Saturday, September 24, 2011

Marcus & Millichap Capital Corp. Arranges $4.8 Million Retail Loan in Orlando, FL



  


ORLANDO, FL– Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.8 million loan for the acquisition and build-out of a retail neighborhood property in Orlando.

Michael Balan (top right photo), a director in MMCC’s Miami office, arranged the financing.

“Commercial real estate purchases are usually either investment or owner-occupied; seeing both types together is unusual,” says Balan.

“Part of this property will be an owner-occupied entertainment concept, but other retail tenants will remain. The buyer was unable to obtain a loan because he attempted to finance the purchase solely with an SBA loan,” adds Balan.

 “The problem with using an SBA loan alone was that the buyer has no experience with the concept he’s creating and experience is critical for an SBA loan,” continues Balan.

“MMCC arranged for the buyer to receive a conventional loan to purchase the investment portion of the property and an SBA loan to cover the purchase and build-out of the owner-occupied portion.

“Our structure reduced the size of the SBA portion of the loan by making nearly half of it a conventional loan with separate collateral,” Balan goes on. “By doing that, we were able to reduce the importance of the borrower’s experience by reducing the SBA’s exposure.”

The conventional loan is fixed for 10 years with amortization over 20 years. The LTV is 60 percent. The SBA loan is fixed for 20 years with amortization over 20 years. The LTV of the SBA loan is 85 percent

  “We were able to get the conventional loan done with a very short term remaining on the tenant’s lease,” Balan adds.

“It’s an ideal location and the buyer got a great price because he’s essentially buying at the bottom of the market. Most banks would not consider a loan on a single-tenant property with a short lease, in spite of the location or the cost basis,” concludes Balan. “I give credit to the lender for having the confidence to do that.”

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


Grocery-Anchored Power Center Commands $25 Million in Colorado Springs, CO




COLORADO SPRINGS, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Chapel Hills East (top left photo), a 178,252-square foot grocery-anchored power center in Colorado Springs, Colo. The sales price is $25,000,000.

Garrette Matlock (middle right photo), a senior vice president in the firm’s Denver office, exclusively listed the property on behalf of the owner and original developer, Woodland Paradise Corp. The buyer’s name was an institutional investor.

The property was marketed to selected qualified buyers throughout the United States and abroad. The buyer was selected from among more than a dozen offers submitted by prospective purchasers.

“Chapel Hills East is one of the best located grocery-anchored power centers in the state,” says Matlock. “Its excellent location capitalizes on Colorado Springs’ growth and serves established residential areas of northern Colorado Springs.”

The property is located one mile south of Interstate 25 at 7625 North Academy Blvd. This portion of Academy Boulevard is one of most heavily traveled thoroughfares in Colorado Springs.

Built in 1995, Chapel Hills East was 100-percent occupied at the time of the sale. Tenants include Whole Foods Market, Best Buy, DSW Shoe Warehouse, The Pep Boys, Old Navy, Office Max and Carter’s.

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

Grocery-Anchored Center in Cary, NC Sells for $14.3 Million



  

CARY, NC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Stonebridge Village (top left photo), an 85,499-square foot shopping center in Cary, a community located near Raleigh, N.C.

The sales price is $14,325,000, which represents $168 per square foot, the second-highest price per square foot achieved by similarly sized grocery-anchored shopping center transactions in North Carolina this year.

 Daniel A. “Sonny” Molloy (middle right photo), a vice president of investments in the firm’s Atlanta office represented the seller, 1st Carolina Properties.

Harris Teeter grocery-anchored centers and grocery centers in general are in extremely high demand right now,” says Molloy. “We received a lot of activity and attention during the marketing of this asset. The strong response enabled us to locate an optimal buyer who wanted to invest capital in the Research Triangle area,” adds Molloy.

“The center is particularly attractive because Harris Teeter is on a ground lease with approximately 18 years in lease term remaining,” Molloy continues. “The transaction proceeded smoothly.”

 The center is located at 3430 Ten Ten Road at the intersection of Kildaire Farm Road and Ten Ten Road, which has an average traffic count of 28,000 vehicles per day. The estimated population within a five-mile radius of the property is 154,884 residents. The local population has grown by 32 percent since 2000 and is expected to expand by another 11.93 percent during the next five years.

Stonebridge Village was built in 2007 on 11 acres. Major tenants include Allen Tate Realtors, Allstate, Chef’s Palette, Dunkin’ Donuts, Fantastic Sams, Triangle Optometry and Urgent Care of Cary.

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

Two Los Angeles County Grocery Stores Bring $6.3 Million



LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two net-leased assets in Southern California: a 25,998-square foot former Ralphs and a 52,340-square foot Albertsons (top left photo).

The properties are located in Lomita, Calif., and Downey, Calif., respectively. The former Ralph’s sold for $5.1 million, which represents $196 per square foot and the Albertson’s traded for $1,275,000 or $24 per square foot.

Alex Kozakov and Patrick Wade, senior associates in Marcus & Millichap’s Los Angeles office, represented the seller and the buyer of the former Ralphs supermarket.

In a separate transaction, Marcus & Millichap also represented the seller of the Albertsons grocery store. The former Ralphs was sold to a private REIT by two family trusts. Kozakov and Wade also negotiated the sale of the Albertsons in Downey to a local 1031-exchange buyer. The seller was a prominent Southern California-based developer.

“Our strategic, multifaceted national marketing campaign targeted developers, retailers, brokers and investors and produced multiple offers for the former Ralphs,” says Kozakov. “We sourced an all-cash buyer, closed in 30 days with a 21-day due diligence period and delivered the store vacant.”


“The Albertsons sale involved a complex leasehold interest component and a challenging CMBS loan assumption process,” adds Kozakov.

The former Ralphs supermarket is located at the signalized intersection of Western Avenue and Lomita Boulevard at 24911 Western Ave. in Lomita. A grocery store has occupied the site since 1958. The Ralphs lease expired earlier this month without options to renew. The property is in good overall condition with ample parking in front and multiple ingress and egress points.

The Albertsons grocery store is located at 7676 Firestone Blvd. in Downey. The property has almost 20 years remaining in its initial term lease with five five-year options to renew. There are 10 percent rental increases for Albertsons every five years during the initial term and options periods. The lease is absolute triple net.

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

Marcus & Millichap Capital Refinances Southern California Asset for $4.8 Million



SOLANA BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $4.8 million in refinancing for a 32-unit multifamily property in Solana Beach.

Chad O’Connor (top right photo), a senior director in the firm’s San Diego office, arranged the financing.

“MMCC secured a 120-day rate lock for the borrower on this transaction at no additional cost,” says O’Connor.

“By lengthening the rate lock period, the borrower was able to extend the previous loan to a point where the existing prepay burned off while protected from potential interest rate increases. Most lenders are willing to offer a 60- to 90-day rate lock guarantee only,” adds O’Connor.



The 30-year loan, amortized over 30 years, has a fixed interest rate of 4.5 percent. The LTV is 65 percent.

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

Laurie A. ‘L.A.’ Drinkwater and Seth Richards Close $9.7 Million in Transactions in Less than Eight Weeks


 NEW HAVEN, CT– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that Laurie A. “L.A” Drinkwater (top right photo), a senior associate in the firm’s New Haven, Conn. office, and Seth Richards (top left photo), a senior associate in the Manhattan office, closed $9,765,000 in transactions together during a seven-week period, according to J.D. Parker (lower right photo), vice president and regional manager of Marcus & Millichap’s Manhattan and New Haven offices.

 “Laurie and Seth’s commitment to the highest level of customer service resulted in a successful July and August for several clients who elected to remain focused on the commercial real estate investment market with them this summer,” says Parker. “During a time when many people leave town on vacation, Laurie and Seth stayed in close contact with their clients and completed five retail closings and one multifamily transaction.”

 The transactions are:

  • Sunoco, 2,700 square feet, Glastonbury, Conn., $1,500,000
  • A vacant single-tenant space, 12,000 square feet, Greenfield, Mass., $1,600,000
  • A vacant retail space, 2,735 square feet, Warwick, R.I., $1,875,000
  • Pond View Apartments, 56 units, Plainfield, Conn., $1,534,000
  • A net-leased service station, 12,000 square feet, Colchester, Conn., $1,606,060
  • An auto center, 12,000 square feet, North Smithfield, R.I., $ 1,650,000

 “Taking advantage of high-probability investment opportunities on behalf of clients is a big part of what we do, in every season and in all markets,” says Drinkwater. “For example, the rise in energy prices created opportunities for investors interested in auto- and gasoline-related retail properties. Gasoline stations have benefited from higher energy prices, posting year-over-year sales growth of 22 percent, the highest among all retail sectors,” adds Drinkwater.

 “We were able find opportunities for investors interested in auto-related commercial properties and for our single-tenant and multifamily clients by remaining focused on their investment goals,” says Richards.

Todd Tremblay, in the firm’s Boston office assisted in representing the seller in the Greenfield, Mass., transaction and Margaret Huelskamp in Providence, R.I., and Steven Siegel in Marcus & Millichap’s Manhattan office assisted in representing the seller in the North Smithfield, R.I., transaction.

Laurie “L.A.” Drinkwater is a licensed real estate broker in Connecticut, Massachusetts and Rhode Island.

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

Marcus & Millichap Names Bryn D. Merrey Regional Manager of the Year



 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has awarded Bryn D. Merrey (top right photo) with the firm’s Regional Manager of the Year designation for 2010. Merrey is a vice president and the regional manager of the Tampa, Fla. office.

The Regional Manager of the Year honor is given to regional managers who have demonstrated superior commitment, skills and results in their responsibilities of providing a high level of service to clients and who have provided the firm’s real estate investment professionals with an environment that supports their success and professional fulfillment, according to John J. Kerin (middle left photo), president and chief executive officer.

 “Bryn is being acknowledged for what he has accomplished within the four walls of the Tampa office and for his leadership in national projects,” says Kerin. “He is committed to his own self development and to the development of others.”

Merrey began his career with Marcus & Millichap in June 2004 as an agent in the Miami office, working in the office and retail product sectors. He achieved associate agent status in April 2005 and earned two sales recognition awards.

During his sales career, he has closed more than $125 million in real estate transactions. Merrey became sales manager of the Miami office in January 2007 and in June 2008, he was promoted to regional manager of the Orlando, Fla. office. He has been the regional manager of the Tampa office since January 2009.

Prior to joining Marcus & Millichap, Merrey opened and operated several different businesses, including a mortgage services firm. He received his Bachelor of Science degree in business administration with a concentration in finance from Babson College in Massachusetts.

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

M West Holdings Signs Major Tenant in Tampa, FL


SHERMAN OAKS, CA /PRNewswire/ -- M West Holdings is pleased to announce that Pivot Education, Inc. has signed a 10-year lease for approximately 13,000 square feet at 3020 Falkenburg Road, a 27,000 square foot office flex-industrial building located in the First Park development, part of the I-75 Submarket in Tampa, FL.

 "M West is pleased to welcome Pivot Education" said Karl Slovin (top right photo), President of M West Holdings. "We are confident that they will find the property to be ideally located and perfectly positioned to meet the needs of their new charter school and we look forward to working with them for many years to come."

 Pivot, which is part of the DeVry University family will establish its newest charter school location and occupy 50% the property by the third quarter of 2011. 

M West is the real estate asset manager for the building which has worked closely with the administration of Hillsborough County and directed the contractor and the leasing teams from Bishop & Associates, Inc and Steckroth Hospitality Group, Inc. to complete this transaction with remarkable speed and precision.

M West's Asset Manager Andrew Paulson (lower right photo)commented, "We are proud to announce this significant transaction that brings together a national education corporation, Pivot, and our outstanding property. Due to the team's expertise and dedication to excellence, the complicated build out was executed and delivered in a little over one month, allowing Pivot to open for fall classes on time."

M West Holdings, LLC is a fully integrated investment and management firm that owns and manages real estate in New York City, California, Texas and Florida. 

Founded in New York City in 1991 by father and son team, Bruce (top left photo) and Karl Slovin, the firm's portfolio includes office, MOB, industrial, multi-family, retail and other properties nationwide.

 Information regarding M West can be found online at www.mwestholdings.com

.CONTACT: Ashly Sells, 818-501-5600 x 107, asells@mwestholdings.com



InSite Group and The Carlyle Group Acquire Continental Bayside Hotel in Downtown Miami

  

WESTON, FL /PRNewswire/ -- A joint venture between Weston, Florida-based InSite Group and affiliates of Washington, DC-based The Carlyle Group has acquired the 243-room Continental Bayside Hotel (top left photo) in Downtown Miami.

The hotel is situated on Biscayne Boulevard across from the Port of Miami, Bayside Shops and Restaurants, and the American Airlines Arena (home of the NBA's Miami Heat). The surrounding area contains more than 16 million square feet of office space, state and federal court houses, and multiple world-class cultural and arts venues. 

"This acquisition presented the opportunity for us to acquire an underutilized hotel within the highly sought-after downtown Miami market," said Ben Shmul, President and CEO of InSite Group. "We are excited about the repositioning and look forward to enhancing the property's long-term value." 

The hotel is scheduled to undergo a full renovation and repositioning, re-launching in Q4 2012. The renovation plans include upgrades to guestrooms, public spaces and the hotel's fa├žade. A new food and beverage concept will re-energize the lobby and the hotel, providing new venues in the pedestrian-friendly Biscayne Boulevard and Bayside area. The hotel will continue to operate during the phased renovation with minimal impact on guests.

"This marks our seventh hotel investment in the Miami/Fort Lauderdale area," said Thad Paul (lower right photo) Principal of The Carlyle Group.  "We continue to be impressed with the performance of the lodging market there, with strong demand from the metro's 17,000 new jobs, international travel and business, and the ports." 

CONTACT: Mina Doblmeier, +1-954-358-6800 x 121, for InSite Group

Atlantic | Pacific Companies Announces New Class-A Family Development Project in Port St. Lucie, FL


 MIAMI, FL – Atlantic | Pacific Development (A|P Development), the development subsidiary of Atlantic | Pacific Companies (A|P), announced the acquisition of 21.1 acres at Tradition in Port St. Lucie, Florida.  A|P’s future plans are to develop a Class-A Multi-Family apartment community.

The preliminary site plan for Grande Palms at Tradition will include 252 Class-A Multi-family units which will be a mix of one, two and three bedroom floor plans. The town of Tradition is a live, work, play environment that promotes an active lifestyle.

 Tradition evokes a conventional small town appeal with advanced amenities. It has various neighborhoods that surround a central retail district with shopping, dining, and entertainment. Tradition Square, the town center, is the heart of the community. It offers a variety entertainment including concerts, festivals, and many other events & activities.

The project will be an addition to A|P’s growing presence in the area. Nearby, Atlantic | Pacific Management (A|P Management), the property management and leasing subsidiary under A|P, is currently managing the Stuart Commons office building which operates as a Crexent Business Center.

 “The long term growth prospects for the Tradition Community are extraordinary.  The Torrey Pines Institute for Molecular Studies, the Vaccine and Gene Therapy Institute Florida, Mann Research Center and Martin Memorial Health Systems present significant demand generators supporting the development of new Class-A Multi-Family apartment communities,” says Randy Weisburd (top right photo), COO of Atlantic | Pacific Companies.

 For more information, please contact Randy Weisburd at rweisburd@apmanagement.net
. and visit  www.apmanagement.net

 Contact: Jessica Wade Pfeffer, President, Jessica Wade Inc., Publicity, Marketing & Partnerships, 7100 Biscayne Blvd., Suite 305A | Miami, FL 33138
Cell +1.305.804.8424 | Blackberry Pin 32EC7AE1


Johns Lake Point Starts Construction of 4,000-SF Community Facility in Winter Garden, FL

    

ORLANDO, FL --- Johns Lake Point (top left rendering), the luxury community located off Avalon Blvd. in Winter Garden, has started construction of a new 4,000 square foot community center that will include a junior Olympic size swimming pool, two tennis courts, fitness center, catering kitchen and a gathering area, along with a children’s playground.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty in Orlando, said the facility will open next April.

 Stirling Sotheby’s International Realty was appointed exclusive sales and marketing broker for nine new homes at Johns Lake Point earlier this year and the company’s associates team of Jennifer and Luis Gonzalez (middle right photo) are representing the developer at Johns Lake Point.

Altogether, 323 new homes are planned at Johns Lake Point in three distinct villages with 50-, 75 and 85 foot home sites.

Soderstrom said six of the nine ready-to-move-in homes at Johns Lake Point have sold and three remaining ready-to-move-in homes range in price from $299,990 to $424,990.

“All of the homes include custom upgrade finishes,” Soderstrom said.

The homebuilder’s custom model home, which is priced at $424,990, includes over $200,000 in upgrades and features 3,743 square feet of luxury living space with five bedrooms, five-and-one-half baths, and game and media rooms. The home is complete with a screen enclosed swimming pool with brick paver patio and brick paver driveway, Soderstrom added.

Media contact information:
Jennifer Gonzalez, Sales Executive, The Gonzalez Team, Stirling Sotheby’s International Realty  407-333-1900 or 321-377 3325 or the gonzalezteam@stirlingsir.com
. Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   Lvershelco@aol.com
.   

Winston-James Development Signs Lease for Tenant Expanding Facilities at Beville Road Business Park in South Daytona, FL



SOUTH DAYTONA, Fla. --- Daytona Twin-Tec, which manufactures high performance components for motorcycles and racing cars, has expanded its facilities at Beville Road Business Park, located on Beville Road at SR 5A in South Daytona.

 Winston Schwartz, (top right photo) president of Winston-James Development, which is developing Beville Road Business Park, said Daytona Twin-Tec recently renegotiated its lease at Beville Rd. Business Park for 3,150 square feet of industrial space.

 The firm formerly leased 2,100 square feet of space Beville Road Business Park, Schwartz said.

For more information, contact:
Winston Schwartz, President, Winston-James Development, Inc 933 Beville Rd., South Daytona, Fla. 32119; 386-760-2555
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com   



NAI Realvest Negotiates Lease Renewal at Northpoint Center I in Lake Mary, FL


 ORLANDO, FL. – NAI Realvest recently negotiated a three-year lease renewal for 3,393 square feet of office space at 1025 Greenwood Lakes Blvd. in Lake Mary. 

 Tom Kelley (top right photo) CCIM, a principal in the firm negotiated the transaction on behalf of the tenant, Koos Technical Services, Inc. (KTS) who specializes in product development for wireless services.   Kelley also represented KTS for its initial lease at Northpoint five years ago.

 The landlord, Orlando-based North Point Limited Partnership No. I, was represented by Tim Perry of Duke Realty.

  For more information, contact:
Tom Kelley CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com 
Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 


 NAI Realvest negotiates three leases totaling 13,320 SF at three industrial centers in Orlando, FL

 ORLANDO, FL – NAI Realvest recently negotiated three leases totaling 13,320 square feet at three Orlando industrial centers.

 NAI Realvest principal Michael Heidrich (middle left  photo) negotiated a new 37-month lease agreement with Luis Flooring Corporation of Sanford for 3,000 square feet at 5032 Forsyth Commerce Rd., Suite 1.  Heidrich represented the landlord, Forsyth Central Commerce Park, LLC.  

 Heidrich also negotiated new lease for 2,000 square feet at Hanging Moss CommerCenter, 6112 Hanging Moss Rd.  Orlando based Carroll Bradford Land Management Group, Inc. leased Suite 420 at the center for 26 months and was represented in the transaction by Danny Rice of Colliers International.

 Heidrich negotiated a renewal agreement on behalf of  landlord Parkline Properties, LLC of Columbus, Ohio with Duane Norman Aviation, Inc. the Orlando-based tenant who renewed its lease of 8,320 square feet for another  38 months in Units 4 and 5 at 8350 Parkline Blvd.

For more information, contact:
Michael Heidrich, Principal NAI Realvest, 407-875-9989,  mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989,  pmahoney@realvest.com 
Beth Payan, Larry Vershel Communications, 407-644-4142,  lvershelco@aol.com