Wednesday, October 31, 2012

Institutional Property Advisors Arranges $23.2 Million Sale of Tampa Bay, FL Multifamily Asset

Flagler Pointe Apartments, St. Petersburg, FL

 ST. PETERSBURG, FL, Oct. 30, 2012 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has negotiated the sale of  Flagler Pointe Apartments, a 416-unit multifamily community centrally located near Interstate 275 in St. Petersburg.

The sales price of $23.2 million equates to $55,769 per unit and $71 per square foot.

Jamie B. May, an executive director of IPA, advi
sed the seller, PRG Real Estate Management. The buyer is Merion Realty Partners.

Jamie B. May
“The investor purchased a well-maintained, renovated property at well below replacement cost,” says May. “The 91-percent-occupied asset already has a strong cash flow, and there are opportunities to generate even more income in a strong market through property upgrades, interior enhancements and rental rate increases,” May elaborates.

“Free and clear of debt encumbrances, this property is attractive not only because of its terms, but due to its location near Tampa Bay and its above-average amenities package. And, with no new construction in the submarket right now, we believe rental demand will stay high,” May concludes.

Originally completed in 1974 and extensively renovated in 2002, Flagler Pointe Apartments is a well-maintained multifamily community offering a wide array of amenities such as four resort-style pools, a 24-hour fitness center and two community clubhouses, as well as tennis and volleyball courts.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Voit Real Estate Services Completes $11.85 Million Office Acquisition in San Diego, CA

Chula Vista, CA office building
 San Diego, CA, (Oct. 30, 2012) –Voit Real Estate Services’ San Diego office has successfully completed the $11.85 million acquisition of an 87,000 square-foot office building in Chula Vista, Calif. on behalf of the buyer.

According to Brandon Keith, a Senior Vice President in Voit’s San Diego office, the completion of this transaction marks the largest office sale in the Chula Vista submarket in 2012.

Brandon Keith
Keith worked with Tracy Clark of Voit’s San Diego office to represent the buyer, CHG Foundation, a California non-profit. CHG, or Community Health Group, is a nonprofit health plan operating in San Diego County.

“Our client was seeking a larger headquarters facility in close proximity to its current headquarters in Chula Vista to expand its local operations,” explained Keith.

 “This transaction is an excellent example of the ongoing recovery in the San Diego market. Companies are gaining the confidence to buy again, armed with the knowledge that real estate prices have likely hit bottom.

“ It is important to realize that there are many investment opportunities available in this market, and buyers should seek to make deals before prices begin to increase and quality product is snapped up by other investors.”

CHG Foundation will occupy 67,000 square feet of this two-story office/flex building for its operations. The remaining 20,000 square feet will be occupied by Hitachi America Ltd., a global supplier of household electronics, on a lease which was completed as part of the sale, according to Clark, a Senior Vice President in Voit’s San Diego office.

The seller, Chula Vista Investment Group, LLC, is a real estate fund managed on behalf of the Alaska Permanent Pension Fund, and was represented by Mickey Morera and Chris Holder of Cushman & Wakefield.

The property is located at 900 Hitachi Way in Chula Vista, Calif.


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

$20.5 Million Industrial Building Sale Closed by Marcus & Millichap in Addison, IL

ADDISON, Ill., Oct. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, represented the buyer of 350 Rohlwing Road, a 453,361-square foot industrial building fully leased to Domtar Corp.

350 Rohling Ave., Addison, IL

A multinational paper producer, Domtar Corp. utilizes this building as its Chicago metropolitan area distribution center. The sales price of $20,518,106 equates to $45 per square foot.

            Marty Cohan, a vice president investments in Marcus & Millichap’s West Los Angeles office, represented the buyer, 350 WPI Rohlwing LLC.

John Przybyla, first vice president of the firm’s Chicago Downtown office and Marcus & Millichap’s broker of record for the state of Illinois, also provided representation.

“Core industrial assets on long-term leases to credit tenants, such as this 350 Rohlwing Road property, provide investors with stability, liquidity and very low management responsibilities,” says Cohan. “We sorted through hundreds of deals to find this client an up-leg to complete a 1031 exchange. This property has it all: location, credit-tenant and long-term lease,” adds Cohan. “It is an excellent match for this repeat client.” 

The net-leased property was listed with another brokerage firm. Consultation on financing was provided by Gregg Fox, based in Atlanta.

Domtar Corp. is publicly traded under the symbol UFS and as of December 2011 was rated BBB by Standard & Poor’s.

Stacey Corso
Public Relations Manager
(925) 953-1716

New Architectural Concept Revolves Around ‘Sustainable Design’ to Aid Environment

GEICO Parking Garage, Downtown Orlando, FL
ORLANDO, FL – For most people, the environmental impact of buildings is startling. According to the U.S. Department of Energy, in the United States, commercial and residential buildings consume close to 40% of our total energy, 70% of our electricity, 40% of our raw materials, and 12% of fresh water supplies.

That observation comes from C.T. Hsu + Associates, P.A. of Orlando

They also account for 30% of greenhouse gas emissions and generate 136 million tons of construction and demolition waste.

 In the recent past, architects and engineers have designed buildings with an increased awareness of these environmental concerns. These efforts have grown into a field within the building design community called sustainable design.

Designing a sustainable building requires close cooperation between the design team, the architects, the engineers, and the client throughout all stages of a project.

Although new technologies are emerging to complement current practices in creating more sustainable structures, the common objective is to design buildings to reduce the overall impact of the built environment on human health and the natural environment by efficiently using energy, water, and other resources; protecting occupant health and improving employee productivity; and reducing waste, pollution, and environmental degradation.  

Osceola High School, Osceola, FL
 In June 2012, C.T. Hsu + Associates (CTH+A) was recognized by The International Parking Institute (IPI) with the Award of Excellence in Architectural Achievement for the Geico Garage in downtown Orlando. Along with the neighboring Amway Center, the Geico Parking Garage has become part of the southern gateway to downtown Orlando from Interstate 4 due to its magnitude, presence, and function.

Kristine Kurek Melanson
CTH+A has been working with the School District of Osceola County (SDOC) since 2003 on this $24,000,000, multi-year, multi-phased renovation and expansion project for Osceola High School, which is the one of eight high schools in Osceola County.   Osceola High School serves nearly 2,400 students and provides over 2,350 student stations. It is known as the Home of the Kowboys, and as the home of the distinguished "Double AA Scholar's Program".

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

Kristine Kurek Melanson,
Senior Marketing Manager

C.T. Hsu + Associates, P.A.
820 Irma Avenue ·
Orlando, FL 32803 ·
407 423 0098 ·
 Fax 407 423 4793