The Preiss Company Moves to Fourth Largest, Privately Owned Student Housing Owner Operator

  

Donna Preiss

 RALEIGH, NC —The Preiss Company, one of the nation’s largest and fastest growing student housing owners, developers and managers, announced it has been ranked by an independent industry source as the nation’s fourth largest, privately held student housing owner operator in 2013, up from its eighth place ranking in 2011.

“Over the past two years, we have grown from the eighth to fourth largest, non-public student housing company and still see substantial room for additional growth,” said Donna Preiss, company founder and CEO. 

“We and our partners have invested $431 million in the past 18 months.  Last year, the company acquired seven properties, refinanced five existing properties, upgraded six and participated in two developments.  

"We continue to have an aggressive appetite for growth and are working to meet or exceed our record 2013 growth.

“We are bullish on 2014 because we expect it to be a transition year for the industry with the mix of student housing owners changing due to a variety of reasons, the expected increases in interest rates and a substantial number of properties coming to market that require renovation investment capital and strong management, as well as a noticeable number of either newly developed properties or ones that are well along in the process,” she said.  

“We are looking coast to coast with an emphasis on the southern half of the U.S., especially in markets where we have experience and can achieve economies of scale.”

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

Amy Barger, Vice President of Marketing

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

www.tpco.com.

Marcus & Millichap Arranges Sale of 21-Unit Apartment Building in Miami, FL for $3.43 Million

Las Villas Apartments, 626 SW 4th Street, Miami, FL

Victor Pastor

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Las Villas Apartments, a 21-unit apartment property located in the Little Havana submarket of Miami, FL. The asset sold for $3,430,000 representing $163,333 per unit.

Associates Victor Pastor and Rafael Fermoselle, along with Vice President Investments Arthur D. Porosoff of Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer, a private investor from New York, was also secured and represented by Pastor, Fermoselle and Porosoff.

Arthur D.
Porosoff

“The property sold for a record price per square foot in the little Havana submarket.  Demand for hard assets has surpassed 2006 pricing, but the difference is that there are fundamentals supporting this new wave,” says Porosoff.

The new construction property features covered parking, balconies, patios, and beautiful views of Downtown Miami and the Brickell area.

 The unit-mix is composed of nine one-bedroom/one-bath apartments and 12 two-bedroom/two-bath apartments. All units come equipped with porcelain tile throughout, stainless steel appliances, washer and dryer connections, central air-conditioning and open floor plans.

Las Villas Apartments is located at 626 SW 4th Street in Miami, Florida.

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

Kirk A. Felici

First Vice President/Regional Manager, Miami

(786) 522-7000

$12 Million Buys Two Manhattan Apartment Buildings

  

Manhattan apartment buildings, 234 East 88th Street and 518 East 88th Street,
Upper East Side, Manhattan, NY

Peter Von Der Ahe

NEW YORK,  NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two five-story walk-up apartment buildings totaling 40 units on Manhattan’s Upper East Side.  They are 234 East 88th St. and 518 East 88th St.

The buildings sold for a total of $12 million, which equates to $300,000 per unit.

 Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also advised the buyer, Aimco.

            “The new owner has acquired a package of predominately free-market units in one of the most mature and stable rental markets in Manhattan,” says Von Der Ahe. “These buildings will benefit from the New York City’s largest subway expansion in generations, the Second Avenue Subway Project.”

Joseph Koicim

            “With stable cash flow in place, the properties will provide a strong immediate return,” adds Koicim. “The five rent-stabilized apartments and the possibility of converting the one-bedroom units into junior two-bedroom apartments are long-term upsides.”

            The building at 234 East 88th St. is located between Second Avenue and Third Avenue and features approximately 16,000 square feet of air rights.

The 518 East 88th St. property is between York Avenue and East End Avenue. It has approximately 1,000 square feet of air rights. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.

David Lloyd

Thirty-five of the units have been deregulated. The common areas for both buildings have been completely renovated and three one-bedroom units have been converted to junior two-bedroom apartments and improved with granite countertops, washers, dryers and video intercom systems.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

Coldwell Banker Commercial Saunders Real Estate Announces Closing Of More than 380,000 Acres of North Florida Timberland Sold for $562 Million

LAKELAND, FL /PRNewswire/ – A $562 million land purchase, one of Florida’s largest in recent history, was closed March 6, announced Dean Saunders, ALC, CCIM, CEO of Coldwell Banker Commercial Saunders Real Estate in Lakeland, Florida.

Dean Saunders, ALC, CCIM  (http://www.saundersrealestate.com/author/DeanSaunders/) and Jack Vogel (http://www.saundersrealestate.com/author/jack-vogel/)  represented the buyer, AgReserves, Inc. The seller, The St. Joe Company, was represented by TAP Advisors.

“This transaction between two of Florida’s largest and most committed land stewards is a meaningful reminder of the economic and ecological value of agriculture in our state,” said Commissioner of Agriculture, Adam Putnam.

“The acquisition by AgReserves, Inc. of more than 380,000 acres in North Florida from The St. Joe Company reflects a long term investment in the state’s timber and cattle industries.”

CBC Saunders Real Estate is the state’s premier broker of large agricultural, timber, and conservation land transactions. Every year, Florida land value data is delivered in Saunders’ “Market Report,” a comprehensive analysis presented at the firm’s annual “Lay of the Land Conference.” (http://www.saundersrealestate.com/layoftheland/conference-3)  

Jack Vogel

This year’s Conference, 2014′s premier, invitation-only land values event for major Florida land owners, buyers and developers, will be held on April 4th at the Streamsong Resort, Florida.

Coldwell Banker Commercial Saunders Real Estate (http://www.saundersrealestate.com/)  is an authority on all types of Florida land, transacting over $1 billion in sales from 1996 through 2013. 

Expanded in 2013 by adding the CBC Saunders Real Estate | Forestry Group (http://www.saundersrealestate.com/services/real-estate-forestry-group/)  with advanced timberland expertise, the Saunders team of foresters and land real estate professionals offers advisory and transactional services through the home office in Lakeland, FL and its worldwide network of CBC affiliates.

Dean Saunders

CBC Saunders Real Estate offers a broad range of services (http://www.saundersrealestate.com/services)  to meet the real estate needs of Florida landowners. Through long-held relationships with key government and industry decision makers, the firm provides consulting on government issues at local, state and national levels.

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

Contact: Lauren Saunders, 863-648-1528, laurens@saundersrealestate.com

Winter & Co. Retained to Advise Board on Financing for Riverside Drive Cooperative Building on Manhattan's Upper West Side

24-story, 318-unit cooperative building, Riverside Drive, Upper West Side, Manhattan, NY

NEW YORK, NY, March 7, 2014 -- Winter & Company was retained to advise the board of directors of this 24-story, 318-unit cooperative building located on Riverside Drive on Manhattan's Upper West Side in connection with a new $14 million financing assignment.

Winter & Company was able to obtain an offer for a 3.25%, 10-year, interest-only mortgage literally one week before rates began their upward climb.

The pre-war building, which has 306 residential units and 12 commercial units, ultimately chose a $12 million mortgage along with a $2 million unsecured line of credit.  Thus the co-op emerged from the refinancing with more than $6 million of surplus cash, which could be devoted to the work at hand.

Gregg Winter

Timing was critical to identify the correct lender as interest rates had just started to increase, thus the borrower's ability to lock in the interest rate immediately (upon acceptance of the term sheet) was a very important factor.

Over the past year or so, the co-op board had realized that it needed to address many important and expensive repairs and capital improvements, and thus needed a substantially larger mortgage in order to address these items, as well as a substantial unsecured line of credit to provide future funding for unforeseen items in the later years of the loan term.

Furthermore, the new financing would need to be structured as an interest-only loan, in order to minimize the impact of a much larger mortgage on each shareholder's maintenance payments.

The floating rate, unsecured credit line is priced at LIBOR plus 200 b/p with a floor of 3.5%. The 10-year credit line has no non-use fees, and no mortgage recording tax was incurred by the co-op on the credit line, thus saving them $56,000 in closing costs.

  

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing, multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

 Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties celebrating its 10th year of successful operations. W Financial was recently profiled in Barron's. The article. “Rock-Solid Real Estate”  is available here.

  

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Loan Oak Fund Closes Record Year with $378 Million in Loans; Projects Bridge Lending Growth in 2014

Alexa Mizrahi

LOS ANGELES, CA – Lone Oak Fund, LLC, a private mortgage fund specializing in short term loans on commercial and residential properties throughout California, has announced the close of its highest-volume year in company history.

According to Alexa Mizrahi of Lone Oak Fund, the fund closed 844 loans in 2013, totaling $378,098,000, an 8.67% increase over the prior year’s total.

Since its inception in 2003, Lone Oak has closed nearly 2,900 loans, amounting to over $1.8 billion. 

Lone Oak attributes its rapid growth to working closely with the brokerage community, as well as cooperating frequently with junior trust deed lenders, according to Mizrahi.

“In ten years, we have become one of the most active private money lenders in California,” Mizrahi says. “We provide a crucial financing solution to real estate investors, developers, and foreign nationals.”

Lone Oak expects even greater growth in 2014, with a projected loan volume in excess of $400,000,000. According to Mizrahi, Lone Oak anticipates that this year, in addition to non-owner occupied residential properties, a larger percentage of loans will come from apartment, industrial, and retail properties.

“Investors are more confident with the market and are aggressively acquiring and repositioning properties,” says Mizrahi. “We are experiencing a major upturn in business because our proven ability to close quickly enables borrowers to take advantage of these opportunities.”

Lone Oak manages its own fund, providing flexibility and alternative solutions that work best for its borrowers, according to Mizrahi.  The firm specializes in short term loans with no prepayment penalties, and typically closes its loans within a week or less.

Lone Oak Fund provides refinance loans and acquisition financing on non-owner occupied residential, multifamily, retail, office, and industrial properties, as well as vacant buildings and entitled land.

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

Jenn Quader or Amanda Alenick

Brower, Miller & Cole

JQuader@browermillercole.com

(949) 955-7940

www.loneoakfund.com

Manhattan Retail Building Sells for $13.8 Million; part of a 1031 exchange.

  

6 St. Marks Place, East Village, Manhattan, NY

Barbara Dansker

 NEW YORK,, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 6 St. Marks Place, a five-story elevator retail building located between Astor Place and Second Avenue in Manhattan’s East Village.

The $13,875,000 sales price equates to $889 per square foot.

            Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin, all in Marcus & Millichap’s Manhattan office, represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The property is net-leased by three tenants and was 100 percent occupied at the time of the sale.

            “This transaction is part of a surge in 1031-exchange transactions that is increasing the value of the limited number of retail assets in core markets like New York City,” says Sabharwal.

Preet Sabharwal

            The building is located near Cooper Union, New York University and the new 51 Astor Place office building. St. Mark’s Hotel and retailers including Walgreens, McDonald’s, Papaya King, Gap and Kmart are also close by.

            Built in 1900, 6 St. Marks Place was built in 1900 and has a gross leasable area of 15,600 square feet. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Cafe, and St. Mark’s Karaoke occupies the third, fourth and fifth floors. All of the tenants have long-term leases.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

HFF secures joint venture equity for industrial acquisition in southwest Phoenix, AZ

43rd Avenue Logistics Center, Phoenix, AZ

Paul Brindley

LOS ANGELES, CA – HFF announced it has secured joint venture equity for the acquisition of 43rd Avenue Logistics Center, a new state-of-the-art, 394,775-square-foot industrial facility located in Phoenix, Arizona.

               HFF worked on behalf of the buyer, Cohen Asset Management, in arranging the joint venture equity in an off market transaction.  Equity proceeds were used to purchase the property.

               43rd Avenue Logistics Center is located in the southwest Phoenix industrial area, a warehouse district popular with large and smaller scale distribution and manufacturing companies.

 The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303.  Completed in 2013, the property is LEED certified and was developed jointly with a local prominent developer and a regional bank that had previously foreclosed on the site.

               The HFF team representing Cohen Asset Management was led by senior managing director Paul Brindley senior managing director Wally Reid and associate director Jeff Sause.

Wally Reid

               Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm.

Established in 1992 and strategically headquartered in Southern California with a regional office in Northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector.

 The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities.

The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.

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

Kristen M. Murphy

Associate Director

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

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

krmurphy@hfflp.com

HFF arranges $28 million joint venture equity for Class A office building in Irvine, CA

18301 Von Karman, Irvine, CA

Todd Sugimoto

LOS ANGELES, CA – HFF announced it has arranged $28 million in joint venture equity for 18301 Von Karman, an 11-story, 225,992-square-foot, Class A office building in Irvine, California.

               HFF worked on behalf of the client, Greenlaw Partners, to secure the joint venture equity through Cigna Investments in an off-market recapitalization.  The equity proceeds are being used to acquire the ownership interests of Greenlaw’s previous venture partners.  HFF also advised the new partnership on the senior loan. 

               The property is located on 0.75 acres at the intersection of Von Karman Avenue and Michelson Road and is part of the Von Karman Towers office campus.  Designed by Gensler and developed in 1989 by the Koll Company, 18301 Von Karman won BOMA’s Building of the Year Award (Regional) in 1998.  The property is 86 percent leased to a diverse mixture of tenants.

               The HFF team representing Greenlaw Partners was led by managing director Todd Sugimoto and associate director Jeff Sause.

Greenlaw Partners, LLC is an Orange County, California-based real estate investment, management and development company. 

Since 2003, the company has handled acquisitions and dispositions in excess of $1.5 billion.  Greenlaw currently manages a portfolio of approximately four million square feet with a value approaching $1 billion.  The company’s core focus is acquiring assets throughout selective markets in the western United States.

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

Kristen M. Murphy

Associate Director

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

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

krmurphy@hfflp.com

HFF closes “pre-stabilized” sale of Class A multi-housing community in Austin/San Antonio, TX Corridor

  

Silverado Crossing Community,  1480 Cabelas Drive,
 west of Interstate 35 about 16 miles south of downtown Austin
and The University of Texas in Buda, TX

Sean Sorrell

AUSTIN, TX – HFF announced it has closed the sale of Silverado Crossing, a newly-constructed, 300-unit, multi-housing community located on Interstate 35 in the Austin suburb of Buda, Texas. 

               HFF marketed the property on behalf of the seller, JCI Residential.  The Meagher Family Trust purchased the asset projecting full stabilization, free and clear of debt.

               Completed in 2013, Silverado Crossing features one-, two- and three-bedroom units averaging 852 square feet each. 

The community differentiates itself through an extensive resident event calendar, featuring weekly events such as “weird wine Wednesdays”, yoga classes, and movie nights; and monthly events such as community cooking classes and complimentary breakfast & coffee.

               The HFF investment sales team representing JCI Residential was led by senior managing director Sean Sorrell.

               “Silverado Crossing is one of the hottest properties in this burgeoning submarket; when HFF began marketing it was at 60 percent occupancy and by the time the property was under contract occupancy had already increased to 73 percent,” said Sorrell.  “Given the record levels of leasing, the property traded as if fully stabilized with no discounts given for leasing/occupancy levels.”

JCI Residential is a full service Austin, Texas-based multifamily development firm with a regional focus on large scale Class A residential communities. The firm’s lead principals are Sam Kumar and Kurt Goll.

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

Marcus & Millichap Names Christopher Leonard Regional Director of National Multi Housing Group

  

Christopher Leonard

NEW YORK, NY,  March 6, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is pleased to announce the appointment of Christopher Leonard to the position of Regional Director of the National Multi Housing Group (NMHG). 

Leonard is based in the Manhattan office and will be focused on expanding NMHG business throughout the United States.

“We are fortunate to attract a great multifamily expert like Chris to the firm,” said John Sebree, Vice President and National Director of NMHG. 

“His many years of experience will help us support NMHG agents throughout the U.S. in expanding the services we deliver to owners. He will also focus on recruiting and developing additional team members and growing the firm’s multifamily brand and market position.”

Prior to joining Marcus & Millichap, Leonard was a First Vice President for CBRE Inc., where he was a leading member of the 12-person New York Institutional Group.

John Sebree

He led the disposition of multifamily assets and apartment development sites, while also advising clients throughout the ownership cycle, generating new business and managing junior team members. His responsibilities included providing capital markets solutions to multifamily owners in suburban metropolitan New York and across the country.

During his career, Leonard has participated in transactions valued at over $5.7 billion, including some of the region’s largest apartment and office closings. He received a Bachelor of Arts degree from James Madison University in Harrisonburg, Va.

  

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

Gina Relva,

Public Relations Manager

(925) 953-1716                                                                       

Marcus & Millichap Arranges $875,000 Sale of 48-Unit Apartment Building in Tampa, FL

University Portfolio Apartments, Tampa, FL

Michael Donaldson

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the University Portfolio, a 48-unit garden-style apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Michael Donaldson and Nicholas Meoli, senior associates in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution in Boca Raton.  Donaldson and Meoli also procured the buyer of the property, a private investor based in Canada.

The University Portfolio consists of three, garden-style apartment complexes located within a mile of each other in the University submarket of Tampa and situated approximately a mile from the University of South Florida.  The unit mix of the portfolio consists of entirely two-bedroom and one-bathroom units, ranging from approximately 660 to 918 rentable square feet.

Nicholas Meoli

"The University Portfolio was a collection of three bank-owned communities totaling 48 units with substantial value-add potential due to high vacancy," says Donaldson.

"While this theme was common in the downturn of the market, today, these offerings are few and far between and with the sheer number of investors looking for this type of opportunity, competition often drives "distressed" property values much higher than previous markets." 

"Through a strategic and extensive marketing campaign reaching local, domestic and international buyers, we were able to generate 12 offers on the property." "Ultimately, we closed with a foreign based buyer in Canada who plans to renovate and stabilize the community," concludes Meoli.

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

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Faris Lee Investments Completes $36 Million Sale of Four-Property Retail Portfolio Occupied by LA Fitness

  

LA Fitness Wellington

  

Richard Chichester

IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $36 million sale of a four-property retail portfolio.

 Totaling 186,052 square feet, the portfolio’s assets are each fully occupied by LA Fitness with three properties located in Kentucky and one located in Tennessee.

Faris Lee represented both the buyer, Arizona-based STORE Capital, a real estate investment trust, and the seller, a Kentucky-based private entity.

 Faris Lee developed a strategic business plan to maximize the value of the portfolio. Specifically, the firm created a break-up strategy for one of the assets by separating it through a legal agreement from the rest of the retail center in which it was located.

Additionally, Faris Lee uncovered over $3 million in additional value by conducting lease audits of each property to identify areas where net operating income could be increased. The team also coordinated a loan pay-off to defease the loan, and directed a confidential bid process for interested buyers.

Matt Mousavi

 “The success of this portfolio sale was in the disciplined and managed approach that we took to underwrite each asset, create a solution for the encumbered debt and defeasance, and create a go-to-market strategy that encompassed a private bid process,” stated Richard Chichester, president and CEO of Faris Lee Investments.

 “Through our focused approach we ensured a seamless and coordinated transaction, resulting in a successful outcome for both parties.”

Chichester, along with Matt Mousavi, Patrick Luther, and Tom Chichester of Faris Lee Investments managed the complex transactional process from pre-market to close.

Located in optimum areas for their respective regions, each of the properties have long-term lease structures with three leases positioned as absolute triple net allowing for no landlord responsibilities, and one lease structured as triple net, allowing for minimal landlord responsibilities.

Details on each of the properties in the portfolio are as follows:

Tom Chichester

·         3001 Blake James Drive in Lexington (Palumbo), KY totals 61,350 square feet and is situated on 4.89 acres

·         1028 Wellington Way in Lexington (Wellington), KY totals 43,478 square feet and is situated on 3.16 acres

·         6013 Preston Highway in Louisville (Preston), KY totals 48,500 square feet and is situated on 3.9 acres

·         2401 Edge o Lake Drive in Antioch, TN totals 32,724 square feet and is situated on 5.09 acres

The owner now benefits from assets occupied by LA Fitness. Founded in 1984, LA Fitness International, LLC is a privately held fitness club chain. It is one of the largest and fastest growing club chains in the fitness industry with more than 576 locations.

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

               

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

$3.5 Million Mixed Use Development planned Adjacent to the new Lake Mary SunRail Station in Lake Mary, FL

                                                                                            

SunRail Station Platform rendering, Lake Mary, FL

LAKE MARY, FL --- Chris and Dana Mahnken of Lake Mary plan to develop a 32,000 square foot office and retail building directly across from a new 200+ unit luxury apartment project on  E. Crystal Lake Ave. in Lake Mary adjacent to the planned Lake Mary SunRail Station platform.

Chris Mahnken said Station Pointe at Lake Mary will accommodate a coffee shop, sandwich shop, drug store, dry cleaner and beauty salon, along with offices for lawyers, doctors and other professionals who can serve commuters on the $1.2 billion commuter rail line.

Rick Bavek

Mahnken said construction of Station Pointe should start in 2015.

The first SunRail leg is planned to open in May from DeBary to downtown Orlando and points south.  Eventually, SunRail will link communities from DeLand in Volusia County to Poinciana in Osceola County.

Rick Bavec, who heads his own realty firm at Lake Forest by Sanford has been named director of leasing for Station Pointe at Lake Mary. 

Bavec said pre-leasing has started with very strong interest, and he expects to pre-lease most of the space before construction starts.

“We’re getting a lot of interest in Station Pointe from doctors, lawyers and accountants looking to expand their downtown operations with a branch office in Lake Mary,” Bavec said.

“In most communities worldwide where commuter lines like SunRail have been developed, the stations have spurred dramatic growth and development of commercial as well as residential opportunities, we are seeing this happening now in Lake Mary,” Bavec said.

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

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

Taylor & Mathis of Florida Executes Largest New Office Deal in Miami’s Airport West Market in 2013

  

9250 Doral, leased to West Coast University

MIAMI, FL, March 4, 2014 – Taylor & Mathis of Florida has executed the largest new office deal in Miami’s Airport West Market in 2013, with a 45,000 square foot lease with California-based West Coast University (WCU).  

Brian Gale

Responding to a growing nursing shortage in Florida, West Coast University, a health sciences university, opened its first Southeast campus in February, at the newly renovated, 9250 Doral. 

The former single tenant building recently underwent a multimillion dollar renovation by owner Delma Properties to convert the property to a multi-tenant office building. WCU has leased 25% of the building in a transaction valued at $13.5 million. 

The deal was brokered by Taylor & Mathis Principal, Brian Gale representing the owner and co-broker, Charlie Carroccio and Scott Allen of CBRE representing West Coast University.

“The metropolitan Miami area has become one of the country’s major health care hubs, and demands on health care providers will only increase as the population continues to grow,” said University President, Dr. Barry T. Ryan. “WCU is pleased to be part of the solution by preparing the highly educated, competent and confident nurses that are increasingly in-demand.”

Dr. Barry Ryan

The building’s large 45,000+ square foot floor plates were instrumental in securing the WCU deal.  WCU leased the second floor and a portion of one of three pods on the third floor.

 “We are pleased to see Delma’s financial commitment rewarded by snagging the area’s largest office deal,” said Brian Gale of Taylor & Mathis, the exclusive leasing agent. “The quality of the interior finishes makes it feel like a brand new building. ItT&M has great ceiling height and an excellent window line.  9250 Doral sits in one of the most exciting and rapidly growing areas of the Miami-Dade office market.”

  

Scott Allen

 Two years ago, 9250 Doral’s single tenant occupant, Amadeus North America, moved out and the building became 100% vacant.  “The WCU lease confirms our commitment to the asset and in the market,” said Todd Benson, Senior Vice President, Delma Properties. 

“The heavy capital we have spent renovating the property are starting to come to fruition. It’s always gratifying to be involved in a project that repositions an asset and brings new tenants to the area.” 

Delma’s investment included refurbishing the lobby and common areas, as well as exterior work, including upgrades to the entry fountain, pedestrian bridge, façade, parking, signage and landscaping.

The building’s unique design incorporating three pods with near-360 views, offers multiple tenants the ability to occupy “corner” offices. 

It offers 45,000+ square-foot floor plates in an easy-access location, just minutes from Florida’s Turnpike on Doral’s main east-west throughway. The views of the iconic Doral Golf Resort and Spa just across the street are unparalleled. Located just a mile from Doral’s mixed-use city center, it is ideally positioned for business owners who appreciate the live-work concept. 

Charlie Carroccio

“With the views of Doral golf course and the City Center just a mile away, we’re uniquely positioned to take advantage of the best of Doral,” Gale said.  We’re right in the middle of everything.”

  

The 9250 Doral building, located at 9250 N.W. 36th Street, comprises 187,000 square feet of space with floor-to-ceiling views and reflective glass exterior. It is the largest block of space available in the Airport West-Doral office market.

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

Todd Benson, Delma

tbenson@delma.net

(786)533-1620

Brian Gale, Taylor & Mathis

bgale@taylormathis.com

(305)476-8880

www.TaylorMathis.com.

www.delmaproperties.com

www.westcoastuniversity.edu