$210 million financing for 10-property multi-state retail portfolio arranged by HFF

 

Joe Dykstra

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a total of $210 million in first lien financing for Westwood Financial Corp comprising 10 multi-tenant retail centers totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial Corp., in advising them on new loans and transferring of loans as part of their $1.2 billion consolidation and reorganization. 

As part of the process, HFF placed several new loans, including a 10-year, $110 million, fixed-rate portfolio loan with a correspondent life company and a $100 million senior credit facility with Wells Fargo Bank's Real Estate Capital Markets Group.

  HFF will service the $110 million loan, proceeds of which will be used to re-finance existing loans and will assist in the corporate restructure setting Westwood for future growth.

“Kevin MacKenzie and the HFF team are the best in the business,” said Joe Dykstra, co-CEO of Westwood Financial.  “HFF has represented us on more than 40 loans for our affiliates over the last four years, and the sourcing and execution has always been leading edge. 

Kevin MacKenzie

“Most recently in conjunction with our $1.2 billion consolidation and reorganization transaction, HFF arranged for a $100 million senior credit facility with Wells Fargo and a $110 million senior loan with a life company. The loans had to fund the same day as our closing consolidation.  Kevin and his team’s execution was flawless.”

“There were quite a few objectives we set out to achieve in this financing request, and the lenders were both able to deliver in order to meet Westwood’s needs with the most efficient terms available,” said senior managing director Kevin MacKenzie.

 “The life company provided a low-cost, long-term, fixed-rate option using a forward rate lock, and Wells Fargo provided the flexibility needed to bridge assets into a strategic credit facility including a go forward solution on additional assets. 

“It was a great introduction for Westwood to a new lending relationship with the life company and a new credit facility with Wells Fargo.  Both the borrower and lenders did an excellent job working through a complicated closing process, including multiple assets, a newly-formed sponsorship entity and creative solutions for the extended time-line to close.”

The $110 million loan consisted of six assets including the 79,575-square-foot Village Plaza in Phoenix, Arizona; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano (Orange County), California; and the 103,124-square-foot Stateline Village in Prairie Village (Kansas City), Kansas.  

Lauren LaFever

Additionally, the portfolio contains two Dallas-area centers, the 46,789-square-foot Hebron Parkway Plaza in Carrollton and the 226,414-square-foot Old Town Shopping Center in Dallas, and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, North Carolina. 

Ninety-one percent leased overall, key tenants of the portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels.

Cory Fowler

The seed assets in the Wells Fargo facility included three grocery-anchored centers and one power center with a shadow grocery.

 The properties are:  the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 89,506-square-foot Mercado Del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 30,300-square-foot Magnolia Vineland Shopping Center shadow anchored by Ralph’s in North Hollywood, California; and Legacy Village shadow anchored by Target in Phoenix, Arizona.

 Ninety-five percent leased overall, other key tenants of the portfolio includes Ross Dress for Less, Beall’s, FedEx Office, Orange Theory, Steak 44, Famous Footwear, AutoZone, Orange Theory Fitness and Chipotle. 

The HFF debt placement team representing the borrower consisted of MacKenzie, director Jim Curtin, associate director Cory Fowler, associate Jamie Kline and real estate analyst Lauren LaFever.

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

Kristen M. Murphy

Director, Marketing

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

The St. Moritz in Edgewater, NJ, Rebranded As Riello Following $6 Million Renovation

Riello Apartments, 99 Gorge Road, Edgewater, NJ

EDGEWATER, NJ – Waterton, a U.S. real estate investment and management company, announced it has rebranded The St. Moritz, a 225-unit apartment tower located at 99 Gorge Road in Edgewater, N.J., as Riello following a $6 million renovation of the property.

Waterton, which has managed the community since 2014, spearheaded a two-year capital improvement program that renovated individual residences and common areas. The improvements include a new outdoor pool and spa area with private cabanas, grilling stations and a fire pit, as well as an updated lobby, business center and fitness facility featuring all-new exercise equipment.

David Scharfenberg

Additional enhancements were made to parking garage and façade of the building, which is owned by Barings Real Estate Advisers, acting on behalf of an institutional investor

“In today’s fast-paced rental market, it’s essential for existing communities to stay relevant,” said David Scharfenberg, assistant vice president of regional operations at Waterton.

 “While The St. Moritz already offers many of the services and amenities today’s renters seek in a residential community – not to mention an unbeatable location, overlooking the Hudson River with panoramic views of the Manhattan skyline – we saw an opportunity to further enhance the appeal of the property through renovations designed to position it as the Manhattan alternative.

“Because we were creating a new look for the building, we felt it was only appropriate to give it a new identity as Riello.”

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

 Abe Tekippe at (312) 267-4528 or atekippe@taylorjohnson.com;

 or Kim Manning at (312) 267-4527 or kmanning@taylorjohnson.com.

www.waterton.com

www.barings.com.

Minto Begins Promised Improvements to Seminole Pratt Whitney Road in Westlake, FL

Mike Belmont

WESTLAKE, FL – Minto Communities announced that construction has begun on improvements to Seminole Pratt Whitney Road through the newly formed City of Westlake.

 The improvements consist of major utility infrastructure installation, placing the overhead power underground, as well as widening a 1.5-mile stretch of the roadway. 

The project will also include the installation of a rural parkway landscape buffer.  Minto agreed to this significant infrastructure project as part of its development order for Westlake, a 3,800-acre master-planned community. 

While Minto is funding and paying the approximately $19-million cost, the project will be constructed jointly by Minto and the Seminole Improvement District.

Plans call for expanding the two-lane road to four lanes with a landscaped divided median. Widening will occur from the northern end of Seminole Ridge High School to just past 60th Street North. In addition, there will be an 80-foot landscaped buffer and sidewalks constructed in the dedicated Rural Parkway Easement.

“The District has executed all contract documents and the road contractor has been issued a notice to proceed. Mobilization efforts and pre-construction efforts are well underway,” said Mike Belmont, president of Minto Communities.

“As part of our development order with Palm Beach County, we agreed to step up and commence construction on this substantial improvement to Seminole Pratt Whitney before putting a shovel in the ground for our new community,” said John Carter, vice president of Minto Communities. “We are pleased to see this major transportation improvement project starting.” 

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

BoardroomPR

Todd Templin/Ashley Fierman

ttemplin@boardroompr.com/afierman@boardroompr.com

(954) 370-8999

www.mintofla.com.

Mizuno and Braves announce long-term partnership; Mizuno to open first Brand Experience Center in U.S. at The Battery Atlanta

Derek Schiller

ATLANTA –– At a celebration at Turner Field, Mizuno and the Atlanta Braves announced a long-term partnership that will include the opening of a one-of-a-kind Mizuno Experience Center in The Battery Atlanta.

The agreement makes Mizuno the Official Baseball Gear Partner of the Atlanta Braves, reaching beyond on-the-field engagement opportunities with the team and spreading into fan activities and community investments throughout Atlanta and the Southeast.

As the Official Baseball Gear Partner of the Atlanta Braves, Mizuno also will be pioneering multiple first-of-its-kind baseball glove kiosks inside SunTrust Park where fans can check out Mizuno baseball gloves to catch foul balls during the game. Fans will be able to return the gloves at no cost or purchase them at the end of the game.

“Mizuno has long been the model for innovation and excellence, both in its approach to its craft and in equipment the company produces,” said Derek Schiller, Atlanta Braves president, business. “As we prepare to open a new chapter at SunTrust Park and The Battery Atlanta, we were looking to build and grow partnerships with companies that shared our vision and values. 

"Mizuno’s commitment to success matches our own, and we’re excited for how this partnership will enhance the fan experience beginning in 2017.”

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

Johnathan McGinty

 JACKSON | SPALDING

P 404.214.2966

M 706.338.2732

E jmcginty@jacksonspalding.com

T @johnemcginty

JLL: New Construction Driving Phoenix Industrial Rents; Leases at Airport I-10 and Park Lucero illustrate local trend

Park Lucero Industrial Complex, Phoenix, AZ

 PHOENIX, AZ, Sept. 23, 2016 – The delivery of more than 2.8 million square feet of new industrial construction in Phoenix during the first half of 2016 has made an impact on the Valley, says the Phoenix office of JLL – in some cases pushing industrial rental rates by as much as 36 percent higher than their existing average.

Pat Harlan

Customers looking for increased efficiencies are flocking to this new Class A space, which features amenities such as wide column spacing and clear heights of up to 36 feet.

This trend is actively playing out at Airport I-10, in the airport submarket, and Park Lucero, in the Southeast Valley, where JLL has completed a total of 18 new leases over the last 24 months. All together, these leases represent a total tenant commitment of more than 579,000 square feet.

More information on these and other local industrial trends are available in JLL’s Q2 Phoenix Industrial Report.

JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall are the exclusive leasing brokers for Airport I-10. Harlan, Sayre and JLL Vice President Steve Larsen represent Park Lucero.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Berkadia Completes $13.85 Million Sale of Mississippi Multifamily Property

 

David Oakley

 BIRMINGHAM, AL and BATON ROUGE, LA – Berkadia recently completed the $13.85 million sale of the Oceanaire Apartments  located on Lemoyne Blvd. in Biloxi, Miss. Managing Director David Oakley in the Birmingham office and Managing Director Gregg Cordaro in the Baton Rouge office negotiated the transaction.

The seller was Encore MF Oceanaire Apartments, LLC, and the buyer was Pillar Income Asset Management, Inc., both based in Dallas.

“With occupancies in the mid-90th percentile, the current Biloxi apartment market offers excellent potential for rental growth,” said Cordaro. “At the higher end of the spectrum with 97 percent of the property leased, as well as its attractive location near the casinos, this investment provided double-digit cash-on-cash returns.”

Built in 2009, the multifamily property includes one-, two-, and three-bedroom floor plans. The 196-units are equipped with walk-in closets, island kitchens with a breakfast bar and a private balcony. Community residents also have access to amenities such as a resort-style swimming pool with fountains, a picnic and grilling area, a clubhouse and secured on-site parking.

Oceanaire is located at 16016 Lemoyne Blvd. which offers convenient access to Interstates 100 and 10, as well as Highway 609. Residents can enjoy the Gulf of Mexico’s nearby attractions, including Big Lake, Gulf Island National Seashore and Gulf Marine State Park all within 10 miles. Keesler Air Force Base serves as one of the top employers in the area, located just eight miles from the property.

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

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

www.berkadia.com

Berkadia Closes $13.1 Million Sale of Deer Meadow Apartments in Jacksonville, FL

Deer Meadow Apartments, 8859 Old Kings Road South, Jacksonville, FL

Cole Whitaker

JACKSONVILLE, FL – Berkadia recently completed the sale of Deer Meadow, an affordable housing property located in Jacksonville.   Managing Director Cole Whitaker of the Orlando office, Associate Director Greg Rainey of the Jacksonville office and Senior Director Jason Stanton of the Tampa office handled negotiations for the $13.1 million sale.

The seller was Deer Meadow Associates, Ltd., of Rockville, Maryland, and the buyer was Aspen Square Management, Inc. of Springfield, Massachusetts.

Built in 2000, the 200-unit property includes one-, two- and three-bedroom floor plans equipped with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, a clubhouse and a swimming and wading pool.

Deer Meadow is located at 8859 Old Kings Rd. S., just one mile from Interstate 95 and within 12 miles of downtown Jacksonville. Top employers in the area include Jacksonville Naval Air Station, St. Vincent’s Medical Center Southside and Florida Blue, Florida’s Blue Cross and Blue Shield company.

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

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

www.berkadia.com

HFF closes $23.9 million sale of Class A office property in Fort Lauderdale, FL

Park Center, 6363 NW 6th Way, Cypress Creek Submarket, Fort Lauderdale, FL

 

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.9 million sale of Park Center, a five-story 119,224-square-foot, Class A office property in the Cypress Creek submarket of Fort Lauderdale, Florida.

HFF marketed the property on behalf of the seller, RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners, out of Fort Lauderdale, and Realty Financial Partners, out of Boston, and procured the buyer, Gladstone Commercial Corporation.  The asset was sold on a free and clear basis.

Park Center is located at 6363 NW 6th Way just west of Interstate 95 in the Cypress Creek submarket.  

The property is 100 percent leased to Citrix Systems, a Fortune 1000 and S&P 500 company that provides a complete and integrated portfolio of Workspace-as-a-Service, application delivery, virtualization, mobility, network delivery and file sharing solutions that enables companies to ensure critical systems are securely available to users via the cloud or on premise and across any device or platform.

The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, associate director Jorge Portela and director Ike Ojala. 

HFF’s office investment sales team has closed more than 1.7 million square feet of office space in the Miami/Fort Lauderdale market in 2016.  Notable transactions include Aventura Corporate Center, Miami Tower and Datran Center, among others.

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

Kristen M. Murphy

Director, Marketing

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 appoints senior managing director Mark Katz as co-head of Denver office

Mark Katz

DENVER, CO –– HFF announced veteran HFF senior managing director Mark Katz has relocated from the firm’s Chicago office to the firm’s Denver office, where he will co-head the office with senior managing director Eric Tupler.  Additionally, Mr. Katz will lead the investment sales platform for the Denver office.

Mr. Katz has more than 19 years of experience in commercial real estate and has worked in HFF’s Chicago office since 2012 as a member of their office investment sales team.  

During his tenure with the firm, he has successfully transacted more than $5.5 billion in commercial real estate investment sales.  Mr. Katz holds a Bachelor of Arts degree from the University of Kansas.   

“HFF is excited to have a seasoned veteran such as Mark join forces with our Denver office to help sustain and guide our growth in Denver and the greater Rocky Mountain region,” said Tupler.

 “Most recently, HFF was ranked by the Denver Business Journal as the top financial intermediary and the number three investment sales broker for 2015.  Our goal as a firm is to capture additional market share and Mark will be instrumental in this process as we look to hire and promote associates to augment our institutional and middle market office, retail, industrial and multi-housing teams.”

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

Kristen M. Murphy

Director, Marketing

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

Continental Funding Group Arranges $7 Million in Acquisition Financing for Value-Add Office Building in Downtown San Diego, CA

Downtown Office Building, San Diego, CA

SAN DIEGO, CA – Commercial real estate investment banking firm Continental Funding Group has successfully secured $7 million in bridge financing for a 25,000 square-foot value-add office building located in the financial district of downtown San Diego.

The financing for the acquisition and renovation of this property was arranged by Continental Funding Group Director Eugene Rutenberg.

The three-year interest – only loan was sized to 100 percent of the purchase price, with a loan-to-cost leverage ratio of 75 percent.

Eugene Rutenberg

“Downtown San Diego’s office market is in the midst of a resurgence,” says Rutenberg. “Fueled by tremendous growth in the tech and financial service industries, the central business district is truly the corporate epicenter and financial capital of San Diego, with the largest concentration of high-rise office buildings and jobs in the county.

“Based on the enormous job growth and innovation in this district, demand for quality office space is on the rise, placing upward pressure on lease rates in this submarket.”

According to a recent CoStar report, downtown San Diego’s office market commanded average rental rates of $29.15 per square foot in Q2, with value-add Class B and C product seeing the most positive net absorption, indicating strong tenant demand for office space.

“This property will hit north of $34 per square foot after the sponsor’s business plan is complete, indicating that while Class A office continues to demonstrate steady rent growth, the real opportunity is in value-add product,” explains Rutenberg, who notes that many investors are targeting Class B office assets and repositioning them to drive higher yields.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lastfalk@browermillercole.com

www.contifunding.com.

29th Street Capital Acquires Fifth Metro Denver Property

The Wesley Towers Southeast Denver, CO

Jay Neal

Denver, CO – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Wesley Apartments, a 105-unit multifamily community in Denver, Colorado.

29SC plans to invest $1 million to significantly renovate the interiors and enhance the exterior. This represents 29SC’s fifth acquisition in the Denver market.

“The acquisition of The Wesley Apartments provides another excellent opportunity to expand 29th Street Capital’s portfolio in the Denver market,” said Jay Neal, 29SC’s Vice President of Acquisitions for Colorado. “We look forward to bringing an improved living experience to the residents and creating value for our investors.”

29SC plans to invest approximately $1 million ($10,000 per unit) in capital improvements to renovate all the apartments and enhance the exterior.

Interior upgrades will include new appliances, cabinets and countertops, paint and flooring, upgraded bathrooms and high quality fixtures.

Asbury Plaza Apartments, Denver, CO

Budgeted capital improvements for the exterior will include high-efficiency window replacements, balcony renovations and landscape upgrades. 29SC expects to unlock expense savings by sharing some operational costs with nearby Asbury Plaza, which 29SC acquired last year.

Upon completion of the capital plan, The Wesley’s attractive apartments are expected to compete more effectively with surrounding properties in the well-located Southeast Denver submarket.

  

The acquisition closed Friday, Sept. 16, 2016. The sale price was not disclosed.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com

JLL Lease Establishes Arizona's First Tire’s 83,000-SF Warehouse Distribution Center in Phoenix

Kyle Westphall

PHOENIX,AZ – The Phoenix office of JLL has completed an 83,000-square-foot lease that establishes well-known tire distributor Tire’s Warehouse Inc. (TWI) in its first-ever Arizona location and its only distribution center outside of California.

The new facility, which is located at 1502 E. Buckeye Rd. in Phoenix, brings TWI to seven distribution centers across the West, including one new center just opened in Northern California’s Union City. 

TWI is scheduled to open its Arizona location on Sept. 26, 2016. The distribution center will generate as many as 50 new jobs for the Valley within the first two years of operation.

JLL Associate Kyle Westfall and Executive Vice Presidents Pat Harlan and Steve Sayre represented TWI in the lease negotiations. The property landlord, Harrison Properties, represented itself.

“Opening the doors of our first distribution center in Arizona is a monumental step for our company,” said Dan King, President of TWI. “The recent success of our new Northern California branch has helped us to prepare for continued market expansion into all-new territories.

“ Our entire team has been working diligently to support our rapid growth and we are very excited to bring our exceptional service and dealer programs to our new Arizona customers.”

Pat Harlan

“TWI’s selection of Phoenix as its first distribution center outside of California speaks volumes about our strength as a consumer market and our strategic position in the distribution supply chain,” said Westfall. “TWI is one of many companies expanding into Arizona and putting these advantages to work for their operations and their customers.”

With its new Phoenix location, TWI now operates a total of 600,000 square feet of space and 100 delivery trucks, serving dealers throughout California, Nevada and Arizona.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com or www.jll.com/phoenix.

www.tireswarehouse.net.

Marcus & Millichap Handles $835,000 Sale of Four-Unit Newport Apartments in Tampa, FL

Shawn Rupp

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 Newport Apartments, a four-unit apartment building located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $835,000.

Shawn Rupp, associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by the two brokers.

 

Newport Apartments is a Class A apartment building located at 607 South Newport Avenue in the Class A+ submarket of Historic Hyde Park in South Tampa. Located just north of Swann Avenue and three blocks from Bayshore Boulevard and Hyde Park Village, Newport was built in 1979 and renovated 2016.

The building consists of four, two-bedroom/two-bathroom units with approximately 816 rentable square feet which have condo grade finishes and off-street parking.

“607 South Newport just completed top-to-bottom renovations including a new roof and condo grade interiors,” says Rupp. “The local buyer was attracted to this asset’s high rents and the need for very little capital improvements over the next decade.”

“The seller has sold multiple properties through our team, and was able to close at a record price on this unique asset in less than 30 days,” concluded Rupp.

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

Ari Ravi

Regional Manager

Tampa, FL

(813) 387-4700

5.2-Acre Manufactured Home Community in Lakeland, FL sold for $1.43 Million in Deal Brokered by Marcus & Millichap

Townsley Estates, Lakeland, FL

LAKELAND, 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 Townsley Estates, a 5.2-acre manufactured home community in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,425,000.

Dan Mulkey

Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by

Mulkey.

Situated in Lakeland, Florida between Tampa and Orlando along Interstate 4, this small senior community offers its residents quiet living while placing them close to a major mall, hospitals, shopping and transportation. The manager’s home is a two-bedroom, stick build dwelling with a pool. 

Because of its close proximity to Tampa, Orlando and the crossroads of two of Florida’s most heavily traveled highways, Interstate 4 and U.S. Highway 27, Lakeland has become a high growth area boasting heavy commerce and housing development.

“After purchasing the community in 2008 the seller has done a very nice job of upgrading and filling the park,” says Mulkey. “As a Canadian citizen he intends to reinvest his sale proceeds into Canadian real estate.”

“The buyer, a California resident, is venturing into Florida real estate for the first time with intentions of investing in more manufactured housing in the immediate future,” concluded Mulkey.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $1 Million Sale of 20-Unit Iowa Court Apartments in Tampa, FL

Joshua Teplitzky

TAMPA, FL  – 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 Iowa Court Apartments, a 20-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,045,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by Teplitzky, Carriera and Regan.

Iowa Court Apartments is a 20-unit multifamily community located at 3809 West Iowa Street in Tampa, Florida. 

The property consists of one, two-story residential building. The residential building is comprised of 20 one-bedroom/one-bathroom units with 625 rentable square feet. All units have individual heating and air-conditioning, and the building sits on an approximately 0.48 acre parcel of land.

“This property represents another one of our most recent transactions in South Tampa within close proximity to the Macdill Air Force Base. The total revenue in this immediate submarket has risen almost 20 percent year over year due to a large number of communities trading hands to foreign investors recently,” says Teplitzky.

“Iowa Court was a significant value-add opportunity and the buyer plans to make substantial immediate capital investment to the asset on both the interior and the exterior,” Teplitzky concluded.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700