Miramar Park of Commerce Ends Year at 98 Percent Occupancy

                         

Miramar Park of Commerce, Miramar, FL

Jonathan Kingsley

MIRAMAR, Fla. – The collaboration between the leasing team at the Miramar Park of Commerce and Jones Lang LaSalle (JLL) has led to a record occupancy rate of 98 percent.  Since July, 80,000 of the 100,000 square feet of available office/flex product in the Park has been leased. 

 “JLL continues to bring tremendous value to our team,” said Andrew Ansin, vice president of Sunbeam Properties, developer of the Miramar Park of Commerce. “As the Park’s improved occupancy rate demonstrates, JLL’s aggressive marketing and sales effort has been very successful. We expect to continue to see increasing demand and rising rental rates in 2014.”

Currently there is only 125,000 square feet of second generation space available within the 5.2 million square in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. Of that 125,000 square feet, 88,000 is warehouse space and 27,000 square feet is flex space.

According to Jonathan Kingsley, senior vice president at JLL, a spike in population growth, a positive economic outlook, an emphasis on global distribution by companies in South Florida and limited new development of Class A flex properties are among the drivers contributing to an increase in demand for space, particularly at the Miramar Park of Commerce.

Andrew Ansin

 “There is great demand for quality flex space and the best in quality real estate is at the Miramar Park of Commerce,” said Kingsley. “There’s a reason the Park is outperforming competitors and setting leasing records. It is clearly the premier business park in Broward County.”

 In 2013, several existing Park tenants expanded in the Park. They were led by Spirit Airlines, which renewed a 56,194 square foot lease for its headquarters and expanded by 14,625 square feet. Spirit originally moved to Miramar Park of Commerce from Detroit in 1999.

Spirit Airlines, United Aerospace, Jet Engine Solutions, Kaba Benzing, Jamaica Aerospace, International Aircraft Associates and Sunshine Avionics are a few of the many companies that have relocated to Miramar Park of Commerce, making it an aviation hub that continues to grow.  Most recently, Lufthansa Airlines, the largest airline in Europe, signed a lease for 9,000 square feet of flex space. 

“The Park’s proximity to regional and international airports and easy access to major roadways is an advantage to companies serving the aviation industry,” said Kingsley, who brokered the Lufthansa Airlines lease with Ryan Goggins from Sunbeam Properties and Sal Bonsignore of Colliers International South Florida.

Leasing rates for the Park’s flex space range from $11.00 to $13.00 per square foot, depending on the age and condition of the space and build out. For more leasing details on existing flex space, please contact Jonathan Kingsley at 305.728.3690.  

For more information, contact Ryan Goggins (rgoggins@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

www.jll.com.

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

 Maria Pierson / Jenna Leon

Pierson Grant Public Relations

954-776-1999, ext. 242

jleon@piersongrant.com

Miami River Development Project Hits the Market for $7 Million

Miami River, Miami, FL

Ryan Shaw

MIAMI, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a 44,572 square foot block of land and a 31,294 square foot marina with 36 slips fronting the Miami River in Miami, FL. The impressive development opportunity is priced at $7 million.

            Ryan Shaw and Scott Sandelin, Senior Associates in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from Miami.

The investment opportunity consists of multiple land parcels and marina totaling approximately 75,866 square feet along the Miami River.

The property is separated by NW 22nd Avenue with the residential development on the west side and the marina to the east. The land allows for up to 362,000 buildable square feet under Miami21 zoning of T6-8-O which should fit a minimum of 105 units over eight floors.

“This is an excellent opportunity for a developer to acquire a site on the Miami River with an adjacent marina,” says Shaw.

Scott Sandelin

 “The Miami River and its surrounding neighborhoods have become magnets for all kinds of energy and activity over the last couple of years.

“Private sector developments along the Miami River are at an all-time high. The addition of new restaurants, retail, and apartments further west on the river make this an excellent opportunity to capture the future of what the Miami River has to offer.”

The land parcels are located at 2190 NW North River Drive in Miami, FL.

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

Kirk Felici

Vice President/Regional Manager

 Miami, FL

(954) 245-3400

Lincoln Brokers Leases Totaling More than 22,000 Square Feet at SunTech Commerce Park in Central Florida

  

SunTech Commerce Park, Lake Mary, FL

  

Sean Dupree

 ORLANDO, FL– Lincoln Property Company Southeast (Lincoln) has brokered three leases totaling 22,113 square feet at SunTech Commerce Park, a campus-style office park in Lake Mary, Fla.

Sean DuPree and Austin Stahley of Lincoln represented the landlord in the transactions.

 The details of the deals are below:

• Total Renal Care Inc. signed a 10-year lease for 10,392 square feet.  Wendy Dobreff of DTZ represented the tenant.

• Turning Point Solutions Corp. signed a five-year lease for 8,471 square feet.  No other broker was involved in the transaction.

• Brightway Insurance signed a five-year lease for 3,250 square feet.  No other broker was involved in the deal.

Wendy Dobreff

The 223,828-square-foot SunTech Commerce Park features five office/flex buildings and one, three-story office building. It is located near Interstate 4, is 100 percent sprinklered and offers tenants 24-hour access.

“We are seeing increased office and flex leasing activity throughout central Florida,” said DuPree, director of sales/leasing in Lincoln’s Orlando office. “We anticipate a very active 2014.”

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

 http://www.lpcsoutheast.com/blog/.

Kiser Group Brokers Four Illinois Sales Totaling $5.1 Million Including Apartment and Retail Properties on North Side, Wilmette, Berwyn and Cicero

  

4900--06 North Ridgeway Apartments, Albany Park ,IL

John Meyer

 CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, recently brokered two apartment and two retail property transactions.

The January 2014 closings included two 24-unit apartment properties, one in Wilmette and the other in Chicago’s Albany Park neighborhood; and two retail buildings, one in Berwyn and the other in neighboring Cicero.

422-44 Ridge - Wilmette

Lee Kiser

Town Chalet is a 24-unit apartment complex on a 50,886-square-foot residentially zoned lot at 422-44 Ridge in Wilmette. The complex’s three buildings each include eight townhome-style, one-bedroom, one-bath apartments. The property sold for $3.2 million.

“Built in 1956, Town Chalet was still owned by the original developer so there was real pride of ownership,” said John Meyer, managing director of Kiser Group. 

He and Lee Kiser, principal of Kiser Group, represented the seller in the sale. “In addition, its below-market rents and long history of maintaining full occupancy were key selling points.”

Sean Connelly

 “This property also appealed to the buyer because of its large lot size and its highly desirable Wilmette location,” said Sean Connelly, senior managing director of Kiser Group, who represented the buyer in the sale.

  

 4900-06 N. Ridgeway – Albany Park

The 24-unit apartment building located at 4900-06 N. Ridgeway in Albany Park sold for $1.7 million.

Bill Baumann, senior managing director, and Mike Anguiano, managing director of Kiser Group, represented both the buyer and seller in the transaction.

6505 W. Ogden – Berwyn

Bill Baumann

This 5,400-square-foot retail store at 6505 W. Ogden Ave. in Berwyn sold for $175,000..

 “The key attraction to this property is its high visibility along heavily-trafficked Ogden Avenue,” said Connelly, who represented the seller along with Anguiano. “More than 25,000 vehicles per day pass by the story daily.”

5901-07 W. 35th St. – Cicero

 Offered as an estate sale, this seven-unit property at 5901-07 W. 35th St. in Cicero sold for $335,00. The retail center is 91 percent occupied by six different tenants. A $45,000 new roof was installed in November 2012. Tenants pay their own utilities.

Mike Anguiano

 “This property offers stable income for the investor,” said John Meyer, managing director, who represented both the buyer and seller in the transaction. “Most of the tenants have been located at the center for more than 10 years.”

 All the names of buyers and sellers involved in these transactions are not available at this time.

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

X Team Partner Florida Retail Partners Brokers Northwood BurgerMonger Lease in Clearwater, FL

  

TAMPA, FL  — Florida Retail Partners, an X Team partner brokered a 2,700 square foot lease for BurgerMonger®.  The restaurant headquartered in Tampa will open its fifth location in Clearwater’s Northwood Commons shopping center in April. 

Kalyn Brandewie

 The deal was brokered by Kalyn Brandewie, Founding Partner with Florida Retail Partners representing BurgerMonger® and co-broker Peter Monroe with National Real Estate Ventures, LLC. 

“We love working with local businesses and watching them as they expand their businesses to become more and more successful,” stated Brandewie.

“There is a reason they have been voted the #1 burger in Tampa Bay.”  This is the second lease Florida Retail Partners has brokered in the past year for the restaurant.  They also brokered the lease for their fourth location at Bloomingdale Square in Brandon.

“We strive to be synonymous with a passion for extraordinary food, amazing taste, and exemplary customer service and satisfaction,” said BurgerMonger® General Partner, Jake Hickton. “At BurgerMonger®, we selected what we believe are the world’s finest ingredients to produce the best burger on the planet.”

Peter Monroe

Founded in 2010, with soon to be four locations in Tampa Bay, Florida and one in Willow Grove, PA, BurgerMonger® is an emerging leader of the fast, fresh casual “better burger” segment.

 BurgerMonger® has been recognized across Tampa Bay for its quality burgers. In 2011, it received Gold for Best Burger of Carrollwood. In 2012, BurgerMonger® was recognized by TampaBay Times customers as the “#1 Burger in TampaBay.

” The family-friendly menu features gourmet hamburgers and hot dogs using 100 percent pure Japanese Akaushi Kobe beef, hand-cut French fries made from premium Idaho potatoes, and handcrafted Häagen-Dazs® ice cream shakes and malts.

" BurgerMonger® guarantees to provide the finest ingredients and superior craftsmanship to result in extraordinary food for their guests. For more information, visit BurgerMonger.com.

X Team partner Florida Retail Partners was founded in 1997 and currently has four Florida Retail Real Estate Specialists all with over twenty years of experience. 

Jake Hickton

  X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. valuation.                         

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

Kalyn Brandewie

www.floridaretailpartners.com

813.251.3333

Kalyn@floridaretailpartners.com

 BurgerMonger®

Lisa Deptula

727.457.1542

lisa@burgermonger.com

www.xteam.net.

Valley View Apartment Complex in Los Angeles, CA Neighborhood Trades at $14.2 Million

Villa Fontaine Apartments, 11850 Riverside Drive, Valley View neighborhood, Los Angeles, CA

Ronald Harris

LOS ANGELES, CA– Marcus & Millichap, the nation’s largest real estate investment services firm, has arranged the sale of Villa Fontaine, a 71-unit apartment complex in Valley View, a neighborhood in the city of Los Angeles. The $14,200,000 sales price equates to $200,000 per unit.

            Ron Harris, an executive vice president investments, Paul Darrow, and Michael DiSimone, both senior associates, all in Marcus & Millichap’s Los Angeles office, represented the seller, the Lindquist and Morrow families. Harris, DiSimone and Darrow also represented the purchaser, private investors Bob Hart and Jay Schulman.

Paul Darrow

            “This was Villa Fontaine’s first time on the market in 35 years,” says Harris. “The property’s size, central location, amenity package and the opportunity it presents to add value make it well suited to provide healthy long-term returns.”

            “Villa Fontaine has not been renovated in 20 years,” adds Darrow, “although the previous owner did spend approximately $3 million on structural and other upgrades in the mid-1990s.”

            The apartment complex is located at 11850 Riverside Drive in the southeastern San Fernando Valley community of Valley Village. The location is adjacent to several major employment hubs including Burbank, Glendale and downtown Los Angles, which are all accessible via U.S. Highway 101, the Hollywood Freeway (State Route 170) and the Ventura Freeway (California State Route 134).

Michael DiSimone

Laurel Canyon Boulevard is two blocks away, putting residents within 15 minutes of Hollywood, West Hollywood and the Sunset Strip.

            Apartments at Villa Fontaine feature French-style entry doors, patios, ceiling fans and dishwashers. Select units have walk-in closets and fireplaces. Community amenities include controlled access entry, 89 one-level on-grade gated parking spaces, two elevators, a courtyard swimming pool and two laundry rooms on each floor.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$12 Million Self-Storage Facility Sale in Kissimmee, FL Arranged by Marcus & Millichap

Pleasant Hill Self-Storage, 4390 Pleasant Hill Road, Kissimmee, FL

Michael A. Mele

KISSIMMEE, FL – Marcus & Millichap, the nation’s largest real estate investment services firm, has arranged the sale of Pleasant Hill Self Storage, a 981-unit, 106,475-square-foot self-storage facility located in Kissimmee, Fla. The $12,000,000 sales price equates to $144 per square foot.

            Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, along with Douglas K. Mandel, a first vice president investments, and C. Todd Everett, SIOR, senior associate, both in the firm’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in West Palm Beach, Fla.

Michael A. Mandel

            Mele and Everett also represented the buyer, a New York-based private investor.

            “This sale has an aggressive price per square foot for the Orlando market,” says Mele. “However, the extremely high barriers-to-entry that exist for new competition and the property’s potential upside justify the sales price for the new owners.”

            “The facility also fits nicely into their portfolio,” adds Mele.

             The property is located at 4390 Pleasant Hill Road in Kissimmee, Fla.

C. Todd Everett

            Constructed in 2006 and expanded to include two additional storage buildings in 2009, Pleasant Hill Self Storage is the newest self-storage facility in the Kissimmee area.

The 83,280- net-rentable square-foot property stretches across 14.7 acres. The units range in size from 25 square feet to 600 square feet and 45 percent are climate-controlled. The property also has 234 parking spaces for recreational vehicle storage and boat storage.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Are the Fireworks Subsiding in the Housing Market? Median sales price increases edged down 5% at year’s end from their highest point in 2013.

Lanny Baker

EMERYVILLE, CA,  Feb.13, 2014 – Although the housing market in most cities soared in 2013, the fireworks began to subside by year’s end, based on the latest analysis of housing market trends by ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider.

Median sales prices in the markets surveyed by ZipRealty ended 2013 rising 11% over the prior year, cooling off from the 15% to 16% gains seen in the summer and fall.

“Overall demand across the 24 metros surveyed by ZipRealty still outweighs supply, with pending sales up 13% and the inventory of homes for sale down 8% year-over-year.

“Price momentum is lagging in the East, with Baltimore and Long Island sales prices flat year-over-year. Philadelphia saw 1% sales price growth and Boston edged up 5%,” says Lanny Baker, CEO of ZipRealty.

 The sold-to-list price ratio also appears to be decelerating: the average ratio according to the ZipRealty survey dropped to 98.4% as of Dec. 31, 2013. The sold-to-list price ratio remained steady at approximately 99% from May to August 2013, but then slowly trended downward throughout the autumn months.

Sold-to-list price ratios dropped the most year-over-year as of Dec. 31, 2013 in these metros:

1)     Long Island – 96%

2)     Chicago – 96.9%

3)     Philadelphia – 97%

Markets where homes achieved 100% of their full listing price as of year-end 2013 include:

1)     The San Francisco Bay Area

2)     Sacramento

3)     Los Angeles

4)     San Diego

Total housing inventory in the markets surveyed by ZipRealty ended 2013 in negative territory at (8%) year-over-year, with a Midwestern market and two Texas metros showing the greatest declines in inventory as of Dec. 31.

1)     Chicago inventory fell 25%

2)     Houston inventory fell 22%

3)     Dallas inventory fell 21%

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

Stacey Corso

510.735.2667

scorso@ziprealty.com

HFF arranges $230 million financing for six-property multi-state student housing portfolio

Aspen Heights, college student housing, Clemson, SC

Douglas Opalka

AUSTIN, TX – HFF announced today that it has arranged $230 million in financing for a six-property student housing portfolio totaling 1,496 units/4,799 beds across multiple states.

HFF worked exclusively on behalf of the borrower, Aspen Heights, to secure six separate loans that included five years of interest only loans through Morgan Stanley Mortgage Capital Holdings, Inc.  

The securitized loans will also be serviced by HFF.  Loan proceeds were used to refinance the original construction debt on the properties.

The properties in the portfolio were completed in 2013 and are approximately 95 percent leased for the spring 2014 semester.  Individual property details are listed below:

Property Name & Location                            University Served                             Size                                     

•  
• Aspen Heights – Clemson, NC, University of Clemson,
• 184 Units/598 Beds         
•  
• Aspen Heights – Columbia, MO, University of Missouri,
• 318 Units/972 Beds         
•  
• Aspen Heights – Harrisonburg, VA, James Madison University                              180 Units/600 Beds
•  
• Aspen Heights – Murfreesboro, TN, Middle Tennessee State                   244 Units/750 Beds
•  
• Aspen Heights – Statesboro, GA, Georgia Southern University,
• 339 Units/1,087 Beds
•  
• Aspen Heights – Stillwater, OK, Oklahoma State University             
• 231 Units/792 Beds         
•  

John Chun

The HFF team representing the borrower was led by senior managing director Doug Opalka, director John Chun and associate director Casey Wenzel.

Aspen Heights, headquartered in Austin, Texas, is a student housing developer and manager focused on “re-thinking” student living by building neighborhoods of American Craftsman-style homes with all the amenities of a luxury apartment community.

  In 2007, the organization founded Aspen Heights in Africa; a program that not only supports housing and education for youth on the continent of Africa but educates employees and college residents on the importance of making a global impact.

University of Clemson, Clemson, SC

 Several times a year employees and residents have the opportunity to travel to Africa and witness firsthand the importance of volunteering abroad.

 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

HSA Commercial Lands Whole Foods Market as Anchor for the Second Phase of The Mayfair Collection Development in Suburban Milwaukee, WI

Rendering of planned Whole Foods Market at The Mayfair Collection
Highway 45 and Burleigh Street, Wauwatosa, WI

Photo courtesy of TOA Architects.

Timothy C. Blum

CHICAGO, IL and  MILWAUKEE, WI (Feb.  13, 2014) — Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, today announced that Whole Foods Market has signed a 45,150-square-foot lease to anchor the second phase of The Mayfair Collection, a large-scale, mixed-use development at Highway 45 and Burleigh Street in Wauwatosa, Wis.

The new Whole Foods store will be housed in a converted warehouse space at the northeast corner of Burleigh Street and 112th Street.

Plans for the second phase of The Mayfair Collection also include approximately 50,000 square feet of junior anchor retail space, a mix of upscale bars and restaurants, a bank branch, and a 140-room hotel.

HSA Commercial expects to break ground on the second phase this spring with a planned opening for Whole Foods early in 2016.

                

“Wauwatosa is not only a dynamic and energetic community, but also one with a strong passion for natural and organic foods,” comments Michael Bashaw, Midwest regional president of Whole Foods Market. “We are delighted to join this community and support the wonderful people who live in it.”

Michael Bashaw

With a focus on fresh, organic fruits and vegetables, specialty items, high-quality meats and poultry, everyday pantry staples and sustainable seafood, this new store will appeal to the health conscious as well as devoted food enthusiasts.

The Wauwatosa store will provide customers with grocery staples as well as a butcher, fishmonger, baker and a team of chefs creating freshly prepared take-out meals – all under one roof.

Phase I of The Mayfair Collection consisted of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments to be occupied by Nordstrom Rack, Dick’s Sporting Goods, Saks Fifth Avenue Off 5th, Old Navy, Ulta Beauty, and more.

Grand opening for Phase I is scheduled for April 3. Proposed future phases of The Mayfair Collection include the development of multi-family, office, and medical buildings subject to future market demand for those uses.

 “We are very excited that Whole Foods chose The Mayfair Collection for its second store in the metro Milwaukee area,” said Timothy Blum. 

“We are hopeful that this will help fuel the continued development of the ‘Burleigh Triangle’ into the premier commercial and residential district in the region.”

 Evanston, Ill.-based TOA Architects is the project architect for The Mayfair Collection. Premier Design + Build will serve as the general contractor for the first two phases.

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

Mark Thomton at mthomton@taylorjohnson.com or 312-267-4523.

Lincoln Property Company Brokers 23 New Leases and Renewals in Orlando, FL for Garrison Investment in 2013

Airport Business Center, Orlando, FL

Sean Dupree

ORLANDO, FL (Feb. 13, 2014) – Lincoln Property Company Southeast (Lincoln) brokered twenty-three leases and renewals totaling 62,354 square feet in 2013 in a portfolio of three metro Orlando flex/office properties that the firm leases and manages on behalf of landlord Garrison Investment Group.

 The portfolio consists of the Airport Business Center in Orlando, a six-building property totaling 176,894 square feet of office and warehouse space; Longwood Business Center in Longwood, which consists of seven buildings and totals 130,868 square feet of office and warehouse space; and NorthLake Business Center, a two-building property in Altamonte Springs totaling 80,948 square feet of office and warehouse space.

The tenants were represented by brokers from several firms, including Cresa Orlando, Cassidy Turley and Adler Realty Services.

"We are extremely excited about the level of leasing activity we generated at these properties," said Sean DuPree, director of sales and leasing for Lincoln. "These transactions are not only testimony to our good relationships with brokers throughout the Orlando market, but also to the extensive capital improvements we made to the properties in 2012 and 2013."

Longwood Business Center, Longwood, FL

 The upgrades included the installation of "make ready" suites, improved landscaping, directional signage, pressure washings and the painting of buildings and sidewalks.

At Longwood, new roofs were installed on five buildings, and an onsite leasing office was opened. 

At Northlake, new HVAC units were placed on one of the buildings, and the parking lot was repaved. Improvements at Airport included significant roof repairs, and the sealing and restriping of the parking lot.

 Garrison Investment Group purchased the three-property portfolio in late 2012.

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

Sean DuPree

Lincoln Property Company

407-872-3538

sdupree@lpc.com

http://blog.lpcsoutheast.com

.

RealtyTrac Reports Bank Repossessions Decrease 4 Percent to Lowest Level Since July 2007; Foreclosure Starts Increase More Than 50 Percent Annually in MD, CT, NJ, CA

Daren Blomquist

IRVINE, CA,  Feb. 13, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for January 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 124,419 U.S. properties in January an 8 percent increase from December but still down 18 percent from January 2013.

The report also shows one in every 1,058 U.S. housing units had a foreclosure filing during the month.

January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis, but the annual decline of 18 percent was the smallest annual decline since September 2012, and the 8 percent monthly increase was the biggest month-over-month increase since May 2012.

“The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust,” said Daren Blomquist, vice president at RealtyTrac.

 “The foreclosure rebound pattern is not only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases.”

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

HFF closes sale of Publix-anchored neighborhood center in Port St. Lucie, FL

Publix at St. Andrews Shopping Center, 5455--5489 Northwest St. James Drive,
Port St. Lucie, FL

Daniel Finkle

MIAMI, FL – HFF announced today that it has closed the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie, Florida.

               HFF marketed the property on behalf of a client portfolio managed by American Realty Advisors.  Publix Super Markets, Inc. purchased the unencumbered property.

Publix at St. Andrews is located at 5455-5489 Northwest St. James Drive in Port St. Lucie, and is the only grocery-anchored center within a two-mile radius.  Completed in 2003, the property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store.  

The HFF investment sales team representing the seller was led by senior managing director Danny Finkle and director Luis Castillo.

“This was an excellent opportunity for Publix to buy a high performing store location within a growing market,” said Castillo.

Luis Castillo

HFF’s investment sales team secured more than $1.7 billion in sales of retail assets nationally through third quarter of 2013.  In Florida, HFF closed more than $476 million in retail transactions across all capital markets platforms over the same period.

American Realty Advisors is an investment advisor and a leading provider of real estate investment management services to institutional investors. 

With more than $5.7 billion in assets under management, American has provided real estate investment management services to institutional investors for more than 25 years utilizing core and value-added commingled funds and separate accounts. 

The firm’s client portfolios include office, industrial, multifamily, retail, and other properties nationwide, all of which are managed on behalf of American’s clients.

 

 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

www.twitter.com/hff.  

www.americanreal.com

IPA Sells Avalon Valley Apartments in Danbury, CT for $53.3 Million

Avalon Valley Apartments, 53 Sand Pit Road, Danbury, CT

Steve Witten

DANBURY, CT, Feb. 12, 2014 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Avalon Valley, a 268-unit garden-style apartment community in Danbury, Conn. The $53,325,000 sales price equates to $199,000 per unit.

            IPA executive directors Steve Witten and Victor Nolletti, along with IPA senior associate Adam Mancinone and IPA associate Blake Barbarisi, advised the seller, AvalonBay Communities Inc. The buyer is Ergs Konover/Outlook Holdings LLC.

Victor Nolletti

“Avalon Valley is a high-quality community with a central location that serves the needs of both lifestyle renters and transit-oriented residents who work in Fairfield and Westchester counties, Stamford and New York City,” says Witten.

            “A comprehensive review of comparable properties strongly suggests that the new owner can enhance value by implementing a moderate upgrade program that will increase value and keep overall per-square-foot and per-unit pricing well below that of newer properties,” adds Nolletti.

Adam Mancinone

            The apartment community is located at 53 Sand Pit Road in Danbury, Conn., near Connecticut Route 7 and Interstate 84. The location is near multiple transportation routes, close to Danbury Hospital, two miles from the Danbury Metro-North Railroad station and 15 minutes from the train station in Brewster, N.Y.

            Built in 1998 on 17.5 acres, Avalon Valley consists of 11 detached three-story buildings, one of which is a clubhouse. The unit mix features 106 one-bedroom/one-bath apartments, 134 two-bedroom/two-bath units and 28 three-bedroom/two-bath apartments.

Residents can choose from nine floor plans ranging from 769 square feet to 1,494 square feet. 

Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, spacious walk-in closets, energy-efficient windows, individual alarm systems with available monitoring, in-home full-size washer/dryer units and a private patio or balcony area.

Blake Barbarisi

Select apartments also include bay windows with scenic views, vaulted ceilings and gas-burning fireplaces.

            Avalon Valley’s community amenities include a fully equipped clubhouse with resident lounge, business center with full kitchen, an indoor basketball court, a state-of-the-art fitness center with Cardio Theater, heated resort-style outdoor swimming pool, landscaped picnic and barbecue areas and a children’s playground.

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

Gina Relva

Public Relations Manager

(925) 953-1716