Thursday, May 28, 2015

HFF hires Ben Appel as a director in its medical office building group

         
Ben Appel
               
PHILADELPHIA, PA –  Holliday Fenoglio Fowler, L.P. (HFF) announced Ben Appel has joined the firm as a director in its Philadelphia office. 

Mr. Appel will be a member of HFF’s medical office building group within its national healthcare practice and will focus on medical office capital markets and investment sales transactions throughout the United States with an emphasis on the Philadelphia MSA and the Northeast and Mid-Atlantic regions.

Mr. Appel joins HFF from Marcus & Millichap where he was most recently a director of their Healthcare Properties Group and the Net Leased Properties Group.

 He has advised clients including public and private REITs, pension fund advisors, fund managers, private equity, family real estate offices, and local and regional developers on medical office and industrial properties in excess of $600 million. 

Mr. Appel is a member of NAIOP and the Jewish Federation of Real Estate. 

He holds a Bachelor of Science degree in Economics and Business Management & Finance from the University of Maryland.

John Pelusi
“Ben’s background and relationships in the medical office space will bring tremendous value to HFF’s healthcare clients as we continue to build out this platform and more specifically the medical office building group at HFF,” said John Pelusi, executive managing director and head of HFF’s national healthcare practice.

  “Ben will be working alongside our team leaders, Michael Bennett and Phil Mahler, and Evan Kovac to continue building our national practice group, as there is exceptional demand for medical office buildings due to the aging baby boomer generation and the stability of this asset class. 

HFF is equipped to handle a variety of client needs in this arena, including seniors housing and life sciences.”

“We are excited to have Ben join our efforts in building out our product specialties in the Philadelphia office, especially in light of the $160.75 million recent sale of 833 Chestnut,” said Mark Thomson, senior managing director and head of HFF’s Philadelphia office.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

RealtyTrac Reports Home Sellers getting more than market value in 27 percent of markets


OB Jacobi
IRVINE, CA – RealtyTrac reports that out of 315 counties nationwide with a population of at least 100,000 and at least 100 sales in April, there were 85 (27 percent) where homes on average sold for at least 101 percent of their estimated full market value — led by Alameda and San Francisco counties in the Bay Area of California (both with average sale prices at 108 percent of estimated full market values), the District of Columbia in the Washington, DC metro area (107 percent), Forsyth County, North Carolina in the Winston-Salem metro area (107 percent) and Yolo County, California in the Sacramento metro area (107 percent).

 “Nationwide in April single family homes and condos sold for almost exactly 100 percent of their estimated full market value on average — indicating a good balance between supply from sellers and demand from buyers,” said Daren Blomquist, vice president at RealtyTrac. “At the local level, however, most markets tipped in favor of either sellers or buyers — although there were some Goldilocks markets exhibiting a ‘just right’ balance between buyers and sellers.”


Mike Pappas
“The Seattle housing market is completely controlled by sellers right now,” said OB Jacobi, president of Windermere Real Estate, covering the Seattle market, where average sale prices were above average estimated market values of homes that sold in April in all three counties comprising the metro area.

 “We are in a strong balanced market tipping toward a seller's market,” said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market, where average sales prices were between 97 and 99 percent of average market values of homes that sold in April in the three counties comprising the metro area. “Even our waning distressed inventory prices are popping and selling above the appraisal price.”

“Through April, much of the Ohio markets have experienced lower than normal available market inventories, creating a pool of pent-up demand amongst buyers wishing to take advantage of lower interest rates, and lower historical prices,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. Franklin County in the Columbus metro area was the only county in the state with average sale prices higher than average market values for homes sold in April.

For a complete copy of the company’s news release, please contact:


Wednesday, May 27, 2015

NAI Realvest brokers office/warehouse leases totaling 12,050 square feet in Longwood, FL

  
Jeff Bloom
ORLANDO, fL — NAI Realvest recently negotiated two long-term lease agreements for office and warehouse space totaling 12,050 rentable square feet on S. Ronald Reagan Blvd. in Longwood.

Jason G. Toll, Director of the Industrial Services Group at NAI Realvest, negotiated both transactions along with Senior Director Jeff Bloom, CCIM while representing the landlord, BT Texas Properties, LLC.  The tenant was Orlando-based Atlantic Tower Services, Inc.

Atlantic Tower leased 4,944 square feet of office space at 450 S. Ronald Reagan Blvd. and 7,106 square feet of industrial space that includes 1.72 acres of industrial storage yard at 380 S. Ronald Reagan Blvd.  

For a complete copy of the company’s news release, please contact:


Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Berkadia Negotiates $96.3 million price in sale of 834 units in Tampa, FL Portfolio of Apartment Properties


Jason Stanton
Tampa, FL and Orlando, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated a $96.3 million sale price for the Tampa Portfolio, comprising two apartment properties that total 834 units in Tampa and Brandon.

Jason Stanton, Senior Vice President for Berkadia in Tampa, participated in the transaction along with Partner Cole Whitaker and Senior Vice President Hal Warren in Orlando. Berkadia represented seller Covenant Capital Group of Nashville, Tennessee in both transactions.

Viera at Westchase apartments, with 390 units built in 1999, is located near the affluent Town N’ Country area in Tampa. Berkadia negotiated a $52.75 million sale price for the property. The buyer was Viera at Westchase, LLC.

Hamilton Bay apartments, located on the thriving east side of Tampa Bay in Brandon, was built in 1989-1990 with 444 units. Berkadia negotiated a sale price of $43.6 million for Hamilton Bay. Blue Rock Partners, LLC was the buyer. The portfolio sale price averaged $115,527 per unit.

Whitaker said both communities saw capital improvements over the last four years that total more than $6.9 million and average $8,273 per unit. “Capital enhancements focused on curb appeal, marketing, and resident experience,” Stanton explained.

For a complete copy of the company’s news release, please contact:


Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Berger Commercial Realty Brokers Joseph Byrnes and Robert Dabrowski Close Nine Office Leases in Palm Beach County, FL


Joseph Byrnes
FORT LAUDERDALE, FL (May 27, 2015) - After brokering nine leases throughout Palm Beach County earlier this year, Joseph Byrnes and Robert Dabrowski of Berger Commercial Realty, a full service commercial real estate firm, have since brokered nine additional leases at several office buildings countywide. The new lease transactions total more than 19,000 square-feet of space.

Woolbright Properties & Investments
Byrnes and Dabrowski represented landlord Woolbright Properties & Investments, LLC in three leases at the Woolbright Professional Building, including:

the new lease of 1,600 square-feet of office space to SRI Consultants, Inc. in suite 357;

the expansion and extension of a lease for 2,682 square-feet of office space to A & 

M Healthcare Services Inc. in suite 208;
and the expansion and renewal of a lease for 3,836 square-feet of office space to Materesky Financial Group, Inc. in suites 350 and 354.


Robert Dabrowski
Located at 2240 W. Woolbright Road in Boynton Beach, the Woolbright Professional Building borders I-95 on the south side of West Woolbright Road just east of Congress Avenue. 

The four-story, Class A office building features ample parking with covered spots, individual air conditioning units in each suite, and a security system with 24-hour entry.

Congress Properties & Investments

Byrnes and Dabrowski also represented landlord Congress Properties & Investments, LLC in closing the expansion lease of 2,746 square-feet of office space to Burnett International College, Inc. in suite 200 at the Woolbright Corporate Center II, in addition to several leases at the Woolbright Corporate Center I, including:

the new lease of 1,024 square-feet of office space to Life Care Home Health Services, LLC in suite 120;

the new lease of 1,183 square-feet of office space to Village Home Care of the Palm Beaches, LLC in suite 360;

and the new lease of 1,967 square-feet of office space to Discover Entertainment, LLC in suite 160.


Woolbright Corporate Center I is a 57,566-square-foot, Class B office building located at 1901 S. Congress Ave. in Boynton Beach. 

The building features individual air conditioning units in each suite, onsite maintenance, and convenient access to I-95. It is adjacent to the 58,026-square-foot Woolbright Corporate Center II, which is located at 1903 S. Congress Ave.

Additionally, Byrnes and Dabrowski represented Upper Gulfstream Properties & Investments, LLC in the lease renewal of 1,776 square-feet of office space to Healing Hand Ministries, Inc. Located at 500 Gulfstream Blvd. in Delray Beach, the Gulfstream Professional Building is minutes north of the downtown historical district of Delray Beach.

The brokers also represented landlord 123 W. 92nd Street, LLC in leasing 2,445 square-feet of office space to NVR, Inc. at 2005 Vista Parkway in West Palm Beach. The Class A office building is located off Okeechobee Blvd. adjacent to Florida's Turnpike. The 41,400-square-foot building is near downtown West Palm Beach and Palm Beach International Airport.

For a complete copy of the company’s news release, please contact:

Media Contact: 954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com
Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Lincoln Brokers $2.73 Million Sale of 11455 Lakefield Drive in Metro Atlanta


Denton Shamburger
ATLANTA, GA  (May 27, 2015) – Lincoln Property Company Southeast (Lincoln) has brokered the $2.73 million sale of 11455 Lakefield Drive, a 59,746-square-foot industrial building in Johns Creek, Georgia, in the North Central submarket of metro Atlanta.

Denton Shamburger, Jeff Henson and Chip Sipple of Lincoln represented the seller, General Electric Credit Equities, Inc., in the transaction. Hezli Holdings LLC was the buyer of the shallow-bay, rear-loading facility.

The sale is further evidence of a growing, improving market. Metro Atlanta’s industrial vacancy rate was 8.4 percent at the end of the first quarter, down from 9.1 percent three months earlier and 9.9 percent at the conclusion of second-quarter 2014, according to CoStar.

 Shallow-bay facilities in Atlanta’s North Central submarket are even healthier, posting a 4.2 percent vacancy rate at the end of March, according to CoStar.

“The market indicators remain positive and are headed in the right direction,” said Shamburger, vice president of industrial leasing for Lincoln.

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-405-2354

KIG Lists 1,100+ Apartments Across Three States



Susan Tjarksen
CHICAGO, IL (May 27, 2015) – KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, has been retained for three separate sales comprising more than 1,100 apartments in Kentucky, Wisconsin and Illinois.

The listings include a 202-unit apartment community in Lexington, Ky.; a three-property portfolio totaling 408 units in Gurnee, Ill., Madison, Wis., and Janesville, Wis.; and a two-property portfolio comprising 516 units in Waukegan, Ill. The properties are being marketed without an asking price.

“This is a large number of units to list in one month and underscores the strong investor demand that has prompted many landlords to sell now while the market is hot,” said Susan Tjarksen, principal and managing broker of KIG.

“Obtaining these listings is also a testament to KIG’s knowledge and capabilities in the multifamily sector. Our development experience allows us to more accurately predict what it would cost to turn a Class B property into a Class A property because we’ve done it before. This takes a lot of the guesswork out of the transaction and helps buyers feel more confident in their investment.”

For a complete copy of the company’s news release, please contact:


Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

$25 Million Manatee County, FL Multifamily Property Sold by Marcus & Millichap


Frank Carriera
 BRADENTON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 30 West Apartments, a 264-unit multifamily community located in Bradenton, Fla. 

The $25 million sales price equates to $94,700 per unit.

            Frank Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller, Insula Companies, and procured the buyer, Timberland Properties.

            “The property is a fully stabilized asset with a history of high occupancy and strong, consistent cash flow in a thriving rental market,” says Carriera. 

“The Bradenton submarket recorded an average occupancy of 97 percent in Q3 2014, which marked the seventh consecutive quarter with average occupancy higher than 96 percent.

“These strong market fundamentals helped support our marketing campaign, which generated significant interest from investors nationwide and created a competitive bidding environment for the property.”
           
 “The 30 West apartment community received $1.45 million in renovations during 2013, and additional opportunities for value enhancement remain,” adds Regan.


Michael P. Regan
            The property is located at 2835 50th Ave. West in Bradenton between two major retail corridors, Cortez Road and 53rd Avenue/State Road 70. 

Area employers include Manatee County Schools, Bealls Inc., Manatee County, Manatee Memorial Hospital, Tropicana Products Inc., Blake Medical Center, Publix, Sysco West, Coast Florida Inc. and Pierce Manufacturing.

           State College of Florida, a four-year public college with approximately 30,000 students and IMG Academy, an athletic training facility that draws 12,000 athletes from around the world to Bradenton each year, are nearby. The popular tourist destination, Anna Maria Island, is a 15-minute drive away.

            All units at 30 West Apartments feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. 

Community amenities include two lighted tennis courts, an on-site laundry facility, a fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

Two Firms Open and Expand Offices In Tampa, FL, Leasing 60,000 Square Feet At Tampa Distribution Center


Lisa H. Ross
TAMPA, FL  --  Courier Express headquartered in Atlanta, Georgia has relocated and expanded their Tampa facility leasing 45,000 square feet at Tampa Distribution Center.  

The new lease quadruples the size of their Tampa facility. 

Taylor & Mathis Managing Director of Leasing, Lisa Ross represented the landlord in the transaction with Courier Express represented by John Peteet with Focal Tenant, LLC and Mike Rapp with Mohr Partners. 

In the last five years, Courier Express has more than doubled their Florida regional staff and increased their roster of independent contractors from 61 to 165. 

They have added new locations in Tampa and Gainesville while significantly expanding warehouse facilities in Pompano Beach. Courier Express has a presence in 45 states with its heaviest focus in the Southeast.

John L. Peteet
The company which has three divisions - freight delivery, warehousing and courier services – has carved out market niches in transporting medical specimens, office products, auto parts and more.



Mass Movement, Inc., a commercial fitness equipment logistics company, has opened its sixth distribution center and first in Florida in Tampa. 

Headquartered in Foxboro, Massachusetts the company leased 15,000 square feet in Tampa at Tampa Distribution Center. 

The deal was brokered by Taylor & Mathis Managing Director of Leasing, Lisa Ross representing the landlord and Thomas Grandoff of JLL representing the tenant.

For a complete copy of the company’s news release, please contact:

tyoungman@assetmarketingonline.com

SR Commercial Completes Three Industrial Transactions in Southern California


Adam Robinson
SAN DIEGO, CA  – SR Commercial, a privately held, full-service commercial real estate investment company, has announced the completion of three recent transactions, including two acquisitions and a property sale, according to Adam Robinson, a Principal at SR Commercial.  

The firm’s recently completed transactions include:

100,600 Square-Foot Multi-Tenant Industrial Acquisition in Temecula  

            SR Commercial has acquired a 100,600 square-foot multi-tenant industrial property for a total consideration of $6.975 million in Temecula, Calif. The property is currently 100 percent occupied by Get Air of Temecula and Mountain View Community Church.

            “We immediately recognized the potential for this asset to fill a void in the market,” says Robinson, who founded SR Commercial along with partner CJ Stos.  “Temecula has approximately 15 million square feet of industrial space and an overall vacancy rate of approximately five percent.

“That said, the vacancy rate for smaller, approximately 20,000 square-foot bay size units is under two percent.  For that reason, when the church concludes its lease, we plan to divide that space into two or three smaller units and lease those to more conventional industrial or showroom tenants.”
SR Commercial and the seller, Liberty Advisors, LLC, were represented by Rob Guiness and Scott Stewart of CBRE.The property is located at 26201 Ynez Road in Temecula, California.


CJ Stos
Sorrento Valley Office Acquisition

SR Commercial has also acquired a 35,335 square-foot commercial project consisting of two R&D/flex office buildings located in the Sorrento Valley submarket of San Diego, California.

“Sorrento Valley is the technology and telecom hub of San Diego,” says Robinson.  “These industries continue to lead commercial real estate growth throughout the nation, and this project will benefit from this forward momentum.”

Robinson also notes that nearby assets are owned by institutional quality owners, including Biomed Realty Trust, Westcore, Parallel, Cruzan | Monroe, and Rexford, among others, further demonstrating the strength of the investment’s location.

“The topography of this submarket restricts development opportunities, and the area is essentially built-out,” says Robinson. “Based on these factors, we anticipate a strong rental growth for these assets.”

SR Commercial plans to make significant improvements to the buildings, which are currently vacant, and then market the two buildings for lease, both together and separately. The properties are located at 10505 Roselle Street and 3770 Tansy Street in San Diego, California.

$5.9 Million Sale of Industrial Property in Vista

Industrial Property, Vista, CA
SR Commercial completed a full-cycle repositioning project in Vista, California with the $5.9 million sale of a 39,672 square-foot industrial corporate headquarters property.

 SR Commercial acquired the property in February 2012 for $2.88 million ($72.63 per-square-foot) from Bank of America, which foreclosed on the property in 2012.

Isaac Little and Marko Dragovic of Lee & Associates represented SR Commercial as the seller in the transaction, and also represented Nordic Naturals, Inc. as the buyer.  The property is located at 2390 Oak Ridge Way in Vista, California.

For a complete copy of the company’s news release, please contact:

Elise Anguizola / Jenn Quader
Brower, Miller & Cole
(949) 955-7940