What’s Up In The Real Estate Market

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Boca firms acquires Tennessee plaza

Downtown Boca Raton development firm Fimiani Development Corporation has acquired a plaza in Tennessee to redevelop.

The firm purchased Willow Tree Plaza a 110,000-square-foot shopping center in Cookeville, Tenn. from Willow Tree Partners for $4.225 million.

The center is anchored by Save A Lot, Harbor Freight Tools, Aaron’s and Family Dollar. Fimiani Development Corporation plans extensive renovations to Willow Tree Plaza including repainting the center, adding a new roof and repaving the parking lot.

“Willow Tree Plaza’s close proximity to the historic downtown and central business district, Tennessee Tech University and Cookeville Regional Medical Center makes it an appealing location for retailers,” said Mike Fimiani, president of Fimiani Development. “We look forward to renovating the property which will add value not only for our tenants but also for the community.”

Fimiani represented Fimiani Development and Zach Taylor and Jonathan Gerzburg of Marcus & Millichap represented the seller. For more information, visit www.fimiani.com.

Local marketing franchisee sees growth in Boca market

Welcomemat Services franchisee David Tabb owns the market from Dania Beach to Delray Beach.

He said that Boca’s 33434 zip code was on the top moving zip codes list over the past year, according to internal, proprietary data gathered by Welcomemat Services.

“Boca is a great spot to move into,” he said. “If you look at the development going on, there’s a lot of building going on. Boca is one of those areas that people are flocking to.”

Welcomemat Services is a mover marketing and technology company that provides loyalty marketing solutions designed to target families who have recently changed their address.

The service helps connect new residents to local businesses where they can get their hair cut, their dry cleaning done or grab a slice of pizza.

“We welcome new families when they move in,” Tabb said. “We are seeing a large amount of growth. The biggest in moving count is Boca.”

He said the actual number of households moving into the area and he expects it grow even bigger.

Local agents ranked among top in nation

Real Trends America’s Best, a national real estate ranking service, recently released their 2017 rankings for the top real estate agents nationwide and several local agents topped the list.

Two agents from Delray Beach with Coldwell Banker made the list:

Diane Keane, No. 5 individual for sales volume in Delray Beach with $28,136,800 in Total Sales; No. 1 in Delray Beach for closed transactions with 95.3 total sides and Stacy McNall, No. 2 individual for closed transactions in Delray Beach with 58 total sides.

In Boca, Claire Sheres, No. 5 for individual for sales volume in Boca Raton with $42,233,899 in total sales and Terry Story, No. 14 for individual for sales volume in Boca Raton with $20,407,850 in total sales.

In teams, Jonathan Postma and Associates, No. 2 for top teams by volume in Boca Raton with $42,582,500 in total sales.

To qualify, individual sales agents had to close 50 transaction sides or $20 million in closed sales volume for 2016. Teams needed 75 closed transaction sides or $30 million in closed sales volume for 2016.

Former SunTrust Bank location in East Boca sells for $2.6 million

The former location of the SunTrust Bank East Palmetto branch site has been purchased for $2.6 million.

Avison Young secured the 4,000-square-foot free-standing building located at 880 E. Palmetto Park Road for Pinnacle Property Investors, LLC (Pinnacle Holdings of Florida, Inc.)

It was an off-market sale from seller Novak Development Corporation for the nearly one acre property. Avison Young Principals Keith O’Donnell and Gary A. Gottlieb and Vice President Mark M. Rubin secured the location for the buyer.

“Investor interest – especially among buyers seeking to diversify their portfolios – continues to increase across property types in Palm Beach County, and as such, retail sites with alternative uses are trading at a premium in highly sought-after upscale submarkets such as Boca Raton,” O’Donnell said. “Downtown Boca Raton continues to be one of the most sought after markets in South Florida, and 880 E. Palmetto Park Road is a strategic addition to our client’s portfolio.”

The location is a short walk from the beach and close to Mizner Park.

“Our acquisition of 880 E. Palmetto Park Road highlights Avison Young’s proven track-record of swiftly and successfully identifying off-market properties to complement our holdings in addition to servicing our real estate needs,” David Slavik, Vice President of Pinnacle Holdings of Florida said. “Since providing representation during our acquisition of 595 Financial Center in Downtown Boca Raton, the firm has professionally leased the two-building office portfolio, and we look forward to maximizing our newest investment.”

Silver International Realty adds second Delray office

A local real estate agency has opened a second office to accommodate the expansion of its company with three generations of its family.

Silver International Realty’s second office is named Silver International Realty 30 A.

Owner Christel Silver said the expansion includes members of three generations of the real estate family. In addition to having her daughter Sabine Robertson on her sales team, her grandson Judson Robertson also joined the company as a Realtor.

“The decision to expand our presence in the Florida market area was a logical step in our business growth strategy,” Silver said. “We have the opportunity to further expand staffing and capabilities in our international market as well as to increase our ability to service current and future markets.”

Judson Robertson, originally form Atlanta Georgia, is now pursuing a degree at Nova Southeastern University in Fort Lauderdale. His hobbies include swimming and videography. He is currently on the college swim team at NOVA.

“I have always wanted to be an entrepreneur and start my own business,” he said. “I am young and new to the real estate game, but I know with hard work and dedication I can conquer any task that is thrown in front of me.”