Tuesday, July 19, 2016

Foxford Kicks Of Third Phase of Somerset Townhomes In Downtown Lake Zurich, IL


Peter Brennan
CHICAGO, IL – Hinsdale, Ill.-based Foxford Communities will hold a grand opening on Saturday July 30 and Sunday July 31 from 10 am – 4 pm to debut its decorated model of the newly designed townhomes in phase three of Somerset Townhomes, a community of 39 upscale townhomes along the lakefront in downtown Lake Zurich, Ill.

Homebuyers who close on a townhome by September 30, 2016 will get a Sea-Doo Spark 2up WaveRunner.

Located on West Main Street between Lakeview Place and Old Rand, Somerset Townhomes provides a maintenance-free, lakeside lifestyle within walking distance to numerous restaurants and shops in downtown Lake Zurich. 

The first two phases of the community, which included 27 homes, are now completely sold out. Phase three will include 12 townhomes all with direct frontage on Breezewald Park and amazing views of Lake Zurich itself, completing the 39 luxury townhomes planned for the Somerset Townhomes community.

“Building in phases has given us the opportunity to listen to our buyers and refine our floor plans to provide additional features that will continue to exceed buyers’ expectations,” said Peter Brennan, president of Foxford Communities.

“The newly decorated model home will showcase a refreshed spacious interior with a flexible layout and high-end finishes. However, the breathtaking views of Lake Zurich will be the ultimate showstopper in these homes.”

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

Kelly Shumaker
Senior Account Executive, Taylor Johnson

Direct:    312-267-4519
Phone:   312-245-0202
Fax:        312-245-9205


  

The Summit at Fritz Farm in Lexington, KY Expands Collection of Fashion-Forward Retail Offerings with Addition of Local Boutique Morton James


Halie Rogers
LEXINGTON, KY — Morton James, an upscale boutique offering bohemian-chic clothing and accessories for women, is the newest addition to The Summit at Fritz Farm’s list of notable retailers.

Morton James chose The Summit at Fritz Farm, located in Lexington, Kentucky, for its second location to cater to its growing audience. The $156 million, mixed-use development will open in March 2017.

“Morton James provides edgy, casual-chic apparel that is unique in Lexington, and will complement the other fashion-forward retailers we have signed at The Summit at Fritz Farm,” said Lindsay Bayer-Shipp, retail brand strategist for Bayer Properties. 

“At The Summit at Fritz Farm, we have curated a collection of national brands and local and regional boutiques that will appeal to all of our trend-setting guests.”    

Halie Rogers founded Morton James in 2013 to serve Lexington’s shoppers who value both style and quality. 

The store carries clothing and accessories from top fashion lines including Show Me Your Mumu, Generation Love, Bella Dahl, For Love and Lemons and a wide variety of designer denim such as J. Brand, Citizens of Humanity and AG. Morton James’ flagship location is located in the Chevy Chase district in Lexington.

Lindsay Bayer-Shipp
 “Since our flagship location is across town, our new store at The Summit at Fritz Farm will allow us to better serve our Lexington fans, as well as reach a broader regional audience,” Rogers said. 

“The Summit at Fritz Farm has an impressive list of tenants so far, and the addition of local boutiques will create a cool, authentic atmosphere.”

Bayer Properties is integrating local tenants like Morton James into its retail leasing strategy to further celebrate Lexington’s heritage. 

The Summit at Fritz Farm is distinctly Lexington, which is evident from its “farm chic-inspired” landscaping from acclaimed local garden designer Jon Carloftis and local food concepts like Honeywood from famed restauranteur Ouita Michel.

The Summit at Fritz Farm will be a regional shopping destination that is the first of its kind in the market. 

Featuring a best-in-class tenant lineup, The Summit at Fritz Farm will include Bonobos, J. McLaughlin, Brooks Brothers and Kendra Scott, with additional stores to be announced in the upcoming months. The Summit at Fritz Farm will also serve as a gathering spot for the community, and offer a series of signature events and public spaces designed to offer an authentic sense of place.

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

Savannah Durban
  The Wilbert Group
  Tel: 404.901.4433


Sunday, July 17, 2016

Florida Ranks Among Top Four States for Retail and Warehouse Development in National “Economic Impacts of Commercial Real Estate, 2016 Edition” Report

 
Thomas Bisacquino
 In Florida, commercial real estate development supports 100,569 jobs and contributes $5.7 billion to the state’s economy. Including e-commerce distribution and fulfillment facilities, Florida ranks third for warehouse and flex space development behind Texas and California. For retail space development, Florida ranks fourth behind New York, Texas and California.

Highlights from the "Economic Impacts of Commercial Real Estate, 2016 Edition" include:

·     Commercial real estate development supported 3.2 million American jobs in 2015 (a measure of both new and existing jobs).
·     Commercial real estate development contributed $450 billion to U.S. GDP.
·     There were 429.4 million square feet of commercial real estate space built in 2015, with capacity to house 1.1 million new workers.

 “Commercial real estate continues to bring new jobs, improve infrastructure, and create places to live, work and play,” said Thomas Bisacquino, NAIOP president and CEO.

“This is positive news both for the industry and the nation, but clarity on budget policy and tax reform following the presidential election will provide more certainty and add to the confidence of developers and investors.”

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

Kathryn Hamilton
703-904-7100



Capital Square 1031 Completes Medical Office DST Offering in Winchester, Va.


 
Louis Rogers
 WINCHESTER, Va.-– Capital Square 1031 announced its Delaware statutory trust offering, CSRA Winchester MOB DST, comprised of a 9,503-square-foot medical office condominium in Winchester, Virginia, has been fully subscribed by investors.

Located at 38 W. Jubal Early Dr., the single-story condominium is 100 percent leased to Bio-Medical Applications of Virginia and guaranteed by Fresenius Medical Care Holdings Inc. The unit was recently built-to-suit for Fresenius Medical Care, a wholly-owned subsidiary of Fresenius Medical Car AG & Co. KGaA. The property is striped with 31 surface parking spaces.

“This medical office unit, which is on a long-term triple net lease to a subsidiary of the world’s leading provider of dialysis products and services, was purchased in an all-cash transaction and was well-received by investors,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

 “We are pleased to complete this offering, the 19th DST Capital Square 1031 has closed since its founding in late 2012.”

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701


Shopoff Realty Investments Acquires Power Shopping Center in Reno, NV

  
William Shopoff
 RENO, Nev. –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired Firecreek Crossing, a regional power shopping center, for $48.5 million.

The 348,000-square-foot shopping center is located in the Meadowood Mall submarket of Reno, Nevada at the intersection of Kietzke Lane and Redfield Parkway, providing shoppers in the Reno metropolitan region superior access from U.S. 395.

The center is shadow-anchored by Walmart and Sam’s Club, further promoting the regional appeal to the property along with the national credit tenant line up, which includes Ross, TJ Maxx Home Goods, Michaels and a number of other nationally recognized brands. The center also features a new ULTA Beauty location, which opened in June.

“Shopoff Realty Investments is proud to be the new owner of Firecreek Crossing. We look forward to serving the community and adding to the already strong tenant mix,” said Shopoff Realty Investments Chief Executive Officer William Shopoff.

“We plan to improve and enhance the aesthetic appeal of the property and implement a lease-up strategy, strengthening the opportunity to increase overall revenue and occupancy of the center, which is currently 71 percent occupied.”

David Placek
Firecreek Crossing is Shopoff Realty Investments’ second acquisition in the local market in 2016. The firm closed on the purchase of Iron Horse Shopping Center located in Sparks in February of this year.

“We are excited by the growth in the greater Reno area and look forward to expanding our commercial portfolio in this region over the years,” commented Executive Vice President of Shopoff Realty Investments David Placek.

Reno is a thriving community with rapid growth fueled by tech expansion. The announcement of large and recognizable companies such as Amazon, Tesla and Apple moving to the area has created unparalleled motivation for businesses to focus on Northern Nevada.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

NAI Realvest Represents Flight Simulation Tenant in New Lease Agreement at Ganesh Business Park in Oviedo, FL


 
Chris Adams
Orlando, FL – NAI Realvest recently negotiated a new lease of 6,090 rentable square feet in Ganesh Business Park at 5707 Dot Com Court in Oviedo.

The NAI Realvest team of Principal Tom R. Kelley II, CCIM and Associate Chris Adams represented the tenant, Veraxx Engineering Corporation, a, flight simulation and avionics systems firm.

The local landlord, Ganesh Holdings was represented in the transaction by Sher Tolan of Allied Commercial Real Estate. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@alol.com



Alloy Wheel Repair Specialists Renew and Expand Lease in Norcross, GA

  
 
George Gwaltney
 ATLANTA, GA – Alloy Wheel Repair Specialists has signed a six-year lease renewal and expansion in Norcross, Georgia. The company now occupies 34,277 square feet at the property located at 3100 Medlock Bridge Road. George Gwaltney and Denton Shamburger of Lincoln represented the landlord, Equity Office, in the transaction.

“Medlock Oaks provides the perfect set up for a business like Alloy Wheel Repair Specialists with its mix of open industrial space and a prime location with easy public access from Peachtree Industrial Boulevard and Medlock Bridge Road,” said George Gwaltney, leasing associate at Lincoln.

The single-story flex building is located in the highly sought-after Peachtree Corners submarket. The property offers easy access to Interstate 85 and Peachtree Industrial Boulevard as well as hotels, restaurants, banks and executive housing.

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

Savannah Durban
The Wilbert Group
404-343-0870

HFF closes sale of 480-unit multi-housing community in St. Louis, MO


Oxford Hills Apartments, 10304 Oxford Hill Drive, St. Louis, MO
Sean Fograty
 CHICAGO, IL –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Oxford Hills Apartments, a 480-unit multi-housing community in St. Louis, Missouri.

HFF marketed the property on behalf of the seller, a joint venture between Covenant Capital Group and Bell Partners Inc.  Aragon Holdings, LLC purchased the asset for an undisclosed amount free and clear of existing debt.

Oxford Hills Apartments is situated on 26.32 acres at 10304 Oxford Hill Drive in St. Louis immediately adjacent to prestigious Creve Coeur and Lindbergh Boulevard/State Highway 67, which connects residents to all of the metropolitan area via Interstates 70, 270 and 64.

 Additionally, the property is approximately 7.5 miles south of Lambert-St. Louis International Airport.  Oxford Hills Apartments has 36 residential buildings, which house one-, two- and three-bedroom homes averaging 953 square feet each. 

Community amenities include an outdoor swimming pool with sundeck, indoor swimming pool, fitness center, lighted tennis courts, clubhouse with cyber cafĂ©, dog park, children’s playground and detached garages.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wick Kirby.

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

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



HFF arranges capitalization for 123-unit luxury condo development in McLean, VA


Rendering of planned The Signet Condominiums, Downtown McLean, VA

Sue Carras
WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged construction financing and joint venture equity for the development of The Signet, a 123-unit luxury condominium community in downtown McLean, Virginia.

HFF worked on behalf of the developer, an affiliate of The JBG Companies, to arrange construction financing provided by EagleBank and joint venture equity from Clark Enterprises.

The Signet will be constructed on an existing surface parking lot adjacent to 6862 Elm Street, a 109,000-square-foot office building purchased by the developer in 2009.

 The transit-oriented property, walkable to the retail and restaurants in downtown McLean, will be approximately two miles from the McLean Metro station and will offer convenient access to all of the Washington, D.C. metropolitan area via Interstate 495, the Dulles Toll Road and George Washington Memorial Parkway.

 The Signet will encompass 108 market-rate homes averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage. 

Walter Coker
This new community will offer unparalleled amenities, including a landscaped courtyard with water feature, grilling stations, resort-style dining areas, resident lounge and clubroom, fitness center with private saunas and steam rooms, park with play areas, trail with exercise equipment, electric car charging stations and concierge services. 

Homes will feature nine-foot ceilings, hardwood floors, custom millwork, Thermador appliances, stone kitchen countertops, raised-panel wood cabinetry, fireplaces, upgraded closet shelving and large outdoor terraces and balconies.

The HFF team representing the developer was led by Sue Carras, Walter Coker and Brian Crivella.

According to HFF, this project has been in the planning stages for several years taking into consideration the input of the many constituents of the McLean market. 

Due for completion in 2018, the Signet will be the first condo-style, single-level living option to deliver in this high-barrier-to-entry market in more than 10 years. 

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

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


Twitter @TheJBGCompanies and Facebook www.facebook.com/TheJBGCompanies

HFF arranges financing totaling $39.45 million for suburban Denver multi-housing community


Josh Simon
PHILADELPHIA, PA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $39.45 million in construction and preferred equity financing for the development of Elements at Prairie Center, a 288-unit multi-housing community in Brighton, Colorado.

HFF worked exclusively on behalf of the developer, a joint venture between Delaware-based The Commonwealth Group and Colorado-based C&A Companies, to secure the $31.55 million construction loan and $7.9 million in preferred equity financing.

Elements at Prairie Center is due for completion in third quarter 2017 and will feature 288 units with one-, two- and three-bedroom units averaging 919 square feet each. 

The 12, three-story buildings will be constructed on a 16.56-acre site in the Prairie Center planned community at the intersection of Eagle Boulevard and South 27th Avenue approximately one mile from Interstate 76 and Barr Lake State Park in Brighton, a suburb northwest of downtown Denver.


James Conley
 Upon completion, Elements at Prairie Center will include geothermal heating and cooling systems for all units.  Community amenities will include a resort-style swimming pool with cabanas, 24-hour fitness facilities, children’s playground, dog park, clubhouse and community garden. 

The community will be situated 2.5 miles southeast of Solaire Apartments, a 252-unit, Class A community completed by the developer in 2014.

HFF’s debt placement team was led by managing directors James Conley and Josh Simon.

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

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


Saturday, July 16, 2016

Westin Jekyll Island Hotel Introduces 50 Shades of Green Meetings

  



At the Georgia Sea Turtle Center, representatives from The Westin Jekyll Island pose with one of the Georgia Sea Turtle Center patients after presenting the first check from their “Make a Green Choice” program to the Jekyll Island Foundation. 

 From left--   Dion Davis, executive director of the Jekyll Island Foundation; Alex Lugo, general manager of The Westin Jekyll Island; Dr. Terry Norton, director and veterinarian for the Georgia Sea Turtle Center; Chandler Sharp, AmeriCorps husbandry member for the Georgia Sea Turtle Center and Kevin Baker, director of sales and marketing at The Westin Jekyll Island.  (photo courtesy Georgia Sea Turtle Center) 


Kimberly Andrews
Jekyll Island, GA -- The Westin Jekyll Island, a 200-room, convention-class, beachfront hotel today announced a unique collaboration developed to address the demands of meeting planners for greener options and distinctly local interaction all while raising money for a nationally acclaimed marine science center in its backyard.

The Westin Jekyll Island will make a donation to the island’s Georgia Sea Turtle Center, the state’s premier sea turtle rescue and rehabilitation center, whenever a guest waives housekeeping services.

“It’s an environmental double play,” said Kevin Baker, director of sales and marketing.  “By donating the fee to the turtle center, we’re doubling the impact of the brand’s Make a Green Choice program, which reduces water and detergent usage.” 

Johns Manville meeting planner, MaryAnn Loonam was among the first to test drive the new offerings when she brought the company’s Environment, Health & Safety meeting to the hotel. 

“Our group was very happy to have donated $250 to the Turtle Center just by participating in Make a Green Choice and the 45 guests who went on the center’s beach walk to collect and log debris in the Marine Debris Tracker got even more from their time on Jekyll Island,” said Loonam.  “Westin Jekyll Island has created an easy and innovative way for groups to make a difference and have a meaningful, local experience.”

Kevin Baker
Just as one green deed deserves another, Baker and the center’s research coordinator, Kimberly Andrews, PhD took the collaboration a step further to let guests see the full spectrum of the island’s green landscape. 

For an additional donation, Georgia Sea Turtle Center staff members will bring rescued animals to mix and mingle with guests at receptions or pre-function gatherings.

“We’ve all been to events with strolling entertainment, but this sort of locally relevant, environmentally informative interaction seems to resonate with group leaders and their guests,” said Baker. “The experts at the center are professional educators, so they welcome the opportunity to share their passion for preservation in an entirely new setting. 

“Most of us have never seen an alligator up close, or had the chance to make eye-to-eye contact with a rescued turtle, and learn about its injuries and the rehab process.  Snakes at a cocktail party get a bigger reaction than slight-of-hand tricks, I can assure you.”


Dion Davis

The turtle center also will arrange private tours of the facility and organize beach walks for groups interested in more in-depth experiences.        

The Westin Jekyll Island was designed to meet Leadership in Energy and Environmental Design, (LEED) Silver specifications and minimize the hotel's impact on the barrier island's sensitive surroundings. 

It is a cornerstone of the community’s Beach Village project, which includes the 128,000-square-foot oceanfront Jekyll Island Convention Center promenade, village green, restaurants, retail shopping and Great Dunes Park.
 
Mary Ann Loonam
 For small groups, weddings and reunions the hotel’s 5,350 square feet of indoor meeting space, as well as outdoor venues promise a memorable event. 

            “Facilities and location are key considerations when choosing a meeting destination,” noted Baker.  “We start with an island that is 67 percent preserved from development, a LEED-designed, oceanfront hotel and certified LEED-Silver convention center.

“ The Westin Jekyll Island amps up the green impact by reducing water waste and making a charitable donation to a local preservation organization, and tops it off with a way to bring the outdoors in with local environmentalists.  We think this will be a powerful combination for meeting planners to make a memorable experience for their guests.”

With ocean views and direct beach access, the Westin Jekyll Island features the complete suite of Westin signature amenities including the Heavenly Bed®, and Heavenly Bath® with exclusive White Tea Aloe bath amenities, all designed to promote overall wellbeing. In-room, high-speed Internet access and an ergonomic work space will offer travelers convenience and productivity in a tranquil setting.

 Dining options at The Westin Jekyll Island include The Reserve, an upscale, casual restaurant serving the freshest local seafood and Salty's poolside bar and cafĂ© for cocktails and lighter fare. Harry’s @The Reserve, the hotel’s outdoor rooftop bar with sweeping views of the beach and ocean is available for private parties.


Westin Jekyll Island Hotel, Jekyll Island, GA
Westin SuperFoodsRX™ options are on the menu at all three restaurants.  Additional facilities include a resort-style outdoor pool, beach chair and umbrella service, and the brand’s signature WestinWORKOUT® gym experience, including loaner gear and a running concierge.

Close to the island's National Historic Landmark District, The Westin Jekyll Island also is convenient to the island's four golf courses, 10 miles of barrier island beaches and a variety of outdoor recreation, including marsh eco-tours, and more than 20 miles of bike paths and kayaking waterways.

            The Westin Jekyll Island offers the Starwood Preferred Guest® program, which offers members the ability to redeem awards at more resorts, more luxury properties, more European hotels and more golf properties than any other hotel program without blackout date restrictions.  
  
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Write Touch PR
856-979-8929




Lincoln Brokers 17,272-Square-Foot Lease Renewal with Baumueller-Nuermont Corp. in Norcross, GA




Denton Shamburger
ATLANTA, GA – Lincoln Property Company (Lincoln) has brokered a five-year, 17,272-square-foot lease renewal for Baumueller-Nuermont Corp. at 1555 Oakbrook Place, a flex warehouse property located in Norcross, Georgia.

George Gwaltney and Denton Shamburger of Lincoln represented the landlord, Blackstone, in the transaction and Eric Vayle of JLL represented the tenant.

“The industrial market has shown strong signs of recovery and is expected to continue to show marked improvement through the remainder of the year,” Shamburger said. “Norcross in particular has proved a growing industrial market, and we are glad Baumueller-Nuermont Corp. sees the value in leasing at Oakbrook Place.”

The single-story, warehouse flex space is part of the Oakbrook Place office complex located in Norcross. The property sits on more than five acres and offers convenient access to the Jimmy Carter and Indian Trail exits off Interstate 85, as well as an 18-foot clear height, large truck courts, and office, grade-level and dock-high loading.

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

Savannah Durban
The Wilbert Group
404-343-0870


Marcus & Millichap Handles $390,000 Sale of Seven-Unit Aguila Palms Apartments in Tampa, FL


Shawn Rupp
TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Aguila Palms, a seven-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $390,000.

Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a limited liability company, was also secured and represented by the three brokers.

Aguila Palms is a two-story, garden-style apartment building located at 2501 North B Street in the West Tampa submarket and just two blocks from Kennedy Boulevard and Howard Avenue. Constructed in 1924, the property consists of four, one-bedroom/one-bathroom, two, two-bedroom/one-bathroom and one, three-bedroom/one-bathroom apartments averaging approximately 529, 640 and 720 square feet, respectively.

“Our brief marketing campaign created significant interest in the offering, which resulted in a full price offer, five-day due diligence and closing in under 30 days at 97.5 percent of the asking price,” says Rupp. “The buyer is planning to reposition the asset and bring rents to market, and the property is projected to restabilize at an in-place 9.5 percent cap rate.”

“For our team, Aguila Palms is the seventh South Tampa closing in four months, and our average list-to-close ratio for the submarket is 100.45 percent,” Rupp concluded.

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

Richard D. Matricaria
First Vice President / Regional Manager
 Tampa, FL

(813) 387-4700

Marcus & Millichap Brokers $7.75 Million Sale of 136-Unit Bay Point Villas Apartments n St. Petersburg, FL


Michael P. Regan
ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,750,000.

Francesco P. Carriera and Michael P. Regan, both first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Carriera and Regan.

Bay Point Villas Apartments, a 136-unit multifamily community, is located at 2150 62nd Terrace South in St. Petersburg, Florida. The property consists of seven, two-story residential buildings and a freestanding, one-story building that serves as the leasing office, clubhouse and fitness center.

The residential buildings are comprised of 76 one-bedroom/one-bathroom units with 653 rentable square feet, 30 two-bedroom/one-bathroom units with 927 rentable square feet and 30 two-bedroom/two-bathroom units with 987 rentable square feet. Amenities include on-site laundry facilities, fitness center, business center, resident lounge with community kitchen and a sparkling swimming pool.

“The St. Petersburg real estate market remains strong,” says Regan. “Due to the low inventory but yet very high demand, investors are continuing to see the benefit of renovating assets which is demanding rental increases.”


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

Richard D. Matricaria
First Vice President / Regional Manager
 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $1.5 Million Sale of 24-Unit Continental Park Apartments in Tallahassee, FL


Joshua Teplitzky
TALLAHASSEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Continental Park Apartments, a 24-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,500,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by the three brokers.

“This transaction demonstrated our ability to drive offers from buyers in multiple geographic regions throughout the country including Arizona, central Florida and New York,” says Teplitzky. “The buyer ultimately came from New York and was able to lock in financing through Freddie Mac for a seven year fixed rate loan.”

Continental Park Apartments is a 24-unit multifamily community located at 2393 Continental Avenue in Tallahassee, Florida. The property consists of all two-bedroom/two-bathroom floor plans with washer and dryer appliances, and the buildings sit on an approximate 1.25 acre parcel of land.

Francesco P. Carriera
Tallahassee is Florida’s State Capital as well as one of Florida's most prominent college cities. As a result, the city functions as Florida’s center for both government and education.

The property is within two miles of Florida State University and Tallahassee Community College, and is located within close proximity of downtown Tallahassee. Tallahassee was voted the “Most Livable City in America” by the United States Conference of Mayors.

“This asset was highly desirable due to its late 1980’s construction and having an average unit size of 1,000 rentable square feet,” concluded Teplitzky.

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

Richard D. Matricaria
First Vice President / Regional Manager
 Tampa, FL

(813) 387-4700