RealtyTrac Ranks Best Bargain Beach Towns for Summer 2016

  

Daren Blomquist

IRVINE, CA -- RealtyTrac® (www.realtytrac.com) the nation’s leading source for comprehensive housing data, released a special report ranking the best bargain beach towns for summer 2016 based on median home prices, average summer temperatures, air quality and density of registered criminal offenders.

For the report RealtyTrac analyzed more than 1,400 cities in coastal counties as defined by the U.S. Census Bureau. The list was narrowed all the way down to the top ranking bargain beach town in each of the 15 states with a city matching the final criteria for a bargain beach town.

“Buying a second home or investment property in a beach town can help families save on summer vacations for years to come and also potentially generate vacation rental income,” said Daren Blomquist, senior vice president at RealtyTrac.

“While real estate close to the ocean tends to be pricier, bargains are still available particularly smaller towns off the beaten path where home prices have been slower to bounce back from the housing downturn.

“ We picked the highest-ranked bargain beach town from each state to provide a good sampling of the diverse beach town experiences available across the country.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Real Estate Capital Institute Reports Hot Summer for Debt and Equity Markets

Jeanne Peck

CHICAGO, IL  -The summer remains hot for the real estate

debt and equity markets, despite some cooling on the coasts. Even as prices

have peaked in some of the major primary markets, much of the country still

on track with record sales and financing volumes. Low rates, lack of quality

investment opportunities and overall strong cash flow performances keep

investors in the game at a frenzied pace.

After the surprising results of Brexit plunged rates to record-low territory

late last month, the Fed may abandon any efforts to raise rates and even

lower rates.  Even as the British European Union issues subside, overall

global malaise should continue to keep yields low with foreign investors

flocking to US treasuries for safety.

Persistently low interest rates assure that capitalization rates will also

remain low, translating to peak pricing with less attractive yields.

However, some markets are starting to see pricing levels stabilize, as

investors find minimal yield differences between various property sectors.

For instance in the case various types of "bed" properties, student housing,

senior facilities and traditional multifamily assets trade at much tighter

yield spreads than in the past. Any type of institutional quality

investments, longer-term internal rate of return benchmarks are in the

middle to higher single-digit range for core properties.

Will real estate investors flock to other more profitable investment

categories?  More opportunistic investments are advertising yields in the

lower to middle teens, also at historical lows, but not low enough to

discourage investing.  In other words, real estate yield risks are still

perceived to be lower in comparison to alternative stock market investments,

since deals are backed by "real" assets.

Now more than ever, borrowers are ambivalent to fixed-versus-floating-rate

debt. Overall mortgage rates dipped below 3% for shorter-term debt of five

years or less; longer-term fixed-rate debt is priced in the higher 3% to

lower 4% range. Due to a variety of factors relating to risk aversion and

regulatory concerns, many lenders favor "safety versus yield philosophy,"

offering lower rates as opposed to higher leverage (e.g. more than 65%

loan-to-value).

Jeanne Peck of the Real Estate Capital Institute(r) suggests, "Lenders are

accustomed to providing lower leveraged loans."  She adds "Just the same,

investors are becoming accustomed to keeping more cash in properties since

fewer other yield opportunities exist and prices stay at peak thresholds."

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

Jeanne Peck

Executive Director 

director@reci.com

www.reci.com

Blue Atlantic Partners Buys Two Luxury Properties in Georgia

Greg Ward

ATLANTA, GA – Atlantic | Pacific Companies (A|P) and Blue Arch Advisors, via their fund, Blue Atlantic Partners, have purchased two properties in Georgia: Rock Creek at Vinings and Rock Creek at Ashford.

The purchase marks A|P’s 17th acquisition in the metro-Atlanta area, bringing the size of their portfolio in Atlanta to approximately 4,500 units.

Greg Ward, Chief Investment Officer of the fund, remarked “We are excited to add these properties to our growing Atlanta portfolio.  

"They represent a continuation of our strategy to acquire assets in locations with strong demographics and high barriers to entry.  We plan to implement an extensive interior and exterior renovation program across the properties.”

Rock Creek at Vinings, located in Smyrna, which is historically one of the fastest growing cities in Georgia, sits on 33 acres on the northwest side of Atlanta Road SE.  The property has 403 units consisting of one, two and three bedrooms. Rock Creek at Ashford is located on 13 acres in the city of Brookhaven, GA and consists of studio, one and two bedroom units. The community features a dog park, resident garden, BBQ grills areas, and gated entry.

 For more information about A|P and its array of real estate services including development, property management, affordable housing, and construction, visit www.apcompanies.com  or call (800) 918–1145. Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

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

Jessica Wade Pfeffer | jessica@jessicawadeinc.com | Jessica Wade Inc. | 7100 Biscayne Blvd | Miami, FL - Florida 33138

American Realty Advisors Acquires Highly Sought-After Class A Core Office Asset in Chicago’s Growing Fulton Marketplace for $257 Million

  

1K Fulton Office Building, River West Fulton Marketplace Submarket, Chicago, IL

 Chicago, IL, July 1, 2016 – American Realty Advisors announced the acquisition of 1K Fulton, a Class A office asset located in the heart of Chicago’s highly sought-after amenity rich River West Fulton Marketplace submarket.

 The complex consists of a 531,190 sf creative office and ground floor retail building, including a ten-story fully re-developed cold storage facility annexed to a newly built six-story building.

Martha Shelley

1K Fulton, which opened in late 2015, is currently 97% leased to a number of high profile tenants, including Google, which has leased approximately two-thirds of the office space.

According to Martha Shelley, American’s Senior Portfolio Manager, securing an asset of this nature with long-term leases to high quality tenants in one of the most vibrant submarkets of Chicago is a significant accomplishment, and furthers the firm’s investment objectives.

“American has continued to position its portfolios defensively, investing in true core assets in major markets and highly dynamic submarkets across the country.  

"We believe that this is the most effective approach at this point in the market cycle, and the 1K Fulton acquisition is reflective of our strategy,” noted Ms. Shelley.

 “We were attracted to this asset because it has long-term leases with quality tenants, such as Google.  We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels, and housing adjacent to this asset.”

Shelley continues, “This burgeoning submarket is attracting a diverse base of tenants, including technology companies drawn to the area’s unique and highly appealing nature.

Ray Kivett

“We expect that it will continue to be attractive to future tenants and generate stable returns for our investors. We are focused on making sure that our tenants and their employees have the most attractive amenities within and around the building as we continue to partner with companies to attract strategic employee talent. The Fulton Marketplace area is in the early stage of a major transformation into one of Chicago’s premiere live-work-play neighborhoods.”

Ray Kivett, American’s Managing Director, Investments, stated, “This acquisition fulfills all of our criteria: superior location, great tenants, and high-quality construction and amenities. In addition, average current in-place rents are approximately 15 percent below market, which supports the purchase price of $257 million, providing the opportunity for American to increase cash flow and returns for investors.” 

 “1K Fulton represents the acquisition of a high quality cornerstone asset within one of Chicago’s most vibrant areas which is only in its formative period. 

"Over the long run, we anticipate that this asset and its immediate Fulton Marketplace neighborhood will continue to grow its prominence in the overall fabric of the Chicago market,” noted Kivett.  “The recent news about McDonald’s corporate headquarters relocation to this area in order to attract high quality employee talent, coupled with the new boutique hotels under construction nearby, and the area’s thriving restaurant, retail, and nightlife business all support the thesis that this is an 18-hour location.” 

“The strength of this growing submarket, along with the investment grade anchor tenant at 1K Fulton, creates an opportunity for long-term stabilized value for our investors,” Kivett added.

The seller, Sterling Bay, was represented by David Knapp and Stephen Livaditis of Eastdil Secured. 

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

Lexi Astfalk / Jenn Quader for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940, LAstfalk@browermillercole.com

www.americanreal.com.

29th Street Capital Acquires Student Housing Property at Texas State University in San Marcos, TX

 

Villagio Apartments, Near Texas State University campus in San Marcos, TX

John Price

San Marcos, TX (June 30, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Villagio Apartments, a 180-unit, 492-bed luxury student housing community near Texas State University (TSU) in San Marcos, 

Texas. 29SC’s strategy is to invest $2 million to significantly upgrade the apartment interiors, exteriors and already top-tier amenities.

“The Villagio represents the first step in the exciting expansion of 29SC’s very successful multifamily business model into its newly-formed student housing platform,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “This acquisition represents a unique opportunity to add value for both our investors and the residents through repositioning and substantial renovating the community. Upon completion, The Villagio will provide the highest quality student housing experience in the competitive San Marcos market.”

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

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

www.29thstreetcapital.com.

HFF secures $9.6 million in financing for The Bindery on Blake in Denver’s RiNo District

   

The Bindery on Blake, 2875 Blake, River North (RiNo) District, Downtown Denver, CO

Eric Tupler

DENVER, CO, June 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $9.6 million in financing for The Bindery on Blake, a two-building mixed-use project that comingles office, artistry, brewery, cidery and dining in the River North (RiNo) District of downtown Denver.

HFF worked on behalf of the borrower, Danielsen Investments, LLC, to arrange the 20-year, 4.10 percent, fixed-rate loan through a life company correspondent lender.  The permanent loan is taking out an existing construction loan on the property.

The Bindery on Blake was renovated in 2015 and repurposed into a creative working space housing office and tenants. The 46,361-square-foot 2901 Blake, originally built in 1927, is fully occupied by Davis Partnership Architects, Motive: Project WorldWide, Metropolitan Hardwoods, Rifugio Modern and the Studios at the Bindery, which features 13 clean-artist studios.

  Originally built in 1997, 2875 Blake features 21,063 square feet and is fully leased to C Squared Ciders, Bierstadt Lagerhaus and Rackhouse Pub (a tasting room and 165-seat restaurant). 

The Bindery at Blake’s location on the southeast side of the RiNo District places it just over one mile from Denver’s Union Station, which is a hub to 122 miles of light rail line, and within two miles of Denver’s most traveled highways, Interstates 25 and 70. 

Leon McBroom

Additionally, the property is a short walk from Coors Field, Denver’s LoDo neighborhood and the new 38th and Blake light rail stop, which provides direct access to Denver International Airport.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Leon McBroom. 

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

Kristen M. Murphy

Director, Marketing

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

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

krmurphy@hfflp.com

Mortgage Bankers Association Releases First Quarter 2016 Commercial/Multifamily DataBook

 WASHINGTON, D.C. (June 30, 2016)- The Mortgage Bankers Association released its first quarter 2016 Commercial/Multifamily DataBook today.

The report summarizes major trends that developed during the quarter. Charts and tables provide historical information on commercial and multifamily real estate markets.

MBA’s Commercial/Multifamily DataBook reported that:

Domestic property markets largely held steady. During the first quarter office vacancy rates fell from 16.2 percent to 16.1 percent, retail vacancy rates held at 10.0 percent and apartment vacancy rates climbed from 4.4 percent to 4.5 percent. Tight or tightening markets boosted rents by 2.1 percent for retail, 3.0 percent for office and 4.6 percent for apartments on a year-over-year basis.

The improving bottom line continues to draw new development activity, with the value of selected CRE-related construction put-in-place in April up 7 percent from a year before. Multifamily permitting and starts remain strong, such that there are more multifamily units under construction than at any time since the mid-1970s.

Commercial property sales were solid in the first quarter, but below the high level seen one year prior. Sales of office, industrial and retail properties were below Q1 2015 levels, while multifamily sales were up 12 percent.

In the aggregate, commercial real estate borrowing and lending started 2016 in a similarly strong fashion to 2015. Borrowing backed by retail, office, hotel and multifamily properties picked up, as did lending by banks. Disruptions in the broader capital markets pushed originations for commercial mortgage-backed securities down.

You can download a copy of the DataBook here. 

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727 

L5 Investments Partnership Completes $22.9 Million Acquisition of 232-Unit Apartment Community in Richmond, VA

  

Aspen Station Apartments, 1500 Forest Run Drive, Richmond, VA

Michael Flaherty

Sacramento, CA, June 30, 2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community for $22.9 million in Richmond, VA.

 Built in 1980, the property is situated on 17.13 acres and is located at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community that features a swimming pool, clubhouse with business center, lighted tennis and basketball courts, car wash and vacuum station, and picnic area with charcoal grills throughout the property.

 The unit mix includes 98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each unit includes a full-size washer and dryer and a private balcony or patio.

The new ownership plans on investing in excess of $2.6 million for an extensive renovation and repositioning of the asset. 

This will include a complete remodel of the leasing and business center; remodel of fitness center to nearly double in size and include state-of-the-art equipment; upgrades to flooring, cabinets, counters, lighting, fixtures, and appliances in unit interiors; improve landscaping; upgrades to tennis and basketball courts; addition of a new sport court and dog park; and new monument and directional signage. 

Laura Cathlina

Additionally, in a strategic move to enhance Aspen Station’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“Although we have numerous apartment assets in growing areas throughout the country, this acquisition marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm.

 “By partnering with BH Equities, an experienced investor and asset manager with strong local market experience, we believe we can raise the bar for Aspen Station and attracting new residents who are seeking a high-end apartment community with quality interior spaces, amenities, and proactive management.”

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Virginia market where we currently manage six properties and close to 2,000 units,” said BH Equities Director of Acquisitions Mike Baker.

Wink Ewing

Named by Zillow as the nation’s fourth hottest housing market of 2016, the greater Richmond market is home to 1.25 million residents and shows signs of continued growth.

 Richmond has been outpacing many of the other metro areas of Virginia and is growing faster than the nation as a whole. The pro-business area includes a number of Fortune 1000 companies and has also recently been attracting both new start-ups and established firms.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the seller.

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

Darcie Giacchetto

949.278.6224

$8.3 million sale of urban outfitters in delray beach, fl arranged by marcus & millichap

Urban Outfitters, 306 East Atlantic Avenue, Delray Beach, FL

Howard Bregman

DELRAY BEACH, FL, June 30, 2016 – 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 Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

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

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Meridian Capital Group Arranges $15.4 Million in Construction Financing for the Wyndham Garden Hotel in Dania Beach, FL

Wyndham Garden Dania Beach Hotel Rendering, Dania Beach, FL

Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $15.4 million in construction financing for the development of a new Wyndham Garden hotel located in Dania Beach, FL.

Noam Kaminetzky

The three-year, interest-only construction loan, provided by BB&T, converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is located in the Company’s Boca Raton, FL office.

The ground-up Wyndham Garden – Dania Beach hotel project will total seven stories and contain 142 guest rooms. It is located 1.5 miles from the beach and in close proximity to major attractions including Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center.

The hotel development is also minutes from the Fort Lauderdale / Hollywood International Airport and close to I-95 and I-595 which provide terrific accessibility for business and leisure travelers.

“This transaction is a significant win for the sponsors as construction lending, particularly for hotels, has pulled back recently and there was an added layer of complexity involving EB-5 equity as part of the capitalization,” said Mr. Kaminetzky. 

“Meridian used its strong market knowledge in combination with its exceptional lender relationships to close this complex transaction on favorable terms and in line with sponsor’s business plan,” he added.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

New Affordable Senior Housing Development Complete in Iowa; WNC provided approximately $5.9 million in LIHTC equity to fund construction of the 48-unit community

 

Michael Gaber

DES MOINES, IA, (June 29, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that Legacy Manor of Mason City II, a 48-unit newly constructed affordable senior housing community, is complete in Mason City, Iowa.

WNC provided $5.9 million in LIHTC equity to fund the development, located approximately 120 miles north of Iowa’s capital city, Des Moines.

Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for seniors aged 55 and older. 

“Legacy Manor is an upscale senior housing community with numerous amenities and scenic views for residents and their visitors to enjoy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community provides seniors with a safe and quality home that is within their means. We couldn’t be happier to help deliver these homes to local residents in need.”

Located at 3310 9th St. Southwest, community amenities at Legacy Manor of Mason City II include onsite management, a clubhouse, fitness center, business center, picnic area, gazebo, community garden, beauty salon, library and walking trails. Individual units include an electric range and other kitchen appliances, washer and dryer, central air conditioning and ceiling fan.

Anchor Housing Development LLC received the LIHTC equity to construct Legacy Manor of Mason City II. Daniel Tonnesen acted as the project developer for the development, which took one year to complete.  

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

HFF secures $32.1 million refinancing for Upper West Side, New York retail condominium

  

200 West End Avenue, Upper West Side Neighborhood, Manhattan, NY

 

Jennifer Keller

NEW YORK, NY, June 29, 2016 -- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $32.1 million refinancing for a fully-leased retail condominium located at 200 West End Avenue in Manhattan’s Upper West Side neighborhood.

Working on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, HFF placed the 15-year, fixed-rate loan through MetLife. 

                                                                                                                      

The retail condominium totals approximately 25,446 square feet and is leased to four tenants – CVS Pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners.  The property’s location on the southeast corner of West End Avenue and West 70th Street on the Upper West Side provides significant frontage, exposure and visibility along the Avenue.  

Rob Rizzi

The HFF debt placement team representing the borrower was led by managing director Rob Rizzi and director Jennifer Keller.

“The 200 West End Avenue retail condo is strategically positioned in a densely populated neighborhood with significant demand for essential products and services,” said Keller.  

“This long term financing was locked in a historically low interest rate environment and is an ideal match for the property’s strong stable cash flow and limited rollover.”

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

Kristen M. Murphy

Director, Marketing

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

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

krmurphy@hfflp.com

L5 Investments Partnership Completes $1.7 Million Renovation of Whispering Lake, a 384-Unit Apartment Community in Kansas City, MO

Kansas City, MO, June 29, 2016 – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO.

The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.

Whispering Lake Clubhouse

Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. 

Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise). 

The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area.  The renovation was completed approximately 12 months after the partnership acquired the asset.

Michael Flaherty

“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market.  Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. 

“We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”

“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. 

“Whether it is enjoying a coffee in one of our cyber cafés, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.” 

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

Darcie Giacchetto

949.278.6224

www.BHManagement.com

www.L5invest.com.

Stericycle, Inc. Signs 19,661-Square-Foot Lease in Peachtree Corners, GA

Matt Davis

ATLANTA, GA (June 29, 2016) – Lincoln Property Company (Lincoln) has arranged a new 19,166-square-foot lease for Stericycle, Inc. at Lakeside at Peachtree Corners, an office complex located at 5250 Triangle Parkway in Peachtree Corners, Georgia.

Matt Davis of Lincoln represented the landlord, The Ardent Companies, in the transaction, and John Thorton of CBRE represented the tenant.

Lakeside at Peachtree Corners is a three-building, 181,407-square-foot Class B office complex located in the Peachtree Corners submarket in northeast Atlanta. The office complex is located within walking distance of The Forum shopping center, features easy access to major highways and local asset management.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Berger Commercial Realty Closes $200,000 Sale of East Commercial Boulevard Office Building in Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL  (June 29, 2016) - Berger Commercial Realty Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel recently represented Workers Realty, LLC in the $200,000 sale of a 1,167-square-foot, free-standing office building at 361 E. Commercial Blvd. to Mustafa Saleh, DVM.

The property is located in Fort Lauderdale within minutes of I-95 and Florida's Turnpike.

"The buyer liked the property's positioning on Commercial Boulevard, which has a daily traffic count of more than 62,000 vehicles," Dolan said. "The new owner intends to operate the property as a pet grooming center."

For more information about Berger Commercial Realty's brokerage services, please call 954-358-0900.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com