Tuesday, May 29, 2012

NAI Realvest Negotiates Lease of Herndon Center Office Space in Orlando, FL to a National Non-Profit

Maitland, FL – NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of office space at Herndon Center, 615-F Herndon Ave. in Orlando.

 Michael Heidrich, a principal at NAI Realvest, negotiated the lease representing the landlord, LBJ Properties of Winter Park.   The tenant, Mi Familia Vota education fund, is a nationwide non-profit organization providing technical education to young Hispanic workers, and was represented by Will Watkins of Coughlin Commercial.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com;

Patrick Mahoney President NAI Realvest 407-875-9989 pmahoney@realvest.com;

Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com.

Beech Street Capital Closes $4.5 Million Fannie Mae Refinance Loan for Birmingham, AL Apartments


BETHESDA, MD,  MAY 29, 2012– Beech Street Capital, LLC announced today that it closed a $4.5 million Fannie Mae conventional loan for the refinance of Bentwood Apartments (top left photo), a 120-unit multifamily community in Birmingham, Alabama.

The transaction was originated by Chad Thomas Hagwood (lower right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office.

Bentwood Apartments is located in the northern portion of the Birmingham MSA, about 14 miles northeast of the Birmingham central business district, with convenient access to 1-59, a primary thoroughfare to the rest of the Birmingham MSA.

Built in 1983, with consistent improvements over the years, most recently in 2011, the property consists of ten, two-story buildings on approximately eight acres.  

 The fixed-rate loan has a 10-year term with a 30-year amortization schedule.


Jenifer Bernardi, 240-507-1946, jbernardi@beechstcap.com  
Courtney Lewis, 240-507-1948, clewis@beechstcap.com

ARA’s Central and North Florida Team Executes Institutional Sale in Seminole County

 Casselberry, FL ( May 29, 2012) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Newport Colony, a 476-unit garden apartment community located in one of the strongest submarkets in Central Florida, East Altamonte/Casselberry.

The Central Florida-based sales team of Principal Kevin Judd (lower left photo), Patrick Dufour and Matt Wilcox, represented a real estate investment advisor in the sale.

 IMT Capital, LLC, a private real estate investment and management company, together with its affiliate IMT Residential, a leading nationwide apartment operator with multi-family properties that extend throughout California, Arizona, Texas, and Florida, acquired Newport Colony for an undisclosed amount.

Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.

For a complete copy of the company’s news release and to schedule an interview with an ARA executive regarding this transaction, please contact:

Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or
Amy Morris at amorris@ARAusa.com, 678.553.9366; or
Marti Zenor at mzenor@ARAusa.com or 561.988.8800.

NAI Realvest Negotiates Sale of Industrial Condo at Monroe CommerCenter IV in Sanford, FL

MAITLAND, FL – NAI Realvest recently negotiated the sale of a 2,700 square foot industrial condo at Monroe CommerCenter IV (top left photo) in Sanford for $170,100.00.

 Michael Heidrich, a principal at NAI Realvest negotiated the transaction representing the seller and developer Small Bay Partners, LLC of Maitland.

Cloudy Logic LLC purchased units 1040 and 1048 at 4220 Church St. in the industrial center.  John Sadri of Coldwell Banker represented the buyer.

 The units were in shell condition at time of sale and the buyer will handle the interior buildout of the space including a restroom, office space and electrical.

For more information, contact,

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com.     

DoubleTree by Hilton Introduces Hotel in Phoenix Area


Phoenix, AZ  (May 29 2012) – DoubleTree by Hilton proudly announces the opening of an upscale full-service hotel, just 20 minutes from downtown Phoenix, Arizona.

The 121-room DoubleTree by Hilton Phoenix-Gilbert (top left photo) is located in one of the most dynamic eastern suburbs of the Valley of the Sun, situated just 15 miles from the City Center, easily accessible to Loop 202 and Highway 60, Sky Harbor International Airport and Arizona State University.

The hotel is also located within minutes of Phoenix-Mesa Gateway Airport and the Gilbert, Mesa, Chandler and Tempe, Arizona surrounding areas, and adjacent to the highly popular San Tan Village shopping, dining and entertainment district.

Formerly a Radisson Hotel, the DoubleTree by Hilton Phoenix-Gilbert is celebrating its new affiliation with a variety of new product, service and design enhancements both inside and outside the property, including newly redesigned guestrooms and public spaces and a reinvented dining experience at the popular Brocks’ Restaurant and Bar (middle right photo).

For more information about the DoubleTree by Hilton Phoenix-Gilbert, please visit the hotel’s website at www.phoenixgilbert.doubletree.com, contact your preferred travel professional or call the hotel directly at +1 480 809 4100

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

Chris Daly
Daly Gray Public Relations
+1 703 435 6293

Berger Special Assets Awarded New Property Management Assignment


FORT LAUDERDALE, FL (May 29, 2012) – Berger Special Assets, a division of Berger Commercial Realty Corp., has been retained to provide property management services for the Crystal Lake Apartments (top left photo) in Miami Gardens. The 491-unit property has 25 buildings across more than 21 acres.

Berger Special Assets was selected by Carla Jones, who is serving as the property's receiver, for its experience with asset stabilization and preservation.
Founded in 2008, Berger Special Assets serves as receiver, management company and leasing agent to enhance the value of distressed commercial and multifamily properties across the state on behalf of lenders and financial institutions.


Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

CRE Show Takes a Look at Successful Retail REITs

 ATLANTA, GA (May 29, 2012) – Strong balance sheets. Aggressive growth plans. Consistent dividends. And optimismabout their sector’s future.

 These are some of the characteristics of the five retail REITs highlighted in the most recent episode of “America’s Commercial Real Estate Show.”

The episode featured interviews with the REITs’ CEOs that were conducted by Bull Realty’s Brad Thomas (top right photo) at the recent RECon 2012 in Las Vegas. With more than 30,000 attendees, the event is the retail real estate industry’s largest conference and trade show.

 Show host Michael Bull (top left photo), the founder and president of Bull Realty, began the show by noting this year’s RECon featured “a much more upbeat environment” than in the past several years. “There’s lots of capital in the investment market, and more tenants, encouraged by robust sales, are looking for space,” Bull said.

The first interview featured Stuart A. Tanz (middle right photo) CEO of Retail Opportunity Investment Corp., who also remarked on a busier RECon. “We’re experiencing a big increase in terms of meetings,” he said. “The demand from retailers in terms of appointments has been very strong.”

 Tanz’s REIT owns 36 grocery- or drug-store-anchored shopping centers, primarily along the West Coast and the Eastern seaboard. The REIT is currently paying a 4.3 percent dividend and should have room to continue growing the dividend, Tanz added.

 Steve Tanger (middle left photo), CEO of Tanger Factory Outlets, said his company, which recently expanded into Canada, sees tremendous growth potential for outlet malls generally and his company specifically. “We have virtually unlimited access to capital, so we can execute our growth plans without partners,” he said. “We are committed to growing. Our tenant demand has never been higher.”

 Craig Macnab (lower right photo), CEO of National Retail Properties, noted his firm completed more than $200 million of acquisitions in the first quarter and added that the REIT is committed to being a safe investment. “There are many ways we do that,” he said. “If we keep a strong balance sheet, we’re never at the mercy of the capital markets.”

Meanwhile, American Realty Capital Trust, which focuses on single-tenant, net-leased properties occupied by credit tenants, features a portfolio with an average property age of 5.5years and an average remaining lease term of 13.5 years. “The quality of the tenant that pays our rent is very high,” added William M. Kahane (lower left photo), CEO of the firm.

Robert S. Taubman (bottom right photo), CEO of Taubman Centers Inc., detailed his firm’s recent growth into Puerto Rico and said the company has expansion plans for China and South Korea. “We are really delighted with where the company is both internally and externally,” Taubman said. “We grew right through the recession and here we are on the other side, taking advantage of the many opportunities right in front of us.”

 The next “Commercial Real Estate Show” will be available May 31 and will provide an update on the assisted living and seniors housing real estate market.


Stephen Ursery
Wilbert News Strategies
Office: (404) 965-5026
Cell: (404) 405-2354

Charles Dunn Co. Completes $3.06 Million Sale of 28-Unit Multifamily Property in Los Angeles

 LOS ANGELES, CA, May 29, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $3.06 million sale of a 28-unit apartment property located at 21700 Roscoe Blvd. in Canoga Park, Calif. (top left map)  

Albert Shilton (middle right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based Roscoe Villa, L.P.

The buyer was Minas Properties, LLC from Los Angeles and was represented by Empire Estates Group. The property sold at a cap rate of 6.2 percent.

“The property was encumbered by a loan with an interest rate that was substantially higher than current rates and had to be assumed due to the prohibitive prepayment penalty. What’s interesting is that the property still sold for the lowest cap rate since 2008 – an indication that even without the help of low interest rates, apartments are very desirable,” said Rogers.

The property was constructed in 1962 on .69 acres of land and was 100 percent occupied at the close of escrow.  The property includes a courtyard setting with a pool and sundeck and was composed of 16, one-bedroom/one-bathroom units, three, two-bedroom/two bathroom units and nine, two-bedroom/1.5 bathroom units.


Darcie Giacchetto
D.G. Communications, Inc.

Colliers International Completes $2.326 Million Sale of a Retail Property in Tarzana, CA

Tarzana, CA, May 29, 2012. – Colliers International, the third largest global real estate services organization, has completed the $2,326,000 sale of an approximately 12,044 square foot vacant retail property located at 18553-18563 Ventura Blvd. in Tarzana (top left map).

This prime Ventura Blvd. storefront property is located in the heart of Tarzana’s business and entertainment district with significant frontage and excellent visibility near one of the busiest intersections in the San Fernando Valley on Ventura Blvd and Reseda.

Jeff Gould (middle right photo), Senior Associate, and Jeff Albee (middle left photo), Senior Vice President, of Colliers International represented the seller. Gould and Albee also represented the buyer, who will use the property for their dermatology and skin care practice. 

 The Colliers team worked hand in hand with the owner to execute a disposition and marketing strategy that targeted owner/user buyers in order to maximize the value of this well-located asset.  Additionally, due to the proximity of the Tarzana Hospital, the Colliers team specifically targeted medical and office owner/user tenants in the surrounding area.  

 “This was a complex transaction that required all parties working together as a team to accomplish the sale,” said Albee.  “In the end, our top tier marketing campaign not only maximized the value of the asset but also generated multiple competitive offers that maximized value. Ultimately, we identified an owner/user who purchased the property using SBA Financing and whose plans are to rehab the asset for their medical practice.”

 Built in 1947, the property sits on approximately 0.39 acres of land and is located within a quarter of a mile from the new 250,000 square foot Village Walk retail complex in which includes Whole Foods and other high end boutique retailers. Additionally, it is within close proximity to many other major retail amenities in the area, the 101 Freeway, and the Tarzana Hospital.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224