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Cap Rates Shrinking in Big Guava

28 Jul 2015, 7:38 am

By Liviu Oltean, Associate Editor

An 80-unit garden-style apartment community located in South Tampa landed recently in the hands of an Ann Arbor, MI-based institutional real estate firm.  The $5.6 million deal was announced by Franklin Street Real Estate Services, which represented both the buyer and the seller, a private partnership based out of Tampa, Fla.

Arbor Alley

Arbor Alley

Dubbed Arbor Alley, the apartment community was developed in 1984 and has been managed by its previous owner since 1999. Amenities include a swimming pool, laundry facilities, high speed internet access, and 160 parking spaces. Due to its location at 6237 South Manhattan Ave., the community has access to MacDill Air Force Base, Downtown Tampa, Pinellas County and the Westshore Business District.

“Larger apartment communities over 100 units are extremely desirable in today’s market,” Robert Goldfinger, managing director of Franklin Street Real Estate Services, said in a prepared statement. “Tampa Bay’s occupancy rates are very low and this provides opportunities for rent growth. Additionally, there is great demand and only so many properties available for purchase, which is causing supply constraints and a resurgence of historically low cap rates that disappeared after the 2008 recession.”

Image courtesy of YardiMatrix

Green Surrealism—Dalí-Inspired Complex Breaks Ground in Downtown St. Pete

27 Jul 2015, 10:39 am

By Balazs Szekely, Associate Editor

The Salvador

Rendering of The Salvador

A mixed-use condo project will soon enrich Downtown St. Petersburg’s Arts & Innovation District with a touch of surrealism. DDA Development announced the groundbreaking of The Salvador, a 13-story, 74 home condominium tower with over 3,000 square feet of retail space on the ground floor. Salvador Dalí’s influence will be conspicuous in many of the project’s architectural and design elements and it is intended to serve as a residential cornerstone of the neighborhood, which is home to the world famous Dalí Museum.

The 74 residences come in 11 different layouts with up to three bedrooms and two-and-a-half baths. The one- and two-bedroom condos range from 964 square feet to 1,810 square feet and the pair of three-bedroom penthouses comprise approximately 2,500 square feet. Plans also call for an 11,000-square-foot amenity deck on the third floor with spa, heated saltwater pool, a fire pit, as well as a fitness center/yoga room.

The Salvador will be Green-certified under the National Association of Home Builders’ National Green Building Program—the first condominium in downtown St. Petersburg to receive this certification.

Smith & Associates Real Estate is the exclusive listing agency for The Salvador, with nearly 50% of homes sold to date. Units are available from $345,000 to $1.4 million.

Rendering courtesy of DDA Development

Local Firm to Manage Leasing of Kane Plaza, Moves in While at It

15 Jul 2015, 12:30 pm

By Balazs Szekely, Associate Editor

Ian Black, Marci Marsh and Jag Grewal at Kane Plaza in Sarasota

Ian Black, Marci Marsh and Jag Grewal of IBRE

The owners of Kane Plaza have selected a Sarasota-based commercial real estate company as the new management and leasing firm for the iconic property. Ian Black Real Estate (IBRE) is also expanding and relocating its corporate headquarters from 1075 Central Ave. to the 10-story, 84,296-square-foot office tower.

Founded in 2003, the boutique commercial real estate brokerage company provides property and asset management services. IBRE is active in the southwest region of Florida, specializing in Sarasota and Manatee counties. The firm will move into a 4,000-square-foot space on the 6th floor of the building, which represents a 1,000 square-foot increase from their current headquarters. The company will relocate to Kane Plaza in early 2016.

The property located at 1 S. School Ave. in downtown Sarasota is owned by TerraCap Management. The Bonita Springs-based company purchased the building through its TerraCap Partners II investment fund last spring; the $11.5 million acquisition also included the adjacent four-story parking garage. Kane Plaza currently has about 16,000 square feet of vacant space.

Ian Black, Steve Horn and Melissa Harris are the leasing agents for the property, with IBRE Partner Marci Marsh and Senior Commercial Property Manager Jodi Whitworth in charge of property management.

Photo credits: Ian Black Real Estate 

Local Builder Unveils Brand New Homes in Brandon

13 Jul 2015, 12:01 pm

By Balazs Szekely, Associate Editor

La Collina - Brandon, FL

La Collina – residential community in Brandon FL

Tampa-Bay area homebuilder Homes by WestBay has booked record-breaking sales in the first quarter of 2015 and has no intentions of resting on its laurels. According to a recent press release, the company has officially opened its newest executive community in central Brandon, La Collina, and began selling its first release of homes.

The neighborhood located near Lithia Pinecrest Rd. on Lumsden Rd. offers a variety of one- and two-story low maintenance and executive single-family homes. The current low maintenance selection comprises floor plans ranging from 1,996 to about 3,300 square feet of space, which are available in the mid-$200,000s. The executive units measure from 2,562 to over 4,800 square feet and are priced from the mid-$300,000’s to over $600,000. All homes come with upper and lower level owner’s retreats and offer access to a wide range of common space amenities such as a resort-style pool and cabana, a playground, a dog park and open green spaces.

The area is abundant in shopping centers, restaurants, schools and healthcare facilities and also has quick access to Interstate-75 and Tampa International Airport.

Photo credits: Homes by WestBay

Partnership Cools Off in Tampa

7 Jul 2015, 1:01 pm

By Balazs Szekely, Associate Editor

A warehouse with a truly shivery feature was sold recently in the industrial area north of Hillsborough Ave. at East Lake-Orient Park in Tampa. A limited partnership running by the name 6422 Harney Road LP purchased the multi-tenant property from LMIW II, LLC for $18.25 million. The buyer plans to implement major capital improvements and reposition the asset to an institutional quality level. The 683,750-square-foot complex was last sold in early 2013 for just under $18 million, according to Property Shark.

Located approximately five miles from the Port of Tampa, the property was built in 1976, and it is more commonly known as the former distribution center and corporate headquarters of Kash n’ Karry Food Stores.  The food-retailer used the warehouse to support 98 supermarkets, 35 liquor stores, and 2 super warehouse stores in Florida before merging with Food Lion Inc. in 1996. The complex has since been converted to a multi-tenant industrial building, and it currently includes 430,000 square feet of dry warehouse space with 29’ clear height, as well as 183,000 square feet of 27’5” clear cold storage space and additional office and mezzanine areas. The warehouse has quick access to Interstates 75 and 4.

Senior Vice President Dale Peterson and First Vice Presidents Brian Rettig and Gary Bauler of CBRE’s Tampa-based operations represented the seller in the transaction. CBRE was also selected to oversee property management and leasing operations at the site.

 Image via Google Maps

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