Thursday, December 15, 2011
Marcus & Millichap Sells Bank of America at Grove East Building in Fort Lauderdale, FL for $5.35 Million
FT LAUDERDALE, FL, December 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Bank of America at Grove East (top left photo), a 32,688-square foot, Class-B office building located in the Plantation submarket of Ft Lauderdale, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.
The asset commanded a sales price of $5,350,000 representing $164 per square foot.
Douglas K. Mandel (middle right photo), a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, and Benjamin Silver (lower left photo), an Associate in the firm’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Coral Gables, Fla. The buyer, an investment fund from Austin, TX, was also secured and represented by Mandel and Silver.
The property is 100 percent occupied by two tenants: Bank of America who has seven years left on their lease and Chrysalis Health who is signing a new 16-year master lease at closing for the entire building. Bank of America will become their subtenant.
The property is the corporate headquarters for Chrysalis Health, a fast growing healthcare company specializing in mental health services with over seven locations in the tri-county area and over 400 employees.
“This opportunity will provide an investor long term stable cash flow with annual escalation and little to no management requirements. The property’s location on West Broward Boulevard, just east of State Road 441 and the Florida Turnpike is very favorable for its accessibility to the Miami-Dade, Broward and West Palm Beach markets,” says Mandel.
The property is located at 3800 W Broward Boulevard in Ft Lauderdale, Fla.
Regional Manager / Vice President, Ft. Lauderdale
WAXHAW, NC /PRNewswire/ -- Andwell Partners has purchased Longview Realty and all related properties in Longview, Charlotte's only gated golf course community.
Bruce Anderson and Pat Welsh are the principals of Andwell Partners and, along with Mel Graham, they are among the original development partners of The Club at Longview (top left photo).
Longview and its preferred builders have sold more than $24 million in homes and property in 2011. With the transition in ownership, the company changed its name to Longview Properties LLC and recruited a new sales team to renew focus on the array of opportunities in Longview.
Longview Properties will focus exclusively on the community of Longview and provide full real estate services for all residents. The company will also market Longview's new homes built by six of Charlotte's most well-known luxury builders - Alan Simonini Homes, Arcadia Homes, Inc., Arthur Rutenberg Homes, Custom Classics by David Weekley Homes, John Wieland Homes, and Kingswood Custom Homes, Inc.
Longview Properties named Ben Bowen (top right photo), of Ben Bowen Properties, as its director of sales and marketing.
An expert in the Charlotte luxury home and golf market, Bowen brings more than 20 years of experience to the team that also includes Craig Martin, formerly of Crescent Communities Realty, and Debbie Forbis (lower left photo), a long-time sales consultant at Longview.
"Both The Club at Longview and the available property at Longview are completely debt-free," said Bowen. "With an unparalleled lifestyle, Longview offers a stable environment for a home or club membership. There are tremendous opportunities in the community of Longview now, and we look forward to helping people capitalize on them."
The Club at Longview is the only Charlotte-area community with a 24-hour staffed gatehouse and a Jack Nicklaus Signature Golf Course. Longview offers the conveniences and amenities of south Charlotte with the benefit of Union County's lower taxes and highly rated schools. Old-world manor-style homes range from cottages to luxury estates. The Longview Properties sales office is at 8801 Longview Club Drive.
More information is available at http://www.theclubatlongview.com./
Contact: Chantal Sheaffer, +1-704-376-3434, firstname.lastname@example.org
ORLANDO, FL --- Longtime Central Florida commercial real estate executive Hal Warren (top right photo), associate partner for the Orlando based Southeast Division of Hendricks & Partners, a multi-family investment banking company, recently earned his second Master’s Degree from the University of Central Florida.
Warren’s new post-graduate degree — Professional Master of Science in Real Estate in Business Administration — is the inaugural Master of Science in Real Estate program, from the Dr. P. Phillips School of Real Estate in the College of Business.
The former Cushman & Wakefield executive is also a Certified Apartment Portfolio Supervisor (CAPS), a designation from the National Apartment Association and he currently serves on the City of Orlando’s Historical Preservation Board.
For more information, contact
Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com;
Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881 hwarren@HPAPTS.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 email@example.com.
MIAMI, FL – HFF announced today that it has closed the sale of 22 acres of land within Midtown Miami comprised of 16 acres within the 56-acre Midtown Miami development (top left photo)and the six-acre former Chiquita Banana facility bordering the development.
HFF marketed the property on behalf of the seller, Midtown Equities, LLC. Midtown Opportunities, LLC, a private investment group, acquired the land for $57.25 million in an all cash transaction.
Midtown Miami, located over the bridge from Miami Beach and close to downtown, is a 56-acre development that is currently improved with more than 110,000 square feet of retail and office space.
(Miami Midtown development photo by Miami Herald, bottom right)
Retail tenants include Sugarcane raw bar grill, Mercadito Midtown, The Cheese Course, Sustain, DogBar, BLO Blow Dry Bar and Green Monkey.
The vacant lots acquired by the buyer are defined by Northeast 36th Street to the north, Northeast 29th Street to the south, East Coast Avenue to the east and Buena Vista Avenue to the west.
The former Chiquita Banana distribution site is located on Northeast 29th Street and Northeast 2nd Avenue. Midtown Development, LLC, led by Miami-based developer Alex Vadia, will lead future development of the parcels.
The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga and director Ike Ojala (lower left photo).
Midtown Equities is a privately-held real estate investment and development company that serves as the investment platform for the Cayre family. Headquartered in New York, the firm maintains a portfolio of more than 100 properties that encompass more than 14 million square feet in the retail, office, residential, industrial and hospitality sectors.
MANUEL DE ZÁRRAGA IKE OJALA
HFF Executive Managing Director HFF Director
(305) 448-1333 (305) 448-1333
HFF Associate Director, Marketing
Vestar and Rockwood Capital Secure $50 Million for The District at Green Valley Ranch Retail Center in Las Vegas
LAS VEGAS, NV, Dec. 15, 2011 – Vestar, in a joint venture with New York-based Rockwood Capital, has originated a first mortgage for the financing for The District at Green Valley Ranch (lower left photo), a 384,107-square-foot landmark retail property located outside of Las Vegas.
The total loan consideration from Wells Fargo is $50 million at a fixed rate of 4.4 percent over five years. The joint venture originally paid $79 million cash in the October acquisition.
“We’re very bullish about value-added investment opportunities like The District at Green Valley Ranch and are aggressively seeking more properties throughout the West,” said Rick Kuhle (middle right photo), President of Vestar. “We have the ability to act very quickly paying all-cash on properties that fit our acquisition criteria.”
Phase one of The District was developed in 2004 and encompasses 212,622 square feet of retail and office space on the west side of Green Valley Parkway.
The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users.
The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park.
Phase one is 85 percent leased to several high-profile tenants including REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.
Phase two of The District was developed in 2006 and totals 171,485 square feet on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82 percent leased, anchored by Whole Foods and also including tenants such as West Elm and The Cheesecake Factory.
For more information, please visit http://www.vestar.com/.
James Vestal (lower right photo), multihousing specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of New York. The listing agent secured the buyer of the property, a limited liability company from Dunedin, Florida.
Highland Apartments was built in 1965 on approximately .31 acres. It is located at 951 Highland Avenue Northeast just minutes from beautiful Clearwater beaches. Highland Apartments is a mix of one-bedroom/one-bath and two-bedroom/one-bath units.
“This was a short sale transaction reflecting the high demand for distressed assets in the market” says Vestal. “We were able to secure a price premium with three offers above list price because of the strong Pinellas County market and long term value associated with the asset” adds Vestal.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700
MEMPHIS, TN, /PRNewswire/ -- MAA (NYSE: MAA) announced that it has completed the acquisitions of Palisades at Chenal Valley (top left photo) a 248-unit apartment community located in Little Rock, Arkansas and The River's Walk at Celebrate Virginia, a 232-unit apartment community located in Fredericksburg, Virginia.
Palisades at Chenal Valley (middle right photo) was developed in 2006 and is located within the master-planned Chenal Valley development which offers extensive outdoor recreation venues, medical and professional employment centers, upper end shopping and the area's finest golf venues.
The community offers upscale amenities including a resort-style pool with outdoor grill, a billiards room and a walking trail. Units average 1,181 square feet and include 9' ceilings, garden tubs and crown molding.
River's Walk at Celebrate Virginia, formerly The Haven at Celebrate Virginia, was developed in 2011 as the first garden-style Virginia apartment community to receive the National Association of Home Builders Green Designation. The Property is located in the 2,400-acre mixed-use Celebrate Virginia planned unit development .
Commenting on the announcement, Al Campbell (lower left photo), EVP and CFO said, "We are excited to be expanding our operations in the Northern Virginia area. This newest investment is located a short drive from several major employment centers including the GEICO Campus, the University of Mary Washington and the Mary Washington Hospital.
“Additionally, the property provides close access to the Virginia Railway Express, a commuter rail service connecting Fredericksburg, VA to Washington, D.C. Both of these high quality and stabilized acquisitions are expected to be accretive to next year's earnings and shareholder net present value."
Investor Relations of MAA, +1-901-682-6600, firstname.lastname@example.org
Web Site: http://www.maac.com
Posted by Alex at 9:27 AM
Prologis, SCE, Kimberly-Clark Announce Installation of a Major Single Rooftop Solar Power System at California Distribution Center
DENVER, ROSEMEAD, CA and DALLAS, TX, Dec. 15, 2011 /PRNewswire/ -- Prologis Inc. (NYSE: PLD), Southern California Edison (SCE) and Kimberly-Clark Corporation (NYSE: KMB) today announced that Kimberly-Clark's Redlands, Calif. distribution center has received one of the largest single rooftop solar power installations in the country.
Expanding on the 100 kilowatt solar array installed in 2009, the 4.9 megawatt (DC), or 3.5 megawatt (AC), solar installation now covers 350,000 square feet of roof space.
The renewable energy generated from this rooftop solar array will produce up to 6.6 million kilowatt-hours of clean energy per year, will offset approximately 4,500 metric tons of carbon dioxide equivalent annually, and provide enough electricity to power approximately 925 average Southern California homes a year.
Prologis owns the building, Prologis Park Redlands #5 (top left photo), and managed the construction of the solar facility. The project was designed and financed by SCE, which will own the solar installation and use the power to serve customers in the community. Kimberly-Clark is the building's sole tenant and receives power from the original 100-kilowatt solar installation.
"Kimberly-Clark's commitment to sustainability includes finding more ways to promote the use of renewable energy, including utilizing available rooftop space," said Suhas Apte (middle right photo) vice president, Global Sustainability, Kimberly-Clark.
Built in 2005, Prologis Park Redlands #5 is a 700,000-square foot facility that has been occupied by Kimberly-Clark since 2007. The company uses the distribution center to supply its full line of consumer products -- including Kleenex, Huggies, Scott, Depend and Kotex -- to retailers around the country.
Sara Klein of Prologis Inc., +1-415-680-4032, email@example.com; or
Gil Alexander of SCE, +1-626-302-2255, firstname.lastname@example.org; or
Stephanie Anderson Forest of Kimberly-Clark Corporation, +1-972-281-1389, email@example.com
Web Site: http://www.kimberly-clark.com/
MIAMI, FL -- A Delaware corporation has paid $10 million for the final 19 units of a new waterfront condo complex in the Downtown Fort Lauderdale and the Beach market, according to a new report from CondoVultures.com.
The buyer - Hemingway Landings LLC with a permanent address in Williamstown, Mass. - paid an average of $238 per square foot for more than 42,000 square feet of livable space at the in a deal that transacted on Nov. 22, 2011, according to Broward County Hemingway Landings (top left photo) records.
"As a result of this bulk deal, there are now fewer than 50 developer units that remain unsold in the Downtown Fort Lauderdale and the Beach submarket from the last South Florida real estate boom," said Peter Zalewski (bottom right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Depending upon how new unit sales go in the fourth quarter of 2011, the Downtown Fort Lauderdale and the Beach submarket could be sold out by the end of the year. If this does not happen, it is only a matter of time until the boom-era condos in the Downtown Fort Lauderdale and the Beach market are eventually sold."
As of Sept. 30, 2011, developers had sold 99 percent of the nearly 5,100 units created in the coastal Downtown Fort Lauderdale and the Beach market since 2003, according to a recent CondoVultures.com report.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
"The report's findings were based on low discount rates to artificially magnify unfunded liabilities. It is important to remember that CalPERS invests in a highly diversified portfolio that includes stocks, real estate, and other assets that have historically earned significantly higher returns than the rates assumed in the study."
The health of the CalPERS fund has improved in the last two fiscal years as noted below:
Over the past 20 years through June 30, 2011, CalPERS has earned an average annual investment return of 8.4 percent in excess of the pension fund's actuarial rate of return assumption of 7.75 percent needed to pay long-term benefits.
The Fund has achieved this rate by investing in a diversified portfolio with an acceptable level of risk. This historical average includes steep losses experienced in 2008-09.
As of the most recent fiscal year end, the Fund earned a 21.7 rate of return and gained back $60.8 billion from the recent 2009 low of $181 billion. CalPERS assets currently stand at more than $224 billion.
CalPERS has maintained good levels of funding and delivered promised benefits for 80 years. Currently we are near a 75 percent funded status, with an unfunded liability of $85-90 billion.
For every dollar paid in pension benefits over the last 20 years, the vast majority came from investments:
Investment earnings 66 cents
Employer contributions 21 cents
Member contributions 13 cents
More information on CalPERS pensions is available in our Guide to CalPERS Pension Facts.
Orlando, FL– Cushman & Wakefield of Florida, Inc. (C&W)Office Brokerage Senior Director Rick Solik, Senior Director Matthew McKeever, CCIM, SIOR, and Senior Associate Betsy Owens announced KPMG has renewed and expanded their lease in Regions Bank Tower (top left photo) located at 111 North Orange Avenue in Downtown Orlando.
Mr. Solik, Mr. McKeever and Ms. Owens negotiated the 17,440 sf, 11-year deal on behalf of the tenant. Jones Lang LaSalle represented the landlord.
KPMG is a global provider of audit, tax and accounting services.
C&W negotiates new lease for ENG Lending
Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Office Broker Joe Abascal announced, SeaBright Insurance has successfully completed a sublease agreement with ENG Lending Inc., at Colonial Center 200 at Townpark (bottom right photo) in Lake Mary, FL
With Mr. Abascal’s efforts the transaction took less than 60 days to find a suitable sub-tenant and negotiate the 3,365 sf deal on behalf of his client SeaBright Insurance Inc.
Cushman & Wakefield
800 N. Magnolia Avenue, Suite 450
Orlando, Florida 32803