Monday, April 9, 2012
JACKSONVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Emerson Medical Plaza Building 2 (top left photo), a 34,000-square foot medical office building in Jacksonville.
The sales price of $13,260,000 equates to $390 per rentable square foot.
John Smelter Middle right photo), a first vice president investments and senior director of the Healthcare Real Estate Group in the San Diego office of Marcus & Millichap, represented the seller, Emerson MOB I LLC. Emerson MOB II LLC is a partnership between ABR Chesapeake III, a value-added real estate investment fund sponsored by Baltimore- based Alex Brown Realty Inc. and Health America Realty Group LLC.
Kirk Felici (lower left photo) a vice president in Marcus & Millichap’s Miami office, also provided representation. The property was acquired by HSRE – Emerson LLC.
“Emerson Medical Plaza Building 2 is the newest building located at the Emerson Medical Plaza,” says Smelter. “Emerson Medical Plaza is an outpatient satellite campus that includes an ambulatory surgery center and one other medical office building. Emerson Medical Plaza Building 2 is 100 percent leased to Shands Jacksonville Medical Center, which is affiliated with the University of Florida,” adds Smelter.
Emerson Medical Plaza Building 2 was built in 2009 on 4.41 acres. There are more than 10 years remaining on the lease. The first floor was designed and constructed for imaging services including, MRI, CT, ultrasound and fluoroscopy.
The second floor specializes in women’s health and offers an Advanced Breast Imaging Center as well as bone density, high-risk obstetrics, gynecologic cancer care, menopause care, urogynecology and gynecological ultrasound services. The third floor has been designated for cardiology and neurology services and the architectural planning process will begin in 2012.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ATLANTA, GA (April 9, 2012) – In a market featuring rock-bottom building prices and record-low interest rates, now is an ideal time for businesses to consider purchasing instead of leasing their real estate.
That was the consensus of the panelists on the most recent episode of the “Commercial Real Estate Show,” which provided an in-depth look at the factors making owner-occupied real estate a more attractive option for businesses.
Show host Michael Bull, the president and founder of Bull Realty, said the possibility of rent spikes is one reason to consider buying. “These prices are so low, it’s incredible,” he said. “With the lack of new construction [in recent years], I think we’re going to see some huge rents in about five years.”
Banks also are enthusiastic about owner-occupied real estate, noted Brant Standridge, a state president for BB&T. “It’s very, very attractive for banks,” he said. “Financing is readily available, and banks are requiring less and less equity.”
Firms that own their own buildings have a valuable tool for acquiring the funds needed to grow their operations, panelists observed.
“Businesses that are looking to expand, particularly small businesses, often use their real estate,” said Brent Baker, a managing partner with CIB Partners LLC. “It’s an attractive way to get long-term financing and to accomplish some things: expansion of marketing programs, adding equipment, any number of things they may want to do.”
Companies also can dramatically increase their wealth by buying a distressed building, occupying it and then later doing a sale-leaseback. “The sale-leaseback market and the single-tenant net lease market are as hot as firecrackers,” Bull said. “The value and the demand for these fully occupied properties are just huge.”
Possible changes in accounting rules provide yet another reason for firms to consider buying real estate. The Financial Accounting Standards Board has proposed changes that would classify leases as liabilities on balance sheets.
“What happens when your liabilities go up but your equity doesn’t change?” said Jeff Olson (top left photo), a partner with Babush, Neiman, Kornman & Johnson. “Your leverage ratios go off the charts.”
Implementation of the changes could spur some businesses to buy instead of lease their buildings. “They’ll say, ‘I’ll put the debt on my books but I’ll get the asset, and I’ll have an investment,’” Olson added. He predicted that, if passed, the new rules wouldn’t be implemented until 2014 at the earliest.
Daniel Latshaw (middle right photo), a partner with Bull Realty, said markets such as Atlanta, Phoenix and Las Vegas couldoffer particularly good opportunities for purchasing buildings. “But don’t generalize,” he cautioned listeners. “Look closely at your market or submarket.”
The next “Commercial Real Estate Show” will be available April 12 and will provide an update on the U.S. office market.
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354
FORT LAUDERDALE, FL– (April 9, 2012) Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, has been awarded two exclusive lease listings, announced Vice President Joseph Byrnes (top right photo)
Byrnes is representing Lauderdale Marketplace in the lease of 265,000-square-feet of available retail space located on the southeast corner of Oakland Park Boulevard and N. State Road 7 in Lauderdale Lakes.
Additionally, Byrnes is representing Headway Office Park in the lease of 54,912-square-feet of available office space located at 4700-4740 North State Road 7 in Lauderdale Lakes.
Byrnes currently represents more than 800,000 square feet of office, industrial and retail space. He is a retail real estate specialist in the capacity of landlord and tenant representation.
Pierson Grant Public Relations
(954) 776-1999, ext. 226
MIAMI BEACH, FL, April 9, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bentley Bay Retail Condominiums (top left photo), three vacant retail spaces totaling 8,971 rentable square feet on Miami Beach’s South Beach, according to Kirk A. Felici (middle right photo), Vice President/Regional Manager of the firm’s Miami office.
The asset commanded a sales price of $3,185,000 or $399 per square foot.
Associate Vice President Investments Kirk Olson (lower left photo) and Senior Associate Drew Kristol in the firm’s Miami office had the exclusive listing to market the REO/lender-owned property on behalf of the seller, a Sunrise, Fla based bank. The buyer, a private investor from Miami, was also secured and represented by the listing agents.
“This listing was a great opportunity for an investor looking to build-out and rent the three retail spaces for cash-flow. The Buyer, an experience local investor, was specifically attracted to the waterfront location and potential marina rights,” says Kristol.
Bentley Bay Retail Condominiums are located at 520 West Avenue overlooking Biscayne Bay on Miami Beach. The retail condominiums were built in 2004 and are situated ideally with visibility from the I-395 Bridge. Included in the offering is almost 7,000 square feet of outdoor waterfront patio space and the rights to 70 valet spaces at the Bentley Bay.
Press Contact: Ashley Steele, (954) 245-3400
Shaanxi province ,CHINA (April 10, 2012)—Starwood Hotels & Resorts Worldwide, Inc. is pleased to announce the opening of The Westin Xian (top left photo), marking the entry of the Westin brand into the Shaanxi province of China and one of the four major ancient civilizations in the world, along with Athens, Cairo and Rome.
A haven for rest and relaxation, The Westin Xian is located just steps away from the ancient city’s myriad cultural attractions, restaurants, and shops.
The Westin Xian is the first Westin in the world and the first hotel in Xian to have its own museum, paying tribute to the ancient history of China with its exceptional collection of over 2,000 artifacts.
As the city’s premier international five star hotel, The Westin Xian offers refined Chinese hospitality in a storied location, allowing guests to enjoy a refreshing and renewing travel experience.
For a complete copy of the company’s news release, please contact:
Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Glodow Nead Communications • San Francisco • New York • Singapore
O: 65.9768.6087 or 1.415.394.6500 •
FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Bill Jordan (top right photo) sales manager of its Fort Worth office, according to David Luther (middle left photo), regional manager of the office.
“Bill has extensive commercial real estate experience as an investment specialist and as a manager,” says Luther. “He will be an asset to our brokerage team, and instrumental in expanding our national market-making capabilities to clients in Fort Worth and throughout the north Texas region.”
Prior to joining Marcus & Millichap Jordan owned and operated a full-service commercial real estate company in Tarrant County, Texas. He graduated from the University of Texas of the Permian Basin with a bachelor’s degree in business administration and a focus on marketing. Jordan also has an M.B.A. from Dallas Baptist University.
Stanford W. Jones (middle right photo), an executive vice president investments of Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has ranked as one of the firm’s Top 10 agents out of more than 1,000 investment specialists nationwide.
“We are proud of Stan’s achievements, and happy to recognize him as one of the firm’s Top 10 agents nationwide,” says John Kerin. “His outstanding accomplishments in the multifamily sector and as an institutional property advisor are a testament to his superior transaction expertise and unwavering commitment to client service.”
Jones joined Marcus & Millichap in March 1980 and was promoted to executive vice president investments in January 2008. He has been a Marcus & Millichap Top Agent 19 times and the Top Agent in the firm four times. In 2011, Jones brokered transactions valued at more than $746 million.
Significant closings for Jones last year include the 438-unit Millennium Warner Center (lower left photo) in Woodland Hills, Calif., which sold for $132,850,000; Legacy Fountain Plaza (lower right photo) in San Jose, Calif., a 367-unit multifamily property that sold for $91.2 million and the $76.5 million, 612-unit apartment complex Slate Creek at Johnson Ranch located in Roseville, Calif.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Boston, MA, April 9, 2012 -- EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $940,000 for 183 Strathmore Road (top centered photo) situated in the Brighton section of Boston, Massachusetts on the Brookline line.
The mortgage financing was arranged by EagleBridge principals Brian D. Sheehan (middle right photo) and Ted M. Sidel (lower left photo) who stated that the loan was provided by a leading Massachusetts financial institution.
Mr. Sheehan and Mr. Sidel stated, “We are pleased to have been able to respond to our client’s needs within a rapid time frame by arranging 80% long term fixed rate mortgage financing with a thirty year amortization and an initial rate under 4%.”
183 Strathmore Road is a recently renovated three story brick apartment building located within the vibrant Cleveland Circle area of Brighton. Each floor contains a 1750 square foot apartment. Each apartment has four bedrooms and two baths. Stores, restaurants, transportation, and schools are within easy walking distance.
EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for industrial, office, and r & d buildings, shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.
33 Broad St.,
Boston, MA 02109