Tuesday, April 10, 2012
ORLANDO, FL (April 10, 2012) – Smith Equities Real Estate Investment Advisors closed on a 356 unit multifamily portfolio located in Pensacola Florida in less than 3 weeks. The seller, Wellington Arms Properties had foreclosed on the properties in 2009.
Gerald Smith (top right photo) and Geoff Harlan (top left photo), both of Smith Equities Real Estate Investment Advisors, listed and brokered the sale of the 356-unit portfolio. The six property Pensacola portfolio consists of 18-unit to 132-unit properties and was 81% occupied at the time of closing.
The portfolio was purchased in cash for $4.5 million or an average of $12,640 per unit.
“Having the technology to assess the market conditions and provide timely market data to potential buyers is the key to successfully marketing and closing transactions” says Gerald Smith, Senior Investment Advisor for Smith Equities.
“As a boutique brokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset. In this case, based on the seller’s time constraints, we were able to contact suitable buyers, evaluate offers, go to contract and close the transaction within three weeks”, said Smith.
The buyer was Amvestar Capital, LLC and was represented by Clint Hale of Just Multifamily based in Jacksonville, Florida. “We are excited about this purchase and are pleased to be expanding into the Pensacola market. This portfolio fit our criteria, and we hope to find many more like it” says Charlie Beard, Chief Operating Officer & General Counsel for Amvestar.
Apartment Name Address City State Built Qty
Aspen Village, 1460 E. Johnson Ave., Pensacola FL, 1983, 40
Crow Road, 270 North Crow Road, Pensacola FL, 1983, 36
Dogwood Place, 1665 Dogwood Pl, Pensacola FL, 1974, 96
Guidy Lane, 10163 Guidy Lane, Pensacola FL, 1985 , 18
Myrtle Grove Villas, 5398 Lillian Hwy, Pensacola FL,1983, 34
Wellington Arms, 100 Redwood Cir, Pensacola FL, 1970, 132
Portfolio Total 356
Robert E. Smith, CCIM
Smith Equities Real Estate Investment Advisors
350 East Pine St
Orlando, FL 32801
Tel: (407) 422-0704 X 101
Fax: (407) 422-0705
The 12 assets sold include five assets in Richmond, four assets in Memphis, and three assets in Jackson.
The closings occurred in different phases throughout the first quarter of 2012 and generated total net proceeds to Parkway of approximately $88.1 million. The sold properties total 1.5 million square feet and were a combined 79.5% occupied as of January 1, 2012.
The three remaining assets that were part of the Non-Core Portfolio sale that have not yet closed are The Pinnacle at Jackson Place (top left photo) ("The Pinnacle"), Parking at Jackson Place (middle right photo), and 111 Capitol Building (middle left photo), all located in Jackson.
The Pinnacle and Parking at Jackson Place are expected to close during the second quarter of 2012, subject to the buyer's successful assumption of the existing mortgage loan and customary closing conditions. The contract to sell 111 Capitol Building has expired without a sale.
Parkway has now completed its exit from Richmond and only has one remaining asset in Memphis, the Morgan Keegan Tower totaling 337,000 square feet located in the Memphis central business district.
Once the sale of The Pinnacle and Parking at Jackson Place is complete, Parkway will have two remaining assets in Jackson - City Centre (lower right photo), a 267,000 square foot office property, and 111 Capitol Building, a 187,000 square foot office property, both located in the Jackson central business district. Parkway will continue to pursue a sale of these remaining assets in Jackson and Memphis.
All of the Non-Core Portfolio assets sold to-date were unencumbered with debt at closing, with the exception of River Oaks Place and the UBS Building in Jackson, which were owned in a joint venture in which Parkway had a 20% ownership share. Parkway's share of the debt in that joint venture was $2.4 million. The Pinnacle currently serves as collateral for a $29.5 million mortgage loan.
James R. Heistand,
President and Chief Executive Officer
Richard G. Hickson IV
Chief Financial Officer
Web Site: http://www.pky.com/
Anaheim, CA, April 10, 2012 - The Carson Companies of Newport Beach, Calif. has leased a 128,372 square foot class “A” distribution building (top left photo) to A&R Wholesale Distributors who will move from east Anaheim to the new facility on Penhall Way in Anaheim. The six-year lease had a total consideration in excess of $4.5 million.
A&R Wholesale distributes food and snack products to school districts. The class “A” industrial building included 30 foot minimum ceilings, ESFR sprinkler system, and multiple dock high positions.
The Carson Companies was represented by Clyde Stauff (lower right photo) and Steve Calhoun of Colliers International, and the tenant was represented by Jeff Mitchell, senior vice president of Voit Real Estate Services.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
UNIONDALE, NY (April 10, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender originating on a national basis, has expanded its multifamily loan origination capabilities again with the appointment of two experienced originators in the company’s Philadelphia, PA, and Birmingham, AL, offices.
Phillip Gause (top right photo) was appointed as Director in Arbor’s Philadelphia, PA, office, while Vincent Langan (middle left photo) was appointed as Director in the company’s Birmingham, AL, office.
Both are responsible for originating loans nationwide using Arbor’s complete multifamily product portfolio with a special focus on Fannie Mae DUS®, Federal Housing Administration (FHA) and bridge loan transactions. They report to Ken Fazio (middle right photo), Senior Vice President, National Production Manager.
Mr. Gause has eight years of diversified experience in the commercial real estate finance business. Prior to joining Arbor, Mr. Gause was a Client Manager with J.P. Morgan Chase Bank.
While with J.P. Morgan Chase, Mr. Gause was responsible for creating and maintaining long-term sponsor-based commercial real estate lending relationships within the Philadelphia area with a specific focus on multifamily and mixed-use assets.
Previous to that role, Mr. Gause began his professional career with Washington Mutual Bank, starting as a Loan Consultant before rapidly rising to the level of a Senior Loan Consultant originating financing through Fannie Mae DUS®, CMBS and portfolio product lines across several asset classes within the Northeast region.
Mr. Gause received his Bachelor of Science degree in Business from the University of Minnesota’s Curtis L. Carlson School of Management. He resides in Philadelphia, PA.
Mr. Langan has a decade of diversified experience in the commercial real estate business. Prior to joining Arbor, Mr. Langan was Assistant Vice President of Beech Street Capital’s loan origination office in Birmingham. At Beech Street Capital, Mr. Langan focused on the origination of debt for multifamily properties, manufactured home communities, self storage facilities and office and retail properties.
Previous to that role, Mr. Langan’s expertise in loan structuring, underwriting, valuation as well as investment and finance analytics was evidenced through his seven years with GMAC Commercial Mortgage, Capmark Finance and Berkadia Commercial Mortgage.
Mr. Langan received his Master of Arts degree in Economics from the University of Alabama, where he also received his Bachelor of Arts degree in Finance. He resides in Birmingham, AL.
Contact: Christopher Ostrowski, email@example.com
ORLANDO, FL, April 10, 3011 -- EnTrust Realty Advisors is pleased to offer investors the opportunity to acquire two adjacent office properties totaling 105,457 SF with investment grade tenancy (State Farm Insurance & Siemens Corporation) within Orlando's Central Florida Research Corridor.
- 55,215 SF, 100% leased to Siemens (S&P rated A+) through June 2018
- 50,242 SF, 80% leased to State Farm (S&P rated AA) through April 2016
- Concourse at Quadrangle (top left photo), a 472-acre office park and adjacent to University of Central Florida and the 1,027-acre Central Florida Research Park, the U.S's 7th largest R&D park
For more information, please contact:
James I. Clark III
Scott D. Latter
http://www.entrustrealty.net/ | An Affiliate of TheAlterGroup
Maitland, FL. – NAI Realvest recently negotiated a lease renewal for 8,463 square feet of industrial space at 290 Springview Commerce Drive, Suite 2 in Springview CommerCenter (top left photo) in DeBary, FL.
Michael Heidrich, a principal of the firm, brokered the transaction representing the landlord Springview CommerceCenter LLC of Maitland and the tenant, Jack White Apparel, Inc.
Springview CommerCenter is located in the Springview Industrial Park off Shell Road.
For more information, please contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest 407-875-9989 email@example.com
Beth Payan or Larry Vershel, LV Communications, 407-644-4142 Lvershelco@aol.com