PANHANDLE
MARCUS & MILLICHAP ARRANGES THE SALE OF FAIR MINI STORAGE FOR
$1 MILLION
PENSACOLA, FLA., December 11, 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 Fair Mini Storage, a 37,375 rentable square foot, self-storage located in Pensacola, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.
Chico LeClaire, a senior vice president investments in Marcus & Millichap’s Denver, Colo. office and Michael A. Mele senior vice president investments and Luke Elliott, associate in the firm’s Tampa, Fla. office, represented the seller, a private investor based in Texas. Dave Knobler, a senior associate in Marcus & Millichap’s Houston office secured and represented the buyer.
Fair Mini Storage is located at 6551 Mobile Highway in Pensacola, Fla. This facility is 34 percent climate-controlled and consists of 327 units which range in size from 50 square feet to 300 square feet. The premises are secured by an electronic gate with keypad access and the site’s perimeter is fully fenced. Additional security is provided by on-site lighting and surveillance cameras. The facility offers roll-up doors and wide driveways for easy drive-up unit accessibility.
"Fair Mini Storage was the one of the few remaining distressed deals left over from the downturn" says Mele. "We had over nine offers with buyers ranging from California to Florida" adds Elliott.
CENTRAL FLORIDA
BERKADIA NEGOTIATES $1.5 MILLION PRICE IN SALE OF 486-ACRE SITE IN
BREVARD COUNTY
ORLANDO, Fla. --- Berkadia recently negotiated a $1.5 million sale price for a 486-acre site west of Centerlane Road in Palm Bay, Brevard County.
Cole Whitaker, Florida Partner for Berkadia, negotiated the sale representing the seller, Capstone Resdev, LLC.
The buyer is ZP23, LLC
FLEA WORLD SITE TO BE DEVELOPED INTO MIXED USE PROJECT MARKING ONE
OF LARGEST REDEVELOPMENTS IN SEMINOLE COUNTY HISTORY
Sanford, Fla. (Nov. 25, 2014) – A development team is applying to the Seminole County Government for a mixed use development at current site of Flea World. The request, if approved, would convert Flea World with additional parcels totaling 118 acres to single family, apartments, office and retail uses. The land fronts both US Highway 17/92 and Ronald Reagan Boulevard at County Home Road.
Syd Levy, the owner of the property, has put together a development team of Randall Morris, Principal, RM Strategies, Inc. in Winter Park, FL and Richard Wohlfarth, Principal, IBI Group, Maitland, FL. Paul Partyka, a partner at NAI Realvest, Orlando, FL will be the broker of record.
"After over 37 years in operation with millions of customers visiting the storied Flea World and earlier Fun World, I must say it is with mixed emotions we are going to redevelop this land. I will keep Flea World, with our family of vendors, open during the development approval process throughout next year at least until January of 2016," Levy said.
"If approved, the 118-acre Reagan Center as proposed would have just under 400 apartments, 80 townhomes, 17 acres of commercial office, 18 acres of retail with thirty percent left as conservation," said Paul Partyka. Partyka estimated that the property, currently valued at $15 million, would be worth an estimated over $200 million at build out. Co-Development Manager Richard Wohlfarth stated, "Reagan Center will be a real shot in the arm for the US 17/92 corridor."
Seminole County government has been looking for a catalyst project to spark redevelopment in the US 17/92 corridor. For 17 years, Seminole County and the cities of Sanford, Lake Mary, Winter Springs and Casselberry have had a Community Redevelopment Agency in place. "I can think of no better location in the corridor to spur redevelopment. This large property is directly opposite Seminole County Government Operations Center and Seminole State College and bordered by two divided roadways with close access to the Seminole County Expressway," said Co-Development Manager Randall Morris.
The application for Reagan Center including a conceptual plan is being submitted this week. Public hearings on the proposal would be in the spring of 2015. Upon approval, out parcels and some residential sites will be available for immediate development. Flea World would remain open though the entire 2015 season. Owner Syd Levy has announced his interest in replacing Flea World with a new modern Farmers and Vendors Market/Mall at a new location, so as not to leave a void for the hundreds of dealers and thousands of customers who visit Flea World every week.
BAY AREA
MARCUS & MILLICHAP ARRANGES THE SALE OF FELICIA VILLA
APARTMENTS FOR $867,000
TAMPA, FLA., December 11, 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 Felicia Villa Apartments, a 21-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $867,000.
Joshua Teplitzky, associate and Michael P. Regan and Francesco P. Carriera, vice presidents investments all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Felicia Villa Apartments is located at 4711 North Grady Avenue in Tampa, Fla. The property consists of one, two-story building with 21, one-bedroom/one bathroom units. Common area renovations include a new security system, fresh exterior building paint, new windows, new landscaping and new roofs. The interiors of 19 of the units were upgraded with carpet and tile, with renovated countertops and new appliances.
"This property is located just outside of the Westshore Business District in Tampa with easy access to major employment centers," says Teplitzky. "We drove three offers in the two weeks of marketing and commanded a lot of interest from local, as well as out-of-area investors," adds Teplitzky. "The property traded above a 10 percent capitalization rate which was the main catalyst for the quick sale."
MARCUS & MILLICHAP ARRANGES THE SALE OF LIV @ BOCA CIEGA FOR $6.0 MILLION
SOUTH PASADENA, FLA., December 4, 2014 – Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Liv @ Boca Ciega, a 50-unit apartment property located in South Pasadena, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $6.0 million sales price equates to $120,000 per unit.
Casey Babb, a CCIM and vice president investments, and Luis Baez, a senior associate, in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Liv @ Boca Ciega is located at 1824 Shore Drive South in South Pasadena, Fla. This is a Class "B" waterfront apartment community built in 1972 but extensively rehabbed between 2013 and 2014. The property was originally designed by famed local architect, William B. Harvard Sr. and has been completely repositioned within the past year with approximately $900,000 in renovations to modernize and improve the overall aesthetic of the community.
The property consists of six, two and three-story buildings on approximately 1.64 acres of land which backs up to Boca Ciega Bay and provides 12 units with panoramic water views.
"Given that this is a waterfront property with concrete block construction, the sale price was actually below replacement cost, in our opinion," said Babb. "In addition, the property recently received a major capital infusion to modernize the unit interiors, property exteriors and common area amenities which in turn, has caused rents to trend on a nice upward trajectory," adds Babb. "The buyer, to their credit, recognized the opportunity and should do very well given that they are a long-term holder."
MARCUS & MILLICHAP ARRANGES THE SALE OF ANNIE APARTMENTS FOR $1.020 MILLION
TAMPA, FLA., December 4, 2014 – Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Annie Apartments, a 36-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 $1,020,000.
Jason Hague, investment associate, Michael Donaldson, vice president investments, and Nicholas Meoli, senior investment associate all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Annie Apartments is located at 902 East Annie Street in Tampa, Fla. Built in 1983, the complex is situated on approximately a one-acre lot consisting of nine, two-story buildings constructed of concrete block. The community is comprised of all two-bedroom/one-bathroom units which are approximately 850 rentable square feet.
Amenities of the property include private patios or porches, central air conditioning and washer and dryer connections in all the units. The roofs were also replaced on every building around two years ago.
"By emphasizing the major upside potential of this property, our team was able to bring ten offers to the seller from a multitude of different local and out of area buyers," said Hague. "The seller decided to move forward with an all cash investor from South Florida who was able to close within 30 days of the contract date."
MARCUS & MILLICHAP ARRANGES THE SALE OF THE EUSONIAN APARTMENTS FOR $1.2 MILLION
TAMPA, FLA., November 26, 2014 – Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Eusonian Apartments, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.
Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
The Eusonian Apartments were built in 1974 and are located at 610 West Horatio Street in Tampa, Florida. The property is situated on approximately 0.24 acres of land and consists of five studios with 336 rentable square feet and nine, one-bedroom/one-bathroom units with a range of 336 to 547 rentable square feet. Since 2011, approximately $209,000 of capital improvements have been made to the property.
"This property closed at full list price within 69 days of the initial day of marketing for this Hyde Park asset, and we received multiple offers from both local and out-of-area investors," says Barbas. "The Eusonian Apartments sold at $234 per square foot, due to the pristine interior and exterior upgrades the seller had made to the property. These upgrades allowed current rents to reach nearly $2.50 per square foot for the studio and one-bedroom units."
"This sale represents the highest price per square foot transaction for a small apartment in the Hyde Park sub-market since the downturn," concludes Barbas.
SOUTHEAST FLORIDA
MERIDIAN CAPITAL GROUP ARRANGES $25.5 MILLION IN CMBS FINANCING
FOR THE CRYSTAL LAKES APARTMENTS LOCATED IN MIAMI GARDENS, FL
December 11, 2014, Boca Raton, FL – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated $25.5 million in CMBS financing for the cash out refinance of the Crystal Lakes Apartments, a multifamily property located in Miami Gardens, FL on behalf of Ytech International.
The 10-year CMBS loan features a competitive fixed-rate of 4.89% and five years of interest-only payments, with a 30-year amortization schedule. This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Loan Originator, Brad Beattie, who are both based in the Company’s Boca Raton, FL office.
Crystal Lakes Apartments totals 491 units and is located at 2545 NW 207th Street in Miami Gardens, FL. The sponsors recently completed a full rehabilitation and re-tenanting of the property. Crystal Lakes Apartments is conveniently located next to two major attractions, the Calder Race Track and Sunlife Stadium.
SOUTHWEST FLORIDA
MARCUS & MILLICHAP ARRANGES THE SALE OF PALM VISTA I & II FOR $6.7 MILLION
FORT MYERS, FLA., December 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 Palm Vista I & II, a 144-unit apartment community located in Fort Myers, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $6,700,000 sales price equates to $46,527 per unit.
Nicholas Meoli, senior investment associate and Michael Donaldson, vice president investments in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Palm Vista I & II is located at 3726 Central Avenue in Fort Myers, Fla. The property consists of 12, two-story buildings built in 1974 and 1985 and is comprised of 33 one-bedroom/one-bathroom units and 111 two-bedroom/two-bathroom units. Palm Vista I & II is situated on two spacious lots totaling approximately 5.86 acres. Amenities include a swimming pool, clubhouse, on-site laundry facilities, renovated units and screened-in patios and balconies. The community also offers an abundance of parking with two spaces per unit, providing convenient parking options for residents and guests.
"Central and Southwest Florida have seen increased demand for value-add opportunities in secondary markets, as core assets in primary locations have experienced significant cap rate compression," says Meoli. "Fort Myers has sustained considerable rent growth over the past 12 months, which has captured the attention of national and international investors as the area continues to achieve increased rental demand," adds Donaldson.