HFF closes sale of north Houston, TX flex facility

Rusty Tamlyn

HOUSTON, TX – HFF announced it has closed the sale of Cypress Business Center, a 103,979-square-foot flex distribution facility in Houston, Texas.

HFF marketed the property on behalf of the seller, Cypressbrook Company.  Industry Capital, on behalf of an affiliated fund, purchased the center for an undisclosed amount free and clear of existing debt.

Cypress Business Center is located just off Interstate 45 and Cypress Creek Parkway (FM 1960) at 301-305 Wells Fargo Drive in north Houston, approximately 12 miles from George Bush Intercontinental Airport. 

The property is 74 percent leased to AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speedy Printing & Office Supplies.

The HFF investment sales team was led by senior managing director Rusty Tamlyn and real estate analyst John Indelli.

“We had a nice run with this asset and were very pleased with Industry Capital’s execution on this sell,” said Cypressbrook managing partner Michael Novelli. 

Michael Novelli

“They had a thoughtful and thorough due diligence team that closed the deal in less than a month after going under contract.  We wish them all the best with the project.”

Founded in 1996, Cypressbrook Company is a real estate brokerage, management, and development company based in Houston, Texas.

Currently, the company has three independent operating platforms: Cypressbrook Company focuses on various traditional commercial products, Ascension Commercial Real Estate that focuses on multifamily assets and Oakbrook Builders that is design build contractor of senior living facilities.

Senior leadership of the company has more than 75 years of development experience having worked early in their careers with nationally known developers like Trammell Crow Company and Camden Property Trust

Industry Capital (IC) is a San Francisco-based private equity firm focused on investing in real assets.  IC Berkeley Partners is IC’s vertically-integrated real estate operating company with more than 65 employees specializing in the investment and management of multi-tenant industrial real estate.

Cypress Business Center, Houston, TX

 The company currently owns and operates more than 3.5 million square feet of industrial real estate and is an active investor in multiple markets across the country.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $6.1 million sale of Crowne Plaza Pittsburgh South in Pittsburgh, PA

Danny Meikleham

BOSTON, MA - HFF announced it has closed the sale of the Crowne Plaza Pittsburgh South, a 179-room hotel across from the South Hills Village Mall in Pittsburgh, Pennsylvania.

               HFF marketed the property exclusively on behalf of the SageCrest Liquidating Trust, represented by its liquidating trustee, Jack D. Huber, and portfolio director Christopher T. Brown, both managing directors of SOLIC Capital, LLC.  

Oxford Development Corporation purchased the hotel unencumbered with management for $6.1 million.

               The Crowne Plaza Pittsburgh South is situated on a 5.4-acre site at 164 Fort Couch Road in Pittsburgh’s South Hills area, which is 10 miles from downtown. 

This places the hotel near demand drivers such as Southpointe Office Park as well as leisure destinations including PNC Park, Station Square, Heinz Field and Rivers Casino, among others.

Mark Popovich

 The property has 13 suites and 13 extended stay suites in addition to the guest rooms. Hotel amenities include an outdoor pool, fitness center and business center.  The hotel also features 15,000 square feet of meeting space throughout 10 rooms. 

               The HFF investment sales team representing the seller was led by managing director Denny Meikleham, senior managing director Mark Popovich and senior real estate analyst Alan Suzuki.

               SOLIC Capital, LLC provides financial advisory, principal investing and distressed asset management for middle-market companies.  www.soliccapital.com

For 50 years, Oxford Development Company has stood at the forefront of the marketplace as a developer and full service commercial real estate provider with experience in the local, regional and national marketplace.

Jack D. Huber

  Its portfolio in the specialty asset classes of healthcare, and sports and entertainment projects alone consists of $1.2 billion in development management and construction. All told, the firm has provided project management services for clients on projects totaling over $9 billion.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

FrontDoor Communities Opens Sales at Traditions in Metro Atlanta

Terry Russell

 ATLANTA, GA – FrontDoor Communities has opened sales to the public at Traditions, a 420+ home neighborhood in Forsyth County and FrontDoor’s first community in metro Atlanta.

Ninety homes make up Phase I of the community, which has received a great deal of interest even before opening to the public. 

When FrontDoor acquired 158 acres for the project last year, it garnered attention for being the largest land acquisition in metro Atlanta in seven years. FrontDoor also celebrated a successful sales event with neighborhood VIPs in the weeks before sales officially opened.

“Homebuyers are excited about the quality-designed homes coupled with superior amenities that Traditions provides,” said Terry Russell, CEO at FrontDoor Communities.

 “The parks, playgrounds, sports fields, tennis parks, pool and lakefront clubhouse at Traditions, as well as its close proximity to nature trails, shopping and dining, foster an active lifestyle that is in demand in metro Atlanta.”

Traditions rendering, Forsyth County, GA

FrontDoor teamed with a top Atlanta architecture firm on the homes at Traditions, which range from the $400,000s to the $600,000s. 

The community is located just two miles from GA 400 and is near top-rated West Forsyth High School, Big Creek Greenway Trail and The Collection at Forsyth shopping and dining district. 

Residents will also have access to a future neighborhood marketplace with a proposed grocery store anchor adjacent to the community.

Traditions is one of five communities FrontDoor has under development in the Atlanta area. For more information, visit www.traditionsatl.com and www.frontdoorcommunities.com

  

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

M.C. Rhodes •The Wilbert Group

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

O: 404-343-0274  • M: 678-983-5867

www.thewilbertgroup.com

RealtyTrac Reports 8.1 Million U.S. Residential Properties Seriously Under Water in Third Quarter Marking Lowest Level in Two Years

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for the third quarter of 2014, which shows that 8.1 million U.S. residential properties were seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 15 percent of all properties with a mortgage and an estimated $1.4 trillion in negative equity.

“The decrease in underwater properties is promising but the estimated $1.4 trillion in negative equity means that the flood waters are not receding as quickly as they were before, corresponding to slowing home price appreciation,” said Daren Blomquist, vice president at RealtyTrac. “Slower price appreciation means the 8 million homeowners seriously underwater could still have a long road back to positive equity.

“We wanted to paint a picture of the typical seriously underwater homeowner and what we found was that homeowners who bought or refinanced during the housing bubble (2004 to 2008), own a home worth less than $200,000, live in the Sun Belt or Rust Belt and live in a Democratic Congressional District were more likely to be seriously underwater,” Blomquist noted.

“On the other end, the highest percentages of equity rich homeowners were those who bought or refinanced between 1994 and 1998, those with properties valued at $500,000 or more, live in NY, CA, DC and these folks also tend to live in Democratic Congressional districts.”

  

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

  

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Griffin-American Healthcare REIT III Enters Agreement to Acquire Portfolio of Medical Office Buildings in New York, New Jersey, Massachusetts and Kentucky for $135 Million

Danny Prosky

IRVINE, CA – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced that the REIT has entered into an agreement to acquire Independence Medical Office Building Portfolio, comprised of five buildings totaling approximately 461,000 square feet in New York, New York; Verona and Morristown, New Jersey; Somerville, Massachusetts; and Southgate, Kentucky for an aggregate purchase price of approximately $135 million. 

The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement. 

“The acquisition of Independence Medical Office Building Portfolio will significantly expand Griffin-American Healthcare REIT III in core urban areas located near major academic and healthcare institutions,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III.

 “The portfolio is strongly aligned with major healthcare providers and is more than 96 percent occupied.”

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

Damon Elder                                                                                   

(949) 270-9207

delder@ahinvestors.com

Governor Announces Sealand’s 13,000-SF Miramar Headquarters Location will create 65 jobs and a capital investment of $350,000

Huntington Centre, Miramar, FL

MIRAMAR, FL (Oct.  24, 2014) – Gov. Rick Scott announced today SeaLand will locate its corporate headquarters to Huntington Centre in Miramar. The shipping company will create 65 jobs and a capital investment of $350,000 in the South Florida community.

Jennifer Gemma

 Scott said, “The opening of SeaLand’s headquarters in Miramar is great news for area families, and the 65 new jobs that will be created will help more families live the American Dream here in Florida.

“SeaLand’s 13,000 square foot headquarters in Miramar at MetLife’s Huntington Centre is a highly significant leasing deal in terms of economic impact,” said Taylor & Mathis Director of Leasing, Donna Korn. 

 “The company will be an outstanding asset to Broward County.” 

Korn, along with Jennifer Gemma, brokered the lease transaction on behalf of landlord MetLife.

In January of 2014, Maersk Line, the world’s leading ocean transportation company and a unit of the A.P. Moller-Maersk Group, announced the formation of a regional, containerized shipping company – SeaLand – dedicated to the intra-Americas market.

Donna Korn

With a structure similar to Maersk’s other successful regional carriers, including intra-Asia carrier MCC Transport and intra-Europe carrier Seago Line, SeaLand will feature knowledgeable, local sales and support personnel positioned in North, Central and South America, as well as the Caribbean, to meet the unique needs of customers throughout the region.

This agile framework will provide greater flexibility and a higher-level of customer-focused service to these local markets. Maersk Line’s existing Intra-Americas service network will be the foundation for SeaLand’s ocean products.

Craig Mygatt, SeaLand’s CEO said, “We are excited to base our headquarters in Miramar, Florida. The SeaLand headquarters will act as the main hub for our business which spans throughout North, Central and South America, and the Caribbean.

“This location is ideal for our operation and will serve us well as we focus on delivering world-class shipping service for all of our customers throughout this vital region of the world.

“We believe Florida offers great opportunities for our team and their families. We thank Governor Scott, Secretary Swoope, the State of Florida, Enterprise Florida, and our local partners for their outstanding support on this project.”

Miramar, FL Mayor Lori C. Moseley

The broader wholesale trade, transportation and logistics industry employs more than half a million Floridians.

 Of those, nearly 85,500 work at companies specifically providing logistics and distribution services.

 As the gateway to Latin America, Florida's logistics and distribution industry is poised to grow further with the Panama Canal expansion, and the numerous infrastructure developments and upgrades underway around the state.

“SeaLand’s decision to locate in Florida validates the state’s success in maintaining a business climate that supports not only Florida’s extensive logistics industry, but our headquarters sector as well,” said Gray Swoope, president & CEO of Enterprise Florida.

 “We are proud to welcome SeaLand to our city and commend the company for partnering with us as we work to sustain a strong economic base for our community,” said Miramar Mayor Lori C. Moseley.

  

Broward County, FL Mayor Barbara Sharief

“SeaLand is yet another example that ‘Broward Means Business.’  

The company has a long distinguished reputation in the marine industry, which is a prime targeted business and we thank them for bringing jobs and a considerable investment to Broward County,” said Broward County Mayor Barbara Sharief. 

 “Broward County continues its widespread effort to bring new companies to our area and we are pleased to welcome SeaLand to Miramar.”

“Florida’s resources, including a strong workforce, expansive infrastructure and strategic partnerships, have created one of the top business climates in the country. We’re excited to see SeaLand take advantage of Florida’s assets and I congratulate them on this establishment.”

  

This project was made possible through the close partnerships of Enterprise Florida, the Florida Department of Economic Opportunity, CareerSource Florida, the Greater Fort Lauderdale Alliance and Broward County.

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

tyoungman@assetmarketingonline.com

CampusWorks & CW Construction Add Key Executives to Contribute to Continued Growth in the Student Housing & Conventional Markets

CHARLOTTE, NC -- CampusWorks Development, a Charlotte based student housing developer and CW Construction, its sister construction company, has recently hired three new executives to add to its senior management team.  

The additions include Chief Financial Officer, Vice President of Operations and Vice President & General Counsel.

Heading up the new hires is Edward (Ned) F. Long, former CFO for Crosland and Executive Vice President for Pacolet Milliken.  Ned will execute all investment activities including directing and executing all financial and capital market strategies.

CW’s second hire is David L. Little Jr., former Executive Vice President & General Counsel of RJ Griffin & Company General Contractors and a former shareholder with Robinson Bradshaw & Hinson, P.A. 

As a member of CW’s senior executive management team, David will manage the company’s risk mitigation efforts, including insurance and bonding, and will provide counsel and guidance on all legal matters affecting both affiliates’ development and construction activities.

Lastly, Wayne Gross, former Vice President/General Superintendent at Dunn Southeast, a JE Dunn Company, will fill the Vice President of Operations position.  With over 37 years of construction experience, Wayne’s role involves the oversight of all construction field operations, management and direction of all superintendents and field employees.

  

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

CampusWorks Development & CW Construction

T: +1 (704) 821-5599 |  D: +1 (704) 997-2576

www.cwonsite.com

200 Unionville-Indian Trail Road W  |  Indian Trail, NC 28079

Atlantic | Pacific Companies Announces Latest Development in Port St. Lucie, FL

Alex Lastra

MIAMI, FL - Atlantic | Pacific Development (A|P Development), the development platform under Atlantic | Pacific Companies (A|P), announces that The Atlantic at Tradition, which is the Town of Tradition's first luxury apartment community, is nearly complete.

"The Atlantic at Tradition will be a wonderful addition to the community. The state of the art amenities and fantastic unit floor plans will provide our residents with a wonderful sense of home," said Alex

Lastra, Senior Managing Director of A|P Development.

  

Units will be available for occupancy November 2014. The property will be managed by Atlantic | Pacific Management (A|P Management), the property management platform under A|P.

 For more information about A|P and its platforms, visit www.apmanagement.net or

 call (800) 918 - 1145.

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

Jessica Wade Pfeffer | Jessica Wade Inc.

jessica@jessicawadeinc.com | 305.804.8424

www.apmanagement.net.  

Hold-Thyssen negotiates Leases at Pennock Business Center in Jupiter, FL and at Security Square in Winter Haven, FL

    

Therese Taylor

JUPITER, FL and WINTER PARK, FL  --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated  multiple new leases for office/flex space and a retail lease in Jupiter.

Therese Taylor, leasing agent for Hold-Thyssen, negotiated the transactions representing the landlord, Miami-based GECMC 2005-C4. 

At Pennock Business Center, 711 Commerce Way in Jupiter, Taylor completed lease agreements on six office/warehouse/flex suites totaling 7,386 rentable square feet. 

At Maplewood Center, 401 Maplewood Drive, Campbell Property Management & Real Estate, Inc. is the new tenant who leased 1,725 square feet.    Ben Bruner of Michael Falk & Co. represented the tenant. 

Ben Bruner

Taylor represented the same landlord in a lease agreement with Jiles Law P.A., for 850 rentable square feet at Security Square, 130 Bates Avenue SW in Winter Haven.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

Plaza Advisors Brokers $21 Million Sale of St. Petersburg, FL Shopping Center

South Pasadena Shopping Center aerial, St. Petersburg, FL

TAMPA, FL -- Plaza Advisors is pleased to announce the $21.1 million sale of South Pasadena Shopping Center in greater St. Petersburg, Florida.

The shopping center totals 165,886 square feet of gross leasable area and includes several major tenants: Walmart Neighborhood Market, Beall’s Outlet, Dollar Tree and an in-line CVS.

“This deal was one of the most highly sought after transactions Plaza Advisors has marketed in years” Jim Michalak stated.

Jim Michalak

“The offering was a quintessential true “value-add” opportunity and fits the mold for what many retail investors are looking for in this environment- grocery-anchored, realizable value-add and good real estate.

“The property was formerly occupied by Publix and recorded an average occupancy of 93% for the seven years prior to Publix’s departure.

“Walmart began operating at the plaza in April. The property was 67% leased at the beginning of the marketing effort. The center virtually has no multi-tenant competition in the immediate area and the overall market occupancy is extremely high.”

Michalak continued. “We received more than twenty offers resulting in a cap rate well below five percent. The seller was delighted in the outcome of the marketing campaign.

“The buyer was also very pleased and has already generated some significant leasing momentum evidenced by the pending announcement of two junior anchor additions to the plaza.”

Mike Cvetetic

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer was a German syndication named VV Florida I, L.P. and Pine Tree Commercial Realty, respectively. 

Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed thirteen centers since December 2013. Those closings included: six Winn Dixie, three Publix and one Walmart Neighborhood Market anchored asset.

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

Jim Michalak

Managing Partner

Plaza Advisors

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com

$26.25 million sale of Denver, CO multi-housing community closed by HFF

Jordan Robbins

 DENVER, CO – HFF announced it has closed the $26.25 million sale of Rockledge Bear Valley, a 230-unit, garden-style multi-housing community in Denver.

                HFF marketed the property on behalf of the seller, a joint venture between ColRich Multifamily and Harbert Management Corporation.  Jackson Square Properties purchased the asset for $26.25 million free and clear of existing debt.

                Rockledge Bear Valley is located at 3550 South Kendall Street in southwest Denver on the border of Lakewood and Jefferson Counties. 

Partially renovated between 2012 and 2014, the 96-percent leased property includes 10 three-story buildings with one- and two-bedroom units averaging 808 square feet each. 

Community amenities include a resort-style swimming pool, bocce ball court, outdoor grilling areas, state-of-the-art fitness center, dog park, clubhouse and business center.

Jeffrey Haag

                The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

                “ColRich/Harbert completed significant exterior and interior upgrades to the property giving it a competitive advantage within the submarket yielding incredible income growth throughout the last year.

“This was a highly sought-after property, but Jackson Square was the perfect buyer as it fits well within the company’s current portfolio and they will be able to continue the interior renovations to generate additional yield,” said Robbins.

ColRich Multifamily is a private, family run, residential real estate development and investment firm.  The company currently manages a portfolio of approximately 9,500 units in the western United States.  

Leveraging upon its construction expertise, ColRich Multifamily primarily invests in the value-add spectrum, with a heavy emphasis on value creation through either extensive renovations and repairs or ground up development. 

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

New Affordable Housing Community Opens in Cambridge, MN

                                                                               

Michael Gaber

 CAMBRIDGE, MN – WNC, a national investor in real estate and community development initiatives, announced the completion of Heritage Townhomes, a 24-unit affordable housing community in Cambridge, Minn. 

WNC provided $2.9 million in low-income housing tax credit (LIHTC) equity to fund the project.

Located at 1503 South Fern St., Heritage Townhomes consists of a mix of one-, two- and three-bedroom units split amongst six buildings. 

The apartments are designed as single-story garden style or two-story townhouse units, each including an attached garage and driveway. The property includes a community gazebo and children’s playground.

“We couldn’t be more pleased to deliver an additional affordable housing option to the families of Cambridge,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“Heritage Townhomes is well-located in the Cambridge community, situated less than one mile from three schools that provide families with education from kindergarten through 12th grade. The property is also within a short walk to a recreational park and a variety of trails at the nearby Wood Duck Preserve.”

Heritage Townhomes was developed by MetroPlains LLC. Robert McCready served as the project developer.

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

 949-427-5172, ext. 703

julie@spotlightmarcom.com

$7 Million Sale of Millennium Pointe in Orlando, FL Arranged by Marcus & Millichap

Still Hunter III

ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Millennium Pointe, a 200-unit apartment property located in Orlando, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,000,000.

Still Hunter, III and Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate in Marcus & Millichap’s Tampa office, represented the seller, Paul Beaullieu, a private investor from Lafayette, LA and the buyer, a limited liability company from Ormond Beach, Fla.  

“Investor demand for Orlando multi-family assets remains keen, with well-priced assets typically generating multiple offers when brought to market.  

Evan P. Kristol

"We received remarkable interest on this opportunity to acquire a stabilized asset centrally located near Orlando’s major employment centers.  Millennium Pointe also has the largest floor plans in the submarket and recently underwent significant renovations,” says Donaldson.

Millennium Pointe is a 200-unit garden-style apartment community consisting of six two-story buildings.  The unit mix includes 60 one bedroom/one bathroom units, 110 two bedroom/one-and-one-half bathroom townhome units and 30 three bedroom/two-and-one-half bathroom townhome units.

Ideally situated just off South Rio Grande Avenue and less than one mile from South Orange Blossom Trail, two of the area’s major retail corridors, Millennium Pointe’s central location is convenient to transportation and employment. The property is located at 4255 Barwood Drive in Orlando, FL.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $625,000 Sale of West Bay Apartments in Tampa, FL

West Bay Apartments, 705 West Bay Street
South Tampa, FL

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of West Bay Apartments, an 11-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $625,000.

Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

West Bay Apartments is a “turn-of-the-century,” early 1900s vintage converted apartment community located at 705 West Bay Street in South Tampa’s Hyde Park submarket, which is one of the most desirable in the Tampa Bay region. 

Ari Ravi

The property consists of four studio apartments and seven, one-bedroom/one-bathroom apartments of varying sizes.  Tenants enjoy off-street parking and access to the laundry facility at a neighboring property.

This high barriers-to-entry submarket is a haven for young professionals, and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District.    There are also plenty of shopping, dining and entertainment destinations along South Howard Avenue and Bayshore Boulevard. 

“West Bay was a value-add offering located in a Class A, Hyde Park (South Tampa) location,” says Ravi.

 “The buyer, through our in-house mortgage brokerage division, was able to secure acquisition financing, plus an additional $100,000 for immediate repairs which should allow him to improve the overall appearance, upgrade the units and in turn raise the rents,” concludes Ravi.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

$5 Million Sale of Tanglewood Apartments in Tallahassee, FL Brokered by Marcus & Millichap

Michael P. Regan

TALLAHASSEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tanglewood Apartments, a 112-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $5,250,000 sales price equates to $46,875 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Tanglewood Apartments were built in 1974 and are situated on approximately 8.87 acres of land at 1600 Pullen Road in Tallahassee, Florida. 

The property consists of 15 two-story residential buildings and an additional one-story building that serves as a leasing office, clubhouse and fitness center. 

Francesco P. Carriera

The residential buildings are a mix of one and two-bedroom/two bath units with central heating and air-conditioning. 

Amenities of the property include stackable washer and dryer appliances in all units, fitness center, car care center, dog walk area, clubhouse with a full kitchen, business center, billiards room and a sparkling swimming pool.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700