Tuesday, May 15, 2012

Marcus & Millichap Facilitates Sale of Lincoln Place Apartments for $2+ Million in Tampa, FL


TAMPA, FL, May 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lincoln Place Apartments (top left photo) a 48-unit apartment community located in Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. 

The sales price of $2,147,500 represents $55.92 per square foot.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist and Luis Baez, multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. 

The buyer, a private investor, was secured and represented by Michael Donaldson (lower left photo), a senior multifamily specialist in the firm’s Tampa office. 

Lincoln Place Apartments is located at 5702 North Lincoln Avenue.  This is a well-maintained, Class B, garden apartment community built in 1984.  The community sits on 2.10 acres and features mature landscaping and a secured entrance gate. 

 “Lincoln Place was sold at 98 percent of the asking price by a long-term, private owner/operator to an Arkansas-based private investor.  Our dynamic platform, combined with internal agent collaboration, was instrumental in sourcing the right buyer and achieving a sales price that exceeded the seller’s expectations” comments Babb

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700.                                     

Integrity Home Loan of Central Florida Names Three New Loan Officers


LAKE MARY, FL. --- Integrity Home Loan of Central Florida recently appointed three new loan officers. 

Matt Malloy, president of Integrity Home Loan of Central Florida, said Reed Laney (top right photo), Kathy Desclefs and Robert Lowrie have been named to the posts.

Laney a Mortgage Loan Originator for the Lake Mary-Heathrow branch, has more than 22 years of experience in the industry.

Desclefs who has been named Senior Loan Originator has two years of experience in the industry and is licensed in all of the states where Integrity does business.  She is working out of the firm’s Jacksonville office.  

Lowrie, named Mortgage Loan Specialist in Integrity’s Tampa office has 18 years of experience and is a long-time member of the National Mortgage Brokers Association.

For more information about this press release, contact:

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com
NMLS #- 161433

 Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

 Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

First Green Bank Eyeing Banking Locations in Downtown Orlando and Winter Park, FL

 MOUNT DORA, FL  – First Green Bank, the Mount Dora-based community bank which was recently named one of the greenest banks in America by two major U.S. banking associations, is looking for a branch bank location in downtown Orlando.

Kenneth LaRoe (lower right photo), chairman and chief executive officer of First Green Bank, said he expects to firm up a site to open a branch location in downtown Orlando by the end of this year.  

LaRoe said locations in Winter Park are being considered for another branch to follow the downtown opening.

First Green Bank also has branch offices in Clermont and recently opened Ormond Beach.

For more information about this press release, contact:  

 Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com
Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   

Q1 2012 Commercial/Multifamily Mortgage Originations Up 36 Percent from Q1 2011, Mortgage Bankers Association Reports

Washington, DC (May 15, 2012)– First quarter 2012 commercial and multifamily mortgage loan originations were 36 percent higher than during the same period last year and 12 percent lower than the fourth quarter of 2011, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. 
The decrease from fourth quarter 2011 reflects the industry’s usual push to finalize deals before the end of the year, and subsequent drop-offs in first quarter numbers.

 “Borrowing and lending on commercial and multifamily properties continues to rebound from the lows seen during the Great Recession,” said Jamie Woodwell (top right photo), MBA’s Vice President of Commercial Real Estate Research. 

 “The low interest rates and stabilization in commercial real estate fundamentals that raised origination levels by 55 percent in 2011 are continuing to buoy activity in 2012.“

 For a complete copy of the company’s news release, please contact:


Matt Robinson
(202) 557-2727

 Mortgage Bankers Association
1717 Rhode Island Avenue, NW
Washington, DC 20036
(800) 793-6222

National Retail Properties, Inc. Declares Dividend For Its 6.625% Series D Preferred Stock

ORLANDO, FL., May 15, 2012 /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 51.52778 cents per depositary share payable June 15, 2012, to shareholders of record on May 31, 2012.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2012, the company owned 1,486 properties in 47 states with a gross leasable area of approximately 17.0 million square feet.

 For more information on the company, visit www.nnnreit.com.


National Retail Properties, Inc.

Boardwalk REIT Announces Solid First Quarter Financial Results


CALGARY, ALBERTA, CANADA, May 15, 2012 /PRNewswire/ -  Boardwalk Real Estate Investment Trust ("Boardwalk", "Boardwalk REIT" or the "Trust")  ("BEI.UN" - TSX) today announced solid financial results for the three month period ended March 31, 2012.

Funds From Operations ("FFO") for the first quarter totalled $34.3
million, or $0.66 per unit on a diluted basis, compared to FFO of $28.1
million or $0.54 per unit for the same period last year, an increase of
21.8% and 22.2%, respectively.

Adjusted Funds From Operation ("AFFO") for the first quarter increased
26.1% to $0.58 per unit, compared to $0.46 per unit in the same period
last year.

For a complete copy of the company’s news release and statistics, please contact:

Investor Relations (403) 531-9255

Marcus & Millichap Capital Corp. Arranges $7.3 Million Affordable Housing Loan


BROOKLYN, N.Y. – Marcus & Millichap Capital Corporation (MMCC) has refinanced a 52-unit affordable housing project in Brooklyn for $7.3 million.

Anita Pins (top right photo), an associate director with a strong affordable housing background in MMCC’s Manhattan office, addressed the concerns of all parties in the transaction, and with Gerald Kray (middle left photo), a senior director also in the firm’s Manhattan office, identified the right capital source and arranged the financing.

“The project was built with a subsidy from the City of New York and is subject to a 30-year regulatory agreement that survives satisfaction of the city mortgage and restricts the rental of the apartments to tenants of moderate income,” says Pins.

 “The ‘blended’ rate of interest for many affordable housing projects that are financed with a combination of private market-rate financing and government subsidy is now higher than current rates, making refinancing an attractive proposition.”

 “The consistent demand for multifamily housing in New York City creates a great deal of competition within the lending community for opportunities like this,” adds Kray. “MMCC arranged long-term financing for the transaction with a great deal of flexibility and at an extremely low interest rate.”

The loan was structured with a 30-year term and amortized over 30 years with an interest rate of 3.3 percent fixed for five years. The LTV is 70 percent.

The mid-rise apartment building was built in 1998.

 Press Contact:  Stacey Corso , Marcus & Millichap Capital Corp.
(925) 953-1716

NAI Realvest Negotiates New Long Term Expansion Lease Agreement with Beall’s at Kissimmee Shopping Center in Florida


 ORLANDO, FL – NAI Realvest in Maitland recently negotiated a new expansion lease agreement with Beall’s Outlet store for 20,000 square feet of retail space at Kissimmee Shopping Center (top left photo) located off U.S. 192 at 2557 Old Vineland Road in Kissimmee.

NAI Realvest managing partner Paul P. Partyka (lower right photo) negotiated the lease expansion agreement representing the landlord KVOS, LLC of Herndon, Va.

“Beall's is expanding and relocating within the Kissimmee Shopping Center. They have had three years of consecutive growth in the center,” Partyka said.  “Combined with the lease extensions for Nike and Dollar Tree, this center has a lot of retail momentum.”

Sugar Oak Management of Herndon, Va., owns the center.

For more information,  please contact:

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142 

Faris Lee Investments Completes Sale of Three Retail Properties in Murrieta, CA,Totaling $8.4 Million in Pre-Sale / Break-Up Strategy

 IRVINE, CA, May 15, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the sales of three newly constructed single-tenant NNN leased properties within a neighborhood shopping center in Murrieta, Calif. which include Del Taco, Davita Dialysis, and Mountain View Tire and Service/Goodyear.

The sales are valued at a total of $8.4 million. 
 Donald MacLellan (middle right photo), senior managing director, and Christopher Tramontano (middle left photo) director, with Faris Lee Investments represented the seller  and developer of the properties, Newport Beach, Calif.-based Sierra Lane Partners LLC.

The transactions were part of a complicated sales strategy. First, instead of being marketed as one investment opportunity, Faris Lee advised the seller on a break-up strategy. This tactic maximized value of the properties by selling them off individually to increase the buyer pool to include smaller investors.

Second, Faris Lee began marketing the properties before they had completed construction as part of a pre-sale strategy.

“The developer of these properties wanted to garner the highest sales price on the assets, while at the same time capitalize on its investment as quickly as possible once the properties were completed,” said MacLellan.

“Faris Lee was engaged in advising the seller early in the construction phase and created a strategy to break up the land parcels so they could be sold individually, and then began marketing the properties during construction in order to close escrow as soon as possible once they completed.”

For more information, please visit www.farislee.com.

For a complete copy of the company’s news release, please contact:

 Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Audubon Cottages of the New Orleans Hotel Collection Reopens after Completing Multi-million Dollar Renovation

NEW ORLEANS, LA – May15, 2012 - The New Orleans Hotel Collection has announced the reopening and complete renewal of the famous and exclusive Audubon Cottages (top left photo), with the addition of luxury French Quarter Butler service at the property.

Guests of the seven Audubon Cottages receive a high level of unparalleled personalized service, with a dedicated, on-site “French Quarter Butler” to anticipate and cater to guests’ needs from the moment of arrival to the time of departure.

Daily assistance is provided to ensure the guest experience is enjoyable and unforgettable. Whether it’s unpacking suitcases or making dinner reservations at one of New Orleans’ best restaurants, French Quarter butlers are there to assist with creating a one-of-a-kind experience during a stay at our French Quarter Cottages.

“The Audubon Cottages have been an exclusive and unusual lodging option New Orleans for many years, and now they are better than before.

"We want to provide extraordinary experiences for our guests and are confident that our guests will recognize the added value in staying at these unique Audubon Cottages,” said Mr. Joe Jaeger (top right photo), Owner.

The Audubon Cottages are located on the Rue Dauphine in the heart of the French Quarter in New Orleans.

  For more information or hotel reservations, visit www.auduboncottages.com or call (504) 586 1516.

Marc Becker
Area Director of Marketing
(504) 527-0407

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

CarePoint Partners Moves to Miramar Park of Commerce

MIRAMAR, FL – CarePoint Partners, one of the largest and fastest-growing independent home infusion services and specialty pharmacy companies in the United States, has moved to the Miramar Park of Commerce (middle left photo).

 CarePoint Partners, which provides cost-effective care that is driven by quality, consumer service, and values that promote positive outcomes and an enhanced quality of life for those it serves, has leased 6,515 sq. ft. at 3133 Commerce Parkway in the Park. 

 “We felt like Miramar was more centrally located to better serve our customer area,” said Laura Smith of CarePoint Partners. “We picked the Miramar Park for its curbside appeal, as well as customer accessibility.”

 In 2011, a healthcare and biotech hub was created within the Park when more than 60 percent of companies that moved there were part of that industry cluster.

“At the Miramar Park of Commerce, we can accommodate the needs of these types of companies in terms of space requirements, security and easy access to major roadways,” said Andrew Ansin (top right photo), vice president of Sunbeam Properties, developer of the Miramar Park of Commerce. “We plan to grow this industry sector in the Park this year as well.”

 Representing the Park in the transaction was Maridee Bell and Ryan Goggins of Sunbeam Properties.  Representing CarePoint Partners was Gus Greer of Prudential Florida Realty.


Maridee Bell, Ryan Goggins or Andrew Ansin
10212 USA Today Way,
Miramar, FL 33025

Laura Smith,
CarePoint Partners,
3133 Commerce Parkway,
 Miramar, FL 33025,
(305) 887-9335,

Lindsey Marmorstein
Pierson Grant Public Relations
6301 NW 5th Way, Suite 2600
Fort Lauderdale, FL 33309
P:  954-776-1999, ext. 255
F: (954) 776-0290

$14 Million Lakes of Northdale Apartments Sold by IPA in Tampa, FL

TAMPA, FL, May 15, 2012 –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 Lakes of Northdale (top left photo), a 216-unit multifamily property located just north of downtown Tampa in the neighborhood of Carrollwood.

Jamie B. May (middle right photo), a senior director of IPA based in Florida, represented the seller, Sentinel Real Estate Corp. The buyer is Robbins Property Associates LLC.

  “Lakes of Northdale provides the new owner with a ‘B’ value-add stable asset in an excellent ‘AAA’ neighborhood,” says May.

“Carrollwood is a heavily commercialized area with limited sites for new development. Its proximity to employment centers and recreational opportunities caters to the needs of young professionals,” adds May. “The new owner plans to now add value through significant investments in interior and exterior renovations as well as additional carports, which will in effect add $200-plus to the current effective rent per unit.”

The property was built in 1985 on 18.5 acres just off Dale Mabry Highway at 16297 Northdale Oaks Drive.

Lakes of Northdale is a lushly landscaped apartment property that consists of 28 two- and three-story residential buildings surrounded by mature oak trees and a large lake. The unit mix is 116 one-bedroom units and 100 two-bedroom/two-bath apartments. The average unit size is 925 square feet.

Community amenities include a luxurious clubhouse with Wi-Fi, a resort-style swimming pool with spa, a resident business center, redwood saunas, a laundry facility and 70 carports.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Sells 163,786-SF Development Site in Boynton Beach, FL


BOYNTON BEACH, FL, May 14, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Seaview Park Club (top left aerial photo), a 163,786 Square-Foot Development Site located in Boynton Beach, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.

The asset commanded a sales price of $2,240,000.

The buyer, a private investor, was secured and represented by Tal I. Frydman (middle right photo), Vice President Investments at Marcus & Millichap’s Fort Lauderdale office. 

“This transaction was perfect for the new buyers as they own the property directly next door and will be developing Seaview Park Club as an extension of their existing property.

The bank awarded the buyer this deal as they were able to propose and deliver a rapid closing, which occurred just 9 days after the contact was signed,” says Frydman.

Seaview Park Club is a vacant 3.76-acre development site situated directly on the Intracoastal Waterway in the City of Boynton Beach, Florida. The property has been approved for 64-units and eight boat slips. Seaview Park Club is located at 1620 North Federal Highway. 

Press Contact:

Tal Frydman
Vice President Investments,
 Ft. Lauderdale, FL
(954) 245-3400