Marina Palms Yacht Club & Residences Sells $4.3 Million Penthouse in North Tower in North Miami Beach

Bedroom at penthouse residence, North Tower, Marina Palms Yacht Club & Residences
North Miami Beach, FL

North Miami Beach, FL –– Marina Palms Yacht Club & Residences sold its most expensive penthouse residence in the North Tower that commanded a $4.3 million purchase price at $1,000 per square foot.

The 4,320-square-foot palatial penthouse residence at 172nd Street and Biscayne Boulevard in North Miami Beach, consists of four bedrooms, four-and-a-half bathrooms and a den.

Michael Internoscia

Floor-to-ceiling windows and two expansive terraces provide breathtaking, panoramic views of the Sunny Isles skyline and beyond to the Atlantic Ocean.

The buyer was seeking a spacious penthouse-level residence on the water to be used as a second home in Miami. 

The buyer was searching for a unique luxury residence and decided to take advantage of the value our sky residences offer at Marina Palms, according to Michael Internoscia, Marina Palms Yacht Club & Residences director of sales.

“Condominium developments have recently made waves in the market with penthouses priced in the tens of millions of dollars – and thousands of dollars per square foot. Yet none come standard with the amenities and features available at Marina Palms Yacht Club and Residences,” said Internoscia.

“From 10-foot-plus ceiling heights to top-of-the-line finishes and appliances, our value proposition is unrivaled in today’s marketplace.”

For sales information visit www.marinapalms.com or contact Sales Director Michael Internoscia at minternoscia@marinapalms.com or call (305) 508-5552.

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

Ashley Fierman or Sandra Reichman

Boardroom Communications

954-370-8999

afierman@boardroompr.com

sreichman@boardroompr.com

Matthew Anderson Transitions to Business Development Manager at Colliers International South Florida

Matthew Anderson

MIAMI, FL- Colliers International South Florida is pleased to announce that Matthew Anderson has transitioned to Business Development Manager. Formerly an Office Leasing Specialist, Anderson will now focus on aligning relationships and bringing new business to all of Colliers International South Florida's service lines.

"Having the opportunity to transition into my new role gives me the chance  to use my industry knowledge, strength of building strong and deep relationships, past experiences, and the Colliers global platform to help my firm drive business and come up with creative real estate solutions for our clients," says Anderson.

Anderson graduated from the University of Massachusetts Isenberg School of Management in Amherst, MA and then took a position in the banking industry for a brief time.

Donna Abood

Returning to South Florida, where his family is deeply rooted into the community, Anderson decided to pursue his passion for commercial real estate.

He was mentored and groomed by Colliers International South Florida Chairman - Founding Partner Donna Abood, and successfully created and implemented marketing plans for office buildings in Miami and negotiated competitive leases on behalf of tenants and landlords.

 

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

Crystal Proenza

Vice President of Marketing and Culture

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Realtor Joe Janson Pioneering Use of Drones to Help Sell Homes

Joe Janson

Cocoa Beach, FL and Lake Mary, FL --- Florida Global Marketing Specialist Joe Janson of Stirling Sotheby’s International Realty has a unique way of covering the Brevard, Indian River and East Volusia markets.  He uses drones.

Not the kind that tracks terrorist suspects from afar and blows them up with remote-controlled missiles. Janson’s drones are less dangerous. He uses them to take photographs and videos that help sell homes.

“Most home buyers never see an aerial view of the home they are about to buy,” Janson said. “But an aerial view can add an impression that stays with you. A home owner can view an entire property. It’s much more impressive than just a photo of the front of the home,” Janson said.

Janson began playing with remote-controlled aircraft many years ago as a hobby.

“I’ve always been an extremely technical person,” Janson said.  But that’s probably an understatement because Janson is a member of the worldwide Mensa organization and cut his teeth in his twenties on the personal computer revolution.

Janson is also a member of the Cocoa Beach Regional Chamber of Commerce and co-chairman of the Cocoa Beach Regional Chamber of Commerce Ambassadors Committee. He also served as chairman of the Surfside Stars, a Chamber-affiliated professional networking group. He currently serves as president of the Board of Directors of a worldwide publisher of boating-related books.

“Drones can provide distant affluent buyers with a “bird’s eye view” of your luxury home---without the feathers,” he laughed.

Janson specializes in unique waterfront and historic properties in Brevard, Indian River and East Volusia Counties.

 For a quick glance of one of Janson’s drone videos you can visit his newest listing on S. Tropical Trail in Brevard County, well-known home to some of Brevard’s most luxurious and prestigious estates. 

“It’s the largest remaining parcel for sale on the S. Tropical Trail peninsula and has a land value of $6.5 million,” said Janson

Link to the drone video is http://www.youtube.com/watch?v=Vij69k3opMK

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

 

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

Influential Real Estate Leaders Present NAIOP National Site Selector Symposium on Central Florida

Holly Wiedman

ORLANDO, FL--- Longtime regional real estate industry icon George Livingston, chairman of NAI Realvest, and John Crossman, president of Crossman & Company, are among the influential real estate leaders presenting a site selection luncheon symposium in Orlando.

The event, hosted by the Orlando Chapter of NAIOP, is scheduled for Thursday, March 20 at Orlando’s Citrus Club, 255 S. Orange Ave. on the 18th Floor.

Titled “National Site Selectors' Perspective on Central Florida,” the symposium will open for registration at 11:30 a.m., with luncheon and the panel discussion from noon to 1 p.m.

NAIOP president Crossman will kick off the event and Ron Starner, executive vice president of Site Selection Magazine, will moderate the panel discussion with participants Livingston, John F. Krug, principal and senior consultant at Truth IC, LLC and Holly Wiedman, executive vice president of the Metro Orlando Economic Development Commission.

George Livingston

The panel will present perspectives on corporate site selection in Florida and Central Florida including key decision-making factors in relocation/expansion, leveraging effective community strategies and what to expect in the coming years.

The symposium is sponsored by NAI Realvest, Professional Service Industries, Inc. and the Metro Orlando Economic Development Commission.

Admission to the event costs $40 for NAIOP members and $65 for non-members. For further information, contact NAIOP executive director Shannon Monteleone (407) 227-7461.

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

George Livingston, Chairman Emeritus, NAI Realvest. 407-875-9989 glivingston@realvest.com

  

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

MBA and Wingspan Gives Back Present Hall of Honor Award to CMG's Chris George

  

Chris George and friends

Washington, DC  - The Mortgage Bankers Association (MBA) and Wingspan Gives Back have presented The Hall of Honor Award to Chris George, President & CEO of CMG Financial in San Ramon, CA.

The award was presented at MBA's 2014 Mid-Winter Housing Finance Conference in Avon, CO. The Hall of Honor Award is designed to recognize both the corporations and individual corporate leaders who have committed their support to the military community on both a national and local level.

E.J. Burke

"I am honored and humbled to present this award to Chris George," said E.J. Burke, 2014 MBA Chairman and Executive Vice President and Group Head of KeyBank Real Estate Capital.

"Through his work with The CMG Foundation, Chris has set a high standard of excellence in giving back to the military community. His achievements are matched only by his passion and we are grateful to have him represent our industry in such a selfless manner."

  

Mr. George was given this award as a result of his work through The CMG Foundation, a philanthropic endeavor to support non-profit organizations at both the community and national levels.

To date, The CMG Foundation has provided over $400,000 in valued funding to select causes. Chris, through his selfless dedication and devotion to this project has, along with The Foundation, generously funded programs, some of which include providing severely wounded veterans and their families with the amenities needed to continue living a comfortable life.

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

Rob Van Raaphorst

(202) 557-2799

Kaufman Rossin Signs 12,227 Square-Foot Lease At Iconic One Town Center in Boca Raton, FL

One Town Center, Boca Raton, FL

Michael Erickson

 BOCA RATON, FL – March 12, 2014 –One Town Center continues its successful conversion to a multi-tenant office building with its most recent lease signing.

Kaufman Rossin will be relocating to One Town Center after signing a 12,227 square-foot lease. Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife, and Curtis Olschansky of The Olschansky Group, LLC represented the tenant.

Chuck Davis

 “We’re excited to be expanding our Boca Raton office by more than 50% with the upcoming move to One Town Center,” said Scott Berger, CPA, a tax & entrepreneurial services principal and leader of Kaufman Rossin’s Boca Raton practice.

“As a top 50 accounting firm in the U.S., we need a location that offers room to expand and one that is easily accessible for our clients in Palm Beach County.”

 In the last year, the building has undergone a conversion from a single-use Class A office building to a multi-tenant office building.  Kayne Anderson Real Estate Advisors (KAREA) leased 12,637 square feet and was the first tenant to sign a lease upon the conversion.

Curtis Olschansky

“We are especially pleased that the building is drawing interest from prospective tenants both within and outside of the Boca Raton market,” stated Chuck Davis, Director and Head of the MetLife Southeast Regional Office. 

One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket. 

Scott Berger

In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes. 

 “Recent activity has been excellent, as high quality tenants are embracing the opportunity to locate within one of South Florida’s most desirable buildings,” said Erickson.  “The renovations and amenities have ensured the building maintains its iconic status.” 

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

Michael Erickson, CBRE, (561) 393-1616 michael.erickson@cbre.com

Fred Pieretti, (212) 578-2631 fpieretti@metlife.com

www.cbre.com.

www.metlife.com/realestate.

www.krfs.com

www.onetowncenter.com

RealtyTrac® Foreclosure Activity Decreases 10 Percent in February From January; Lowest Level in More Than 7 Years

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for February 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 112,498 U.S. properties in February, a 10 percent decrease from January and down 27 percent from February 2013 to the lowest monthly total since December 2006 — a more than seven-year low.

  

RealtyTrac also included updated information on the number of owner-vacated properties in the foreclosure process as part of the report.

As of the first quarter of 2014, a total of 152,033 U.S. properties in the foreclosure process (excluding bank-owned properties) had been vacated by the distressed homeowner, representing 21 percent of all properties in the foreclosure process.

These owner-vacated foreclosures — sometimes called zombie foreclosures — had been in the foreclosure process an average of 1,031 days.

“Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said Daren Blomquist, vice president at RealtyTrac.

“The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home — or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance.”

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

Marcus & Millichap Capital Corp. Arranges $5.4 Million Refinance in Van Nuys, CA

  

Sharone Sabar

LOS ANGELES, CA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $5.4 million of debt for a 16,507-square-foot retail property in Van Nuys, Calif.

Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged the loan. 

            “The borrower’s loan was maturing,” says Sabar. “The property was a multi-tenant retail center anchored by a church occupying more than 40 percent of the space, which made it difficult to finance.

Van Nuys, CA retail center

“To add to the challenge, the borrower wanted a high leveraged loan. MMCC sourced a lender that met the borrower’s needs with a very competitive interest rate,” concludes Sabar.  

The 15-year fixed loan amortizes over 25 years at 4.3 percent with a 65 percent loan-to-value.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

San Fernando Valley, CA Manufactured Community Changes Hands for $13.1 Million

Reseda Mobile Estates, Reseda, CA

RESEDA CA,  March 13, 2014 – 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 Reseda Mobile Estates, an all-age 108-space manufactured housing community in Reseda, Calif.

The $13.1 million sales price equates to $121,300 per space.

Briana Barbier

            Briana Barbier, senior associate and member of Marcus & Millichap’s National Manufactured Housing Communities Group in San Diego, represented the seller, a Southern California-based partnership.

 Barbier also procured the buyer, a national owner of manufactured housing communities with a large regional presence in Los Angeles.

            “Reseda Mobile Estates is a stable, well-maintained community that provides affordable housing in the expensive, high-demand San Fernando Valley rental market,” says Barbier.

“The asset provides the new owner with stable cash flow, minimal management responsibilities and the opportunity for consistent rent growth through annual CPI increases and vacancy decontrol upon turnover.”

            The manufactured home community is located at 6545 Wilbur Ave. in Reseda, Calif. near restaurants, schools, retail shopping and public parks. Apartments and single-family residential neighborhoods surround the community. Reseda is home to a desirable magnet school and a well-regarded charter middle school.

            “There were multiple offers on this property and the bidding process in today’s quality-starved marketplace was very competitive,” continues Barbier. “The primary challenge with this offering was debt restriction. There was existing financing that the buyer was required to assume, at an interest rate approximately 100 basis points higher than today’s rates, and at a less than 50 percent loan-to-value ratio (LTV),” adds Barbier.

 “Fortunately the buyer was able to obtain a small second loan at current interest rates, which increased combined leverage to 56 percent LTV, but the overall debt structure still pushed the cap rate upwards by approximately 100 basis points. 

"The ultimate sales price reflects a cash yield competitive with alternate investment opportunities in today’s marketplace.”

            “Even with assumption of the existing loan and funding of a new loan in a second position, the transaction closed in 75 days,” concludes Barbier. “The relatively quick closing is a testament to the experience and cooperation of all parties.”

            Built in approximately 1960, Reseda Mobile Estates is composed of mostly doublewide homes on 8.57 acres. Amenities include two clubhouses, a swimming pool, spa and a poolside patio with barbecues and outdoor showers. The community receives municipal water and sewer services and all utilities are sub-metered or passed through to the residents.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

$23.2 Million Multifamily Portfolio Changes Hands in Redwood City, CA

Redwood City Portfolio I, Redwood City, CA

Adam Levin

REDWOOD CITY, CA, March 13, 2014 – 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 Redwood City Portfolio I, a five-property 112-unit multifamily portfolio on the San Francisco Peninsula in Redwood City, Calif.

 The $23.2 million sales price equates to $207,142 per unit.   

            Adam Levin, a vice president investments, and Robert Johnston, a senior associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, Interstate Equities Corporation (IEC). Levin and Johnston also represented the buyer, a private investor in a 1031 exchange.

            “The continued creation of high-paying jobs in Silicon Valley is reshaping the San Mateo County apartment market and creating new opportunities for both large institutional investors and smaller private investors,” says Levin.

Robert Johnston

“Favorable market conditions in Redwood City allowed us to assemble this portfolio of 1960s-era apartment complexes and for IEC to successfully implement its renovation, stabilization and repositioning strategy.”

            “The buyer, in turn, was able to transition from a 42-unit apartment building to a five-building multifamily portfolio,” concludes Levin.

            The properties are:

• 152 Lincoln Ave., 18 units

• 180 Buckingham Ave., 48 units

• 755 9th Ave., 8 units

• 775 9th Ave., 8 units

• 1331 Jefferson Ave., 30 units

            “Levin and Johnston have closed more than 50 transactions since the beginning of 2013,” notes Steven Seligman, vice president and regional manager of Marcus & Millichap’s Palo Alto office, “many of which involved locating opportunities for clients in 1031 exchanges.”

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Marcus & Millichap’s French Retail Team Partners With Marcus & Millichap’s Capital Corp.’s Steven Rock

NEW YORK, NY, March 13, 2014 – The French Retail Team of Marcus & Millichap announces a new strategic partnership between Joseph C. French Jr. of the firm’s National Retail Group and Steven Rock of Marcus & Millichap Capital Corp.

J.D. Parker

           “I’m very excited about working with Joe and the French Retail Team to expand our services and create a full service brand within an already established public company,” says Rock.

           “This broad partnership will leverage and enhance the extensive relationships of two senior commercial real estate industry veterans,” adds J.D. Parker, regional manager of Marcus & Millichap’s Manhattan office.

“It will significantly expand two business platforms to provide best in class debt and equity financing solutions for institutional and private owners, developers and operators,” Parker concludes.

            Rock brings over 20 years of structured capital markets and commercial real estate financing experience to the partnership.

 French has more than 25 years of retail investment sales experience, specializing in multi- and single- tenant retail investment sales on behalf of institutional and private investors.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

$11.1 Million Buys Inland Empire LA Fitness

LA Fitness, 220 North Sanderson Avenue, Hemet, CA

HEMET, CA, March 13, 2014 – 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 a 50,000-square-foot LA Fitness in the Southern California city of Hemet. The $11,175,000 sales price equates to $224 per square foot.

            Mark Thiel, a vice president investments in Marcus & Millichap’s San Diego office, represented the seller, a local property owner.

Mark Thiel

            “This LA Fitness is located at the busiest intersection in Hemet and is the only major fitness center in the entire San Jacinto Valley,” says Thiel. “The small supply of competitors in the region and club’s central location place it in an excellent position to capture a high level of memberships.”

            LA Fitness in Hemet was built in 2008 on 5.6 acres and is 100 percent leased to Fitness International LLC. It is located on the corner of West Florida Avenue (California State Route 74) and Sanderson Avenue at 220 North Sanderson Ave. in Hemet.

West Florida Avenue and Sanderson Avenue combine for a traffic count in excess of 70,000 vehicles per day. Florida Avenue is Hemet’s major retail corridor and the Hemet Valley Mall, anchored by J.C. Penny, Sears and Gottschalks, is less than a mile east of the property. 

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers Sale of 312 Multifamily Units in Houston, TX

Mediterra at Westchase Apartments,  3131 Hayes Place, Houston, TX

HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mediterra at Westchase Apartments, a 312-unit multifamily complex in Houston’s Westchase submarket. The terms of the sale were not released.

Jeffrey Fript

            Jeffrey Fript, an associate vice president investments, and Kyle Bruchmiller, an associate, both in Marcus & Millichap’s Houston office, represented the seller, a Texas-based investment firm. Fript also advised the buyer, an institutional investor from California.

            “Mediterra at Westchase Apartments is a stabilized asset with significant upside to be gained through the continuation of the value-add program,” says Fript. “The buyer plans to reposition the asset via interior and exterior upgrades in an effort to capitalize on the explosive growth in the Westchase submarket.”

            The property is located just off Westheimer Road at 3131 Hayes Place in Houston near the Sam Houston Tollway, U.S. Highway 6, the 610 Loop, U.S. Highway 59, Westpark Tollway and Interstate 10.

 Nearby schools include Outley Elementary, Budewig Intermediate School, O’Donnell Middle School, Elsik-Hasting-Taylor High School, Grace School, Remington College and Houston Community College.

The location provides residents with easy commutes to all of Houston’s major employment centers, including The Galleria, the Energy Corridor District, the Texas Medical Center and the central business district.

Kyle Bruchmiller

Houston’s Westchase district is known for its business climate and is home to approximately 16 million square feet of office space, 81,000 employees and more than 2,000 businesses.

            Built in 1980 on 10.4 acres, Mediterra at Westchase Apartments offers residents six different floor plans that include efficiencies, one-bedroom units, two-bedroom apartments and three-bedroom units.

The average unit size is 803 square feet. Unit amenities include spacious closets, outside storage and ceiling fans. All apartments except the efficiencies have fireplaces. The upstairs units feature nine-foot vaulted ceilings and select units have washer/dryer connections.

The renovated units have been upgraded with stainless steel and black appliances, two-tone paint, faux-wood flooring, brushed-nickel finishes, two-inch blinds and granite-like countertops.

Community amenities include a resort-style swimming pool with tropical landscaping, a sundeck and barbecue grill, a fitness center, a business center, an updated leasing office, covered parking, free cable TV service, two laundry care centers and controlled access gates. All of the units are sub-metered for electricity.

Residents pay for water, trash, pest control, and gas through third-party billing.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Multi Housing Advisors Brokers $12 Million Sale of Raleigh, NC Apartment Community

  

Marc Robinson

 CHARLOTTE, NC  (March 13, 2014) — Multi Housing Advisors (MHA) has brokered the $11.95 million sale of the 200-unit Hidden Creek, an apartment community located in Raleigh, N.C.

Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, and was the sole broker in the transaction. The buyer was FortCap Chatsworth LLC, an affiliate of Virginia Beach, Va.-based FortCap Partners.

“The buyer interest we received for Hidden Creek was tremendous and suggests that the Raleigh/Durham market remains a target for many investors, despite the area’s notable multifamily development pipeline,” Robinson said. “The new owner plans to continue the unit interior enhancements that had been initiated by the previous owner.”

  

Jordan McCarley

Hidden Creek is located at 2038 Quail Forest Dr. in north Raleigh. The community, which was constructed in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

www.usmha.com.

Maury L. Carter and Associates, Inc. Sells $1.1M of Land Near Orlando, FL Theme Parks

  

Maury L. Carter (left) and son, Daryl M. Carter

Orlando, FL – Daryl M. Carter, President of Maury L. Carter & Associates, Inc. brokered the sale of 4.8 acres in Orlando, Orange County for $1,125,000. 

The property is located at the intersection of Palm Parkway and Lake Street and the Buena Vista Park PD is approved for hotel, resort, timeshare, commercial or office space.

The seller was Royal American Development, Inc, and the buyer was Lake Buena Vista Properties, LLC. Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the seller. 

The property is in close proximity to Walt Disney World and other local area attractions.

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

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

Kristin Fortier

Maury L. Carter & Associates, Inc.

3333 S. Orange Avenue, Suite 200

Orlando, Florida 32806

407-421-0586 (c)

407-422-3144 (o)

www.maurycarter.com