Wednesday, August 8, 2012

IPA Sells 192-Unit Multifamily Asset in Pinellas Park, FL

 PINELLAS PARK, FL– Institutional Property Advisors (IPA), a Marcus & Millichap company serving the needs of institutional and major private multifamily investors, has closed the sale of Runaway Bay (top left photo), a 192-unit multifamily  property located in Pinellas Park, a central Pinellas County city within the Tampa Bay Area.

Jamie B. May, an executive director of IPA, represented the seller, AIMCO. The buyer is J.I. Kislak Inc.

“Runaway Bay is an attractive, well-located, Class B-plus asset that has received numerous capital improvements,” says May. “The property was more than 92-percent occupied at the time of the sale, which is consistent with its historically high occupancy rate.”

“Pinellas County’s future apartment supply is forecast to be limited while the county’s projected occupancy and rent growth remain strong,” adds May. “Runaway Bay is well positioned to benefit immensely in the near term as the economy continues to recover.”

The 165,528-square foot property is located at 4701 88th Ave. North in Pinellas Park. Interstate 275 is within two miles of the apartment complex. St Petersburg-Clearwater International Airport is just three miles from the property and Tampa International Airport is 16 miles away.

Constructed in 1985 on 14.5 acres, Runaway Bay is composed of 12 two-story residential buildings with an average unit size of 862 square feet.

There are 80 one-bedroom units, 24 two-bedroom/one-bath apartments, 24 two-bedroom/one-and-a-half-bath units and 64 two-bedroom/two-bath apartments. Approximately 35 percent of the unit interiors have been renovated.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Robert D. Voit to Receive Lifetime Achievement Award in Orange County, CA

Orange County, CA – Robert D. Voit (top right photo), founder and CEO of Newport Beach-based Voit Real Estate Services, has been named as the 2012 recipient of the RealShare Orange County Lifetime Achievement Award.

Voit will be presented with the Lifetime Achievement Award during a ceremony at the upcoming RealShare Orange County conference in Irvine, Calif. on August 16.

This prestigious award is presented to an individual who has changed the landscape of the real estate community in his or her local market.

“Certain names just come to mind when talking about Orange County real estate, and Bob Voit is at the very top of that list,” says Daniel Ceniceros (lower left photo), Vice President of Strategic Development for RealShare Orange County.

Voit founded his firm as The Voit Corporation in 1971, and has spearheaded its expansion throughout the Western U.S.  The company has grown to 10 offices and has successfully owned, developed and managed more than 50 million square feet of commercial real estate to date. 

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

  Judith Brower/Jenn Quader
  Brower, Miller & Cole
  (949) 955-7940

Celebration Golf Management hopes to raise more than $7,000 with Patriot Day on Sept. 1 at 9 Central Florida Golf Courses

CELEBRATION, FL – Celebration Golf Management, which operates nine of Central Florida’s best known golf courses, hopes to raise more than $7,000 during its annual Patriots Day Celebrations Sept. 1.

“We are optimistic that we will surpass the previous year’s fundraising total of $3,100,” said Scottish PGA Professional Kenny Nairn (top right photo), executive vice president at Celebration Golf Management.

The cause is certainly worthy: Folds of Honor Foundation provides post-secondary educational scholarships for children and spouses of military service men and women killed or disabled while serving in the U.S. military.

And the charitable effort is easy too, Nairn explained. “We are asking all our golfers to donate a minimum of just one dollar when they play,” Nairn said.

To participate, visit the following golf courses:

Celebration Golf Club, The Golden Bear Club, Kings Ridge Golf Club Stoneybrook West Golf Club, Stonegate Golf Club, Orange County National Golf Center & Lodge, RedTail Golf Club, Eagle Creek Golf Club, Legends Golf Club.

For a complete copy of the company’s news release, please contact:
Kenny Nairn, Executive Vice President of Golf, Celebration Golf Management, 407-566-4653 x4606
Gene Garrote, President, Celebration Golf Management, 407-566-4653 x 4601;  
Larry Vershel, Larry Vershel Communications 407-644-4142   

HFF arranges acquisition financing for Enclave at Northwood in Clearwater, FL


MIAMI, FL – HFF announced today that it has arranged acquisition financing for Enclave at Northwood (top left photo), a 188-unit garden-style multi-housing community in Clearwater, Florida.

HFF worked exclusively on behalf of an affiliate of Stonebridge Investments to secure the 10-year, fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Enclave at Northwood is located at 2690 Enterprise Road, northeast of downtown Clearwater and Clearwater Beach.  The two-phased community is 96 percent occupied and features a mixture of one-, two- and three-bedroom townhome and villa units.  Community amenities include a swimming pool with picnic area, fitness center and tennis court.

The HFF team representing the borrower was led by director Elliott Throne (middle right photo) and senior real estate analyst Todd Adams (bottom left photo).   ZRS Management, LLC will provide property management services.

“Stonebridge acquired the property on attractive terms as they successfully captured a very low interest rate on a long-term loan, which will allow them to further enhance the returns on this asset,” stated Throne.

For a complete copy of the company’s new release, please contact:
ELLIOTT P. THRONE                                        
HFF Director
 (305) 421-6549                                                                                                      

HFF Associate, Marketing
(713) 852-3500                                                      

HFF closes sale of four-property storage portfolio in Houston area

HOUSTON, TX – HFF announced today that it has closed the sale of a four-property storage portfolio totaling 235,793 square feet in the Houston area.

HFF marketed the offering exclusively on behalf of the seller, a joint venture comprised of Private Mini Storage and Clarion Partners.  CubeSmart purchased the properties for an undisclosed amount free and clear of debt.

The HFF team representing the seller was led by senior managing director Aaron Swerdlin (top right photo) managing director Doug McCarron and director Barbara Guffey.

For a complete copy of the company’s new release and list of properties, please contact:
AARON A. SWERDLIN                                 
HFF Senior Managing Director                   
(713) 852-3500                                                                        

HFF Associate, Marketing
(713) 852-3500                                                      

NAI Realvest negotiates two leases totaling 5,750 SF at Hanging Moss CommerCenter in Orlando, FL


MAITLAND, FL. – NAI Realvest recently negotiated two lease agreements for industrial space totaling 5,750 square feet at Hanging Moss CommerCenter (top left photo) in Orlando representing the Landlord COP-Hanging Moss, LLC of Maitland.

 NAI Realvest Principal Michael Heidrich (lower right photo) negotiated a renewal agreement with Carisma LLC for the 3,750 square feet in suites 260 and 270 at 6136 Hanging Moss Rd.  Nick Poole of CNL Commercial Real Estate represented the tenant.

Merkel Imports LLC of Orlando signed a new lease for 2,000 square feet in suite 410 at 6112 Hanging Moss Rd.   Heidrich brokered the transaction representing the landlord.

For more information,  contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest 407-875-9989  
Beth Payan, Larry Vershel Communications, 407-644-4142  

Hendricks & Partners, Brown Realty Advisors Negotiate Sale of Arbors at Berkeley Apartments in Atlanta for $5,665,000

BIRMINGHAM, AL --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, and Brown Realty Advisors, recently negotiated the sale of Arbors at Berkeley Apartments (top left photo), a 130-unit apartment community located in Atlanta for $5.665 million.

David Oakley, senior investment advisor of Hendricks & Partners’ Alabama office and Bo Brown of Brown Realty Advisors in Atlanta negotiated the sale representing the seller, Redus Georgia Commercial, LLC, a Delaware limited liability company By: Redus Properties, Inc., based in Charlotte. 

Arbors at Berkeley, built in 1948 and renovated in 2009, has a total of 73,602 square feet of rentable living space with one-and two-bedroom apartments.

The buyer was Arbors Mid Town LLC, a Georgia limited liability company.

For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785, 
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Colliers International Completes Lease Renewal of a 165,141-SF Industrial Building in Valencia, CA

 Valencia, CA, Aug. 8, 2012. – Colliers International, the third largest global real estate services organization, has completed the lease renewal of a 165,141-square-foot industrial property located at 29011 Commerce Center Drive in Valencia, Calif.  The 5-year lease is valued at over $6.3 million.

John DeGrinis (top right photo), SIOR, senior executive vice president, Patrick DuRoss (middle left photo), associate vice president, and Jeff Abraham (lower right photo), senior associate all based in Colliers International’s Encino office represented the tenant, Arvato Digital Services. 

 The landlord, Sares Regis Group, was represented by Craig Peters of CB Richard Ellis.

Arvato is a fully integrated subsidiary of Bertelsmann AG, the German publishing giant.

The building is state-of-the-art, constructed in 2000 and offers building features including 28-foot minimum clearance, 2000 amps of power, 20 dock high positions and approximately 30,000 square feet of high image office space. 


Darcie Giacchetto
Spaulding Thompson & Associates

Cousins Properties Acquires Dallas Office Tower

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has acquired 2100 Ross Avenue (top left photo), an 844,000-square-foot, Class-A office building located in the Arts District submarket of Dallas, Texas.

The Company purchased the office tower at a foreclosure auction for a net purchase price of $59.2 million, which equates to $70 per square foot. Cousins had previously acquired a $10 million B-note backed by 2100 Ross Avenue in an off-market transaction.

“2100 Ross Avenue is an outstanding fit with our ongoing strategy to acquire quality urban office assets in the best southeastern submarkets at valuations below replacement cost,” said Larry Gellerstedt (lower right photo), President and Chief Executive Officer of Cousins.

“This investment also provides a rare combination of significant value creation potential and an attractive in-place yield.”

The property is currently 67 percent leased to a diverse tenant base, including CBRE, Prudential Mortgage Capital and Bank of America Merrill Lynch.

 Cousins intends to reposition the property through a comprehensive capital improvement plan that implements a variety of common area and amenity-oriented enhancements.

The plan also will leverage the building’s excellent location adjacent to Dallas’ leading cultural venues and the new 5.2-acre Klyde Warren Park, which now connects the Arts District to Uptown Dallas.

For more information on this transaction, please visit

Cousins Properties Inc.
Cameron Golden,
Vice President
 Investor Relations and Corporate Communications