Tuesday, July 4, 2017

Lincoln Property Company Southeast Completes $3.5 Million Sale of Communications Drive Office and Industrial Building in Norcross, GA


Chip Sipple
ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has announced it has completed the sale of a 56,600-square-foot office and industrial building in a prime location at 4261 Communications Drive in Norcross.

 Chip Sipple and Jeff Henson of Lincoln represented the seller, Flooring International Distribution Inc.

Young Georgia Properties LLC bought the building for $3.5 million. The previous owner decided to downsize into a space that better fit its operations. The new owner has moved in.

“This building offered a superior location in Atlanta’s largest industrial market in a great business park setting,” said Lincoln’s Sipple. “With a functional floor plan, top-of-the line features and a large warehouse, this Communications Drive building represented a tremendous opportunity for the new owner.” 

Jeff Henson
The property consists of 11,597 square feet of office and showroom space with an open floorplan and a mixture of private offices and open work areas, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading.

Additionally, the 4.75-acre property includes ample surface parking, an attractive landscaped environment and easy access to major roadways including I-85 and I-285.


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

Gary Tanner
The Wilbert Group
678-677-9754

Monday, July 3, 2017

JLL sells Phoenix Logistics Center portfolio for Overton Moore for $18.4 million


Phoenix Logistics Center, Phoenix, AZ

 
Bo Mills
PHOENIX, AZ – Strong market performance and continued confidence in Phoenix’s industrial market future has spurred the $18.4 million sale of Phoenix Logistics Center – sold this week by the Phoenix office of JLL on behalf of a joint venture between Overton Moore Properties and PCCP LLC, and acquired by Colony Northstar.

JLL Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov represented the property sellers.

“The Phoenix Logistics portfolio represents a quality multi-tenant industrial asset that is difficult to replicate in today’s market,” said Jason Hines, Vice President of Overton Moore Properties. “We are pleased with the sale and the overall execution of our value-add strategy in the Phoenix industrial market.”

“Phoenix Logistics Center is institutionally maintained, with an extremely strong credit tenancy and the potential to add value through the development of two acres of excess land,” said Mills. “It is an exceptional opportunity that brings together all of the attributes that an investor looks for when seeking a Class A industrial asset.”

Mark Detmer
Phoenix Logistics Center totals 245,890 square feet in two buildings located at 420 S. 53rd Ave. and 1002 S. 56th Ave. in Phoenix’s Southwest submarket. 

Both buildings have been recently refurbished with $1.75 million in capital improvements, including new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. 

The buildings sit on 13.8 acres, including two acres of excess land that can be developed, paved or used to expand the 53rd Avenue building.

Each building can accommodate single- and multi-tenant configurations, with dock-high and grade-level loading, and 24’ to 30’ clear heights. The portfolio is currently 91.3 percent leased to five quality tenants, including long-term anchor tenant Blue Line Foodservice Distribution, a division of Little Caesar Enterprises.

Phoenix Logistics Center is located 1.9 miles from the Loop 101 and 2.3 miles from I-10, offering direct access to all points in metro Phoenix, as well as key distribution routes to California, the Southwest and beyond.

According to JLL, industrial vacancy rates in Southwest Phoenix have declined from 20.4 percent in 2009 to 11.4 percent as of year-end 2016. Asking rental rates have increased an average of 4.5 percent every year since 2011. These factors, combined with robust population growth, employment growth and housing recover, have increased demand for available space across the local industrial market.

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

 Stacey Hershauer
 
 Phone:
 +1 480 600 0195
   
Email:


Sunday, July 2, 2017

Stepp Commercial Completes $2.16 Million Sale of Sixth Street Apartments inLong Beach, CA


Robert Stepp
Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.16 million sale of Sixth Street Apartments, a nine-unit apartment property in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, Northpoint Realty from Long Beach, as well as the buyer, VMG Properties from Santa Monica. The property closed at a 4.5 percent cap rate and a price per unit of $240,000.

"This property was purchased as a value-add opportunity and the buyer is planning on making significant renovations to improve the property," said Stepp. "As the Long Beach market continues to strengthen, the demand for well-located, improved rental units increases."

Built in 1961, the two-story property is located at 2320 E. 6th Street and consists of eight two-bedroom units and one one-bedroom unit.

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


Darcie Giacchetto
D.G. Communications, Inc.

949.278.6224

Peachtree Hotel Group (PHG) Acquires 96-Suite TownePlace Suites Gainesville Northwest in Gainesville, FL


 
Brent LeBlanc
GAINESVILLE, FL — Officials of Peachtree Hotel Group (PHG), one of the nation’s fastest growing hotel investment and management platforms acquired the 96-suite TownePlace Suites Gainesville Northwest in Fla., from Gainesville Investment Lodging, LLP, a subsidiary of 3H Group, Inc., for an undisclosed sum.  

The transaction was brokered by Hospitality Real Estate Counselors (HREC).

Located at 7451 West Newberry Road just four miles from The Swamp and Ben Hill Griffin Stadium, the four-story, extended-stay hotel provides spacious suites with fully equipped kitchens and high-speed Internet access.  

Hotel amenities include a 24-hour workout facility, outdoor pool, 570 square feet of meeting space, complimentary breakfast and pet-friendly policies.

PHG continues to seek additional acquisition and development opportunities.  To discuss additional growth possibilities, contact Brent LeBlanc at 713-666-2544 or bleblanc@peachtreehotelgroup.com.


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

Chris Daly, media
(703) 435-6293

Approximately 200 Alternative Direct Investment Professionals Expected at ADISA’s Due Diligence Forum in Chicago, IL



Kelly Shue
CHICAGO, IL -- Conference highlights include legislative and regulatory updates on the DOL fiduciary rule and tax reform, a keynote address by the University of Chicago’s Dr. Kelly Shue, and a deep dive into due diligence, liquidity events and more

What: ADISA Due Diligence Forum

When: July 13-14, 2017

Where: The Fairmont Millennium Park, Chicago

Program Notes: ADISA’s Due Diligence Forum is an alternative direct investment educational and networking opportunity that will be attended by approximately 200 broker-dealers, registered investment advisors, family offices, due diligence professionals, compliance officers, product sponsors and industry affiliates.

The association was founded in 2003 and has approximately 4,500 members who are key decision makers, representing more than 220,000 professionals throughout the nation – including sponsor members who have raised in excess of $200 billion in equity and serve more than 1 million investors.

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

Jill Swartz Julie Leber
Spotlight Marketing Communications Spotlight Marketing Communications
(949) 427-5172, ext. 701 (949) 427-5172, ext. 703


Saturday, July 1, 2017

Illustrated Properties Arranges Sale of Former Bonnette Hunt Club Site in Palm Beach Gardens, FL to Major Developer; Platinum Top Producer Lynn B. Telling facilitates transaction


 
Lynn B. Telling

 PALM BEACH GARDENS, FL – Illustrated Properties, a member of The Keyes Family of Companies, has announced the sale of more than seven acres – including the former site of the famed Bonnette Hunt Club – in Palm Beach Gardens.

Lynn B. Telling, a Platinum Top Producer and Luxury Specialist with Illustrated, arranged the sale to Parkwood Distinctive Homes and was also the listing agent on the transaction.

A leading national homebuilder, Parkwood plans to develop up to 28 single-family homes starting at 2,400 square feet under air. 

The homes are expected to be priced between $500,000 and $800,000. Parkwood, which plans to unveil additional project details in the coming months, aims to complete the homes by summer 2018.

The $2.55 million sale of the 5307 and 5309 Hood Road site to Parkwood closed on Friday, June 16.

Started by retired Navy warrant officer William Bonnette in 1961, the Bonnette Hunt Club was a popular hangout for celebrities, millionaires, foreign dignitaries and the Palm Beach elite.

Regulars included Burt Reynolds, Bing Crosby, Jack Nicklaus, Jordan’s King Hussein and former Florida governors Lawton Chiles and Claude Kirk, Jr.

The partnership that sold the site to Parkwood includes Bonnette’s daughter Alix Dummett and Major C. Fussell, whose involvement with the club dates back to its early days.


Mike Pappas
“We congratulate Lynn Telling and the team at Illustrated for completing this sale to a developer we know will create a beautiful new community while respecting the rich history of this site,” said Keyes CEO Mike Pappas.

 “This is truly a gem located in the heart of Palm Beach Gardens. The proximity to Scripps Research Institute and the newly constructed United Technologies campus and other major employment hubs will certainly drive interest in the new homes.”

A member of the Bonnette Hunt Club since 2005, Telling has deep personal ties to the club and surrounding community. Her son received his final merit badge at the site on his way to becoming an Eagle Scout.

“I feel that each transaction in a community deserves commitment and follow-through in a changing real estate market using the latest technology without minimizing personal counsel,” said Telling. “Parkwood Distinctive Homes deserves the level of attention that we provide to cultivate the roots, growth and needs of the community. We look forward to continuing to work with Parkwood.” 

For a complete copy of the company’s news release, please contact:
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Eric Kalis or Jasmin Curtiss, BoardroomPR
ekalis@boardroompr.com/jcurtiss@boardroompr.com

954-370-8999

Berger Commercial Realty Named Exclusive Leasing Agent for 60,000-Square-Foot Office Building in Fort Lauderdale, FL


John Forman

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Keith Graves and Sales Associate John Forman were recently appointed by 2601 M L Fund, LLC as the exclusive leasing agent for 2601 E. Oakland Park Blvd., a 59,878-square-foot, six-story office building located in Fort Lauderdale.

Located adjacent to Coral Ridge Mall, which is anchored by Publix and Target, just east of the Oakland Park Blvd. and Federal Highway intersection, the multi-tenant office building offers ocean views, surface and garage parking and recently upgraded common areas.

“The building accommodates a mix of professional service firms and financial tenants and offers outstanding visibility and a convenient location in the heart of east Fort Lauderdale,” Graves said. “It’s also within walking distance of many local restaurants and shops.”

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900

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

954-776-1999
Pierson Grant Public Relations
Lexi Robinson, ext. 255, lrobinson@piersongrant.com
Marielle Sologuren, ext. 226, msologuren@piersongrant.com


Arbor Funds $15.4M in Fannie Mae Deal in Charlotte, NC



Pressley Ridge Apartment Homes, Southwest Charlotte, NC

 UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded a loan totaling $15,400,000 for the acquisition of Pressley Ridge Apartment Homes, located in Charlotte, NC under the Fannie Mae Standard DUS® Loan program.

James Fiesel
James Fiesel, Originator, based in Arbor’s New York office, originated the deal.

“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside, and the new owners have a long track record of successful execution.” Fiesel said.

The 7/6 ARM acquisition loan represents 80% of the purchase price and features a 24-month interest-only term. 
                                             
Pressley Ridge Apartment Homes, located in Southwest Charlotte, is a two-story, 504-unit multifamily property that was built in 1969. Located on a Charlotte Area Transit System (CATS) bus line, the property is in close proximity to the uptown area and its dining and shopping.

The property currently consists of one-, two- and three-bedroom apartments with a unit mix of 176 one-bedroom units, 224 two-bedroom units, and 104 three-bedroom units. Amenities include on-site management, picnic grills, washer/dryer in every unit, and access to the new community center, playgrounds and soccer fields.


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

Arbor Realty Trust, Inc.
 Bonnie Habyan
333 Earle Ovington Blvd, Suite 900                                                 516.506.4615
Uniondale, NY 11553                                                                       bhabyan@arbor.com
800.ARBOR.10


Olive Hill Group Announces $1.5 Million Redevelopment of Creative Office campus in Dynamic Silicon Beach, CA Market


Tim Lee
LOS ANGELES, CA  – Olive Hill Group, a Los Angeles-based private investor, operator and developer of commercial real estate, has announced a $1.5 million redevelopment of its 205,135 square-foot creative office campus in the emerging Culver City submarket of Silicon Beach.

The firm is rebranding the property to the Courtyard at Culver Pointe, according to Michael Cho, President of Olive Hill Group.

Located in one of the fastest growing and most dynamic creative markets in California, the Class A office property features a 30,000 square-foot central courtyard which Olive Hill Group plans to redevelop into a campus-like setting with outdoor amenity areas.

“The Silicon Beach office market is experiencing explosive growth,” explains Cho. “Fueled by the creative synergies of tech giants such as Google and Facebook, Silicon Beach continues to attract major players in the digital media, entertainment, and technology industries seeking creative workspaces to support their growth and expansion.

“Our strategy is to capitalize on this momentum by converting this property into a creative office campus, thereby delivering a true live/work/play experience that today’s tenants are demanding.”

Silicon Beach, CA







Olive Hill Group plans to activate and modernize the courtyard by incorporating the latest amenities that will attract creative users. 

The proposed redevelopment plan will include a food truck loading zone, upgraded seating areas throughout the courtyard, hammocks within a lounge setting, bike-friendly pathways, and a bocce ball court, among others.

“The property’s campus orientation presents a unique value-add opportunity to expand the on-site amenities by optimizing the outdoor courtyard space,” continues Cho. “By integrating amenities such as shaded dining areas, we are cultivating an environment that will foster socialization and relaxation, enabling us to attract and retain quality tenants. In doing so, we will be able to drive tenant retention and long-term value for this asset.”

“As the office sector continues to evolve, tenants are increasingly demanding flexible, creative workspaces that encourage collaboration and innovation,” notes Tim Lee, Vice President of Corporate Development and Legal Affairs at Olive Hill Group. “In order to attract and retain today’s millennial workforce, employers are seeking work/play environments with outdoor gathering spaces and the latest lifestyle amenities, and are willing to pay a premium for creative spaces that support this lifestyle.”

Lee notes that the Courtyard at Culver Pointe will offer tenants a true value-oriented alternative to office space in neighboring Venice or Santa Monica, while still providing the same quality amenities and features that will attract talent.

Tenants at the creative office campus, which is currently 95 percent occupied by a diverse range of businesses, include global companies such as Ipsos Insight, Omnia Media, as well as DataScience Inc., Paychex and Shiseido Cosmetics, among others.

The property is located at 200-300 Corporate Pointe in Culver City, California. AKA Architecture, based in downtown Los Angeles, has been commissioned as the architect for this redevelopment project. The estimated completion date of the project is September 2017.
  
For a complete copy of the company’s news release, please contact:

Katie Kea
Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Marcus & Millichap Brokers $7.98 Million Sale of Three Florida Wendy locations


Ronnie Issenberg
MIAMI, 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 three Florida Wendy’s located in the cities of Ocala, Dunnellon and Tamarac, according to Kirk A. Felici, regional manager of the firm’s Miami office. The portfolio sold for $7,981,907.

Ronnie Issenberg and Gabriel Britti, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listings to market the properties on behalf of the sellers, limited liability companies from Florida.

“We had multiple backup offers at ask price for these assets, which shows the demand, not only for South Florida Real Estate, but also for fast food assets” says Issenberg.

 “In an economy where most investors are afraid of the internet and Amazon hurting their retail investments, fast food net-leased assets really stick out. As of now, you cannot order a hamburger and fries on Amazon.”

Gabriel Britti
“In our opinion, QSR net-leased assets will continue to be the most favorable for investors, which will lead to cap rates holding steady throughout the next few quarters” adds Britti.

“We have followed our gut instinct, have listed, and will continue to list fast food net-leased assets to fulfill the demand we are seeing from net-leased investors” adds Issenberg.

According to Marcus & Millichap, Britti and Issenberg are two of the top net-leased brokers in the United States.
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For a complete copy of the company’s news release, please contact:

Ronnie Issenberg / Gabriel Britti
First Vice Presidents, Miami

(786) 522-7000

HFF closes $57.8 million sale of and arranges $46 million financing for 312-unit multi-housing community in suburban Denver, CO

  
Silver Cliff Apartments, 5725 South Delaware Street, Englewood, CO

 
Jordan Robbins
DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $57.8 million sale of and arranged $46 million in acquisition financing for Silver Cliff, a 312-unit, garden-style multi-housing community in the south Denver suburb of Englewood, Colorado.

HFF marketed the asset exclusively on behalf of Weidner Apartment Homes.  Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased the unencumbered property jointly with a third-party family office and discretionary-affiliated investment vehicle. 

Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate loan with three years of interest only amortization with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loan allows flexible prepayment in year six to seven and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Silver Cliff is situated on approximately 10.6 acres at 5275 South Delaware Street just west of the intersection of South Broadway and Belleview Avenue.  Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton, the community is proximate to numerous parks, major retailers, the South Broadway corridor and RTD Light Rail service. 


Anna Stevens

Silver Cliff has nine residential buildings consisting of one- and two-bedroom units averaging 815 square feet along with a full suite of amenities, including a swimming pool, dog run, playground, 24-hour fitness center, garages and carports and sweeping views of the Rocky Mountains.  The property was 97 percent leased at closing.

Jeff Haag
 The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate directors Jeff Haag and Anna Stevens.


HFF’s debt placement team representing the new owner was led by managing director Josh Simon.

Weidner Apartment Homes was founded in 1977 by Dean Weidner.  With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 17th on NMHC’s top 50 list of apartment management companies and has 48,000 units throughout the U.S. and Canada

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |www.hfflp.com


Friday, June 30, 2017

Strategic Student & Senior Housing Trust Acquires The District at University of Arkansas for $57 Million


H. Michael Schwartz

Fayetteville, AR – Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC, announced its acquisition of The District, a 198-unit, 592-bed student housing property adjacent to the University of Arkansas in Fayetteville. The purchase price for the building was $57 million.

Formerly known as Sterling District, the 2.3-acre student housing property is located at 376 W. Watson St. and includes one-, two-, three- and four-bedroom, fully furnished floor plans. The District is currently 95 percent pre-leased for the 2017-2018 academic year.

“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust.

John Strockis
“Completed in 2016, The District is an amenities-rich and modern urban wrap-design property that is consistent with our acquisition strategy of acquiring stabilized and purpose-built student housing assets adjacent to Tier 1 universities.

“The property includes many safety features, such as gated access, pass-key systems, on-site management with regular security patrols and an on-site, six-story controlled access parking garage.

“In addition, we have retained Asset Campus Housing, one of the nation’s premier third-party student housing managers, to provide on-site management.”

Asset Campus Housing, which is a member of The Institute of Real Estate Management and is recognized as an Accredited Management Organization, currently manages in excess of 210 properties and 118,500 beds.

“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” said John Strockis, senior vice president of acquisitions of the REIT.

“The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”

University of Arkansas, Fayetteville, AR
Each apartment unit is fully furnished with state-of-the-art amenities and energy efficient appliance packages. 

Community amenities include a computer lab and business center; study rooms; an expansive pool, spa and courtyard; and a fitness facility with a separate yoga room.

The District is certified by the U.S. Green Building Council as LEED-Gold, the second-highest certification level that recognizes properties that use less water and energy, and reduce greenhouse gas emissions.

In addition to its energy efficient appliances and other amenities, the property also provides preferred parking for fuel efficient vehicles, a bike-sharing program, increased natural light and close proximity to mass transit for ride-sharing.

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

Julie Leber, Damon Elder
Spotlight Marketing Communications
 (949) 427-5172, ext. 703
(949) 427-5172, ext. 702


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WNC Closes $85 Million California Institutional LIHTC Fund


Michael Gaber
 IRVINE, CA, June 30, 2017 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), an $85 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. 

Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply.  Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.

“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”

CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703


Key City of Miami Board Approves Verzasca Group’s Rental Project in Edgewater Neighborhood


Robert Behar
MIAMI, FL – Developer Verzasca Group has obtained a critical approval from the City of Miami’s Urban Development Review Board for its 2000 Biscayne rental apartment project in the Edgewater neighborhood.

The board, which was created by the city to review all urban projects of more than 200,000 square feet in accordance with the Miami 21 zoning code, unanimously supported the development during its Thursday, June 29 meeting. 

The next step is approval from the city’s Planning and Zoning Department, followed by a 15-day appeal period.

Verzasca proposes to build a 36-story high-rise tower with 393 studio, one, two and three-bedroom apartment units totaling nearly 360,000 square feet of living space on the 2000 Biscayne Boulevard site. Dorsky + Yue International Architecture is the building designer.

Gerald Marsten

During the meeting, board Chair Robert Behar praised the project design, which accounted for the configuration of the site. The project is located on a portion of Biscayne Boulevard that is considered a transit corridor of the city and zoned for increased density.

Board member Gerald Marsten cited the landscaping plan and synergy between the project and surrounding urban environment.

“We are thrilled to get the support for our Edgewater project from this pivotal city board,” said Verzasca Managing Director Tim Lobanov. 

“The Edgewater neighborhood has experienced an incredible transformation into one of Miami’s most desirable urban areas to live in – particularly for renters. We are big long-term believers in the neighborhood.”


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

Eric Kalis
Account Director, BoardroomPR
O 954-370-8999

C 305-794-5123

Marcus & Millichap Brokers $6.25 Million Howell Branch Corners in Casselberry, FL


Douglas K. Mandel
CASSELBERRY, FL, June 30, 2017 – 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 Howell Branch Corners, a 14,765-square foot retail property located in Casselberry, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office.

The asset was 77 percent occupied at the time of sale and sold for $6,525,000 or $442 PSF.

Douglas K. Mandel, Senior Managing Director Investments, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, Associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured and represented the buyer, a limited liability company.

Mandel states, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

Nicholas Hanson
Howell Branch Corners is located at 2525 Howell Branch Road in Casselberry, FL.  Shadow-anchored by a Casselberry Commons, the property is located at the signalized corner of Howell Branch and Semoran Boulevard, one of the busiest thoroughfares in the Orland, offering tenants excellent exposure.

Howell Branch Corners is a 14,765-square foot, premium retail plaza boasting national tenants such as Starbucks, BB&T and T-Mobile. 

“Buyers are seeking premium assets in  nontraditional-class A locations where they can achieve strong returns with the opportunity to add value,” continues Hanson

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

 Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400