The transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. CLICK ON THE HEADLINE FOR MORE
Stigliano will be joint marketing the property with the Tax Credit Group of Marcus & Millichap. CLICK ON THE HEADLINE FOR MORE
Avison Young’s South Florida office announced the sale of Plum Park, a 61,759 square foot class B business complex located at 141 NW 20th Street in Boca Raton, for $6 million.
Vice President of Investment Sales David Duckworth, Principal Keith O’Donnell and Associate Jonathan Senn of Avison Young were responsible for executing the lease-up and represented ownership CW Capital during the sale. “This project was a true collaborative effort between the leasing team and the investment sales team within our company,” said Mr. Duckworth. “It once again highlights Avison Young’s ability to stabilize an asset and then maximize the sale price by executing a well thought out plan with our client.”
The Plum Park transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. In response to the uptick in demand of current and new buyers, Avison Young’s keen understanding of area trends and strategic marketing approach to investment sales while working with clients during the diversification process allows properties to properly compete in the market as high quality assets.
“When we were initially awarded the responsibility of leasing, repositioning and the ultimate sale of Plum Park, the asset had high vacancy with existing tenants in default,” said Mr. Duckworth. “Our team was uniquely qualified to replace delinquent tenants with high caliber businesses in stronger financial conditions, thereby adding value to the property.”
Plum Park is comprised of five singe-story office/retail buildings with flexible space plans from 761 square feet up to 7,521 square feet. The well-maintained grounds feature lush tropical landscaping, signage and ample parking. Located just west of Dixie Highway and minutes away from the I-95, the property allows tenants convenient access to major thoroughfares and local amenities.
Reese Stigliano, Senior Vice President of Brenner Real Estate Group, has been selected as the exclusive agent for the sale of Villas de Mallorca, a 252-unit multifamily apartment project located in Miramar, Florida.
Stigliano will be joint marketing the property with the Tax Credit Group of Marcus & Millichap, a national real estate brokerage company.
The property, built in 2002, is a Section 42 Low Income Housing Tax Credit (LIHTC) project. The LIHTC program is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. The property consists of 252, two and three bedroom apartments in sixteen (16) three story “Garden Style” buildings situated on 14 acres of land. Current occupancy is 100%.
When asked about the joint marketing arrangement with Marcus & Millichap, Stigliano said, “The tax credit affordable housing market is a highly specialized type of real estate investment. There are federal and state compliance issues regarding tenant income restrictions and rental rates caps that are unique to this type of development. The buyer of tax-credit, affordable housing projects are highly sophisticated and tend to focus specifically on this type of product. While I bring 30 years experience in South Florida real estate to the table, the Tax Credit Group of Marcus & Millichap, which is located in Seattle, Washington, have their finger on the pulse of the limited scope buyer of these LIHTC projects.”
Reese went on to say,”This is a very unique arrangement for me. It is the first time I co-listed a property with a national brokerage company. By nature, real estate is local. Extensive market knowledge and personal relationships is how I’ve been able to succeed in this business for three decades. I’ve known the owner of this property for over 15 years. And although, I felt comfortable marketing the property, I thought it was in the best interest of my client to expose the property to the broadest range of buyers possible in order to achieve the highest sale price.”
According to Elliot Stone, president of The Royal Castle Companies, the developer and owner of the property, “I end up with the best of both worlds, a loyal and trusted advisor who has extensive knowledge of the local market with Reese Stigliano and the exposure I need for this specific project from a national broker. “ “Now all they have to do is sell it!” said Mr. Stone.
The asking price is $25 million.
Boca’s Plum Park Trades
/in Done Deals, News/by SFOBA STAFFThe transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. CLICK ON THE HEADLINE FOR MORE
Reese Stigliano Appointed Exclusive Agent For Multifamily Project
/in News/by SFOBA STAFFStigliano will be joint marketing the property with the Tax Credit Group of Marcus & Millichap. CLICK ON THE HEADLINE FOR MORE