Thursday, October 27, 2011
ATLANTA, GA– Miller Gallman, the developer of Castleberry Point, located in historic Castleberry Hill, has drastically reduced pricing on studios, one- and two-bedroom homes in order to sell out by the end of 2011.
The mixed-use, flat-iron development combines the best of urban design with the neighborhood’s historic industrial character in a bustling community of art galleries, restaurants and shops.
“Our new pricing makes living in this vibrant arts district more accessible to potential homebuyers,” says Miller Gallman developer Jerry Miller (lower right photo). “The value now available at Castleberry Point sets a precedent for new construction homes in this sought-after downtown neighborhood.”
Wells Fargo had the opportunity to take over the property, but knew Miller Gallman’s long-time connection to the neighborhood and to these condos, made the developer best suited to close out sales of these homes. Wells Fargo has accepted Miller Gallman’s counsel to increase velocity by finding the bottom of the market.
When the mixed-use development at the gateway to Castleberry Hill first broke ground in 2006, pricing ranged from $160s to the $700s. Today, new pricing finds one remaining studio priced at $68,900, one-bedroom homes beginning at $100,900 and two-bedroom homes beginning at $155,900, with FHA financing and down payment assistance available.
For more information about Castleberry Point Condominiums, contact Mike or LaCressa in the sales center at 404-688-9900 or visit http://www.castleberrypoint.com/.
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Liz Lapidus Public Relations
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Monthly asking rental rates for general industrial and incubator space increased $0.09 and $0.11 to $4.35 and $6.51 per square foot, respectively. Rental rates for R&D/flex and warehouse/distribution space decreased $0.05 and $0.01 to $7.90 and $3.90 per square foot, respectively.
Construction activity remains low with just over 1.7 million square feet currently in progress. Key transactions of the third quarter include Molto Capital LLC’s purchase of 3451 S Chicago Street in Joliet, Ill. for $18.2 million, and Electrolux’s lease totaling 495,000 square feet of space at 801 NW Midpoint Road in Minooka, Ill.
Analysis and Forecast: Industrial activity gained momentum in the third quarter, as manufacturers and warehouse users absorbed more than 2.5 million square feet of space.
Leasing activity remained strong this quarter, as rents for large deals totaling 200,000+ square feet ranged between $1.75 and $2.80 per square foot, a significant discount from pre-recession levels when rents averaged $3.72 per square foot.
Although the Great Recession has ended, low consumer confidence and an elevated jobless rate continue to plague the nation. In the Chicago metro area, the unemployment rate increased to 10.4 percent, up 70 basis points since July 2010.
Despite continued economic woes, the Chicago industrial market’s overall activity remains buoyant and should stay positive throughout the remainder of 2011. Intermodal development growth is expected to increase demand for rail-accessible warehouse properties in Will County, while continued demand for freezer and cold storage space prevails in the South Cook and Chicago City markets. Lease rates should remain flat through the end of the year.
To access the full Chicago Metro Trends reports and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.
Senior Director, Communications
Grubb & Ellis Company
Park Trails Apartments, Wauconda, IL (top left photo) – This 84-unit complex received $4,350,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Stave and Francis Apartments, Chicago, IL (top right photo) – This 21-unit complex received $1,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
East Village Apartments, New York, NY (middle left photo) – This 49-unit complex received $3,850,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule.
Holland House Apartments, Utica, NY (middle right photo) – This 47-unit complex received $1,300,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Bentwood Apartments, Lubbock, TX (lower left photo) – This 216-unit complex received $6,700,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
Horizon Park Apartments, Nashville, TN – This 222-unit complex received $6,500,000 funded under the Fannie Mae DUS® product line. The 10-year refinance loan amortizes on a 30-year schedule.
Charleston Place Apartments, Jacksonville, NC – This 120-unit complex received $6,275,000 funded under the Fannie Mae DUS® Military Housing (83% concentration) product line. The 10-year refinance loan amortizes on a 30-year schedule.
Palms Patio, San Diego, CA – This 32-unit complex received $2,300,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
·9th Avenue Apartments, Greeley, CO – This 40-unit complex received $1,503,900 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
All of the loans were originated by Stephen York (bottom right photo), Director, in Arbor’s full-service New York City office.
“With all but one of these transactions refinances, we continue to see especially strong refinance demand and opportunity for borrowers in the market as interest rates continue to remain at historic lows,” York said. “These deals also demonstrate Arbor’s unique ability to finance all types of multifamily properties within every region of the U.S., regardless of loan size, which is a claim that many other competing lenders cannot make.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
BETHESDA, MD, Oct. 27, 2011 – Beech Street Capital, LLC announced today that it has provided a $4.4 million Fannie Mae Conventional loan for the acquisition of Governor’s Place Apartments (top left photo), a 190-unit multifamily community in Augusta, Georgia.
The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street’s Birmingham, Alabama office.
“The Beech Street team delivered on all accounts, from application to close,” commented the borrower, John Mejia (middle right photo), Managing Partner of Providence Investments. “They were always diligent and available every inch of the way.”
Beech Street also received praise from the investment sales broker, Walter Miller (lower left photo) of Brown Realty Advisors, “Our experience with Beech Street was exceptional. The process was seamless, timely, and the communication with all parties was outstanding. The lender involvement in the transaction was one of the most satisfactory in my career.”
Governor’s Place Apartments is located in close proximity to the Augusta commercial business district and to the Augusta National Golf Club, one of the top golf courses in the world.
“This transaction demonstrates Beech Street’s expertise in offering the best structure for multifamily acquisitions,” says Chad Thomas Hagwood. “It also shows our commitment to the southeast market, not just in the major tier cities, but also in smaller areas within the region.”
Built in 1971, the property consists of 20 garden-style residential buildings on an over eight-acre site. Amenities include patios and decks, an outdoor pool with a clubhouse, and a playground area. The fixed-rate loan has a seven-year term with one year interest-only, and 6.5 year yield maintenance payable on a 30-year amortization schedule.
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MIAMI, FL -- Some 10 months after seizing control of the luxury South Of Fifth condo project through foreclosure, the new owner of the Miami Beach development has changed the name, retrofitted the floor plans, and introduced a revised pricing schedule starting below $1,400 per square foot, according to a new report from CondoVultures.com.
As the winter tourism season nears, the newly renamed Ocean House is preparing to launch condo sales on 26 residential units in the multibuilding complex on the beach side of Ocean Drive in the trendy South Beach neighborhood, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.
Developed in 2009, the Ocean House condo project is located steps from the popular Nikki Beach Miami lounge, Prime One Twelve steak house (bottom left photo), and the Hilton Bentley South Beach Hotel.
CondoVultures.com is scheduled to profile new unit sales by project in the third quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Oct. 20, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com.
ATLANTA, GA -- Engler Financial Group is pleased to offer for sale Alexan Town Brookhaven (top left photo), a "Best in Class" Core investment opportunity located in Atlanta’s newest and most desirable mixed-use community - Town Brookhaven.
This 287 unit Class "AA" asset is being offered for sale "free and clear" of existing financing, allowing buyers the opportunity to take advantage of historically low interest rates.
The high quality construction of the units at Alexan Town Brookhaven is similar to an upscale single-family home or condominium. All buildings are controlled-access entry with elevators and air-conditioned interior hallways.
For complete details and a copy of the company’s news release, please contact:
(678) 992-2000, ext. 1
Senior Vice President
(678) 992-2000, ext. 2
(678) 992-2000, ext. 4
CORAL SPRINGS, FL, Oct. 27, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Brookside Square (top left photo), a 21,200-square foot Publix-shadow anchored shopping center located in Coral Springs, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $2,425,000.
Barry M. Wolfe (lower right photo), a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Wolfe.
“The property is located along a heavily traveled corridor and is in the heart of one of South Florida's best neighborhood communities. As a result, the buyer should be able to achieve success leasing the vacant units in a reasonable time frame thereby achieving significant sweat equity and subsequently achieving a double digit return,” says Wolfe.
Brookside Square is located at 10611 Wiles Road. The property is beautifully maintained and situated in a strong demographic area that is shadow anchored by two of the nation's most well respected and successful retailers - Publix and CVS.
Press Contact: Gregory Matus, Regional Manager / Vice President, Ft. Lauderdale, (954) 245-3400
The property is located just minutes from restaurants, shopping, entertainment in downtown Athens and the University of Georgia. “This is a very attractive property,” comments Chad Thomas Hagwood (lower right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office and originator of the transaction. “At Beech Street, we welcome opportunities in areas outside major tier cities.”
The fixed-rate conventional loan has a 10-year term and a 30-year amortization schedule.
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American Institute, an education company focused on healthcare career training, signed a three-year lease for 2,156 square feet. There was no outside broker.
“This Class A building is designed to accommodate ‘high tech’ users,” said Dixon. “At Lincoln, we are pleased to secure ideal tenants for our client in such a challenging economic climate.”
Located southwest of Orlando in Celebration, Fla., 215 Celebration is near I-4 and the Central Florida Greenway. Lincoln leases and manages the building.