Thursday, July 7, 2011
Emerson International leases 12,191 SF of Class A office space at CenterPointe I and II in Altamonte Springs, FL
ALTAMONTE SPRINGS, FL – Emerson International recently negotiated a long-term lease agreement with Marketing Systems Group, Inc. for 8,763 square feet at CenterPointe I (top left photo), Emerson’s Class A office development at 240 E. Central Parkway, overlooking Crane’s Roost Park in Altamonte Springs.
Eric Emerson (bottom right photo), general manager and vice president of Emerson International, said Kenneth Koch, commercial portfolio director, negotiated the lease agreement with the new tenant who was represented in the transaction by Sarah Castor with Cresa Partners.
At Emerson’s adjacent Class A office building Centerpointe II, Koch negotiated a lease agreement with Flash Funding, Inc., the new tenant who leased 3,428 square feet at 220 E. Central Parkway. Flash Funding was represented by Mike Dandinashira with Uptown Realty Group.
For more information, contact
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; firstname.lastname@example.org;
Beth Payan or Larry Vershel, Larry Vershel Communications,
SBA administrators fear that funding for SBA 7(A) loans, which can be used to buy a business, equipment, working capital and building or expanding a business, may reach its limit of funds available to guaranty loans before the end of fiscal year Sept. 30. They are urging Congress to expand funding for the program before their August recess.
The SBA 504 loan program provides low interest loans for up to 90 percent of the value of facility construction, acquisition and improvements with as little as 10 percent down, Hurn said.
“SBA 504 loans are one of the real bright spots in the U.S. economy right now,” Hurn said.
Additional information about Mercantile’s new SBA 504 refinance program is available by calling (866) 622-4504, visiting www.SBA504LoanRefi.com, or www.YouTube.com/504LoanExperts.
For more information about this press release, contact:
Chris Hurn, CEO Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040 GLongstaff@Mercantilecc.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
The former institutional owner recently completed a $5.1 million renovation to the property. Terms of the sale were not disclosed.
Scottsdale Centre was constructed in 1985 and is located in the Central Scottsdale submarket, providing easy access to the Loop 101 Freeway, North Scottsdale Road and Indian Bend Road. The property is surrounded by a variety of signature resorts, hotels, restaurants, residential communities and retail amenities.
“A variety of notable business, entertainment and cultural additions have opened near the solid residential base in Central Scottsdale, making it a pro-business environment with a well-educated workforce,” said Greg Merage, CEO of MIG Real Estate.
“The prestigious location complemented by extensive modernizations provides exceptional upside potential for Scottsdale Centre.”
The property is located at 7373 North Scottsdale Road with 1,650 linear feet of frontage. Scottsdale is known as a premier golf and resort destination in Metropolitan Phoenix and is focused on business innovation and entrepreneurship, housing a diverse blend of corporations. Property renovations reposition Scottsdale Centre as a premier office location within Metropolitan Phoenix.
“We will continue evaluating opportunities in Arizona as job growth in Metropolitan Phoenix continues to improve,” said Merage.
Don Mudd and John Bonnell of Jones Lang LaSalle represented the seller in the transaction. MIG Real Estate represented itself.
Contacts: Idea Hall, Julie Fornaro, 714-263-8748, email@example.com
HOUSTON, TX – HFF announced today that it has closed the sale of 16400 Park Row (top left photo), a three-story, 85,701-square-foot office building in Houston’s Energy Corridor.
HFF marketed the property exclusively on behalf of the seller, Eastbourne Park Row LP, an affiliate of Fuller Realty Partners LLC. RiverOak Investment Corp., LLC purchased 16400 Park Row for an undisclosed amount.
The Los Angeles office of Wells Fargo provided acquisition financing at closing. The lender was not represented by HFF.
Situated on nearly four acres immediately north of Interstate 10, 16400 Park Row is close to Highway 6 about 20 miles west of downtown Houston in the Energy Corridor. The property is fully leased to Kraton Polymers (NYSE: KRA) on a triple-net basis with a remaining lease term of 10.3 years.
The HFF team representing the seller was led by senior managing director H. Dan Miller (middle right photo) and associate director Martin Hogan (bottom left photo).
Fuller Realty Partners, LLC, established in 1979, is a privately-owned, full-service commercial real estate firm headquartered in Houston, Texas.
RiverOak Investment Corp., LLC is a 12-year old, Stamford, Connecticut-based real estate private equity firm specializing in the acquisition and asset management of institutional quality real estate assets in the United States. www.riveroakic.com.
H. Dan Miller, HFF Senior Managing Director, (713) 852-3500 firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing,
Chris Runyen (top right photo) of Charles Dunn Company represented the tenant, APAIT. John Anthony of Charles Dunn Company represented the owner, Denley Investments.
According to Runyen, APAIT is expanding out of its space in Downtown Los Angeles. In its new space it is adding a full-service medical clinic and pharmacy to serve the local community. APAIT just moved into its new space this month.
The 88,000 square foot building offers abundant parking and easy freeway access to the 5, 10, 101 and 110 freeways.
“This leasing situation was a great fit for both the tenant and the landlord,” said Runyen. “Both parties wanted to preserve the improvements that were recently constructed for the previous medical tenant, which provided mutually beneficial lease terms for each.”
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
ARLINGTON, VA.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) announced today the acquisition of Yale Village Townhomes (top left photo), a community of 210 rental townhomes located in Rockville, MD.
The community was acquired for $49.5 million by AvalonBay Value Added Fund II, L.P. (“Fund II”), a private, discretionary investment vehicle in which AvalonBay Communities, Inc. has a 31% equity interest.
AvalonBay Communities, Inc. (the “Company”) also announced it will release its second quarter 2011 earnings on July 27, 2011 after the market close. The Company will hold a conference call on July 28, 2011 at 1:00 PM Eastern Time (ET) to discuss its second quarter 2011 results.
Yale Village Townhomes is located in the northwest suburbs of metropolitan Washington D.C. on the I-270 Corridor in Montgomery County, MD. Good schools, transit, employment and shopping are all within close proximity.
Completed in 1970, the community consists of 100% direct-entry rental townhome product averaging 1,923 SF per home. AvalonBay plans to renovate a portion of the apartment homes to a higher finish level and make other improvements to the overall curb appeal.
The acquisition of Yale Village completes Fund II’s allocation in the metropolitan Washington D.C. region. Fund II has equity commitments totaling $400 million and can employ leverage up to 65%, allowing for an investment capacity of approximately $1.1 billion.
With this acquisition, Fund II has now acquired a total of 10 communities consisting of 4,148 apartment homes and a total acquisition cost of $619 million.
Fund II will acquire and operate multifamily apartment communities in AvalonBay’s high barrier-to-entry markets of the Northeast, Mid-Atlantic and West Coast regions of the U.S. with the objective of creating value through redevelopment, enhanced operations and/or improving market fundamentals.
The Company’s second quarter 2011 earnings will be released on July 27, 2011 after the market close.
Contacts: AvalonBay Communities, Inc., John Christie, Senior Director
Investor Relations, 703-317-4747
Artecity is a residential-condominium project comprised of six buildings located at the 2100 block of Park Avenue, Miami Beach, two blocks from the ocean. There are a total of 202 units, of which 43 units have closed to date. The remaining asset consists of 159 condominiums as well as 4,000 square feet of retail space.
"Artecity has the potential to be a world-class property given its great location," says CEO Wade Hundley, who leads ST with 20 years of experience in various aspects of the real estate and hospitality businesses.
"We are excited to own this property as we believe we can finish the development with a few enhancements that will make it a jewel amongst our already desirable portfolio."
ST was formed after Chicago-based Corus Bank failed on September 11, 2009. At that time, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver and became responsible for numerous residential real estate assets and construction loans.
The FDIC needed a financially stable and real estate savvy partner to maximize the value of Corus' real estate portfolio by infusing critical financial capital and knowledge, to market and sell the properties to individual home owners. ST outbid seven rivals to win Corus Bank's $4.5 billion real estate loan portfolio with a combined bid of $554 million for 40% of the equity in the joint venture with the FDIC.
"One of our greatest strengths is the confidence and peace of mind we bring to prospective buyers that their purchase will be well developed and well managed into the future, and to real estate brokers who will have the confidence that their transactions will successfully close," said Hundley.
For more information, visit www.stresidential.com.
Contact: Pete Marino, +1-312-577-1754, email@example.com, for ST Residential
Web Site: http://www.stresidential.com
WASHINGTON, DC-- The Mortgage Bankers Association (MBA) released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the first quarter of 2011.
First quarter data on the commercial real estate markets show the natural effects of the turn of the real estate cycle.
Broader economic indicators were positive in the first quarter, but provided less of a tail wind to commercial real estate markets than they might have. Despite this softness, real estate fundamentals have stabilized and are beginning to show signs of mending.
Economic growth, coupled with a constriction in new supply in the wake of a real estate downturn, is helping to stabilize and mend the commercial real estate markets. The pace and shape of continued recovery will be driven by the rate of economic growth and by how investors and developers react to the market changes they see and foresee.
The Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry participants and observers including trends in property sales, originations, delinquencies and mortgage debt outstanding.
For additional information, visit MBA's Web site: www.mortgagebankers.org.
Contact: Matt Robinson, (202) 557-2727, firstname.lastname@example.org
Corporate Park I and II are located at 3660-3670 Maguire Blvd, adjacent to the Fashion Square Mall at the entrance to Baldwin Park. The buildings have a variety of floor plans available ranging from 900 square feet to 15,000 square feet, including some suites that are ready for immediate move-in. Monument signage for tenants is also available.
Both three-story buildings feature large lighted atriums in the lobbies, which will be renovated in the coming months.
For leasing information, contact Scott Gregory at email@example.com or Jay Dixon at firstname.lastname@example.org. For sales inquiries, contact Joe Rossi at email@example.com.
BOSTON, MA - HFF announced today that it has arranged a $355 million construction loan for the development of a new headquarters campus for Vertex Pharmaceuticals at Boston’s Fan Pier (top left photo).
The HFF team of executive managing director John Fowler (bottom left photo), managing director Anthony Cutone, and senior real estate analyst Carlos Febres-Mazzei worked on behalf of The Fallon Company LLC and its investors to secure the construction loan.
The Vertex Headquarters facility will be a LEED-certified property featuring two 16-story office towers incorporating 1.1 million square feet of office and biomedical research space and 60,000 square feet of ground level retail above a 725-space parking garage.
The project broke ground in late June, with completion slated for December 2013.
The Fallon Company LLC (www.falloncompany.com) is one of Boston’s premier real estate investment and development companies. Founded in 1993, The Fallon Company LLC has been involved in a portfolio of notable projects that continue to define the Boston Skyline.
In addition to Fan Pier, Fallon has been an owner and developer of several other projects on the waterfront including The Westin Boston Waterfront Hotel, Park Lane Seaport Apartments and the Renaissance Boston Waterfront Hotel.
John P. Fowler, HFF Executive Managing Director, (617) 848-1559, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
MANSFIELD, MA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Mansfield Marketplace (top left photo), a 23,840-square foot retail plaza in Mansfield. The sales price of $10,375,000 represents $435 per square foot.
Robert Horvath and Todd Tremblay in the firm’s Boston office represented the seller, Hecht Development, and the buyer, Davos Family Trust.
“Investor demand for quality core retail product located inside the Interstate 495 corridor in Boston continues to be a highly desirable and sought-after asset among most of the buyer pools,” says Horvath.
“Investors were interested in this asset because of the strong retail location, diversified tenant roster, and scheduled rental increases in both the base and option periods,” adds Tremblay.
Mansfield Marketplace is located at 295 School St. in Mansfield, directly across from a new 383,000-square foot open-air center, Mansfield Crossing.
The town of Mansfield is located approximately 25 miles south of Boston and 19 miles north of Providence, R.I. Interstate 95 and Interstate 495 are located on the Mansfield town line and the Massachusetts Bay Transportation Authority (MBTA) commuter rail between Providence and Boston stops in Mansfield.
Mansfield Marketplace’s tenants include Chipotle, AT&T Wireless, Sleepy’s, Radio Shack, Friendly’s, Knockouts Haircuts, Pearle Vision and Asian Grill & Sushi. The plaza was built on 3.5 acres in 2009.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
The lender is seeking repayment of the outstanding balance from an original loan issued in 2006 for $35.7 million but was later modified in June 2009 to a reduced mortgage amount to nearly $16.4 million, according to Miami-Dade County records.
In modifying the mortgage two years ago, Mercantil Commercebank provided “a replacement of a replacement balloon promissory note” that provided for a maturity date of May 23, 2013, according to Miami-Dade County records.
The terms of the mortgage call for 80 percent of the gross sales price of every unit transaction to be paid to the lender in an effort to repay the loan, according to Miami-Dade County records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
Casey Babb, CCIM (middle right photo), a senior investment specialist, and Luis Baez (lower left photo), investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Tampa, Fla. The listing agents also secured the buyer of the property, a partnership from Tampa, Fla.
Bay Villa Apartments is located at 1402 South Bay Villa Place. This is a newly renovated Class B+ historic apartment community located in a trophy, Hyde Park/SoHo Tampa location.
Originally built in the 1920s, the property consists of 24 elegant apartment homes, one-third of which have been upgraded to a condo standard with re-engineered floor plan layouts. Its amenity package includes: stackable washer/dryers in each building, barbecue grill stations and gated picnic areas.
“We are living in a rental world right now and properties like Bay Villa will continue to be in very high demand for investors. As brokers, our only problem is that we do not have enough of this type of inventory to sell” recounts Babb.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Milan (top left and middle right photos), a 240-unit community in the Altamonte Springs/Apopka area of the Orlando MSA.
Completed in 1999, the Milan was purchased for condo conversion in 2006, and 67 units closed individually as condos. The remaining 173 units reverted to rentals, and CBRE represented the seller in the bulk sale of those units. Including the sale of the Milan in June,
CBRE’s Central Florida Multi-Housing Group has closed 13 apartment transactions in Central Florida so far this year. Shelton Granade and Luke Wickham of CBRE’s Orlando office have exclusively represented the sellers in all transactions.
Multi-housing sales activity has continued to increase throughout the year. The other assets sold in Orlando range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years.
CBRE has also sold several “fractured” deals like the Milan – communities that converted and sold units as condominiums and reverted the remaining units back to rentals. CBRE’s Central Florida Multi-Housing Group continues to be the market leader in Orlando.
For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.
Shelton Granade, Senior Vice President, T 407.839.3103, firstname.lastname@example.org
Luke Wickham, Director of Operations, T 407.839.3130, email@example.com