Wednesday, December 5, 2012

Herald Plaza in Miami, FL Sold for $9 Million

Herald Plaza, Miami, FL
PEMBROKE PINES, FL,  Dec. 5, 2012 --- An investment group led by a pair of veteran South Florida real estate executives has acquired the landmark office complex Herald Plaza that houses the Miami Herald’s Broward County bureau along I-75 in Pembroke Pines.

The deal for the 77,000-square-foot, two-building campus closed Dec.4.

The sale price was $9 million, or about $116 a square foot. 

Darcie Lunsford, VP of McCraney Property Co., represented the landlord in those transactions and will continue to handle leasing for the new ownership. In all more than 34,000 square feet of new leases have been executed in the two-building complex since January. The project now stands about 98 percent leased.

Grover & Corlew LLC, a boutique real estate investment and management firm focused on multi-family, office and medical office properties, acquired the high-profile Herald Plaza complex.  The acquisition was done in partnership with Atlantic Creek Real Estate Partners LLC (“Atlantic Creek”), an opportunistic commercial real estate investment fund with offices in New York City and Palm Beach, Florida.  

The seller was a venture between Coconut Creek-based Butters Group and Boca Raton-based Milhous Group.

The CBRE team of Scott O’Donnell, Jeffrey Kelly, Dominic Montazemi, Marty Busekrus, and Miguel Alcivar brokered the transaction.

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

Don Silver
Chief Operations Officer
Boardroom Communications
(954) 370-8999
(954) 629-7523 Cell
(954) 370-8892 Fax

Jones Lang LaSalle Completes $30M Sale of Phoenix, AZ Multifamily Property

La Palma Apartments, Phoenix, AZ
 PHOENIX, AZ, Dec. 5, 2012 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of La Palma in Phoenix on behalf of LAP LLC of Orange County, California.

 Purchased for $30.1 million by Seattle-based Weidner Investment Services, the 548-unit apartment complex further cements the local market presence of Jones Lang LaSalle’s new multifamily investment sales practice, created when Executive Vice President John Cunningham joined the firm in fall of 2011.

John Cunningham
Cunningham and Vice President Charles Steele led the Jones Lang LaSalle team on this transaction, with assistance from San Diego-based Executive Vice Presidents Darcy Miramontes and Diane Miramontes and Vice President Kip Malo.

 “Phoenix has a resiliency that investors trust to grow value,” said Cunningham. “The new owners of La Palma have an excellent opportunity to improve and reposition the asset in a very strong Phoenix marketplace.”

Diane Miramontes
According to Cunningham, Phoenix rental rates were up considerably at the end of the second quarter, reaching an average $774 per month compared to an average $754 in the first quarter of the year.  Vacancy has simultaneously decreased, falling from 9.8 percent in fourth quarter 2011 to 8.6 percent by mid-2012.

Darcy Miramontes
“That attracts investor dollars, and has ranked Phoenix third in the nation for total transaction volume,” said Cunningham, noting that by August, total transaction velocity in Phoenix already had surpassed its 2011 total volume of $1.49 billion.

The 548-unit La Palma, located on West Bell Road near 7th Avenue, is approximately 90 percent occupied. It includes two- and three-story buildings with one-, two- and three-bedroom units ranging from approximately 720 to 1,444 square feet. The 1984-built property sits on 27.6 acres on a major metro arterial. Amenities include two large clubhouses, four swimming pools and multiple sports courts.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

HFF arranges $9.2 million refinancing for Plaza at Milltown in Oahu, Hawaii

The Plaza at Milltown, Oahu, Hawaii
 SAN DIEGO, CA – HFF announced today that it has arranged a $9.2 million refinancing for The Plaza at Milltown, a two-building, 30,135-square-foot commercial center in Waipahu, on the island of Oahu in Hawaii.

                HFF worked on behalf of Avalon Development to secure the 10-year, 5.25 percent, fixed-rate loan through UBS Investment Bank – CMBS.  The securitized loan is refinancing a current mortgage on the property.

Aldon Cole

                The Plaza at Milltown was completed in 2008 and is fully leased to tenants including national credit tenants Ohana Well Care and Liberty Dialysis.  The property is situated on a 1.76-acre site within the Mill Town Industrial and Business Park, within 1/8th mile to the on./off –ramps to Interstate Highway (H-1) about 18 miles from downtown Honolulu.

Husayn Hasan
                The HFF team representing Avalon Development was led by managing director Aldon Cole and real estate analyst Husayn Hasan.

                Avalon Development is Hawaii’s premiere full-service real estate development, brokerage and management firm.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Gladstone Commercial Corp. Announces Property Acquisition in Columbia, SC

MCLEAN, VA /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported it purchased a 146,483 square foot office building located in Columbia, South Carolina for $29.2 million.  The building is currently leased to Verizon Wireless.

"We are excited to add to our portfolio this Class A office building that serves as a primary operations center for this well positioned credit tenant," said Buzz Cooper, the Managing Director responsible for the transaction.

Gladstone Commercial Corporation is a real estate investment trust ("REIT") that invests in and owns net leased industrial, commercial and retail real property and selectively makes long-term industrial and commercial mortgage loans. 

The Company currently owns 80 properties.  Including payments through October 2012, the Company has paid 94 consecutive monthly cash distributions on its common stock.

Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions.  Additional information can be found at.

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

 Gladstone Commercial Corporation

Brooklyn, NY Apartment Building Sells for $16 Million

Peter Von Der Ahe
 BROOKLYN, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 105 Grand Avenue, a 36-unit apartment building located in Brooklyn’s Clinton Hill neighborhood. The $16 million sales price equates to $444,444 per unit.

Peter Von Der Ahe, a first vice president investments, Joe Koicim and Scott Edelstein, vice presidents investments, and Sean Lefkovits, an associate, all in Marcus & Millichap’s Manhattan office, represented the seller, a Brooklyn-based investment group. Von Der Ahe, Koicim, Edelstein and Lefkovits also represented the buyer, Springhouse Partners.

Joseph Koicim
             “With vacancy in Brooklyn and Queens compressing to the lowest level in nearly a decade this year, local, out-of-state and international investors are actively seeking high-quality multifamily assets in the New York City area,” says Koicim. “105 Grand Avenue’s modern design and central Clinton Hill location added to the overall attractiveness of this investment opportunity.”

            The seven-story elevator building is located at 105 Grand Ave. in Brooklyn. The Pratt Institute is across the street and Fort Greene Park is nearby. 

The building’s unit mix features studios and one- and two-bedroom apartments. Amenities include a gym and a rooftop deck with views of Manhattan.


Marcus & Millichap
Public Relations
(925) 953-1716

PCCP VJ Acquires Watters Creek Note in Allen, TX

Waters Creek at Montgomery Farms, Allen, TX
FORT WORTH, TX– A joint venture of Trademark Property Co., the Fort Worth-based retail and mixed-use development, investment and services firm, Coventry Real Estate Advisors, a New York–based real estate investment manager, Southern Land Co., a Tennessee-based multi-faceted real estate developer, and Los Angeles-based PCCP, an integrated real estate finance and investment management firm, announced the recapitalization of the Class A mixed-use project, Watters Creek at Montgomery Farm, located just north of Dallas in Allen, Texas.

The Joint Venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital for the transaction from its opportunistic fund, PCCP Equity VI, L.P., which targets high quality real estate with distressed capital structures that need the workout expertise combined with fresh equity capital that PCCP can bring.

The restructuring provides ownership the time and flexibility to allow for Watters Creek to reach its full potential over the next few years. Plans include the immediate execution of more than 25,000 square feet of new leases and the implementation of a wide range of property improvements.

Lofts at Watters Creek
Watters Creek is a 706,000 sf Class A mixed-use development consisting of 100,000 sf of office, 356,000 sf of retail and the 233-unit Lofts at Watters Creek multi-family apartments. Located at Bethany Drive and U.S. 75 in Allen, the project was developed and capitalized by Trademark, Coventry and Southern Land and opened in 2008.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Essex Realty Group Brokers Sale of The Astor House in Chicago, IL

The Astor House, 1246 W. Pratt Blvd.
 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 1246 W. Pratt Blvd. (The Astor House),  a 13-story, 124-unit corridor apartment building located in Chicago’s Rogers Park neighborhood and only two blocks from Loyola University. 

The building is situated just west of Sheridan Road, less than two blocks west of Lake Michigan.

The Subject Property consists of a unit mix of nineteen studios, twenty-three large studios, fifty-three 1 bedroom/1 bath, twenty-five large 1 bedroom/1 bath, three 2 bedroom/1 bath and one penthouse.

Doug Imber
 Doug Imber, Doug Fisher and Matt Welke of Essex were the brokers in the transaction.  The price was approximately $7,000,000

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.


Douglas S. Imber
Essex Realty Group, Inc.

Arbor Funds 7 FHA Deals Totaling $87.6M from Hawaii to Virginia

Hale Pauahi Apartments, Honolulu, HI
 UNIONDALE, NY (Dec. 5, 2012) – Meeting the robust demand for multifamily financing through the FHA’s mortgage insurance programs, Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the recent funding of seven loans totaling $87,618,800 under several FHA financing product lines from Hawaii to Virginia.

·         Hale Pauahi Apartments, Honolulu, HI – This 396-unit multifamily property received $11,816,600 funded under the FHA 223(a)(7) product line. The 17-year refinance loan amortizes on a 17-year schedule. The property is located in downtown Honolulu and consists of apartment units with sizes ranging from studio to three-bedroom.

Chester Village Green Apartments, Chester, VA
·         Chester Village Green, Chester, VA – This 137-unit multifamily property received $11,019,000 funded under the FHA 223(a)(7) product line. The 40-year refinance loan amortizes on a 40-year schedule. Amenities at Chester Village Green include a clubhouse, a fitness center, a swimming pool, a tennis court, garage parking and a playground.

·         Haven Pointe Apartments, West Haven, UT – This 192-unit multifamily property received $10,725,000 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. Amenities at Haven Pointe include a clubhouse, a fitness center, a swimming pool, a basketball court, storage areas and a playground.

Haven Pointe Apartments, West Haven, UT
·         Glenwood Apartments, East Lansing, MI – This 138-unit multifamily property received $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. This garden-style property primarily markets to students from nearby Michigan State University. 

·         Penny Lane Apartments, Ruston, LA – This 72-unit multifamily property received $5,229,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The newly constructed property serves a large student and faculty population, with an estimated 45 percent of residents being students from Louisiana Tech University and Grambling State University.
Glenwood Apartments, East Lansing, MI
·         Ellsworth Square Apartments, Salem, OR – This 72-unit multifamily property received $2,664,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Ellsworth Square is located approximately two miles northeast of downtown Salem and consists of nine two-story residential buildings.

·         Multifamily Asset, Chester, VA – This 322-unit multifamily property received $38,005,200 funded under the FHA 223(a)(7) product line. The 40-year refinance loan amortizes on a 40-year schedule. The property is a three-story, garden-style apartment community situated on a 31.34-acre property featuring a clubhouse, 24-hour fitness center, swimming pool, tennis court, billiard lounge and playground. 

Joseph Donovan
“This portfolio of loans, financed across the country, once again demonstrates the capabilities of Arbor’s FHA Lending Group,” said Joseph Donovan, Arbor’s Senior Vice President, Director of FHA Lending. “This established FHA platform has allowed us to meet our long-time clients’ increasing demand for FHA financing wherever they do business across the country.” 


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