HFF closes sale of Yeon Building in Portland’s central business district

Yeon Building, 522 SW Fifth Avenue, Central Business District, Portland, OR

Nick Kucha

PORTLAND, OR – HFF announced today that it has closed the sale of the Yeon Building, a 126,885-square-foot, historic creative office building in Portland, Oregon’s central business district.

               HFF marketed the property on behalf of the seller, an affiliate of Jonathan Rose Companies and sold the property to a value-added US Fund managed by Gaw Capital Partners.

               Originally built in 1911, the Yeon Building was substantially renovated in 2011 and currently features 114,113 square feet of office, 11,332 square feet of retail space and 1,440 square feet of amenity space in a LEED-EB Gold certified, 15-story building.

 The property is 85.6 percent leased to a variety of tenants in the technology, entertainment/gaming, legal, nonprofit, engineering, counseling, music, financial and real estate industries.

  Building amenities include a wi-fi enabled conference room and tenant bike storage.  Located at 522 SW Fifth Avenue, the Yeon Building is one block from the Pioneer Place Shopping Mall and the westbound MAX light rail line and two blocks from the eastbound MAX light rail line. 

Michael Leggett

The property is also within close proximity to Portland’s Morrison bridgehead, which provides direct bike access to Portland’s southeast residential neighborhoods and vehicle access to Interstate 5 and Highway 99E.

               The HFF investment sales team was led by director Nick Kucha and senior managing director Michael Leggett.

 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.rosecompanies.com.

www.gawcapital.com.

Sale of San Jose’s Ten Almaden closed by HFF in California

Ten Almaden, 10 Almaden Boulevard, Downtown San Jose, CA

Steven Golubchik

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Ten Almaden, a 309,255-square-foot, transit-oriented, Class A office building in downtown San Jose, California.

               HFF marketed the property on behalf of the seller, Equity Office Properties.  The asset was purchased by KBS Capital Advisors for an undisclosed amount. 

               Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to tenants including Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company.

 The property features a three-story atrium and lobby, fitness center with outdoor pool, sauna and showers, a six-level parking structure and café. 

Situated on a 1.64-acre site at 10 Almaden Boulevard, the property is within walking distance to the San Jose Diridon Transit Station served by Caltrain, Amtrak, ACE commuter rail, VTA light rail, bus lines and the planned California High-Speed Rail connecting downtown San Jose to San Francisco and the Peninsula. 

Michael Leggett

The property is also convenient to Interstates 280, 680, 880, Highways 87 and 17 and US 101 as well as being a five-minute drive from San Jose’s Norman S. Mineta International Airport.

The HFF investment sales team representing the seller was led by managing director Steven Golubchik, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.

“Ten Almaden has an outstanding location in San Jose’s downtown core, which is appealing to Millennials for a variety of reasons including its proximity to newly-built housing and a dense amenity base including San Pedro Square and SAP Center,” said Golubchik.

Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country.  For more information, visit www.equityoffice.com.

John Simerlein

KBS Capital Advisors is KBS REIT II’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992.

 Since its inception, KBS and its affiliated companies have completed transactional activity of more than $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.

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 acquisition financing for two Class A multi-housing properties in Fort Worth, TX

Mona Carlton

DALLAS, TX – HFF announced today that it has arranged acquisition financing for The Lancaster and White Buffalo, two Class A multi-housing properties that operate and are managed as one in Fort Worth, Texas.

               HFF worked exclusively on behalf of the borrower, Bell Partners, to secure the seven-year, fixed-rate acquisition loan through New York Life Insurance Company. 

The Lancaster is located at 2901 Bledsoe, and White Buffalo is located at 1020 Currie, two blocks from University Drive.  

This places both properties in the Fort Worth/University submarket close to the West 7th Corridor about three miles from Texas Christian University and two miles from downtown Fort Worth.

 Completed in 2013, The Lancaster has 253 units averaging 810 square feet.  

The four-story building is served by a parking garage with 402 total spaces, 332 covered and 70 uncovered.  The three-story White Buffalo was completed in 2012 and consists of 63 units averaging 758 square feet. 

The Lancaster and White Buffalo Apartments
 Fort Worth, TX

The Lancaster and White Buffalo share 3.73 acres in addition to community amenities, including a wired business center, spa-inspired poolside fitness club and yoga studio, trellised outdoor dining and grilling areas, resort-style pool with poolside cabanas and fireplace, recycling center, gated accessed conference room and a private courtyard. 

The HFF debt placement team representing Bell Partners was led by senior managing director Mona Carlton and real estate analysts DJ Meagher and Chad Russell.

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

IPA Sells Waterford at Superstition Springs in Mesa, AZ for $33 Million

                                                                                          

Waterford at Superstition Springs, Mesa, AZ

MESA, AZ, Dec. 10, 2014– Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Waterford at Superstition Springs, a 280-unit multifamily community in Mesa, Ariz.  The commercial real estate sale netted $33,000,000 or $117,850 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Waterford at Superstition Springs LLC. The buyer is NALS Apartment Homes.         

Steve Gebbing

            “Waterford at Superstition Springs delivers an amenity-rich living experience that combines comfort and convenience with unparalleled contemporary finishes,” says Gebing.

            The property is located at 7311 East Southern Ave. in Mesa, Ariz. less than one mile east of Superstition Springs Center, a 1.2 million-square-foot regional shopping mall featuring more than 150 stores and eateries.

Mesa Pavilions, a 720,000-square-foot power center is directly across the street from the Superstition Springs Center. 

The Falcon Field Employment Center, a 5,100-acre area encompassing more than 10 industrial and office parks is approximately seven miles northwest of the community.

The property has direct access to U.S. 60, the Superstition Freeway, and Loop 202, which provides access to Tempe, Mesa, Chandler and Gilbert, is nearby.

Cliff David

            Developed by Zaremba Group in 2007, Waterford at Superstition Springs features elegantly designed one-, two-, and three-bedroom floor plans with nine-foot ceilings, fully equipped gourmet kitchens with cherry-wood cabinetry and GE appliances, full-sized washers and dryers, crown moldings, walk-in closets, raised panel doors and ample storage space with linen closets.

Community amenities include a resort-style swimming pool with spa, a state-of-the-art leasing office and 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, courtyard space featuring a playground, volleyball court, barbecue grills, 80 detached garages, 30 detached storage units, a car care center, and controlled access gated entry.

  

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

Gina Relva

Public Relations Manager                                              

(925) 953-1716

Berger Commercial Realty Brokers Represent Zachry Industrial in Land Lease from Town of Davie, FL and IDI Gazeley

Joseph Byrnes

FORT LAUDERDALE, FL (Dec. 10, 2014)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new land lease closed by its brokers.

Berger Commercial Realty Vice President Joseph Byrnes and Sales Associate Jonathan Thiel represented tenant Zachry Industrial, Inc. in the new lease of 20 acres of land for a laydown yard from IDI Gazeley and the Town of Davie. The land is located at The Davie Business Center at 3300 Davie Road.

The laydown yard was leased by Zachry Industrial, Inc. in connection to their contract with Florida Power & Light to build the new Port Everglades Power Plant.

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

954-776-1999, ext. 226

Chatham Lodging Announces Monthly Dividend

 PALM BEACH, FL, Dec. 10, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.08 for December 2014.

 The common dividend is payable January 30, 2015, to shareholders of record on December 31, 2014.

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

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

CBRE Orlando Arranges $26.5 Million Sale of Single-Tenant Property Occupied by Kaplan University in Orlando, FL

Kaplan University, 12650 Ingenuity Drive, Orlando, FL

Ronald J. Rogg

Orlando, FL – CBRE arranged the sale of a 124,500-square-foot single tenant office property leased to Kaplan University at at 12650 Ingenuity Drive, Orlando, FL.

US-based City Office REIT, Inc. (NYSE: CIO) acquired the two-story building at Central Florida

Research Park from RT Ingenuity, LLC for $26.5 million. CBRE represented the seller.

“Central Florida Research Park (CRFP) offers a combination of flexible office space, great

amenities and convenient access to major transportation arteries.” said Ronald J. Rogg,

Executive Vice President of CBRE Capital Markets, Office & Industrial.

“Kaplan Universityconsidered 20 cities across the United States during its site selection process, but CFRP and the University/Research Park micro market stood out after comparing its ground breaking research partnership with UCF, access to a highly-educated workforce including college students, and the incredible prestige of this exclusive address.”

The property features a 25-foot-high glass atrium, open spiral staircase, on-site modern

cafeteria, and high technology infrastructure, which includes uninterrupted and redundant

power, FM-200 dry fire suppression, advanced security and fire protection, and CAT5 cabling

throughout. The site also includes land for future development.

Chip Wooten

In 2008, Kaplan University signed a 13-year lease for the entire building and uses the property as a customer support center that has sales, marketing and customer service functions.

 Theresearch park is well-situated near Orlando’s central business district (CBD) and the international airport, and offers easy access to State Roads 408 and 417, Highway 50 and the Florida Turnpike.

CBRE’s Rogg and Chip Wooten exclusively represented the seller in the transaction.

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

Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

The Dow Hotel Company Names Mark J. Mathews General Manager of Hilton Hotel – Bellevue in Bellevue, WA

Murray L. Dow II

 SEATTLE, WA, Dec. 10, 2014—The Dow Hotel Company, a leading hotel owner/investor and operator, today announced that it has named Mark J. Mathews general manager of the 353-room Hilton Hotel – Bellevue located in the suburbs of Seattle, Wash.

 The hotel currently is undergoing a multi-million dollar renovation to upgrade its guest rooms, meeting space and all public areas.

“A 20-plus year hospitality industry veteran, Mark has operated some of the most renowned hotels in the Pacific Northwest,” said Murray L. Dow II, DHC founder and president. 

“His in-depth market experience, combined with his hands-on approach to both guests and associates, make him the ideal candidate to lead the Hilton Hotel – Bellevue into the future.”

Mathews has held a number of general manager positions for numerous, top-rated hotels, including the 196-room historic, luxury boutique Citizen Hotel in Sacramento, the 319-room Hotel Murano in Tacoma, the 319-room Sheraton Tacoma Hotel, 107-room Hotel Vintage Plaza in Portland, Ore., and the 147-room Bedford Hotel in San Francisco.

Hilton Hotel Bellevue, Bellevue, WA

  Mathews received his B.S. in Hotel and Restaurant Management from Purdue University.  He also has received the American Hotel & Lodging Association’s Certified Hotel Administrator (CHA) designation. 

  

            “Following the conclusion of the total renovation in early 2015, the Hilton Hotel – Bellevue will be well positioned as the preferred, upscale hotel for business and leisure travelers alike,” Mathews said.  “I look forward to sharing my knowledge and experiences with this very talented team as we work towards making the Hilton Hotel – Bellevue the most desired hotel in the region.”   

Located just ten minutes from downtown Seattle, the full-service hotel is convenient to such business destinations as Meydenbauer Convention Center, Microsoft Campus and T-Mobile headquarters, as well as leisure destinations like the Shops at the Bravern, Bellevue Arts Museum and numerous Washington wineries.  The hotel offers multiple dining options, from the sophisticated Basil’s Kitchen to the casual Tully’s Coffee Shop.  

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

Chris Daly

Phone:  (703) 435-6293

Chris@dalygray.com

HC Real Estate Capital Arranges $9,750,000 in Financing for Retail Property In Boca Raton, FL

Yamato Crossing, 202--222 Yamato Road, Boca Raton, FL

Chris Caveglia

 Boca Raton, FL, Dec. 10, 2014 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $9,750,000 in financing for Yamato Crossing located at 202-222 Yamato Road, Boca Raton, FL.

 HC Real Estate Capital worked exclusively with the borrower to secure 10-year financing through a National CMBS Lender.

Built in 2001, Yamato Crossing is a 28,107 square foot retail property that is currently 93% leased to diverse tenant mix led by CVS and Panera Bread.   The property enjoys a prime location in eastern Boca Raton and is situated at the southwest corner of Yamato Road and Boca Raton Boulevard. 

Chris Caveglia, Principal at HC Real Estate Capital states, “Yamato Crossing has an excellent history of high occupancy in the Boca Raton market and has excellent visibility at a busy intersection.”

Kurt Hoffman

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans. 

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

Faris Lee Investments Completes $5 Million Sale of NNN-Leased Single-Tenant Retail Property Occupied by Citibank in Costa Mesa, CA

Shaun Riley

 IRVINE, CA,  Dec. 10, 2014 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.04 million sale of an 8,118-square-foot, single-tenant, NNN-leased retail property fully occupied by Citibank in Costa Mesa, Calif. Citibank has 10 years remaining on its lease.

Shaun Riley, senior managing director with Faris Lee Investments represented the 1031 exchange buyer, a Pasadena, Calif.-based Family Trust who paid all-cash for the asset. The seller, CP Sunshine, LLC from Lafayette, Calif. was represented by Equity Investment Advisors.

Located at 2700 Harbor Blvd., the property is situated on .68 acres and is adjacent to Mesa Verde Shopping Center, anchored by Vons with a number of other national tenants. 

The highly visible property sees a daily traffic count in excess of 51,000 cars per day and has more than 485,000 people living within a five-mile radius.

“The buyer is a long-time client who was in a 1031 exchange and had recently sold a mixed-use property,” said Riley.

“Because of the constrained market, we advised the buyer to structure the down leg portion of the exchange to allow them enough time to locate a suitable property. 

"This strategy enabled our client to close escrow months before reaching the 180-day deadline on the 1031 exchange.”

Riley noted that the property’s immediate area has seen a strong revitalization over the past several years with new development and the subsequent attraction of new tenants in the growing retail corridor.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Worldpay Signs 130,000-Square-Foot-Lease at 201 17th Street in Atlantic Station in Midtown Atlanta, GA

Nicole Goldsmith

 ATLANTA, GA – Worldpay, one of the world’s leading payment processing companies, has signed a new lease for 130,000 square feet of office space at 201 17th Street in Atlantic Station in Midtown Atlanta, CBRE Global Investors announced today.

 The 201 17th Street office building in Atlantic Station is owned by a fund the firm sponsors. CBRE Global Investors was represented in the lease transaction by Jeff Keppen, senior vice president at CBRE, and Nicole Goldsmith, an associate at CBRE. Chris White of DTZ represented Worldpay.

“Worldpay is a perfect fit for 201 17th Street and Atlantic Station,” said Jake Mota, senior director at CBRE Global Investors.

“The building provides the kind of creative space that fast-growing technology firms crave, and Atlantic Station’s vibrant, intown and walkable neighborhood is the type of environment that the employees of these companies desire.”

Jeff Keppen

Worldpay will occupy six floors of 201 17th Street, making it the anchor tenant, and will move into the building in March 2015.

“Atlantic Station has become a hub for creative and innovative firms,” Keppen said. “We are pleased to have Worldpay’s national headquarters join this unique ecosystem of some of Atlanta’s most exciting companies.”

  

201 17th Street features 17 stories and 355,870 square feet of Class A office space. The neighboring 25-story 271 17th Street, also owned by a CBRE Global Investors-sponsored fund, contains 541,789 square feet of Class A office space.

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

Suong Nguyen

The Wilbert Group

snguyen@thewilbertgroup.com

404 343 0637

HFF closes $27 million sale of waterfront development site in Sarasota, FL

Development Site, 333 North Tamiami Trail adjacent to Sarasota Bay, Sarasota, FL

Jaret Turkell

MIAMI, FL – HFF announced today that it has closed the $27 million sale of a 14.54-acre waterfront development site located at 333 North Tamiami Trail adjacent to Sarasota Bay in Sarasota, Florida.

                HFF represented the seller, an affiliate of National Asset Management Agency (NAMA).  Jacksonville, Florida-based GreenPointe Communities purchased the asset for $27 million.

                The site is located at the intersection of North Tamiami Trail and Fruitville Road in downtown Sarasota and is bound by Sarasota Bay to the west, a Hyatt Regency hotel to the north and the Ritz-Carlton Hotel and Residences to the south. 

The property is entitled for the development of 695 residential units, 190,000 square feet of commercial space and 175 hotel rooms.  The site also includes protected marina space that could potentially be incorporated into any future land uses.

The HFF investment sales team representing the seller was led by managing director Jaret Turkell, executive managing director Manuel de Zárraga and associate director Scott Wadler.

Manuel De Zarraga

“The Quay site represents arguably the best waterfront development opportunity on the entire west coast of Florida,” Turkell said.

Ron Kriss of Stroock & Stroock & Lavan LLP provided legal counsel for the seller.  The firm also handled the foreclosure of the property from the former owners. 

“It’s been a long time coming,” Kriss said.  “We are glad to have resolved this asset for our client, and I think the land is in very good hands.  As a large waterfront parcel in the heart of downtown Sarasota, it’s a really special site offering the new owners many possibilities.”

GreenPointe Communities is the community development division of GreenPointe Holdings with extensive real estate market data and analytical systems to rapidly assess real estate values and challenges. 

Scott Wadler

Its mission is to acquire, create and transform residential and mixed-use communities into neighborhoods for today's homebuyer while providing lasting, sustainable value.

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 Brokers Sale of Centre Shops of Longboat Key, FL for $3.7 Million

Centre Shops of Longboat Key, 5370 Gulf of Mexico Drive, Longboat Key, FL

James Medefind

LONGBOAT KEY, FL, Dec. 9, 2014 – 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 Centre Shops of Longboat Key, a 37,880-square foot retail property located in Longboat Key, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,700,000.

James Medefind, a senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Centre Shops of Longboat Key was built in 1986 and is located at 5370 Gulf of Mexico Drive in Longboat Key, Fla. 

This 37,880-square foot neighborhood center is located directly across the street from the Gulf of Mexico.  Longboat Key is an exclusive barrier island just west of Sarasota, and an hour south of Tampa. 

With its white, sandy beaches, it is a popular destination for retirees and families alike.  The Centre Shops of Longboat Key is positioned competitively, as it is one of the only major retail properties on the island. 

“This is a classic case of our ability to make a market for an asset and navigate through very difficult deal issues,” says Medefind. 

“During the marketing period we procured 21 offers from both local and out-of-area investors from all over the country. 

“Our ability to navigate through very difficult and complicated deal issues resulted in a successful closing, while ensuring our client maximized his proceeds in delivering access to the largest buyer pool imaginable,” adds Medefind.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

HFF closes $15.8 million sale of 3-building Class A industrial portfolio in Reno, NV

Brookside Corporate Center, Reno, NV

Steve Golubchik

SAN FRANCISCO, CA – HFF announced today that it has closed the $15.8 million sale of the leasehold interest in Brookside Corporate Center, a 94-percent-leased portfolio comprised of three Class A industrial buildings in Reno, Nevada, totaling approximately 261,141 square feet.

               HFF marketed the property on behalf of the seller.  The property was acquired by Libitzky Property Companies.

Brookside Corporate Center’s buildings are located on 17.58 acres adjacent to the Reno-Tahoe International Airport, and are on a ground lease owned by the Reno-Tahoe Airport Authority.

 The state-of-the-art assets were all completed in 2006 and are less than two miles from Interstate 80, the second longest interstate highway in the U.S. connecting the East and West Coasts, and less than three miles from Interstate 580/U.S. Highway 395, a freeway that stretches from Southern California to the U.S.-Canadian border. 

               The HFF investment sales team representing the seller included managing director Steve Golubchik, director John Simerlein and real estate analyst Josh DiSalle.

John Simerlein

“The Reno industrial market has experienced a significant increase in leasing velocity over the last 24 months and continues to gain momentum,” Simerlein said.  “The announcement of the construction of Tesla’s gigafactory in the Reno area will further support this trend.”

“We feel that the accelerating absorption and strong demand in the Reno market will continue as more manufacturing and high tech industries see the cost advantages of locating in Nevada,” said Nathan Petrowsky, a Principal of Libitzky Property Companies.

The Libitzky Property Companies’ portfolio is comprised of various property types ranging from office projects to large industrial parks in California, Texas, and elsewhere.  The LPC portfolio consists of more than six million square feet of property.  Learn more at libitzky.com.

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

$1.2 Million Sale of Colton Apartments in St. Petersburg, FL Brokered by Marcus & Millichap

Colton Apartments, 249 Fourth Avenue North, St. Petersburg, FL

Joshua Teplitzky

ST. PETERSBURG, FL, Dec. 9, 2014 – 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 The Colton Apartments, a 17-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $1,200,000.

Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office represented both parties in this transaction.

The Colton Apartments are located at 249 4th Avenue North in St. Petersburg, Fla. and within walking distance to Vinoy Park and the St. Petersburg Pier. 

The property consists of a three-story building with five studio units, nine, one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom units. 

Michael P. Regan

Amenities include an on-site laundry facility.  The interiors of the units have been upgraded with hardwood flooring and ceramic tile in the kitchens and bathrooms. 

"This asset was extremely well located in the heart of downtown St. Petersburg,” says Teplitzky.  “We drove eleven offers throughout the marketing period and closed within the timeframe stated in the contract.

“This property received a great deal of interest due to the ongoing developments in downtown and expanding local St. Petersburg economy.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700