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Local Firm Debuts Lifestyle Floor Plans in Lakewood Ranch

21 Aug 2015, 1:59 pm

By Balazs Szekely, Associate Editor

Neal Signature Homes Collingtree-Castellina

A Castellina home

Lakewood Ranch-based luxury homebuilder Neal Signature Homes has unveiled new lifestyle-focused floor plans in two neighborhoods of the Country Club East submarket.

The Anzio and Castellina layouts in the Collingtree, Haddington and Windy Hill communities of Lakewood Ranch are one-story, customizable floor plans with three-car garages. The 3,070-square-foot Anzio is a three-bedroom, three-bathroom floor plan with a foyer entry, great room, formal dining room, master retreat, guest suite and gourmet kitchen with island and café. The Castellina is a four-bedroom, three-bathroom home offering 2,695 square feet of space designed to include a great room with open kitchen, walk-in pantry, custom kitchen with an oversized island, a mudroom off the garage and a leisure room which can be converted into a den.

The homes sell from the low $500,000s, which includes the price of a standard home site. The expertly crafted and easily customizable layouts offer discerning homebuyers resort-style living at its finest. According to the developer, most of the homesites are available in the Collingtree community, while the Windy Hill and Haddington neighborhoods have few remaining opportunities.

Image courtesy of Neal Signature Homes

Grand Central Avenue Gets High-End Mixed-Use

21 Aug 2015, 9:49 am

By Balazs Szekely, Associate Editor

Altis Grand Central

Altis Grand Central

Tampa’s Grand Central Avenue seems to have caught the redevelopment fever from the nearby industrial waterfront—a Boca Raton-based developer is preparing something big in the residential neighborhood southeast from the University of Tampa campus. Altman Development’s multifamily and commercial/retail project is called Altis Grand Central. The new development will comprise close to 300 apartments and approximately 5,000 square feet of storefront commercial/retail space in two buildings.

The ground floor commercial/retail spaces will extend along a large portion of Grand Central Avenue, breaking only for the main resident lobby entrance. The project also calls for a parking garage that will provide easy access to visitors, customers and diners. Furthermore, the structure’s 9th floor will serve as a resident amenity deck that will feature a pool, spa, two-lane bowling alley, fitness club, wet and dry sauna, and a covered sky lounge area. Other amenities will include an elevated sun deck, a dog park and demonstration kitchen for special resident cooking events.

Altman Development is currently working through the zoning approvals with the City of Tampa. Construction is expected to begin in spring 2016, with initial occupancy scheduled for summer 2017.

Hyde Park Apartments Fetch High PPU

20 Aug 2015, 10:33 am

By Balazs Szekely, Associate Editor

De Leon Azeele Portfolio

3012 W De Leon St

An apartment portfolio with “top of the market rents” has recently changed hands in the Hyde Park and South Tampa submarkets of the Big Guava. The De Leon & Azeele Portfolio counts 26 units and it was sold to an out-of-area buyer for $3.3 million. This translates into a relatively high per-unit price, just shy of $127,000.

The portfolio consists of three two-story buildings constructed in the 1920s and 1960s—the properties are located at 611 W De Leon St., 801 W Azeele St. and 3012 W De Leon St. All are situated within walking distance of downtown Tampa, the University of Tampa, Hyde Park Village and South Howard Avenue. The apartments range in size from 550 to 1,300 rentable square feet and include one- and two-bedroom units with up to two baths.

Marcus & Millichap’s Tampa office facilitated the sale. Vice Presidents Francesco Carriera and Michael Regan and Associate Cameron Barbas marketed the property on behalf of the seller. The same team also represented the buyer in the transaction. Both parties were undisclosed private investors. “We effectively drove multiple offers from local and out-of-area owners in the first weeks of marketing, and the property was ultimately purchased by an out-of-area buyer,” says Barbas.

Illinois Investor Takes Over Mall with High Occupancy

19 Aug 2015, 10:39 am

By Balazs Szekely, Associate Editor

Barclay Square

Barclay Square

A new owner has emerged for an almost completely leased shopping center in Largo, FL. Barclay Square is a 99,054-square-foot grocery-anchored shopping mall that has recently changed hands in an $18.9 million deal. Pine Tree Commercial Realty of Northbrook, IL acquired the property from Palm Beach-based Sterling Organization. Adam Feinstein of Cushman & Wakefield was the exclusive broker who represented the seller in the disposition.

Located on the corner of Walsingham Road and Indian Rocks Road, one mile east of the Gulf of Mexico, Barclay Square is anchored by a 42,018-square-foot Walmart Neighborhood Market. The building was originally constructed in 1988 and underwent a renovation in 2008. Sterling’s institutional fund, Sterling Value Add Partners (SVAP) acquired the property on August 30, 2012 for $10.8 million. At the time of sale, the occupancy of the center was approximately 80 percent, which Sterling increased to today’s 98 percent.

Pine Tree is a commercial real estate company involved in the acquisition, development, leasing, and management of necessity-based retail properties throughout the United States. With more than 75 shopping centers acquired and developed since its foundation in 1995, the company’s current portfolio includes 16 properties in 12 states.

Photo credit: Google Maps

Vintage Community Sold in University Area

18 Aug 2015, 9:40 am

By Balazs Szekely, Associate Editor

Parkview Apartments

Parkview Apartments

A rental community near Interstate 275 traded hands recently, Marcus & Millichap’s Tampa office announced. Located in the University submarket of Hillsborough County, Parkview Apartments is a 100-unit vintage garden community.

Vice President Casey Babb and Senior Associate Luis Baez with Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Vice President David Greenberg and Associate David Altman of the M&M’s Fort Lauderdale office. Both parties involved in the $4.62 million transaction were private investors of undisclosed identity.

According to Yardi Matrix, Parkview was built on a 5.23-acre site at 10905 Bourbon Court in the late 1960s. The community consists of two-story buildings surrounding common green space areas and a swimming pool. Units consist of 24 one-bedroom/one-bath apartments at 700 square feet, 56 two-bedroom/one-and-one-half-bath homes at 1,100 square feet and 20 three-bedroom/two-bath units at 1,300 square feet. Each residence features a fully- equipped kitchen with a dishwasher and garbage disposal, large open floor plan and tile flooring. Select units also come with private balconies.

The location has major demand drivers in close proximity such as the University of South Florida campus and the University Mall (just under 5 miles), and employment hubs like downtown Tampa and the Westshore business district (less than 10 miles).

Photo credit: Yardi Matrix

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