Thursday, July 21, 2011
Working on behalf of Sierra Vista Estates, LLC, HFF arranged a $4.78 million, 10-year Fannie Mae fixed-rate loan for Sierra Vista Estates. Proceeds will provide cash-out and replace maturing debt.
Sierra Vista Estates is located at 2301 South Divisadero Street, east of Visalia Mall close to State Highway 198 in Visalia. The 13.47-acre all-age community has 125 home sites and is 93.6 percent occupied. Community amenities include a clubhouse with recreation room, billiards room, kitchen area and laundry room, plus a swimming pool and 11 RV storage spaces.
The HFF team representing the borrowers was led by associate director Zach Koucos (lower left photo).
Zachary E. Loucos, HFF Associate Director, (858) 812-2351, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
TAMPA, FL – July 21, 2011 – Cushman & Wakefield’s Florida Apartment Brokerage Services, with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Sabal Palm at Carrollwood (top left map) for $39 million and Beneva Place (lower right photo) for $14.9 million.
The purchaser of Sabal Palm at Carrollwood was CAPREIT and the purchaser of Beneva Place was Insula Properties, LLC.
Executive Director Byron Moger and Director Luis Elorza were the only brokers involved in the transactions.
Sabal Palm at Carrollwood, built in 1995, is located at 3602 Carrollwood Place Circle in Tampa, and is a 432-unit Class A apartment community within central Carrollwood.
Totaling 419,040 square feet, it offers a mix of 1, 2 and 3 bedrooms. The property features desirable floor plans, three-story design, vaulted ceilings, garages, a fitness center, a swimming pool and business center. A beautiful lake at the center of the property provides many of the units with fantastic water views.
Beneva Place, built in 1986, is located at 3451 Queens Street in Sarasota, and is a 192-unit apartment community within a desirable residential neighborhood just three miles from the white, sandy beaches of Siesta Key. Totaling 169,360 square feet, it offers a mix of 1and 2 bedrooms. The property features lush landscaping with mature trees, a beautiful outdoor pool and a large lake.
“Both properties have extraordinary infill locations and steady operating histories. The apartment rental markets in Carrollwood and Sarasota are strong. The lack of new inventory and continued strong demand will lead to higher market occupancy rates and rents. Apartments investors today have a highly positive outlook on Florida’s economy and the multifamily market,” said Mr. Elorza.
Manager, Media Relations
Cushman & Wakefield
Ft. Lauderdale: (954) 377-0508
Miami: (305) 533-2865
Cell: (917) 957-5606
MIAMI, FL – HFF announced today that it has closed the sale of Santa Rosa Commons (top left photo), a regional grocery-anchored retail center in Pace (Pensacola), Florida.
HFF marketed the offering on behalf of the seller, Mpirical Development. The property was sold without existing debt and purchased by Cole Real Estate Investments for $25.45 million.
Completed in 2008, Santa Rosa Commons has 124,414 square feet of retail space, which is anchored by Publix Supermarkets, TJ Maxx and PetSmart.
The sale also included three leased outparcels to Regions Bank, Chili’s and AT&T. The property is shadow anchored by Target, which is not included in the collateral. Located in Pace at 4739 Highway US 90 (State Route 10), Santa Rosa Commons is about 10 miles northeast of downtown Pensacola.
The HFF team representing the seller included managing director Brad Peterson (middle right photo) and director Coler Yoakam (lower left photo). Thomas Falatko, vice president of acquisitions, represented Cole.
According to HFF, Santa Rosa Commons is located on US-90, the most heavily traveled commercial corridor thru Santa Rosa County and a location in which retailers have been clamoring for positioning.
In addition to Target, which shadow-anchors the property, Home Depot is immediately adjacent to Santa Rosa Commons, and Wal-Mart SuperCenter and Lowes Home Improvement are just down the road, creating a very vibrant retail trade area.
Further, Santa Rosa Commons had the ideal category-leading national tenant line-up, which features Publix Supermarkets, TJ Maxx and PetSmart. Due to the strength of the trade area and tenant lineup, it was no surprise numerous offers were received on the property.
Based in Pensacola, Mpirical Development is a commercial real estate development company focused on creating quality developments that complement their surrounding communities.
Brad Peterson, HFF Managing Director, (405) 286-5224, firstname.lastname@example.org
Coler Yoakam, HFF Director, (214) 265-0880, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
“We are excited to welcome Bill as an integral part of our hotel team, which has grown significantly within the last year. Since June of 2010, HFF has added hotel professionals in San Francisco, New York and Tampa, expanding our geographic reach and allowing us to better serve our hotel clients nationwide,” said Dan Peek (top right photo), senior managing director and hotel practice leader at HFF.
Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001 firstname.lastname@example.org
Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Some market participants fear that we will shortly see loans comparable to
the worst of the loans made between 2006 and 2008. While Fitch agrees that
underwriting standards have declined in recent months, it should be noted
that that deterioration thus far has been off of its very high standards.
‘It was only a matter of time before CMBS underwriting standards began to
decline from such an unusually high level,’ said Huxley Somerville (top right photo), Group
Managing Director and head of U.S. CMBS for Fitch.
Fitch anticipated a drop in underwriting standards in its ratings, already
raising credit enhancement levels for new CMBS to ensure ample credit risk
‘If CMBS credit metrics begin to drop more precipitously, Fitch will raise credit enhancement levels accordingly,’ said Somerville.
Fitch discusses this trend in greater detail in its latest U.S. Structured Finance Snapshot, which is available at www.fitchratings.com under
Huxley Somerville, Head of U.S. CMBS
Group Managing Director
Fitch, Inc., One State Street Plaza, New York, NY 10004,
Media Relations: Sandro Scenga +1-212-908-0278, New York;
Additional information is available at www.fitchratings.com
Business Publication Names National Entrepreneur Center move to Orlando Fashion Square 'Best Headquarters Campus Relocation'
John Crossman, president of Crossman & Company in Orlando, which represents Orlando Fashion Square owners Pennsylvania Real Estate Investment Trust and negotiated the new long term lease with the National Entrepreneur Center (NEC) said the recognition is well-earned.
“The National Entrepreneur Center – formerly the Disney Entrepreneur Center – broke new ground with its retail mall location,” Crossman said.
“It’s a convergence of two major trends in American business — a growing diversity in mall facilities and the move by business incubation and entrepreneur agencies to get closer to small business,” he said.
Crossman said the new NEC’s headquarters is a showcase facility at Orlando Fashion Square that drives traffic to the downtown Orlando retail center.
For more information, contact:
Jerry Ross, National Entrepreneur Center, 407-420-4848 Jerry@NationalEC.org
Judy Trias, CMD Vice President, Retail Marketing Preit Services, 215 875 0122 firstname.lastname@example.org
John Crossman, Crossman & Company 407-581-6218 email@example.com
Whitaker Leonhardt, Crossman & Company 407-581-6238 firstname.lastname@example.org
Larry Vershel, Larry Vershel Communications 407-644-4142 or 461-3780 Lvershelco@aol.com
LARGO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the lender-approved short sale of Chaparral Apartments (top left photo), a 444-unit 451,420-square foot multifamily property in Largo. The sales price of $14.3 million equates to $32,207 per unit and $32 per square foot.
Norman Eastwood (middle right photo), a senior vice president investments in Dallas, and Tal Frydman, a vice president investments in Fort Lauderdale, represented the seller, a Houston-based partnership and the buyer, a Massachusetts-based partnership.
“This property generated a great deal of interest,” says Frydman. “We conducted 34 property tours and received 27 offers from investors located throughout the United States and Canada.”
“The strength of the rental market in Largo provides the buyer with an excellent opportunity to reverse the fortunes of this underperforming asset,” adds Frydman. “The average apartment occupancy rate in Largo is 92 percent and at closing, Chaparral Apartments was approximately 50 percent vacant and had approximately 15 down units.”
The property is located at 601 East Rosery Road Northeast in Largo, the third-largest city in Pinellas County, Florida’s most densely populated county.
Built in 1971 on 23.5 acres, Chaparral Apartments offers residents a choice of one-, two- and three-bedroom floor plans ranging from 765 square feet to 1,375 square feet. Each unit has a fully equipped kitchen package, ceiling fans, walk-in closets and a patio or balcony. The two- and three-bedroom floor plans have full-size washer/dryer connections.
Community amenities at Chaparral Apartments include three swimming pools with sun decks, tennis courts, a workout room and exercise facility and a newly designed clubhouse. The property also has five laundry facilities, a boat storage area, 24-hour maintenance service and a car-washing and car-vacuuming area.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Matthew Whiteside, a vice president investments, in the firm’s Milwaukee office, represented the seller, Jack Styza. After a tremendous amount of activity with the listing, Whiteside ultimately represented the buyer, Blake Capital Corp.
“Apartment deal flow in the Milwaukee area is growing as investors move off the sidelines to seek stabilized long-term cash flow opportunities.” says Whiteside.
“Briarwick Pool Apartments is a meticulously maintained multifamily community in an excellent location that offers a tremendous combination of quiet residential living, excellent demographics, easy access to the metropolitan area and close proximity to local businesses.”
The property is located at 9050 West Waterford Square South on the west side of Greenfield, just four minutes away from freeway access and less than 20 minutes from downtown Milwaukee. Wisconsin’s largest shopping mall, Southridge Mall, is seven minutes away.
Built in 1972 on 17.8 acres, Briarwick Pool Apartments is composed of 13 buildings and a clubhouse. The unit mix is 128 one-bedroom units and 216 two-bedroom apartments. Amenities include private entrances, underground parking, in-unit washer and dryer connections and a heated pool.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
"Foreign investors and the Florida legislature deserve a lot of credit for bailing out the Greater Downtown Miami condominium market when it was at the brink of disaster," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Foreign buyers - armed with strong currencies and a bullish outlook on Greater Downtown Miami - have flooded into the market in the last three years to purchase new units for investment.
“These international buyers account for a super majority of the individual transactions that are occurring in projects located between the Julia Tuttle and the Rickenbacker causeways east of Interstate 95.
"The other ingredient that is proving critical in the turnaround in Greater Downtown Miami is the work in 2010 by the Florida legislature and former Gov. Charlie Crist to ease liability related to completing bulk transactions.
“The legislative revisions effectively put hedge funds and private equity groups on notice that their assistance and investment dollars were welcome in Greater Downtown Miami and across the state of Florida."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
ORLANDO, FLA., July 21, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Scot’s Arms (top left photo), a 14-unit apartment complex located in Orlando, Fla., according to Bryn Merrey, Vice President/Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $400,000.
George Pjevach, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a developer. Michael Donaldson (bottom right photo), a multifamily specialist in the firm’s Tampa office, secured the buyer, a foreign investor.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
SALISBURY, Md., July 21, 2011—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the addition of four properties to its management portfolio.
The properties include the 90-room Pocono Inne Town Magnuson Hotel, in Stroudsburg, Pa.; 131-room Sea Esta Motels, spanning Dewey Beach, Del., and Long Neck, Del.; 88-room Four Points by Sheraton Long Island City/Queensboro Bridge in Long Island City, N.Y.; and the 60-room Econo Lodge University Arena, in Charlottesville, Va.
“Although the rebound continues to gain traction, hotels still face numerous challenges, creating significant opportunities for management companies like Marshall that have a strong track record in turn-arounds,” said Mike Marshall (middle right photo), president and CEO.
“Many markets across the country still lag behind last year’s forecasts, and we have adapted our revenue management approach appropriately. Marketing efforts are the key to driving same store sales and penetration. People are getting restless and moving on from the notion that the government will fix everything. However, the hotel industry is not quite as agile.”
About the Properties
Pocono Inne Town Magnuson Hotel—Located at 700 Main Street, in Stroudsburg, Pa., the property is the only hotel in the heart of downtown Stroudsburg and is within walking distance to more than 20 dining options
Sea Esta Motels—This four-motel complex is located on the beach in Dewey Beach, Del., and nearby Long Neck, Del. The properties feature two double beds per room; refrigerator; microwave; and daily maid service
Four Points by Sheraton Long Island City/Queensboro Bridge (top left photo)—Located at 27-05 39th Avenue, in Long Island City, N.Y., near the Statue of Liberty and Museum of Modern Art, the hotel offers panoramic views of the Manhattan skyline. The property features a 24-hour business center, state-of-the-art fitness facility, and dining at Michael’s Café and Bar, serving American cuisine in a casual setting.
Econo Lodge University Arena—Situated at 400 Emmet Street North in Charlottesville, Va., off I-64, exit 118B (US 29), the hotel is within walking distance of the University of Virginia, University Hospital and John Paul Jones Arena. .
Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.
Contact: Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293