RealtyTrac Reports onTop 5 Most Vacant U.S. Cities

MSA	ALL Residential Properties	Vacant Properties	Vacancy Rate
Flint, MI	154,137	11,605	7.5%
Detroit-Warren-Dearborn, MI	1,539,609	81,190	5.3%
Youngstown-Warren-Boardman, OH-PA	156,861	6,979	4.4%
Beaumont-Port Arthur, TX	124,939	4,695	3.8%
Atlantic City-Hammonton, NJ	112,765	4,191	3.7%

Top 5 U.S. Cities Running out of Rooms

MSA	ALL Residential Properties	Vacant Properties	Vacancy Rate
San Jose-Sunnyvale-Santa Clara, CA	443,387	858	0.2%
Fort Collins, CO	105,876	246	0.2%
Manchester-Nashua, NH	117,729	342	0.3%
Provo-Orem, UT	131,449	397	0.3%
Lancaster, PA	148,177	457	0.3%

1.       Out of nearly 85 million residential properties (1 to 4 units) nationwide, more than 1.3 million (1.6 percent) were vacant in February 2016, down from 1.5 million vacant (1.8 percent) in September 2015.

2.       Investment properties are more likely to be vacant (4.3 percent vacancy rate nationwide), but investment property vacancy rates a rock-bottom 3 percent in more than one-third of U.S. markets — good news for landlords but bad news for renters in those markets.

3.       Vacant “zombie” foreclosures were down 4 percent from a year ago nationwide, but continue to increase in a minority of markets, mostly those with a protracted foreclosure process or high numbers of blighted properties.

o   Metro areas with the biggest increase in zombie foreclosures from a year ago included Worcester, Massachusetts (up 163 percent), Providence, Rhode Island (up 148 percent), Boston (up 111 percent), St. Louis (up 108 percent), and Detroit (up 71 percent).

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

jennifer.vonpohlmann@realtytrac.com

Pulte Homes at Royal Estates near Windermere, FL to Celebrate Opening Phase 2 with 62 Additional Homesites

Lyndsey Patterson

ORLANDO, FL--- Royal Estates, the luxury community of single-family homes in the Windermere area off Reams Rd. at 9412 Royal Estates Blvd. Orlando, will host a celebration - the opening of Phase 2 with 62 additional home sites on Saturday, Feb. 20.

Lyndsey Patterson, director of marketing for Pulte Homes in the Orlando region, said that out of the 62 new home sites at Royal Estates, 30 of them will be waterfront – a welcome opportunity for the area.  In addition, roads into Phase 2 have been completed so home buyers may drive through the entire community.

The community offers four one and two-story home designs with four, five and six bedrooms, up to six baths, and three-car garages,  priced starting from the high-$300s to $500s.

Amenities at Royal Estates include a resort style swimming pool, cabana and tot lot. The area boasts top-rated Windermere schools and convenience to Orlando area attractions, shopping complexes with brand-name chains and downtown districts with specialty boutiques.     

Pulte’s new “Life Tested® homes at Royal Estates range in size from 2,489 square feet of living space to 4,200 square feet and offer optional features such as loft spaces, Pulte Planning Centers, multi-generational suites and tile roofs.

Patterson said the event, which is open to the public from 1 to 3 p.m., will feature music entertainment and refreshments.

 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

Bull Realty Brokers $3.1 Million Learning Experience Site in Jacksonville, FL

Nancy Miller

ATLANTA, GA  —Bull Realty brokered the sale of a Learning Experience in Jacksonville, Florida. The sale closed on Feb. 1, 2015 for $3.1 million at a 7.7% cap rate. The property is a 10,000 SF single tenant net lease investment.

The Learning Experience, a child care provider founded in Florida in 1980, has locations nationwide and is the fastest growing child care franchise in the U.S.

Michael Bull, CCIM, Nancy Miller, SVP and Will Jackel, VP, with the National Net Lease Investment Group with Bull Realty, represented the buyer, Diagoris Properties LLC. Lori Schneider with Marcus & Millichap represented the seller, Jacksonville Wolf Bay, LLC.

According to Ms. Miller “The buyer bought several properties, paying all cash as part of a 1031 exchange in 2015.  

"They took advantage of the current low interest rates to leverage a few properties from the original portfolio to buy additional properties at a higher cap, which improved their cash on cash return.”

Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com).

The popular weekly show is broadcast on 47 radio stations nationwide, iTunes, YouTube and CREshow.com. Bull Realty FL License # CQ1026029

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

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110

Runway at Playa Vista, CA Takes Flight

Runway Playa Vista Mixed-Use Development, Playa Vista, CA

David Binswanger

PLAYA VISTA, CA, (Feb.10, 2016)—The development team of Lincoln Property Company and Phoenix Property Company, with their capital partner Alcion Ventures, have sold the 14-acre Runway Playa Vista mixed-use development to Invesco Real Estate in one of the largest real estate transactions of the year.

HFFrepresented the development team in both the capitalization and sale of this iconic property.

“This sale caps nearly a decade since Lincoln began its work at Playa Vista, and it’s incredible to see the vision come to life in such a significant way,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company.

 “Playa Vista had been an idea for decades, and the completion of Runway demonstrates that the Playa Vista community concept was smart, visionary and achievable. Lincoln is proud to have played a meaningful role alongside so many other talented companies, real estate professionals, architects, urban planners, community leaders, pioneering residents and government officials that helped bring the Playa Vista concept to life.”

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

Steve Sugerman

(310) 974-6680

steve@sugermangroup.com

Sale of boutique Cambridge, MA hotel closed by HFF

Hotel Tria, Alewife Brook Parkway, Cambridge, MA

Denny Meikleham

BOSTON, MA, Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Hotel Tria, a 121-room Best Western Plus Hotel in Cambridge, Massachusetts.

         

HFF marketed the property on behalf of the seller, Boston-based KW Development LLC, who has developed, owned and managed several hotels throughout New England since its inception in 1984.

          

The Hotel Tria was completely redeveloped and expanded in 2009 from a 69-room limited service hotel to a 121-room boutique hotel with brand new furnishings, mechanical systems and public space.

  The four-story hotel features Hotel Tria Bar 220, Starbucks Café, complimentary hot breakfast, complimentary high speed Internet access, complimentary shuttle service, complimentary parking, a business center, fitness room and two meeting rooms totaling 1,014 square feet.

The Hotel Tria is situated on  Alewife Brook Parkway within walking distance of the MBTA Alewife Station, providing access to Harvard Square, Davis Square, Kendall Square and downtown Boston. 

Local demand drivers include Harvard University, MIT and Tufts University, all of which are within three miles of the property.  In addition, the hotel is situated in the West Cambridge office and laboratory submarket providing corporate demand from biotechnology and life science companies, Biogen Idec, Novartis, Pfizer and Sanofi/Genzyme and others such as Raytheon and Forrester Research.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

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

Kristen M. Murphy

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 hires Carrie Kahn as a director to focus on multi-housing investment sales transactions in the Pacific Northwest

                                 

Carrie Kahn

PORTLAND, OR,  Feb. 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Carrie Kahn has joined the firm as a director in its Portland office.  Ms. Kahn will focus on multi-housing investment sales transactions in the Pacific Northwest.

Ms. Kahn has more than 10 years of multi-housing experience and joins HFF from CBRE where she was a first vice president in the investment properties group.  During her tenure at CBRE she was involved in more than $1.5 billion of multi-housing transactions in Portland as well as Chicago, where she began her career. 

Ms. Kahn has also worked at Fifield Companies, a multi-housing and office development and acquisitions firm, and in the real estate banking group of JP Morgan. 

Nicholas Kucha

She is a member of Urban Land Institute and is a licensed real estate broker in Oregon, Washington and Illinois.  Ms. Kahn holds a Bachelor of Science in Finance from the University of Illinois at Urbana-Champaign.   

“Carrie is a tremendous addition to our Pacific Northwest multi-housing team led by Ira Virden,”  said Nicholas Kucha, senior managing director and co-head of HFF’s Portland office.

“Her background encompasses all facets of the multi-housing industry – acquisitions, dispositions, development, asset management and banking – and she has wonderful relationships with many of the prominent players in the Pacific Northwest area.

“2015 was a banner year for our multi-housing team as they were ranked the #1 multi-housing broker in Portland by volume according to Real Capital Analytics and we look forward to seeing what 2016 will bring with the addition of Carrie to the group.”

“The addition of Carrie to our Pacific Northwest multi-housing team will further our ability to continue to grow our footprint into Seattle and other markets in the Northwest,"   added Matthew Lawton, executive managing director and a member of HFF’s Executive Committee.  "It is an unusual opportunity to get a very experienced young producer like Carrie and we are very fortunate to have her join the HFF team.”

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

Kristen M. Murphy

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

$3.2 Million Sale of Development Site in Fort auderdale, FL Brokered by Marcus & Millichap

  

 

Joseph Thomas

FORT LAUDERDALE, 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 the Tidewater Development Site,  a 30,538-square foot waterfront land parcel located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,200,000.

“The northern section of Fort Lauderdale Beach is experiencing a tremendous amount of redevelopment. This was a unique opportunity to acquire a AAA waterfront location on the Barrier Island,” says Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“We received 18 offers in two weeks, 16 of which were at or above list price.  Ultimately, the sellers selected the buyer who could close in the shortest amount of time, offered $700,000 above list price and waived all due diligence contingencies upon the execution of the contract.”

Duncan along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Baldwinsville, NY, and the buyer, a private investor from Fort Lauderdale, Fla.

Derek Soven

“The property is currently zoned RMH-60, which provides the buyer with the potential to redevelop the site into a residential building of up to 42 units or a hotel of up to 60 rooms,” says Thomas. “Auberge Beach Residences, a two-tower, 171-unit oceanfront condominium estimated for completion in late 2017, is located nearby.”

Situated a few blocks south of Oakland Park Boulevard and a few blocks west of North Ocean Boulevard (A1A), the Tidewater development site consists of two adjacent waterfront parcels totaling 0.7011 acres of land with approximately 219 linear feet of water frontage. The site is currently improved with a 17-unit multifamily complex.

The property allows for convenient access to many local shops, restaurants and attractions, including Bokampers Sports Bar & Grill, Shooters Waterfront, Lauderdale-by-the-Sea fishing pier, the Coral Ridge Mall and The Galleria at Fort Lauderdale.

Tidewater development site is located at 3115 - 3209 NE 28th Street in Fort Lauderdale. 

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Marcus & Millichap Arranges $2.7 Million Sale of 31-Unit Margate Manor Apartments in Margate, FL

Derek R. Gibbs

MARGATE, 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 Margate Manor, a 31-unit apartment property located in Margate, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,775,000.

“Small private investors are targeting assets in good physical condition and with strong tenant profiles outside of the city of Fort Lauderdale - where they can achieve greater returns,” says Derek R. Gibbs, an associate vice president investments.

“Margate Manor Apartments is fully-occupied and features unit upgrades and recent building improvements,” adds Daniel J. Cunningham, an associate vice president investments. “We received multiple offers and ultimately closed at list price.”

Gibbs and Cunningham along with Evan P. Kristol, a senior vice president investments, Brandon J. Rex, a vice president investments, and Robert S. Hunter, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami Beach.

The two-story residential property contains 31 units comprised of 22 two-bedroom/two-bathroom units, eight one-bedroom/one-bathroom units and one studio. Each apartment features brand new wood kitchen cabinets, granite counter tops, ceramic flooring and new central air-conditioning units. The building also has a new roof and updated landscaping.

Located at 6095 NW 8th Street on 0.814 acres along State Road 7, Margate Manor Apartments is in a high-density neighborhood predominantly consisting of retail supercenters, restaurants and bars.

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

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Bayer Properties to Lease and Market Ashley Park in Newnan, GA

  

Jeffrey Bayer

BIRMINGHAM, AL – Bayer Properties announced it has been selected by Return Holdings to lease and market Ashley Park, a 554,364-square-foot regional open-air retail center, located in Newnan, Georgia.

Ashley Park serves southern Metro Atlanta’s rapidly expanding I-85 South corridor and the burgeoning communities of Newnan and Peachtree City. Newnan is continually named as one of Georgia’s fastest growing cities.

 Built in 2004 and completed in 2008, the center is anchored by Dillard’s, Best Buy, Dick’s Sporting Goods, Barnes & Noble and a 50,580-square-foot Regal Cinemas Georgian 14 Theater. 

Its diverse national and regional tenant base of retail, restaurants, services and entertainment consistently position it as the area’s leading open-air shopping center.

Jeffrey Bayer, president and CEO of Bayer Properties, said, “We look forward to evolving the tenant mix at Ashley Park, securing its position as a destination for customers to shop, dine, live, work and play.”

For more information about Ashley Park, visit www.bayerproperties.com. For leasing information contact: Jackson Ratliff at 205.907.2686 or jratliff@bayerproperties.com.

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

Kristin Jones • The Wilbert Group

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

M: 630-363-5747  

@kayjay818

www.thewilbertgroup.com

Verigreen Development Announces Start of Renovations at Historic St. Charles Hospital in Downtown Aurora, IL

Mayor Thomas Weisner

CHICAGO, IL  -  VeriGreen Development, a division of Evergreen Real Estate Group, announced it will begin renovations at the former St. Charles Hospital in downtown Aurora in early February, transforming the historic Art Deco building into a 60-unit independent living facility for seniors.

A groundbreaking ceremony held on February 3, commemorated the significance of the project and the positive impact it will have on the Aurora community.

Verigreen Development collaborated with Invest Aurora, the Northern Lights Development Corporation, the City of Aurora, the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the project’s complicated layers of financing and tax credits.

“The City of Aurora is excited about the opportunity to revitalize a long-vacant building that was once a cornerstone of our community,” said Mayor Thomas Weisner. “The work that went into securing the tax credits needed to make this project financially viable is simply amazing.

“This speaks to the dedication of VeriGreen and its development partners who share in our mission of preserving this important landmark for generations to come.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

NAI Realvest Team Negotiates $9.3 Million Sale of Class A Office Building at Heathrow International Business Center in Heathrow, FL

 

Christie Alexander

 HEATHROW, FL -- NAI Realvest recently negotiated the $9,300,000 sale of a 75,860 square foot Class A office building at 500 International Parkway at Heathrow within the Lake Mary Blvd. / I-4 corridor. This is a three-story building which was built in 1997 on its 8.65-acre site.

The NAI Realvest team of Chairman George Livingston and Broker Associate Drew Saphos, CCIM, and Christie Alexander, Crossman & Company Director of Brokerage Services negotiated the sale representing the seller, Remington Administrative Services, Inc. 

The local buyer, Heathrow Land Holdings, LLC, was represented by Tom Green of Providence One Asset Management, LLC.

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

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

Crossman & Co. negotiates the Sale of an 18,000 Square Foot Retail Center in Lakeland, FL

Brian Carolan

LAKELAND, Fla. – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently closed on the sale of Huntington Hills Plaza, a Lakeland neighborhood retail center constructed in 2001.

The center, located at 2905 Duff Rd. at the intersection of US Highway 98, was 62 percent occupied at the time of sale and provided a significant value-add opportunity for the purchaser, according to Brian Carolan, Crossman & Company’s Director of Investment Sales.  Carolan negotiated the transaction on behalf of the seller, a Miami-based special servicer.

The buyer is a private investor based in Tampa. 

The Early Years childcare center and Sorrento’s Italian Restaurant are major tenants at the Huntington Hills Plaza.     

Crossman & Company will continue to lease and manage the center for the new owner.

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

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

Aruba Condominium Names Architect and Builder for New Condo Project in Daytona Beach Shores, FL

  

 

Jim Mack

Daytona Beach Shores, FL --- Aruba, the first oceanfront condominium project to get started in the area in seven years, named Architect Larry Robinson of Daytona Beach and Peck and Associates Construction, Inc. as builder of the 84-unit condominium development in Daytona Beach Shores.

Jim Mack, who heads the Aruba sales and marketing team at Oceans Luxury Realty,

said the project recently received full approval by the City Council of Daytona Beach Shores, while sales are ahead of schedule.

“More than 60 percent of the condominiums have sold priced from the $300s to the $600s,” Mack said, 

Developer of the project, Jacksonville-based Greenpointe Communities, is on target to start construction of Aruba in May with completion the end of 2017.

Peck and Associates Construction has built over thirty condominium projects in the East Volusia County area, Mack said.

Add caption

Aruba is located at 3721 S. Atlantic Ave. with 225 lineal feet of beachfront south of the Sunglow pier. Sixty of the units will directly overlook the ocean and 24 will have ocean and river views. 

Condominiums will range from 1,400 square feet of living area to over 1,800 square feet. Four floor plans are available in three-bedroom two-bath designs, and end units available have the four-bedroom, three-bath plans that include wraparound balconies.

Amenities include onsite maintenance and building management, a home owners association, underground parking, a fully equipped workout center, clubroom, a swimming pool and an adults-only outdoor spa area.

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

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

Berkadia Closes on 48 Units for $3 Million in Birmingham, AL

  

Joshua Jacobs

BIRMINGHAM, AL  --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Chesterfield, a 48-unit apartment community located in the Highlands district of Birmingham.

Josh Jacobs, Associate and David Oakley, Managing Director in Berkadia’s Alabama office brokered the transaction representing the local Seller, Chesterfield, LLC.    Chesterfield, which was built in 1968, was sold free and clear of any existing debt.

The local Buyer, Manchester Partners, LLC paid $3,000,000 for the two-story garden-style apartment community, or $62,500 per unit, and plans to upgrade and renovate the interiors in the coming year.  

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

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

Hold-Thyssen Completes $5.1 Million Sale of 42,000 Square Foot Retail Center in Kissimmee, FL Attractions Area

N. Joelle Forster

Kissimmee, FL --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently closed the $5,100,000.00 sale of a 42,072 square foot retail center at 5737 W. Irlo Bronson Memorial Highway (S.R. 192) in Kissimmee.

Martin Forster

The Hold-Thyssen Associates Martin Forster, CCIM and N. Joelle Forster brokered the transaction representing the local seller, Grand Oaks Plaza, Inc.

RT Retail Investments of Parkland, Fla. purchased the property that consists of two separate retail buildings – one containing Big Bargain World and Ponderosa Steak House, and the other housing four tenants, including Senigallia Restaurant, Full House Chinese Restaurant and Baraka Electronics. 

Located adjacent to McDonalds and directly across from the Old Town attraction in the tourist area, “the retail center offered the buyer the opportunity for a good return and potential upside,” Joelle Forster said.

Hold-Thyssen 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 the company’s news release, please contact:

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