Tuesday, June 12, 2012

Associated Estates Expands into Raleigh-Durham Market

CLEVELAND, OH /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced  that it has acquired The Apartments at the Arboretum (top left photo), located in Cary, NC, a suburb of Raleigh.

The 205-unit property was built in 2009 and is located minutes from the Research Triangle Park. 

The average monthly rent per unit is approximately $1,200, and the property is currently 92 percent occupied. 

 The average unit size is 1,073 square feet and was originally developed as a condominium, with high-end finishes, structured parking and first class amenities. 

 The property is located within a premier mixed-use development known as Arboretum at Weston and is directly across the street from the world headquarters of SAS, Cary's largest employer.

Associated Estates also announced that it has waived due diligence on The Park at Crossroads (lower left photo), a 344-unit property built in 2006, also in Cary.  This property was not listed for sale.  The average monthly rent per unit is approximately $850, and the property is currently 95 percent occupied.  The average unit size is 1,021 square feet.

 The Park at Crossroads is located less than two miles from I-40 and the I-440 beltline, and is within three miles of the Regency Park and Crescent Commons office parks, containing over 1.9 million square feet of office space. 

The acquisition of this property is subject to the assumption of an approximately $25 million loan.  The loan has an interest rate of 6.325% and matures in November, 2016.  Closing is expected to occur during the third quarter.

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

Jeremy Goldberg
(216) 797-8715

$47.2 Million Luxury Apartment Complex Hits the Market in Phoenix, AZ

 PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Arcadia Cove (top left photo), a 432-unit apartment complex in metropolitan Phoenix. The listing price of $47,250,000 equates to $109,375 per unit and $125 per square foot.

Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, are representing the seller, a JV between a global leader in wealth and asset management services and a publicly traded REIT.

 “Arcadia Cove’s urban in-fill location caters to the growing ‘Generation Y’ renter cohort, is supported by local transportation arteries and provides convenient access to a high concentration of white collar job opportunities,” says Gebing.

“The property is a coveted asset that combines the region’s most centralized location with opulence,” adds David.

The 379,296-square foot property is located at 2252 North 44th St. just south of Phoenix’s affluent Arcadia neighborhood.

Some of the metropolitan region’s largest employment centers are close to Arcadia Cove, including the 44th Street office corridor and the Phoenix Gateway Center, which combine for more than 5 million square feet of office space.

 The Phoenix Gateway Center office complex (lower left photo) spans 80 acres and is the cornerstone of office development in the area.         

Developed by Picerne Real Estate Group in 1996, Arcadia Cove features spacious one-, two- and three-bedroom apartment homes with fully equipped kitchens, full-size washers and dryers and abundant storage space with large walk-in closets. Select apartment interiors offer vaulted ceilings, wood-burning fireplaces and wood-style flooring.


Stacey Corso
Public Relations Manager
(925) 953-1716

Easton & Associates Adds Broker Jim Armstrong to Doral Leasing Team

 Doral, FL—  Easton & Associates, a full-service commercial real estate brokerage firm, is adding more resources to its leasing team covering Doral and other parts of west Miami-Dade County.

 Longtime Easton broker and VP Jim Armstrong (top right photo) will join veteran broker and VP Michael Rice (middel left photo) to help meet a growing demand for new business in the submarket and to better service existing landlord and tenant clients.  Armstrong will continue working the north end of the county in addition to his new duties, said company founder Edward W. Easton (bottom right photo).

 “Doral is one of the hottest areas for industrial leasing at the moment and we wanted to be proactive to make sure we were over-servicing the area,” said Easton. “Mike has done an exceptional job handling this submarket for us over the years, and now with Jim on the team, we will be able to double our results.” 

 Armstrong has been with Easton since 1992. He specializes in investment sales and landlord/tenant representation and oversees the leasing of more than three million square feet of mainly industrial properties. His clients include Seagis Property Group, Hertz Corporation, ASACO International, NAPA, DHL and Elizabeth Arden.
 Rice has been with Easton & Associates since 1991 and has specialized primarily in the marketing of Class A industrial properties in the Airport West area since 1979.  He oversees the Americas' Gateway Park, International Corporate Park, and Lakes Corporate Park, three of Miami's premier mixed use business parks containing approximately seven million square feet of quality product. 


Todd Templin
Boardroom Communications


South Florida CRE Foreclosures Starting to Rise

 MIAMI, FL, June 12, 2012 — After a decline in commercial real estate foreclosures in February, South Florida activity spiked in March, according to data provided by Off-Market RADAR, the only source for direct contact information to decision-makers on commercial real estate transactions.

A total of 39 CRE foreclosures above $250,000 were filed in Miami-Dade and Broward counties in March and April. March saw the highest amount of activity with 24 filings, compared to only 17 in February.

The April figure dropped again with 15 foreclosures reported. Although April’s decline sounds positive on the surface, further analysis of the types of foreclosures filed may warrant concern among investors.

Of the 17 February filings, Off-Market RADAR tracked only three above $2 million. Meanwhile, in March seven foreclosures above $2 million were filed, and then again in April, seven foreclosures were tracked.

 “While the number of foreclosures has not drastically increased in Miami-Dade and Broward County, the number and percentage of larger deals is accelerating,” explains Brian McCarthy, vice president and co-founder of Off-Market Radar. 

“From February through April, the average number of CRE foreclosures above $250,000 was 19 and the average number over $2 million was 4.4. 

Although activity from November 2011 through February was relatively mild, foreclosures in March and April doubled, with April’s share of $2 million-plus transactions comprising nearly half of all commercial foreclosures over $250,000.”

Multifamily assets accounted for the majority of foreclosures above the $2 million mark during March and April.

Four real estate assets in South Florida in the month of March alone were foreclosed upon, a record high since Off-Market RADAR began tracking transactions in September 2011.

 “Of the major CRE sectors, the apartment market remains the most active in South Florida,” says McCarthy.  As for the most active lenders in March and April? They were BankAtlantic, BB&T, Banco Cafetero and Synovus.
“There are a lot of maturities on the horizon,” says McCarthy, “We really see lots of investors chomping at the bit to scoop up deals this year before they hit the auction block in 2013 or beyond,” says McCarthy. 

 “Now that banks are generally better capitalized, the losses they have been ignoring over the past couple of years are going to start hitting the books and at that point, there’s not a huge reason for them to wait for the drawn-out foreclosure process to play out,” adds McCarthy.

Off-Market RADAR tracks foreclosures, loan sales, mortgages, deeds, CMBS loans and other transactions in Miami, Fort Lauderdale, Orlando, Jacksonville and Tampa Bay. The Atlanta-based firm utilizes information from public records as well as its own, independent research. By year’s end, the firm plans to add the top 10 primary metros in the United States to its service area.

The goal of Off-Market RADAR is to relentlessly pursue transparency of commercial real estate information to drastically increase the efficiency of the market, drive down transaction costs, and increase transaction probability.

For more information, contact Brian McCarthy at 404.939.7256.

Colliers International’s Matthew Anderson Graduates from Leadership Miami Program

MIAMI, FL -- Colliers International South Florida is pleased to announce that Office Leasing Consultant Matthew Anderson (top right photo) has graduated from Leadership Miami, an annual program sponsored by the Greater Miami Chamber of Commerce.

  Anderson was chosen to attend Leadership Miami, where he had the opportunity to meet Miami's leaders and focus on community issues and leadership skills. The program offered a planned process of lectures, seminars, small group discussions and leadership skills exercises, all aimed at the purpose of preparing the next generation of Miamians to address vital issues affecting Miami-Dade County.

Anderson works alongside Colliers International South Florida Chairman Donna Abood (lower left photo), a recognized industry leader in South Florida office leasing. He leverages his experience in the financial industry, understanding of investing and his creative marketing expertise to think outside of the box and provide a high level of service to his clients.


Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Cuhaci & Peterson Architects to design Interiors for Cigar City Brewing and Mise En Place Restaurants at Tampa International Airport

 ORLANDO, FL. --- Cuhaci & Peterson Architects based in Orlando’s Baldwin Park was recently awarded contracts to design two food and beverage facilities at Tampa International Airport for HMS Host.

Lonnie Peterson (lower right photo), chairman at Cuhaci & Peterson, said the firm is designing Cigar City Brewing a craft beer establishment that totals 1,200 square feet of space and a Mise En Place contemporary American cuisine restaurant and wine bar that totals 1,200 square feet.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

Cassidy Turley Markets One Hartsfield Centre for Sale in Atlanta

 ATLANTA, GA -- Cassidy Turley, a leading commercial real estate services provider in the U.S., is marketing for sale One Hartsfield Centre (top left photo), a Class-A, 150,000-square-foot office building overlooking the north end of Hartsfield-Jackson Atlanta International Airport.

The eight-story building, which has achieved both LEED and Energy Star certifications, is 80 percent occupied and features long-term, transportation-related credit tenants from both the private sector and the federal government.

Only 30 percent of its existing leases are set to expire before January 2018. Located in a high-barrier-to-entry market, the property offers expansive views of the airport, direct shuttle access to Hartsfield-Jackson and significant development opportunities on its 14 acres.

“We are tremendously excited about the opportunity to put this best-in-class asset on the market,” said Gary Lee (middle right photo), a managing director of Cassidy Turley’s Atlanta office.

“One Hartsfield Centre is in excellent physical condition, has a long track record of tenant retention and provides easy access to the airport and interstate. This is a very strong asset that will receive significant interest nationally from core-plus and value-add office buyers.”

The sales team for One Hartsfield Centre consists of Lee; Mike Shelly (bottom left photo), a senior managing director in Cassidy Turley’s Atlanta office; and Watson Bryant, an associate vice president in the office.

Public Relations Contact:

Tony Wilbert
Wilbert News Strategies

Beech Street Capital Closes $18 Million Fannie Mae Loan for Miami, FL Apartments


BETHESDA, MD, JUNE 12, 2012– Beech Street Capital, LLC, announced today that it provided an $18 million Fannie Mae conventional loan to refinance 1550 Brickell (top left photo), a 138-unit apartment complex located in Miami, Florida.

Patrick Boyle (middle right photo), vice president based out of Beech Street’s Baltimore, Maryland office, originated the transaction.

 The borrower, new to Beech Street, was pushing to rate lock quickly in order to take advantage of the low interest rate environment.

 “We were able to lock in an extremely low interest rate and close this transaction right on schedule thanks to the smart, committed and hardworking team at Beech Street Capital,” states the borrower, Robert Green (bottom left photo), president of Green Development Group.

 “I have been involved in many commercial loan transactions during my career and, candidly, I have never been involved with one that happened so fast and so smoothly. Beech Street greatly surpassed my expectations.”

The fixed-rate loan has a 10-year term with 9.5 years yield maintenance, and amortization of 30 years payable on an actual/360 basis.

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

Courtney Lewis, 240-507-1948 or
Jenifer Bernardi, 240-507-1946.

Beech Street Capital Closes $25 Million Freddie Mac Loan for Mobile, AL Apartments

 BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $25 million Freddie Mac CME loan to refinance Stone Ridge at Somerby Park (top left photo), a 317-unit apartment complex in Mobile, Alabama.

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

 The borrower constructed the property in 2008 and was looking to refinance the existing loan, while taking advantage of low interest rates. Having recently closed a Freddie Mac acquisition loan with Beech Street for a 152-unit apartment complex in Brooksville, Florida, the borrower was confident that the lender could deliver

Stone Ridge at Somerby Park is located in west Mobile and is about nine miles west of the Mobile central business district.  The property has convenient access to I-65 and I-10, as well as access to employment centers, shopping, and institutional developments including the Mobile Regional Airport and the University of South Alabama.

 “This transaction represents Beech Street’s increasing presence in the southeast and exemplifies the bright outlook for the west Mobile apartment market growth,” states Hagwood.

 The property consists of nineteen, two and three-story buildings on over 21 acres, and has a corporate concentration of approximately 23 percent of the total units. Amenities include an outdoor swimming pool, 24-hour cardio/fitness center, business center, playground, picnic/grilling areas, dog-walk park, and car care facility.

 The fixed-rate loan has a 10-year term with a two-year interest-only period followed by a 30-year amortization schedule.


Courtney Lewis, 240-507-1948 or
Jenifer Bernardi, 240-507-1946.