Wednesday, February 22, 2012
MAITLAND, FL – NAI Realvest recently negotiated a renewal lease agreement for 12,000 square feet of industrial space 351 Central Park Drive off S.R. 46 in Sanford.
Michael Heidrich (top right photo), a principal at NAI Realvest negotiated the transaction representing the New Smyrna Beach-based Landlord SBS Property Investment, LLC.
Tenant Guardian Fueling Technologies, Inc. is a firm engaged in service station equipment repair, headquartered in Jacksonville and represented by Aaron Zarle of Grubb & Ellis/Phoenix Realty Group.
For more information, contact
Michael Heidrich, Principal, NAI Realvest, 407-875-9989, email@example.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 , firstname.lastname@example.org
Beth Payan or Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com
Faris Lee Investments Brings Together Joint Venture Partnership to Acquire $23 Million Retail Center in Santa Fee Springs, CA
IRVINE, CA, Feb. 22, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced it has brought together Anaheim-based Milan Capital Management and several other Southern California-based private investors who have formed a joint venture partnership to acquire Santa Fe Springs Promenade (top left photo).
The center, which is the area’s most dominant retail property, was sold by F.J. Hanshaw Properties for $23 million.
Dennis Vaccaro (top right photo), Rich Walter (middel left photo) and Matt Mousavi (middle right photo) of Faris Lee Investments brought together the buyers.
“Faris Lee offers specialized client representation to identify opportunities that fit well with unique investor appetites. We have had a long-time relationship with Milan Capital and were able to identify this opportunity for them to be the managing member of the partnership as well as bring together joint venture capital partners,” said Vaccaro.
The property offers access to all main highways including Telegraph Road, Orr & Day Road, and the 605 Freeway. The site also features a jumbotron sign visible from the freeway for tenant advertising.
Continuing its advisory role, Faris Lee will work with the buyer of Santa Fe Springs Promenade on executing a strategic repositioning of the property.
“Faris Lee advised the joint venture on a unique tenant repositioning opportunity to solidify both anchor and junior anchor tenant spaces, bring rents up to market rates, renegotiate upcoming lease expirations, and lease up currently vacant space,” said Walter.
“Additionally, we will work with the joint venture on recommendations for a complete remodel of the property as well as parcelizing the asset as part of a break-up exit strategy down the line.”
According to Rick Chichester (lower left photo), chief executive offer with Faris Lee Investments, over the years, Faris Lee’s deep rooted relationships with lenders, investors and the greater retail property investment community have worked together to grow Faris Lee’s investment advisory role.
“With today’s intricate and complex investment environment, and the complexities specific to retail property investments, it is critical to offer a wide range of services to our clients,” said Chichester.
“It’s not enough to offer one investment opportunity or one financing option, there must be a broad base of comprehensive, integrated services to extend to our clients to appropriately protect, enhance and create value. In this particular case, Faris Lee acted as the investment advisor to create a strategic, structured partnership, and advise on the go-forward strategies to maximize value.”
For more information, please visit www.farislee.com.
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
DALLAS, TX – HFF announced today that it has hired Rob Key (top right photo) as a director in its Dallas office.
Mr. Key will focus on multi-housing investment sales transactions in the Southwest. He has more than nine years of experience in commercial real estate investment sales and has been involved in more than $2.8 billion of real estate transactions during the course of his career.
“We view Rob as a great addition to our Dallas team,” said Andrew Levy (lower left photo), senior managing director in HFF’s Dallas office. “We have an exceptional presence in the institutional side of the multi-housing sales market and look forward to further expanding our activities in the middle-market sector.”
ANDREW S. LEVY KRISTEN M. MURPHY
HFF Senior Managing Director HFF Associate Director, Marketing
(214) 265-0880 (713) 852-3500
WASHINGTON, DC - David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA), issued the following statement regarding the Federal Housing Finance Agency's (FHFA) proposal for next steps in its conservatorship of Fannie Mae and Freddie Mac, collectively, the Government Sponsored Enterprises (GSEs):
"MBA welcomes FHFA's proposal for the next phase of the conservatorship of Fannie Mae and Freddie Mac. We have been out front on GSE reform issues, and our Council on Ensuring Mortgage Liquidity outlined many of these same types of changes in its September 2009 proposal on the future of the government's role in the secondary mortgage market.
"We greatly appreciate the constructive nature of the proposals outlined by FHFA Acting Director Ed DeMarco (lower left photo) to wind down Fannie and Freddie, only after taking steps to create a new infrastructure for the secondary mortgage market.
“Moving towards a single security, aligning servicing requirements and reducing the retained portfolios while avoiding a fire sale are all moves that we have supported. We look forward to working with policymakers, including FHFA, to refine the roles of the GSEs and to bring private capital back to the market.
"Uncertainty, wherever it exists, must be removed and a clear path forward must be laid out, in order for the housing market in this country to be strong and vibrant. This proposal that FHFA is putting forth shows a strong commitment to doing just that."
Contact: Matt Robinson, (202) 557-2727, email@example.com
ROCKLIN, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Meridian at Stanford Ranch (top left photo), a 452-unit multifamily community located within Stanford Ranch, a 3,500-acre master-planned community in Rocklin.
The sales price of $48,350,000 equates to $106,969 per unit and $120 per square foot.
Stan Jones (lower right photo), executive vice president investments, Phil Saglimbeni (middle right photo), vice president investments and Sal Saglimbeni (middle left photo), vice president investments, represented the seller, Demmon Partners. Jones,
Phil Saglimbeni and Sal Saglimbeni also represented the buyer, FPA Multifamily LLC. FPA acquired the property on behalf of its fully discretionary Apartment Opportunity Fund III, which is targeted on purchasing $900 million of multifamily properties in the western United States.
“Sophisticated private buyers and select institutions are actively seeking opportunities in the Sacramento MSA where investment yields are more favorable than the core markets of the San Francisco Bay Area and Southern California.” says Jones. “Meridian at Stanford Ranch’s investment appeal is driven by an exceptional Rocklin location and add-value opportunity through various capital improvement projects.”
“The property’s micro-location affords easy access to the area’s major employers, retail centers and a plethora of recreational options,” adds Phil Saglimbeni. “The Rocklin-Roseville submarket is considered to be among the best areas in the Sacramento MSA. The property was acquired subject to the assumption of an existing life insurance company loan,” Saglimbeni concludes.
The a 403,311-square foot community is located at 2121 Sunset Blvd., 100 miles north of San Francisco and approximately 90 miles south of the Lake Tahoe area. Downtown Sacramento is a 20-minute drive away.
Meridian at Stanford Ranch was constructed in 2000 on 28 acres. The low density, 16.14-units per acre site features dramatic elevations, wetlands and large areas of manicured open space. The complex is made up of 26 two-to-three- story wood-frame buildings with stucco exteriors. Community amenities include a resort-style pool and spa, expansive community room, fitness center and business center.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716