Monday, April 20, 2015

American Realty Advisors Acquires Stabilized Retail Shopping Center in Dublin, CA for $51 Million


Dublin Place Shopping Center, Dublin, CA

 DUBLIN, CA, April 20, 2015 – American Realty Advisors (American), an institutional real estate investment manager with approximately $6.7 billion in assets under management, has acquired the Dublin Place Shopping Center, a 283,506 square-foot retail shopping center in Dublin, California for $51.1 million.

The property is currently 97 percent occupied and anchored by a mix of strong tenants including Target, Hobby Lobby, Burlington Coat Factory, and Toys R Us.

According to Kirk Helgeson, Executive Vice President of American Realty Advisors, this asset is centrally located within a strong, growing submarket of downtown Dublin and is one of more than 150 commercial real estate assets American currently owns and operates throughout the U.S.


“Downtown Dublin, and this immediate location at the West Dublin/Pleasanton Bart Station, are the focal points for increased densification and infill development in the coming years, which will increase customer demand, the interest by retailers to this area and heighten returns for our investors,” Helgeson notes.

“In addition to the increasing customer base coming to the market, the shopping center’s proximity to mass transit, and its adjacency to the intersection of Interstates 580 and 680, make this investment particularly attractive.

Kirk Helgesen
" We have acquired the center with an in-place stabilized revenue stream, yet will be able to maximize yields based on the A+ location in a rapidly growing market,” Helgeson adds.

American acquired the Dublin Place Shopping Center from PFRS Dublin Corporation, and plans to increase the value of the asset by marketing the existing vacant space to new tenants, bringing existing below market rate rents up to the current market rates, and upgrading existing shop buildings, according to Helgeson.

“Further, American may have the ability to increase density on the center’s site with additional commercial and residential space over time,” he says.

            The Dublin Place Shopping Center is located at 6920-7202 Amador Plaza Road; 7590 Amador Valley Boulevard; 7505-7533 Dublin Boulevard in Dublin, CA.  American Realty Advisors and the seller, PFRS Dublin Corporation, represented themselves in this acquisition.

For a complete copy of the company’s news release, please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

C&W Brokers Sale of Tortuga Bay Apartments in Orlando, FL


Tortuga Bay Apartment Homes, 12932 Mallory Circle, Orlando, FL

ORLANDO, FL – Cushman & Wakefield announced today that Director Ken Delvillar and Senior Director Jay Ballard have brokered the sale of Tortuga Bay Apartment Homes.


Jay Ballard
Ballard and Delvillar represented an unnamed REIT in the sale of the 314-unit, Class A community located at 12932 Mallory Circle in Orlando, Florida. Tortuga Multifamily Orlando LP purchased Tortuga Bay for $49,612,000 ($158,000 per unit/$141.34 per square foot).

Tortuga Bay was constructed in 2014 and offers a distinctive mix of one-, two-, and three-bedroom floor plans totaling 351,010 square feet (1,118 square feet per unit).

Units feature contemporary interiors, granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened-in porches, washers and dryers in every unit, extensive landscaping, and a luxurious amenity package consisting of oversized clubhouse, state-of-the-art fitness center, and zero-entry, resort-style pool.

Tortuga Bay is ideally situated with visibility along the East-West Expressway (State Road 408) with average drive-by-traffic of nearly 50,000 vehicles per day. 

The community is adjacent to Waterford Lakes Town Center, a 1.1 million square-foot power center which is home to more than 100 stores and anchored by Best Buy, Home Depot, SuperTarget, and Sports Authority.

Ken Delvillar
Tortuga Bay resides in the East Orange/UCF submarket as defined by Charles Wayne Consulting, Inc. This submarket includes 127 communities housing 33,344 units. The East Orange/UCF occupancy rate of 96 percent is outperforming the MSA average by 52 basis points.

The community also serves the University of Central Florida (UCF), the nation’s second-largest university three miles to the north. UCF’s on- and off-campus housing stock of approximately 15,000 units falls well short of accommodating an enrollment fast approaching 62,000 students, creating tremendous demand for off-campus housing nearby.

“Tortuga Bay represented the opportunity to acquire a best-in-class luxury multifamily asset with incredible upside in a dynamic submarket,” said Delvillar.

 “The buyer has recognized a tremendous opportunity to capture added value by aligning Tortuga’s rents with comparable communities within the market.”

This investment marks the buyer’s first venture into the Florida market.

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

Ken Delvillar
Director
(407) 541-4441

Jay Ballard
Senior Director
(407) 541-4406

Tenant at Beville Road Business Parkin South Daytona Beach, FL expands space


Winston Schwartz
 SOUTH  DAYTONA, FL– A tenant at Beville Road Business Park located at 933 Beville Rd. in South Daytona Beach, has expanded it space.

Winston Schwartz, president of Winston-James Development, the developers of Beville Road Business Park, said the Charles Kasza Property Management firm has leased additional space at the center and now occupies 1,050 square feet of space. 

The firm does community management throughout Volusia and Flagler Counties.

Schwartz said Beville Road Business Park is now 94 percent occupied.

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


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

NAI Realvest Negotiates $825,000 Sale of Lee Road Office Building in Orlando, FL

Tom R. Kelley II
ORLANDO, Fla. --- NAI Realvest recently negotiated the $825,000 sale of the 15,372 square foot office building on 1.5 acres at 1300 Lee Rd. at Goddard Ave. near I-4 in Orlando.

Tom R. Kelley II, CCIM, a principal in the firm, and associate Chris Adams negotiated the sale to a user owner representing the seller New-York based 1300 Lee Road LLC. 

Palm View Technology Offices, LLC purchased two-story office building containing 40 private offices with conference and training rooms.     Dale Donovan of KW Commercial represented the buyer in the transaction.


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

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

   

Charlotte, NC Outpaces Atlanta, GA and Nashville, TN in Key Economic and Real Estate Indicators; ‘Southern Skylines’ white paper by The Wilbert Group compares key cities


Tony Wilbert
ATLANTA, GA (April 20, 2015) — Charlotte’s economy and commercial real estate market are stronger than those of regional competitors Nashville and Atlanta, according to Southern Skylines, a new white paper from The Wilbert Group.

For Southern Skylines, Wilbert compared the three cities on eight metrics, both broad economic indicators and commercial real estate market measurements.

Charlotte, which “won” four of the eight contests, is growing the fastest. 

Nashville’s residential and multifamily markets are bouncing back the quickest.

 Atlanta is still a leader in economic development wins but lags behind its smaller competitors in the other seven areas.

“This report really confirms what we are seeing in the marketplace,” said Tony Wilbert, founding principal of The Wilbert Group. “Many of our Atlanta-based commercial real estate clients are expanding in Charlotte, and on the residential and multifamily side, there is a lot of buzz about Nashville.”

The Wilbert Group is an Atlanta-based communications agency blending traditional PR with new school social and digital. 

Wilbert has the leading real estate PR practice in the Southeast and has recently established a significant presence in Charlotte.

“We are excited to be on the ground now in Charlotte and to be working with marquee clients there,” Wilbert said. “We look forward to getting to know more players in the market and to expanding our presence in Charlotte.”

To read Southern Skylines, visit www.thewilbertgroup.com.

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

Stephen Ursery •The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-549-7150  • M: 404-405-2354

HFF closes $29.25 million sale of 3-property suburban Philadelphia self-storage portfolio


Storage Works! in Suburban Philadelphia

 PHILADELPHIA, PA, April 20, 2015 – HFF announced today that it has closed the $29.25 million sale of a three-property self-storage portfolio totaling 191,000 rentable square feet in suburban Philadelphia.

Barbara Guffey
HFF marketed the portfolio on behalf of the seller, PFG Capital, LP.  A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot. 

The 89-percent occupied portfolio consists of Newtown Storage, StorageWORKs! Warminster and StorageWORKs! North Wales.  

Newtown Storage features 26,568 square feet throughout two two-story buildings and is located in Newtown, a suburb 30 miles northeast of Philadelphia.

 Set in a suburban location 28 miles north of Philadelphia, StorageWORKs! Warminster encompasses 89,210 rentable square feet with a mix of climate controlled and non-climate controlled units across its 15 buildings.

 Located on Sumneytown Pike in North Wales, 28 miles north of Philadelphia, eight single-story buildings comprise StorageWORKs! North Wales’s 75,120 square feet.

  The facility consists of both climate controlled and non-climate controlled units.  Each of the three properties are equipped with multiple security surveillance cameras, have moving trucks for tenant use and offer moving and packing supplies and tenant insurance.

Richard Schontz

The HFF team representing the seller was led by managing director Richard Schontz, director Barbara Guffey and real estate analyst Matthew Weckesser.  

“The aggressive pricing of this portfolio was dictated by the strong fundamentals of the self-storage industry combined with the abundance of institutional equity chasing quality self-storage properties,” Schontz said. 

“The seller recognized the timing of the market and moved forward with an aggressive marketing campaign. 

"The buyer pool for a portfolio of this size is extremely deep, and, ultimately, Metro Self Storage offered the best price and terms and demonstrated the ability to close. 

" The portfolio adds to their scale in the Philadelphia market and makes economic sense given their capital structure.”

“We are excited about the opportunity to work with Metro Self Storage to acquire the StorageWORKS! Portfolio,” said Jim Garvey, managing director for LaSalle. 

  “We believe there will be significant opportunities, over time, to capitalize on the strengths of these well-positioned properties.”  
 
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

Berger Commercial Realty Brokers Close Nine New Leases Totaling More Than 32,000 Square-Feet of Office Space in Palm Beach County, FL


FORT LAUDERDALE, FL (April 20, 2015) - Commercial real estate brokers Joseph Byrnes and Robert Dabrowski of Berger Commercial Realty, a regional commercial real estate firm, recently closed nine new leases for various office suites in Boynton Beach and Delray Beach, totaling more than 32,000 square-feet of space.

Representing landlord Atlantic Avenue Properties & Investments, LLC in leases at the Delray Office Plaza, the Berger Commercial Realty brokers closed:

  • the new lease of 15,555 square-feet of office space to LA Consulting & Counseling in building A;
  • the new lease of 1,167 square-feet of office space to Duhaney Medical, P.A. in suite B12;
  • the new lease of 1,035 square-feet of office space to Operating Engineers Local Union #487 in suite B22;
  • and the new lease of 1,007 square-feet of office space to the Association for Community Counseling in suite B13.



 Located at 4731 W. Atlantic Ave. in Delray Beach, the Delray Office Plaza is a three-building office park featuring floor-to-ceiling glass, around-the-clock access, private entrances, private bathrooms, and janitorial services.

 It is located just east of Military Trail on W. Atlantic Avenue within minutes of downtown Delray Beach, I-95, and Florida's Turnpike.
   
The two brokers also represented landlord Woolbright Properties & Investments & Investments, LLC in leases at the Woolbright Professional Building, including:

  • the new lease of 3,228 square-feet of office space to Mutual of Omaha Insurance Company in suite 400;
  • the new lease of 2,434 square-feet of office space to Christopher Costanza, doing business as Big Dog Solutions LLC, in suite 205;
  • and the new lease of 1,235 square-feet of office space to the Law Offices of Robert D. Schwartz, P.A. in suite 411.
  •  


Located at 2240 W. Woolbright Road in Boynton Beach, the Woolbright Professional Building is adjacent to 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.

 Additionally, the brokers represented landlord Congress Properties & Investments, LLC and closed:
  •  
  • the new lease of 5,178 square-feet of office space to Complete Healthcare Concierge in suite 150;
  • and the new lease of 1,667 square-feet of office space to Bibby Financial Services in suite 110.
  • The suites are within the Woolbright Corporate Center located at 1901 S. Congress Ave. in Boynton Beach.


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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

RMK Management Corp. “Branching Out” for Earth Day


Anthony Rossi Sr.
CHICAGO, IL,  April 20, 2015 – In celebration of Earth Day this year, Chicago-based RMK Management Corp. is planting 10 six-foot Autumn Blaze maple trees throughout several of its Chicago-area communities.

“As a company, we are dedicated to reducing our impact on the environment, and we take steps each year to improve our eco footprint,” said Anthony Rossi, Sr., president of RMK Management Corp.

 “From overseeing the management of several LEED-certified buildings to upgrading properties with fixtures to reduce energy and water consumption to providing our residents with ways to live greener each day, we are committed to increasing our eco-friendly initiatives.”

According to the Arbor Day Foundation, trees provide numerous environmental benefits including reducing carbon dioxide and increasing oxygen, reducing water runoff and erosion, providing habitat for native birds and other species, and reducing the “heat island” effect.

“Surveys show how important environmentally-friendly features are to renters, and this is a tangible way to both improve the environment and add value to the properties,” noted Rossi.

MK is working with Clarence Davids and Co. landscaping to plant the trees at The Residences of the Grove in Downers Grove; Bristol Station in Naperville; Alara at Summerfield and Butterfield Oaks in Aurora; Versailles on the Lakes and Regency Place in Oakbrook Terrace; Legacy at Martin’s Point in Lombard; Legacy at Poplar Creek in Schaumburg; Williams Reserve in Palatine; and Parc Huron in Chicago.

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

Vanessa Irving, virving@taylorjohnson.com  312-267-4525

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

Sunday, April 19, 2015

$88 Million Manufactured Housing Portfolio Sale in New York and Pennsylvania Arranged by Marcus & Millichap


Jonathan McClellan
CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an 11-property, 2,413-site portfolio of manufactured homes located in western New York State and Pennsylvania. 

The sales price for the portfolio is $88 million.

Jonathon McClellan and Kyle Baskin, both in Marcus & Millichap’s Cleveland office, represented the seller, Pittsford, N.Y.-based Morgan Management. The buyer is a joint venture between Federal Capital Partners and Horizon Land Co. LLC.

J.D. Parker, first vice president, is Marcus & Millichap’s broker of record in the state of New York. Mark Taylor of Marcus & Millichap’s Philadelphia office is the firm’s broker of record in Pennsylvania.


Kyle Baskin
“With the limited supply of institutional-quality manufactured housing communities currently available, the seller felt that now was the time to test the market,” says McClellan. “I believe that all parties involved in the transaction met their financial goals.” 

 “The seller achieved an aggressive price and the buyer attained a significant number of high-quality sites that offer ample upside and continued growth,” adds Baskin.

Gypsum Mills Estates, a five-star, 563-site community makes up 16.25 percent of the portfolio.

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

Gina Relva, Public Relations Manager
(925) 953-1716


Broward County, FL Retail Center Sells for $10.5 Million


Shoppes of Hillsboro, Deerfield Beach, FL

 
DEERFIELD BEACH, 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 the Shoppes of Hillsboro, a 61,165-rentable-square-foot retail center in Deerfield Beach, Fla. The $10.5 million sales price equates to $172 per square foot.

Douglas K. Mandel
            Douglas K. Mandel, first vice president investments and Barry M. Wolfe, vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Kenneth Israel Shoppes of Hillsboro LLC. The buyer is a partnership between BREF Hillsboro and Dhanya of Miami Inc.

            “Continuing a trend from 2014, retail real estate investors like what they see in Broward County strip centers,” says Mandel. “Smaller neighborhood centers requiring less management are particularly desirable.”

            The center is located at 2201-2260 West Hillsboro Blvd. in Deerfield Beach less than one mile from access to Interstate 95 and Deerfield Beach’s Amtrak station and two miles from the Sawgrass Expressway. 

There are high-density multi-residential communities to the north and south of the property, including Century Village, a large, gated retirement community with more than 6,000 condominiums and over 100,000 square feet of entertainment, educational and other recreational space.

Shoppes of Hillsboro is a neighborhood retail plaza composed of two parcels with an inline strip and two single-tenant pads. 

The tenant mix includes many types of businesses, including medical, financial, clerical, food service, sundry retail and services.

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

Gina Relva, Public Relations Manager
(925) 953-1716