Tuesday, September 4, 2012

NAI Realvest Negotiates Lease for 3,240 SF of Office Space in Longwood, FL

 MAITLAND, FL. – NAI Realvest negotiated a new lease agreement for 3,240 square feet of office space at 1920 Boothe Circle in Longwood.

 Michael Heidrich, principal at the firm, brokered the transaction representing the landlord Ray A. Kennedy of Maitland.  The tenant is Longwood-based Jon M. Hall Company.

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

HFF closes sale of nine-building industrial portfolio in northern New Jersey

 FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a nine-building industrial portfolio comprised of approximately 2.6 million square feet of primarily warehouse and office space in port-centric locations in northern New Jersey.

HFF marketed the portfolio on behalf of the seller, affiliates of Avidan Management LLC.  An affiliate of Cohen Asset Management, Inc., an industrial and commercial real estate investment firm, purchased the portfolio for an undisclosed amount.

The portfolio includes a mix of bulk distribution, light industrial space, cold storage and office space, and is 98 percent leased to a diverse base of tenants.  The properties are located in South Brunswick, Edison, Elizabeth and Bayonne, New Jersey. 

 The HFF investment sales team representing the seller was led by managing director Michael Nachamkin (middle right photo) along with senior managing directors Jose Cruz (middle left photo), Andrew Scandalios (lower right photo)and Jon Mikula, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.

The law firm of Greenbaum, Rowe, Smith and Davis, LLP represented the seller.  The legal team was led by Jack Fersko, Esq. along with Regina Schneller, Esq. and Ken Bills, Esq.  In addition, James C. McDonald of CFC Advisors acted as business consultant to Avidan Management LLC.

“This transaction represents one of the largest sales of industrial property in northern New Jersey in the past several years.  The land-constrained, infill locations have a long history of steady tenant demand including port driven exporters and importers requiring key locations in close proximity to the Port of New York/New Jersey in Elizabeth, Newark and Bayonne.  HFF is extremely pleased to have been a part of such a significant industrial transaction,” commented Nachamkin.
Avidan Management, LCC has been a significant owner of industrial and commercial properties in New Jersey for more than 40 years and is one of the foremost experts on providing solar energy technology through its Avidan Energy Solutions affiliates. 

There were five power purchase agreements negotiated as a part of the sale transaction, involving in excess of six megawatts of solar production.

Established in 1992, Cohen Asset Management, Inc. is a national owner and operator of commercial property with a primary focus on the industrial real estate sector and extensive experience in successfully implementing value-add strategies. 

Cohen Asset Management, Inc. is strategically headquartered in Southern California with a regional office in northern New Jersey managed by Howard Freeman, Senior Vice President.


 MICHAEL NACHAMKIN                              
 HFF Managing Director                                        
(973) 549-2000                                                     

HFF Associate Director, Marketing
 (713) 852-3500

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Orlando worth $535,000

Orlando, FL  – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Florida Vein Care recently for $535,000 in total project costs.

"I am so excited to own a beautiful newly renovated office in the growing East Orlando/Waterford area”, said owner, Richard Bragg, M.D. (top right photo).

 “With 14 years experience and offices in Lake Mary and Dr. Phillips, we are now readily accessible to all of Central Florida. My professional staff and I look forward to caring for and contributing to quality health care for all clients that walk through our doors."

For more information, visit www.504Experts.com and www.504Blog.com.

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

Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040

School’s in Session: “Commercial Real Estate Show” Examines Top College Real Estate Programs

 ATLANTA, GA (Sept. 4, 2012) – The real estate collapse has actually had a positive impact on collegiate real estate programs by leaving behind a higher concentration of students truly interested in the field.

That was one of the observations contained the most recent episode of “America’s Commercial Real Estate Show,” which provided an enlightening look at four of the nation’s top college real estate programs.

“We know the students we have right now are die-hard real estate folks,” said Richard Martin (top right photo), an associate professor of real estate at the University of Georgia’s Terry College of Business. “If you’re studying real estate right now it’s because you’re passionate about it.”

“Undergraduate programs across the country – including ours – have seen a decline in students who were interested in learning about flipping houses and that sort of thing, and we’re left with the students who truly want to go into the real estate industry,” added Karen Gibler (top left photo), an associate professor in the Real Estate Department at Georgia State’s Robinson College of Business.

Georgia’s Terry College of Business offers three real estate degrees: an undergraduate degree, an MBA with a concentration in real estate and a Ph.D.

The accessibility of professors is an attribute the program actively touts, Martin added. “We’re a relatively small major within the larger university and so this leads to a lot of interaction with faculty,” he said.

Despite its landlocked location, the real estate program at the University of Wisconsin-Madison places a strong emphasis on global realestate studies, said Stephen Malpezzi (middle right photo), a professor in the Department of RealEstate and Urban Land Economics, which is part of the university’s School of Business.

“Our students have opportunities to study international real estate in the classroom but, more to the point, we have regular trips to major real estate conferences in Germany, France and Asia,” he said.

Clemson University is unique in that, rather than the traditional MBA with a real estate concentration, the school offers a Master’s of Real Estate Development, said Robert Benedict (lower left photo), the director of the degree program.

The two-year program features courses in planning, construction science, architecture and law. “We found that rather than have students develop a specific skill set that’s heavily geared towards real estate finance, we try to prepare students that are well rounded,” Benedict said.

Georgia State University in downtown Atlanta, which also offers bachelor’s, master’s and Ph.D. degrees in real estate, benefits greatly from its location in a major urban area, Gibler said.

“For student activities and projects, we can tap into the local Atlanta business community as well as our international relationships to enhance the projects and education,” she said.

The entire episode on college real estate programs is available for download at www.CREshow.com.


Stephen Ursery
Wilbert Public Relations
Office: (404) 965-5026
Cell: (404) 405-2354

First in the West: Voit Real Estate Services Launches Mid-Quarter Market Reports

 Orange County, CA (Sept. 4, 2012) – Voit Real Estate Services has expanded its market research offerings by introducing an all-new series of mid-quarter market reports to accompany the firm’s traditional quarterly reports.

 As the first commercial real estate firm in the Western U.S. to introduce these mid-quarter updates, Voit will share this data with its clients and other interested parties at the halfway point of each quarter, according to Jerry Holdner (top right photo), Vice President of Market Research for Voit.

“Real estate clients in today’s market need more frequent insights in order to stay ahead of the pack,” says Holdner.  “The pace of the industry has picked up substantially, and the key to helping our clients make deals is to ensure they are armed with fresh data that will allow them to make strategic, informed decisions rapidly.”

Voit’s mid-quarter market reports can be downloaded at www.voitco.com/market-research/mid-quarter-market-update.html.

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

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

Pollack Shores Sells Velocity Apartments in Nashville, TN for $37.5 Million

ATLANTA, GA (Sept. 4, 2012) - Pollack Shores Real Estate Group, a real estate investment and services form focused on multifamily and mixed-use properties, said today it has completed the sale of Velocity in the Gulch (top left photo) in Nashville, Tenn.

Atlanta-based Pollack Shores sold the 220 apartments it owned in the multifamily development to an affiliate of Walton Street Capital LLC of Chicago for $37.5 million. Pollack Shores paid $25.3 million for the vacant property in March 2011 and converted the unsold condo units to for-rent apartments.

 At more than $170,000 per unit, the sale of Velocity represents one of the highest sales prices, on a per-unit  basis, ever achieved in the Nashville apartment market. The sale does not include the 43 condo units in the building or the ground-level retail.

 “Our investment in this fractured condo building was very successful,” said Marc Pollack (middle right photo), chairman and CEO of Pollack Shores. “This transaction is indicative of our strategy of acquiring, developing and selling multifamily properties in key locations in growth markets.”

 Velocity, situated at 320 11th Avenue South, opened in 2009 and a condominium building. The lender took  back the property through a deed in lieu of foreclosure the next year.

 “Based on our success with Velocity in the Gulch, we are seeking new multifamily investment opportunities across the Southeast,” said Steven Shores (lower left photo), president of Pollack Shores.

For More Information, Contact:

Tony Wilbert                                           
Wilbert News Strategies
404-965-5022 (O) 404-405-3656 (C)

HFF closes sale and arranges financing for multi-housing community near Oregon State University

PORTLAND, OR – HFF announced today that it has closed the sale of and arranged financing for Grand Oaks Apartment Homes (top left photo), a 125-unit/249-bed multi-housing community near Oregon State University in Corvallis, Oregon.

HFF marketed the property on behalf of the seller, American Capital Group. Horizon Realty Advisors purchased Grand Oaks Apartment Homes for $14.5 million. HFF also arranged a $10.875 million, fixed-rate acquisition loan through Freddie Mac on behalf of Horizon.

Grand Oaks Apartments is located at 6300 SW Grand Oaks Drive west of the campus in Corvallis. Completed in 2002, the 99 percent leased property has one-, two- and three-bedroom units averaging 952 square feet each. Community amenities include a clubhouse, fitness center, pool and spa, playground and covered parking.

The HFF investment sales team representing American Capital Group was led by managing director Brian Kelly (middle right photo) and director Ira Virden (lower left photo).

HFF’s debt placement team representing Horizon Realty Advisors was led by managing directors Tom Wilson and David Bleiweiss.

"Grand Oaks offered investors the opportunity to purchase an exceptional community in a very high barrier to entry university market,” said Kelly.

“The size and quality of the asset was well received by local investors, national and regional syndicates, and large national student groups,” added Virden.

American Capital Group is a premier, privately-held developer/builder based in Bellevue, Washington.

Horizon Realty Advisors (HRA) is a real estate company engaged in investing and management of conventional multi-family and student housing apartment communities.


HFF Managing Director
(312) 980-3605

HFF Director
(503) 224-0444

HFF Associate Director, Marketing
(713) 852-3500

NAI Realvest Negotiates Retail Lease with College Park, FL Antique Dealer for 5,290 SF

MAITLAND, FL – NAI Realvest recently negotiated a lease agreement for 5,290 square feet of retail space at 4321 Edgewater Drive in Orlando’s College Park area.

Michael Heidrich (top right photo), principal at NAI Realvest, negotiated the transaction representing the landlord, Stout Real Estate, LLC.

The new tenant is College Park Antique Market, LLC.

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

Arbor Appoints Trevor Leslie Smith as Director in Boston Office


 UNIONDALE, NY (Sept. 4, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Trevor Leslie Smith (top right photo) as Director in the company’s Boston, MA, office.

 Mr. Smith is responsible for originating loans under all of Arbor’s multifamily and commercial product lines, including Fannie Mae, FHA and Bridge. Mr. Smith reports to Ken Fazio (middle left photo), Senior Vice President, National Production Manager.

 Prior to joining Arbor, Mr. Smith served as Senior Financial Analyst and Team Leader of the Multifamily Lending Group at Key Bank Estate Capital, during which time he originated Fannie Mae, Freddie Mac and FHA financing and was also responsible for managing the workflow of the Eastern Region and National Accounts analyst pool, assigning deals, reviewing deal packages prior to submission to investors and maintaining quality control.

Previous to that role, Mr. Smith was a Financial Analyst in the Commercial Mortgage Group at Key Bank Real Estate Capital.

Mr. Smith received a Master of Business Administration degree from American University, where he graduated Magna cum Laude. He also received a Law degree from Washington College of Law with a specialization in Business Law and a Bachelor of Business Administration degree in Finance from George Washington University. He resides in Boston.


Chris Ostrowski
Arbor Realty Trust, Inc.
 Tel: (516) 506-4255
333 Earle Ovington Blvd.,
Suite 900

Interstate Hotels & Resorts Announces Management of Holiday Inn West Bay Traverse City, MI

ARLINGTON, VA. And TRAVERSE CITY, MI., Sept. 4, 2012— Interstate Hotels & Resorts today announced that it has assumed management of the 179-room Holiday Inn West Bay in Traverse City, Mich.

The hotel was recently acquired by ValStone Partners, LLC, a Michigan-based private equity firm. The new owners plan to immediately invest in a multi-million dollar comprehensive hotel renovation that will enhance and revitalize this popular waterfront resort, anticipated to be completed ahead of the summer 2013 vacation season.

“This is our first management agreement with ValStone,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. “We appreciate that they are entrusting a local landmark to us, and I am certain that our proven operating systems and resort management expertise, coupled with the hotel’s legacy of market dominance, will prove to be a very profitable alliance.”

Located on a pristine beach on Lake Michigan, Holiday Inn West Bay has been a Traverse City destination for more than 40 years, welcoming vacationers and business travelers alike to enjoy its peaceful surroundings, on-site marina, and easy proximity to the city’s charming downtown, 15 local golf courses, Michigan wineries and the Interlochen Performing Arts Center.

“We are delighted to be investing in this Lake Michigan jewel and contributing to the local economy,” said Gerald C. Timmis, III, (middle left photo) senior managing director of ValStone Partners, LLC. “Holiday Inn West Bay has been a fixture in the Traverse City community for decades. When we’re finished with the planned improvements, the hotel will be positioned to welcome a whole new generation of travelers to this popular destination resort.”
The Holiday Inn West Bay features four restaurants, including outdoor dining, and two bars.

 An on-site marina with watercraft rentals, indoor and outdoor pools, whirlpools and sauna facilities make for memorable vacations, and 6,000 square feet of flexible meeting space for meetings or social occasions provide the perfect venue for business or pleasure.

A fitness center, complimentary Wi-Fi and a 24-hour airport shuttle round out the hotel’s amenities. For hotel reservations or further information, please visit www.tcwestbay.com or call toll-free at (800) 888-8020.


Jerry Daly, Lauralee Dobbins
Daly Gray
(703) 435-6293

Marcus & Millichap sells $12.7 Million Broadway Plaza in Tucson, AZ

TUCSON, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of part of Broadway Plaza Shopping Center (top left photo).

Marcus & Millichap sold 83,612 square feet of the 464,934 square-foot multi-tenant asset. The asset commanded a sales price of $12,675,000.

  The buyer, shopping center REIT Philips Edison-Arc, was secured and represented by Sanford Burstyn (lower right photo), an investment specialist in Marcus & Millichap’s Phoenix office.  The seller was Larsen & Baker.

“Demand for well-located shopping centers continues to be strong, while cap rates continue to reflect the compressed interest rates,” says Burstyn. “An institutional investor acquired this portion of Broadway Plaza, which demonstrates the ongoing strength of the anchored multi-tenant sector,” he adds.

Broadway Plaza Shopping Center is shadow-anchored by Home Depot and Kohl’s is located at 7701-7895 E Broadway Blvd. The Broadway Plaza Shopping Center was developed in 1982. Occupancy at time of sale was 94 percent.

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

Stacey Corso
Public Relations Manager
(925) 953-1716