Wednesday, June 22, 2011

Five-Property Retail Portfolio in 3 States Sells for $11.5 Million

CLEVELAND, June 22, 2011– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a five-property Office Max/Office Depot portfolio located in Minnesota, West Virginia and Michigan. The sales price was $11,540,985.

James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office and Erin Patton in the firm’s Columbus office represented the seller, a local developer. Barry Wolfe, a vice president investments in Fort Lauderdale, represented the buyer, Kin Properties Inc. of Boca Raton, Fla.

Ralph Nash of Old Spruce Realty in West Virginia, Solomon Poretsky (middle right photo) in Marcus & Millichap’s Minnesota office and Jonathon Dwoskin (lower left photo) in the firm’s Detroit office, also provided representation.

The properties are:

·        Office Max, 23,500 square feet, Alexandria, Minn.
        Office Max, 23,525 square feet, Brainerd, Minn.
        Office Max, 23,503 square feet, Mankato, Minn.
        Office Max, 23,620 square feet, Martinsburg, W.Va.
·       Office Depot, 24,000 square feet, Traverse City, Mich.
 “All of the stores have between seven and 11 years remaining on their corporate-guaranteed leases and all have renewal options,” says Wolfe. “The locations are major retail hubs or are situated close to large retail centers.”

“Single-tenant net-leased properties with national-credit retailers remain the most sought-after deals as high-net-worth individuals and well-funded REITs compete for acquisitions,” adds Wiles. “Unimpressive returns offered by alternative investments and ongoing stock market uncertainty continue to heighten private buyers’ appetite for low-risk, corporate backed assets.”

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Two Southwest Florida Multifamily Properties Sold by IPA for $31 Million

TAMPA, FL,  June 22, 2011 – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of two South Florida multifamily communities, the 276-unit Sienna Bay Apartments (top left photo) in St. Petersburg, and the 243-unit Monterrey Apartments (lower left photo) in Venice.

IPA is a division of Marcus & Millichap Real Estate Investment Services.

 The 261,100-square foot Sienna Bay Apartments traded for $19,515,000, or $70,707 per unit and $75 per square foot. The 184,791-square foot Monterrey Apartments commanded $11,550,000, or $47,531 per unit and $63 per square foot.

 Jamie B. May, an IPA senior director in Tampa, represented all of the parties in both transactions. DT Group Development Inc. sold Sienna Bay Apartments to Harbor Group International LLC, while Fairfield Residential Co. LLC sold the Monterrey Apartments complex to Beachwold Residential LLC.

“The opportunity to buy large, high-quality, full-service properties in a market where tenant demand for such assets remains strong continues to attract investors,” says May. “Sienna Bay Apartments is well positioned to outperform the market due to extensive recent renovations and its excellent location.

“Monterrey Apartments enjoys very limited competition and is one of only four apartment properties in the Venice market,” continues May. “With no new developments planned, Monterrey is poised to enjoy a long period of strong performance.”

Located on 18.8 acres at 10601 4th St. North in St. Petersburg, Sienna Bay Apartments was completed in two phases in 1974 and 1985. The property includes 29 two-story residential buildings with floor plans averaging 946 square feet. Sienna Bay Apartments’ community amenities include two swimming pools, tennis courts, a fitness center with cardio-theater and a business center with an Internet café.

Completed in 1987 and located at 1001 Center Road in Venice, Monterrey Apartments is a garden-style apartment community with a brick façade and wood architectural accents.

Only minutes from Interstate 75, Gulf Coast beaches, shopping, dining and recreation, the property is tucked away in a secluded, 25.23-acre setting. Monterrey Apartments has two swimming pools, a Jacuzzi, fitness center, lake views and an on-site leasing and management office.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

The Marketing Directors Named Sales and Marketing Firm for 5300 Lofts in Chamblee, GA

ATLANTA (June 22, 2011) – The new owners of 5300 Lofts have named The Marketing Directors the sales and marketing team for the unique, newly-constructed lofts located at 5300 Peachtree Road in Chamblee, Ga.  The property is now owned by Domus Group, LLC. 

The building consists of 242 loft-style condominiums; The Marketing Directors have been engaged to sell out the 130 homes that remain available for sale. 

 “We are pleased to have teamed with the area’s preeminent sales and marketing team with our acquisition of this exciting project,” says Angus Rogers, managing partner, Domus Group, founder of Floridays Development Co.

 5300 Lofts features value pricing with studios starting from $57,700, one bedrooms from $73,900 and two bedrooms from $99,900. 

The Lofts are located at a prime inside the Perimeter location, across from the Chamblee Marta Station. 

 For more information, visit
 or find us on Facebook, or contact
Liz Lapidus /Traci Buch
Liz Lapidus PR

Colliers International Expands Washington, DC Operations

WASHINGTON, DC and SEATTLE, WA, June 22, 2011/PRNewswire/ -- Colliers International has expanded the range and depth of its metro Washington, DC-based operations by simultaneously launching a new office in Northern Virginia and introducing a regional property management practice.

 These latest measures will significantly bolster Colliers International's already formidable market presence in the nation's capital and surrounding region and provide expanded resources to accelerate the success of Colliers' clients.

The newest Colliers International office will be located in McLean, Va., led by industry veteran and regional specialist Andrew Klaff (middle left photo), who formerly served as a senior level executive with Grubb & Ellis.

 Klaff will initially be supported by a four-person team of professionals, including Warren Amason, executive vice president; Chad Arnold, senior vice president; Warren Mayberry, associate vice president; and Katherine Camacho, client services associate.

The new property management operation, which will be based in Colliers International's existing office in downtown Washington, DC, will manage a growing portfolio of commercial properties throughout the region.

The property management team is comprised of: David Peterson, regional managing director, real estate management services; Jason Dinan, director of engineering; Lynn Johnson, financial analyst; Jason Meidhof, marketing manager; and Alexander McGregor, marketing assistant.

"Colliers International is deeply committed to providing our clients in the capital region with the best services platform in the industry," said Dylan Taylor (top right photo), chief executive officer of Colliers International in the U.S.

"With today's news, we are much closer to achieving that objective through the establishment of a critical beachhead in Northern Virginia and the creation of a regional property services platform.

 “Under the leadership of Tim Hague (lower right photo), I have no doubt that our expansion efforts will continue to attract the best and brightest professionals in the marketplace."

For a complete copy of the company’s news release, please contact:
 Richard Mulieri,
or Parke Chapman,, , both of The Marino Organization, +1-212-889-0808

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Crystal River, FL worth more than $2.2 Million

ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Sunshine Gardens Assisted Living, LLC recently for $2,255,000 in total project costs.

Sunshine Gardens will offer specialized care to patients suffering from various forms of dementia, who require assistance or supervision with activities of daily living. 

Conveniently located behind Walgreens Drug Store in Crystal River in Citrus County, Fla., the facility will provide a home environment that will include: nutritional personal services, medication management, meals, laundry services, planned activities, as well as assistance with appointments, including transportation in a very secure and safe environment. 

“The folks at Mercantile Capital Corporation are true professionals and were a joy to work with, providing assistance and guidance all the way through the process,” said owner, Bob Hilger.  “The SmartChoice Loan was the Right Choice!” 

 The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Sunshine Gardens Assisted Living, LLC, have an opportunity to create wealth and financial freedom.

 Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers like Bob Hilger to own their commercial property with the highest cash-on-cash return financing available without tying up their precious capital, so they can grow even faster.

For more information, visit
For more information about this press release, contact:
Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Silver Capital and McCann Realty Partners Add Fourth Asset in Indianapolis, Indiana Market With the Acquisition of Quail Run Apartments

RICHMOND, VA, BOCA RATON, FL., and ZIONSVILLE, IN/PRNewswire/ -- Silver Capital -- a division of Silver Companies -- and McCann Realty Partners announced the acquisition of Quail Run Apartments (top left photo) in Zionsville, Indiana. 

The price was not disclosed.

The 166-unit, garden-style community located in the affluent northeast submarket of metropolitan Indianapolis was built in 1972 and will be managed by Buckingham Management, LLC of Indianapolis.

Over the next three years the property will be upgraded, including new amenities and redecorated interiors. The acquisition was funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.29% originated by Beech Street Capital.

"We've had success with our other Indianapolis area apartments," said Silver Companies CEO Larry D. Silver.  "Quail Run provides us with the opportunity to upgrade and reposition a very well located, older community in one of Indianapolis' best submarkets and to be rewarded for doing it."  

"The property has very large floor plans that are surprisingly functional, given when Quail Run was built," said John McCann (middle right photo) of McCann Realty Partners. 

"The predominant two bedroom 1,200 square foot townhouse apartment in this location makes Quail Run a unique rental community.  We will redecorate the interiors, add amenities and improve the grounds over the next two plus years, as the apartments turn-over, to better position the community to compete over the long-term."

 For more information on Silver Companies, visit
For more information on McCann Realty Partners, visit
Fleet Wallace, McCann Realty (804) 290-8870
Michele Ethridge, Silver Companies (561) 981-5252

Sperry Van Ness Wins Realcomm 2011 ‘Digie’ Award

IRVINE, CA – Sperry Van Ness, one of the nation’s largest commercial real estate investment brokerage firms, received a prestigious Realcomm 2011 “Digie” Award in the category “Best Use of Automation – Brokerage” for its innovative integration of Web 2.0 technology and social media into its proprietary tools and overall business platform.

 The company was recognized during an award ceremony held Tuesday, June 14 at the Realcomm 2011 conference in Orlando, Fla.

  “We are honored to receive this “Digie” Award for our innovative and effective use of collaborative Web 2.0 technology to syndicate our inventory and valuable content,” said Kevin Maggiacomo (top right photo), president and chief executive officer of Sperry Van Ness International.

 “This recognition highlights Sperry Van Ness’ continual commitment to delivering leading-edge solutions that bring efficiency and value to our team of advisors and clients.”

Each year Realcomm honors individuals, companies, projects, and solutions that have demonstrated the most innovative use of technology and automation in the commercial and corporate real estate industries with a "Digie" (short for Digital Innovation) Award.  Realcomm is the largest conference focused on technology, automated business solutions, energy efficiency and intelligent buildings exclusively for the commercial and corporate real estate industries.

 For more information, visit
Contact:  David Ebeling,  Ebeling Communications, (949) 278-7851

Marcus & Millichap Promotes Mark E. Taylor to First Vice President Investments in Philadelphia Office

PHILADELPHIA, June 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Mark E. Taylor (top right photo) to first vice president investments.

 This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Spencer I. Yablon (lower left photo), vice president and regional manager of the firm’s Philadelphia office.

Most recently, Taylor held the title of vice president investments.

Taylor joined the firm in 2001 and was promoted to senior associate in December 2004. He was named vice president investments in January 2008. He has received eight sales recognition awards from Marcus & Millichap.

Taylor specializes in the sale of retail shopping centers and net-leased property investment real estate.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Beech Street Capital Provides $16 Million to Acquire Florida Apartments

JUNE 22, 2011, BETHESDA, MD – Beech Street Capital, LLC announced today that it has provided a $16 million Fannie Mae conventional loan for the acquisition of Sawgrass Cove Apartments (top left photo), a 336-unit property in Bradenton, Florida. 

Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) and LEAN lender.

 “This transaction exemplifies Beech Street’s ‘Above and Beyond’ philosophy,” noted Grace Huebscher (lower right photo), Beech Street’s president and CEO.  “As soon as we received the loan request for the acquisition, we took action to expedite the process because we appreciated that time was critical for the borrower.”

 Even before the loan application was executed, the Beech Street underwriting team—consisting of Jeff Lee, Brian Hayes, and Gerald Tremblay—had made plans to conduct a site visit.

 “Beech Street Capital was a pleasure to work with.  Their team was extremely nimble and accommodating, and exceeded our expectations on time.  I would strongly recommend the Beech Street Capital team to any multifamily borrowers in the market,” commented Arvind Chary, a key principal on the deal from Atlas Real Estate Partners—a real estate investment firm that specifically seeks multifamily and note acquisitions in New York, Massachusetts, Florida and Texas.

Built in 1991, Sawgrass Cove is conveniently located a short distance from the Gulf of Mexico, close to the DeSoto Square Mall and the Pinebrook-Ironwood Golf Course. 

The complex is built around a central lake, and units feature screened balconies, patios with storage closets, floor-to-ceiling windows, and fireplaces.  Residents can use the fitness center, the resort-style pool, and lighted tennis courts, among other amenities.

 The fixed-rate loan has a term of 10 years, five years interest-only, with 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

 Contact: Jenifer Bernardi,

 Web site:

Avalonpark Texas’ Community of Walnut Creek in North Austin sees David Weekley Homes set to open eight New Homes priced from the Low $200s in 4th Quarter

AUSTIN, TX--- Avalonpark Texas has reported that David Weekley Homes will start construction of eight new single-family homes priced from the low $200s this August at The Springs of Walnut Creek, located near I-35 and Yager Lane in North Austin.

Richard Kunz (top right photo), a principal at Avalonpark Texas, LP which is developing The Springs of Walnut Creek, said two of the single family homes are model homes (a one-story model home and a two-story model home), and six are ready-to-move-in homes.  

All eight new homes are slated for completion in the fourth quarter of 2011.

Kunz said The Springs at Walnut Creek recently launched a new web site that tracks the progress of the new home construction. To learn more, visit

For more information, contact

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356,
Stephanie Hodson, Marketing Director, Avalon Park Group 407-658-6565
Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, LP 407-658-6565
Larry Vershel, Larry Vershel Communications 407-644-4142,

Marcus & Millichap Facilitates Sale of 32,800-SF Self-Storage Facility in Port Charlotte, FL for $1.75 Million

PORT CHARLOTTE, FL, June 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of All Store Self Storage (top left photo), a 32,800 rentable square foot self-storage facility located in Port Charlotte, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,750,000.

Michael A. Mele (middle right photo), first vice president investments, and senior director of the National Self-Storage Group and Adam Wides (lower left photo), associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an institutional owner based out of Washington, DC who had purchased the loan and foreclosed on the property.  The California-based buyer was also secured by Mele and Wides. 

All Store Self Storage was built in 2006 and is located at 7001 Gasparilla Road.  Situated on 7.6 acres of land, this investment has 352 self-storage units, of which 36 spaces are covered RV parking and 120 are outside parking spaces. 

The facility consists of four climate controlled storage buildings, one covered RV storage with electric access and one free-standing office building.

“This transaction represents a noticeable trend in the self-storage industry; financial institutions are more willing to dispose of troubled assets rather than modify current loans. In the next six months, we anticipate a sizeable increase in REO offerings” says Mele.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Asset Management Meetings at Cambridge Realty Capital are All About Relaltionship-Building, Says Senior VP Brent Holman-Gomez

 CHICAGO, IL--When Cambridge Realty Capital Company’s asset management group schedules business meetings involving ownership principals or property operations managers, participants are expected to bring along their party shoes.

The company’s philosophy embraces the idea that asset management meetings are primarily about creating opportunities for relationship-building. Informal time for socializing is just as valuable as the agenda of formal business issues and should be given equal priority when planning the agenda, Cambridge Senior Vice President Brent Holman-Gomez (top right photo) maintains.

“Along with many scholars, Cambridge recognizes the need for organized and planned meetings in person between the asset management group and ownership or the operating management company. Regularly scheduled meetings seek to not only enhance communications but also align the interests of participating parties in order to achieve common goals,” he said.

Meetings between ownership principals and the Cambridge asset management group are held on a monthly basis. Those who have a management agreement with Cambridge meet with the company about every six weeks, and property tenants with a leasing agreement meet with the asset manager and ownership at least once a year.

Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611 E-Mail: