-story buildings built in 1964.

Nicholas Meoli

  Each unit is cable-ready, equipped with ceiling fans, oversized utility rooms, private patios or balconies and central heat and air-conditioning.

Common area amenities of the property include laundry facilities in each building, a state-of-the-art fitness center, several barbeque/picnic areas equipped with grills and tables, a junior Olympic-size swimming pool, basketball court and a 1,000-square foot clubhouse that is available for rent by tenants.

“Combined with the property’s unique location across from the Atlantic Ocean and the high occupancy level sustained over the last few months, Shore View Apartments was a ‘one-of-a-kind’ investment opportunity as evidenced by the 18 offers we procured from buyers all over the world,” says Donaldson.

“If you look at Florida’s inventory of beachside communities, they are typically smaller complexes with fewer than 100 units and have already been converted to condominiums, making Shore View a rare find.” 

“Overall, Shore View is an exceptional piece of real estate and a well sought-after investment with multiple exit strategies,” adds Meoli. 

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

 Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of 62-Unit Multifamily Community in St. Petersburg, FL for $3 Million

  

Fountain Court Apartments, 600 40th Street North, St. Petersburg, FL

  

Francesco
Carriera

ST. PETERSBURG, FL, Dec. 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fountain Court Apartments, a 62-unit multifamily community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,090,000.

Michael Regan

Francesco “Frank” Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. 

The listing agents also procured the buyer of the property, a limited liability company based in Safety Harbor, Fla.

Fountain Court Apartments was built in 1968 and is located at 600 40th Street North in St. Petersburg, Fla. 

Joshua Teplitzky

There are two, two-story buildings and two, three-story buildings consisting of one-, two- and three-bedroom floor plans.

 The property has undergone major renovations within the last two years which includes, new exterior paint, new roofs, updates to the pool, elevators, courtyard and the interiors of select units.

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

 Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700