Tag Archive for: reese stigliano

Stigliano Turns Double Play

/in /by

Reese Stigliano, Senior Vice President with Brenner Real Estate Group, completed a double play for his client, SNG Prosthetic Eye Institute.

Ken SilberlingStigliano represented the client in the sale of their office building in Boca Raton and coordinated the relocation to a new leased space in Delray Beach. Reese was assisted in these transactions by his associate, Ken Silberling.

The sale of the 4,010 square foot building, located at 950 NW 9th Court in Boca Raton, closed on Friday, June 13th for $1,225,000.

The buyer was Welcor Holdings, LLC, a local real estate investment firm that plans on leasing the space to a physical therapist. The building, which is located within walking distance to Boca Raton Regional Hospital, sold for over $305 per sq.ft.

“This is a very high price for an empty building,” according to Stigliano, “but the location in east Boca Raton and the unique zoning of MC (Medical Center) made the property very desirable for a medical user.”

Once the building was under contract, the next challenge was identifying a suitable alternative medical space to lease. Also, the client needed to close on the sale and be open for business in the new space virtually the same day without any down time.

Stigliano and Silberling were able to locate a 2,611 square foot medical office condo for lease in the South County Professional Center located at 16244 S. Military Trail in Delray Beach where SNG Prosthetic Eye Institute signed a five (5) year leased valued at over $260,000.

“Reese did an absolutely fabulous job juggling the sale of my building and coordinating the relocation of my company. We sold the building on a Friday and Monday morning I was opened for business in my new location,” according to Nicole Garonzik, owner of SNG Prosthetic Eye Institute.

 

Reese Stigliano Appointed Exclusive Agent For Multifamily Project

/in /by

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.

Stigliano Closes 36-Unit Multi-Family Project

/in /by

Reese Stigliano, Senior Vice President of Brenner Real Estate Group, represented the seller in the sale of a 36-unit residential apartment complex located in Hollywood.

The Seller was Akron Corporation, a Miami Beach-based company.  The Buyer was Trust Real Estate Ventures LLC, a Hallandale Beach real estate investment company. The $1.125 million sale closed on February 28, 2013.

This is the second time Reese sold the property. In 2010 Reese represented JP Morgan Chase in the sale of the property to Akron Corporation. According to Charles Goodman, president of Akron Corporation, “When I bought the property from Chase, I was extremely impressed with Reese. Even though he represented the Seller, I had complete trust in him. He treated me honestly and was a consummate professional all the way through the transaction. When I purchased the property, there was no due diligence material. Reese was extremely helpful, answering questions and tracking down missing documents needed for the closing.”

According to Goodman, “When it came time to sell the property, Reese was the first person I called. I admired his knowledge, his tenaciousness and I knew he would do a good job for me.

“The property, built in the 50’s, was not an easy property to sell. The 36 units are spread out as 18 duplexes on 2 acres of land.”  said Reese. “Fortunately, I was able to use all the work I did on the first transaction, to make the second sale close without a hitch.”

Reese Stigliano Joins Brenner

/in /by

Reese Stigliano, SIOR has joined Brenner Real Estate Group as Senior Vice President.

Reese brings over 30 years in the commercial real estate industry, most recently serving as principal and partner at Berger Commercial Realty Corp. since late 2006.

Reese’s primary focus is in disposition of Banked Owned Real Estate, investment sales, land sales and office leasing.  Prior to Berger, Reese was the Managing Partner and the founder of CPRA, a full service Real Estate Brokerage Company. During Reese’s last year at CPRA, he was involved 26 transactions including five major investment property sales exceeding $35 million, nine land sales in excess of 250 acres and thirteen separate lease transactions.

At Brenner, Reese will continue to work on complicated commercial transactions with a strong focus on distressed assets and land sales.

You can learn more about Reese Stigliano by visiting his blog at ReeseOnRealEstate.com.

Stigliano Sells 65 Acres To Hoyer Homes

/in /by

Reese Stigliano, a principal at Berger Commercial realty represented Hoyer Homes, LLC in their purchase of  a 65-acre parcel located in the city of Palm Bay in Brevard County, Florida.  The land is located in the master-planned mixed-use development known as Bayside Lakes.  Hoyer  purchased 210 single-family lots.  101 lots were in the Amberwood subdivision and 109 lots were in the Wellington subdivision.

Hoyer purchased the land from CRM Florida Properties, LLC, an entity formed by SunTrust Bank, paid $1,575,000 or $7,500 per lot.  The
purchaser’s objective will be to land bank the land , with the intent to sell to lots in a takedown arrangement to  publicly traded homebuilders, which eliminates the homebuilder’s expensive land development infrastructure cost and interest carry.

The deal was not without its obstacles.  Over $1 million in past due utilities fees were owed. Mr. Stigliano assisted in the negotiation of a
deal with the City of Palm Bay to reinstate the utility agreement and reduced past due fees to $250,000. In addition, a settlement to waive
past due property owners association fees of $250,000 and reduced annual POA fees going forward had to be negotiated.

This is Reese’s second deal with Hoyer Homes.  Reese represented Hoyer in the purchase of 53-acres in Miami-Dade county back in December, 2010.