Tuesday, July 16, 2019

Plaza Advisors Brokers Sale of 136,779-SF Clayton Plaza Shopping Center in Brandon, FL


Jim Michalak
BRANDON, FL -- Plaza Advisors is pleased to announce the sale of the Clayton Plaza, located in Brandon, Florida. The 136,779 square foot center is anchored by Office Depot, Tile Shop and Badcock Home Furnishings.

Other notable tenants include BB&T (outparcel), Anytime Fitness, Dollar General, Scott Paint, Greenberg Dental and Rent King. 

The asset was originally constructed in 1964 and remodeled in 2007. The shopping center was 90% occupied at the time of sale.

Clayton Land, LLC was the seller and the original developer. The purchaser was Fondo Atlas LLC, a private equity group based in Coral Springs, FL.



Keith Nurre



Jim Michalak and Keith Nurre, senior analyst, represented the seller. Plaza Advisors was the sole broker involved in the transaction.

“Clayton Plaza is a well-established center located on SR 60 (Brandon Boulevard) featuring more than 72,000 vehicles per day. The asset is a value-add opportunity that is positioned for redevelopment, over a moderate term” noted Michalak.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the Southeastern United States. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks. 

 CONTACT:


Jim Michalak
Managing Partner
Plaza Advisors

  3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 1
Fax 831.2627

Sunday, July 14, 2019

Arbor Funds $9.3 Million Bridge Loan in Miami, FL


                                     
Alexander Kaushansky 

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a $9.3M bridge loan in Miami, Florida.

 Arbor provided the loan, with a 24-month term, for the acquisition of Arlington Manor Apartments, a 91-unit multifamily property.

Alexander Kaushansky of Arbor’s New York City office originated the loan.

“We were happy to provide flexible bridge terms for our borrower so he could quickly close on the property and execute on his strategic plan before exiting to long-term financing,” said Kaushansky.

Arlington Manor Apartments, Miami, FL

“This is a great example of Arbor’s ability to provide customized solutions tailored to the unique goals and needs of our clients.”

Built in 1969, Arlington Manor Apartments offer studios to three-bedroom residences with several floor plan options.

Located in the heart of North Miami, this four-story apartment complex is perfect for those seeking a suburban lifestyle close to the city.

CONTACT:

Bina Handa
Tel: 516.506.4229

Keyes Luxury Report: South Florida Sales and Prices Decline; Palm Beach County High-End Transactions Rise in Q2 2019



Mike Pappas

MIAMI, FL and PALM BEACH, FL – South Florida’s luxury condominium sector is feeling the impact of oversupply, while more realistic pricing is resulting in an uptick of high-end single-family sales in Palm Beach County, according to The Keyes Company’s quarterly South Florida Luxury Market Report.

All-cash condo and single-family transactions continued to decline in the second quarter thanks to more accommodating lenders and low interest rates.

Miami-Dade, Broward, Palm Beach and Martin counties had a year-over-year drop of 21% in luxury condo sales, from 590 in the second quarter of 2018 to 466 in the second quarter of 2019.

Cash transactions declined by 20.5% year-over-year to 337. The average sale price slipped by 9.1%, from $2.22 million to $2.02 million.

Single-family sales in the four counties had a significantly less severe decline, with a 2.6% year-over-year decrease in total sales to 951 and a 2% drop in cash sales to 541.

The average sale price fell by 8.4% year-over-year, from $2.62 million to just under $2.4 million.

Palm Beach County’s high-end single-family market was a bright spot for transaction activity. The county had a 7% year-over-year uptick in single-family sales to 429 and a 15.8% jump in cash sales to 301. This was fueled by a 13.8% decline in average sale price, from $3.03 million to $2.61 million.

“While South Florida’s luxury market consistently outperforms the national market, it is not entirely immune from the decline in high-end sales occurring nationally,” said Keyes President and CEO Mike Pappas.

 “During the second quarter, we saw the short-term impact of oversupply issues. But we still expect to see sales pick up throughout the region in the second half of 2019, as sellers adjust to today’s pricing.”

Pappas notes that looming interest rate cuts should ensure a strong second half of the year for South Florida’s luxury market – especially when combined with heightened demand from residents of tax-heavy states.

“These domestic luxury buyers are going to be opportunistic and capitalize on the lower interest rates to secure a win-win scenario of reduced rates and substantially lower taxes,” said he said.

“When the interest rate rose to 5% in October 2018, it essentially shut down the market. 

"There has been a one-point drop since then and the promise from the Federal Reserve to drop rates further.”

Keyes is the largest independently owned real estate firm in Florida and a Top 30-ranked firm in the entire United States, and is extremely active in luxury residential real estate. In 2018, Keyes generated $6.7 billion in real estate services across its Family of Companies.
  
CONTACT:

Eric Kalis
Vice President, BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road


HFF closes sale and secures financing for transit-oriented apartment community near Philadelphia, PA


Riverwalk at Millennium, a 375-unit, transit-oriented multi-housing community in the Philadelphia-area suburb of Conshohocken, PA

PHILADELPHIA, PA – July 1, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of and secured financing for Riverwalk at Millennium, a 375-unit, transit-oriented multi-housing community in the Philadelphia-area suburb of Conshohocken, Pennsylvania.

HFF marketed the property exclusively on behalf of the seller, a joint venture between Long Wharf Capital and Scully Company.  Relative Properties purchased the asset. 

Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River  

Mark Thomson
 In addition, HFF worked on behalf of the new owner to place the fixed-rate acquisition loan through Freddie Mac.  The loan will be serviced by HFF, a Freddie Mac Multifamily Approved Lender for Conventional Loans. 

 In 2015, HFF brokered the sale of the property to Long Wharf and Scully Company and arranged both the joint venture partnership between the two and acquisition financing.

 Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River.  

The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property.  

The Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City, is directly behind the property.  

Carl Fiebig
The four-story buildings sit above single-story parking garages and house a diverse blend of one- and two-bedroom units with contemporary floor plans averaging 923 square feet.  

Units also feature ceilings that are at least nine feet high, plank flooring, full-sized washer/dryers and six-foot windows.  

Community amenities include controlled access, a modern clubhouse with fireplace, a resort-style pool with sundeck and grill area and a contemporary fitness center with an on-demand fitness studio.

The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne along with senior managing director Jose Cruz.

Francis Coyne
HFF’s debt placement team representing the new owner was led by managing director Ryan Ade and senior director Jamie Leachman.

About Long Wharf Capital

Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. 

 Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations and family offices.  Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets.  

Jose Cruz
For further information, please visit:www.longwharf.com.

About Scully Company

With more than sixty years in the industry, Scully Company specializes in multifamily real estate in both ownership and management capacities.

The company currently manages thousands of units consisting of large-scale garden, mid-rise and high-rise apartment communities for institutions, private investors and their own portfolio in Florida, Pennsylvania, New Jersey and Connecticut.

  Operating in diverse locations with a keen focus on strategies specific to local markets, Scully Company has achieved recognition as a leader in the multifamily industry.


Ryan Ade
About Relative Properties

The focus of Relative Properties is to acquire and operate multifamily properties in the Northeast.  

The company is a fully vertically integrated multifamily platform.  

Devin Aronstam and Paul Aschkenasy, the two managing partners of the company, have a combined 43 years of experience in real estate and finance. 

Through its shared infrastructure with its commercial affiliate, Blank Aschkenasy Properties, Relative has extensive capabilities in all phases of real estate operations.

Those include acquisitions, asset management, property management, development and construction services.  


Jamie Leachman


The company is focused on creating superior returns for its investors while creating “best in breed” apartments for its residents.  

This is accomplished by acquiring well-located properties with value-add opportunities, which may include unit renovations, improvement to amenities and more hands-on management.


Paul Aschkenasy


Devin Aronstam







CONTACTS:


MARK THOMSON
PA Lic. #RS292417
HFF Senior Managing Director
(484) 532-4200

RYAN ADE
HFF Managing Director
(484) 532-4200

HFF Digital Content/Public Relations Specialist
(713) 852-3420
ksteele@hfflp.com

http://www.relativeprop.com.

HFF arranges $37.5 million financing for Raleigh-area power center


Beaver Creek Crossing, a 321,000-square-foot retail power center in the Raleigh-area community of Apex, NC

CHARLOTTE, NC –– HFF announces that it has arranged $37.5 million in acquisition and renovation financing for Beaver Creek Crossing, a 321,000-square-foot retail power center in the Raleigh-area community of Apex, North Carolina.

Travis Anderson
HFF worked on behalf of the borrower, a partnership between Collett Capital and Long Warf Capital, to place the five-year, floating-rate loan with a life insurance company. 

Completed in 2005, Beaver Creek Crossing is 96% leased to a strong line-up of national and regional tenants, including T.J.Maxx/HomeGoods, Regal Beaver Creek, Dick’s Sporting Goods, Old Navy, Five Below and Ulta Beauty.  

The center is situated on 52 acres at 1479 Beaver Creek Commons Drive proximate to Highway 64 and Highway 540 (Triangle Expressway) in Apex, a rapidly growing Wake County community located southwest of Raleigh and known for its favorable, affluent demographics and high levels of home ownership. 

 The center serves as the premier retail hub for the surrounding residential communities and has a back entrance connecting the center to the dense residential population to the south.  


Cory Fowler
More than 109,000 residents earning an average annual household income of $132,000 live within a five-mile radius of the center. 

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and senior director Cory Fowler.

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.


CONTACTS:


TRAVIS ANDERSON
HFF Senior Managing Director
(704) 526-2800

CORY FOWLER
HFF Senior Director
(704) 526-2800

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420



New Castle Hotels & Resorts to Manage Holiday Inn Saratoga Springs, FL


 
168-room Holiday Inn Saratoga Springs 
 SHELTON, CT -- New Castle Hotels & Resorts (NCH) announced  it has entered into a long-term agreement to manage the 168-room Holiday Inn Saratoga Springs on behalf of JLK Global Fund International, a Canadian investment group that also partnered with NCH on the development of the dual-brand Residence Inn/ Courtyard by Marriott opening in Dartmouth, Nova Scotia later this month.
            
Julian Buffam
The Holiday Inn occupies a prominent location along Broadway and Congress Park in the historic downtown district of Saratoga Springs, New York.

“The full-service hotel and conference center was developed, owned and managed for over 50-years by a dedicated group of local citizens, who positioned the property at the heart of the community,” said Julian Buffam, partner of NCH.  

“We look forward to embracing that close relationship with the community while enhancing the guest experience and overall hotel performance with proven operational strategies and further capital improvements.”
“NCH’s reputation for maximizing operational results and respecting and cultivating relationships within the communities in which they operate made them the perfect management partner for this hotel,” said Fred George, president and CEO of JLK Global Fund International.


Contact:

Lauralee Dobbins
Write Touch PR
856-979-8929
President
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Member SATW
2017 Pepperpot Award Winner

Saturday, July 13, 2019

Lincoln Property Co. Signs WageWorks as First Tenant at Union Office project in Mesa, AZ


David  Krumwiede

MESA, AZ – Before it is set to break ground, the first building at Lincoln Property Company’s Union Class A office project has signed its first tenant.

WageWorks Inc. (NYSE: WAGE) has committed to a 150,000-square-foot lease that will bring as many as 1,000 jobs to the development, located at the confluence of Mesa, Tempe and Scottsdale, in the heart of the mixed-use Riverview District.

LPC and project partner Harvard Investments anticipate breaking ground on Phase One at Union this summer.

“Union continues to build out the mixed-use vision that the City of Mesa established years ago, when it created this master plan and earmarked this land for premier, Class A office space,” said Lincoln Property Company Executive Vice President David Krumwiede.

 “We are thrilled to add Union to LPC’s innovative East Valley development portfolio and are honored that WageWorks has chosen to commit here as Union’s first tenant. We wish them all the best in their new space.”

Mesa, AZ Mayor
 John Giles
“Congratulations to Lincoln Property Company on landing their first tenant at Union before ground has even been broken on this exciting new development at Riverview,” said City of Mesa Mayor John Giles. 

“This area is booming, and we are proud that WageWorks has selected Mesa for their primary operating site, bringing 1,000 jobs to the epicenter of District 1.”

A leader in administrating Health Savings Accounts (HSAs) and other Consumer-Directed Benefits (CDBs), San Mateo, California-based WageWorks will use its new space as a primary U.S. operating site, housing approximately 500 current employees and generating approximately 500 new jobs for the Valley.

“I am thrilled to welcome WageWorks to District 1 and the City of Mesa,” said City of Mesa Vice Mayor and District 1 Councilmember Mark Freeman. “Union is in a premier location and I know this is the first of many great businesses that will be calling this property home.”

City of Mesa Vice Mayor
and District 1 Councilmember
 
Mark Freeman
Union’s first Class A office building will total 232,000 square feet with an adjacent 1,120-space, four-level parking garage.

 It sits at the northeast corner of the property, fronting the Loop 202. 

Phase One is part of four buildings, each with attached garages, planned for Union. 

At build out, Union will total up to 1.35 million square feet of Class A office space on 28.2 acres of city-owned land.

Buildings at Union will range from four to eight stories and from 232,000 to 450,000 square feet.

 Each will feature modern glass exteriors, active first floors and large office floorplates with high ceilings and 10-foot vision glass providing sweeping views of the Superstition Mountains and to Riverview Lake, which is located directly to the south of the property.

 Bill Jabjiniak
“WageWorks selecting Union in Mesa’s Riverview District will give the company considerable access to the metro area’s burgeoning and talented workforce,” said City of Mesa Economic Development Director Bill Jabjiniak. “Mesa is a truly smart location for intelligent companies such as WageWorks.”

Designed to attract and retain market-leading companies and their employees, Union will provide a master planned campus that creates a strong sense of place. Indoor-outdoor design features will include a lush main pedestrian plaza, shaded gathering areas and outdoor rooms connected together – and to the area’s nearby buildings and uses – by the Rio Salado Pathway.

Ryan Orton
Union is located on Cubs Way, just off of Dobson Road and Rio Salado Parkway. It fronts the Loop 202, providing direct freeway exposure and monument signage opportunities seen by approximately 160,000 cars per day.

The project sits within the heart of Mesa’s Riverview mixed-use district, surrounded by 1.2 million square feet of retail, restaurants and the Sheraton Mesa and Hyatt Place hotels.

 It is also within walking distance to Sloan Park, home of the Chicago Cubs spring training, the highest attended spring training team in the Valley.

Employees and visitors will benefit from an onsite parking garage with a 5/1,000 parking ratio, and freeway interchanges at both the Loop 202 at Dobson Road, and the Loop 101 at Rio Salado Parkway. The location is just two miles from Arizona State University’s main Tempe campus and 10 minutes from Sky Harbor International Airport.

Scott Maxwell 
DAVIS is the project architect. Layton Construction Company is the general contractor. Ryan Orton and Scott Maxwell from CRESA represented WageWorks in the lease transaction. Lincoln Property Company and Cushman & Wakefield are Union’s exclusive leasing brokers.

To discuss build-to-suit, investment, leasing or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

CONTACT:

Stacey Hershauer
480.600.0195