Wednesday, July 31, 2013

NAI Realvest negotiates $1,002,000 sale price for office/warehouse building, and new lease next door in Oviedo, FL

521 South Econ Circle, Oviedo, FL

Paul Partyka
MAITLAND, FL. – NAI Realvest recently negotiated the sale of a 14,500 square foot office warehouse building on one-acre at 521 South Econ Circle in Oviedo. 

Paul P. Partyka, managing partner at NAI Realvest represented M&O LP the local seller.  The buyer, Brac Racing, a racing parts distributor expanding into larger facilities from a former Longwood location, paid $1,002,000 for the property and was represented in the transaction by Chuck McNulty of McNulty Group

Chuck McNulty
At the same time Partyka represented landlord M&O LP in a lease agreement with Meridian Investment Group Inc. for 6,351 square feet of office/warehouse space at 531 South Econ Circle.   The tenant was represented by Roger Owen of Roger Owen Realty.

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

Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates Two New Office Leases in East Orlando, FL

Mary Frances West
 ORLANDO, Fla. – NAI Realvest recently negotiated two new leases totaling over 3,500 square feet of office space in East Orlando and one mixed-use campus is now fully leased.

 Senior Broker-Associate Mary Frances West, CCIM negotiated a lease agreement representing the landlord, Jeden LLC of Maitland for 2,215 square feet in University Center at the Quadrangle, 11825 High Tech Ave. Suite 125.  

  The new local tenant Acudyn  was represented in the transaction by Paul Kelly and Andrei Savitski of Coughlin Commercial.   

Andrei Savitski
 West represented the landlord Ripley’s International LLC in a lease agreement for 1,306 square feet at La Vina Marketplace, 9161 Narcoossee Rd.  The lease of Suite B-201 to First American Title Company of Santa Ana, Calif. boosts the occupancy at La Vina to 100 percent.

First American was represented by Richard Solik of Cushman & Wakefield of Florida, Inc. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications 

HFF arranges $13.4 million financing for Winter Haven Citi Centre in Winter Haven, FL

Winter Haven, FL Citi Centre

MIAMI, FL – HFF announced today that it has arranged a $13.4 million senior loan for Winter Haven Citi Centre, a 185,705-square-foot, power center located in Winter Haven, Polk County, Florida.

Chris Drew
                HFF worked exclusively on behalf of the borrower, Winter Haven Citi Centre, LLC, a partnership controlled by Schmier & Feurring Properties, Inc., and Independencia Asset Management, LLC to secure the 10-year CMBS loan. 

Winter Haven Citi Centre is located at the intersection of Highway 17 and Avenue K, SW in Winter Haven, approximately 50 miles east of Tampa.  The center is 96.8 percent leased to prominent national tenants including Macy’s, Belk, Staples and Pier One Imports. 

Redeveloped in 2000, the center is situated on a 29.55-acre site and is shadow anchored by a Lowe’s Home Improvement Store.  

                The HFF debt placement team representing the borrower was led by director Chris Drew and senior analyst Jose Carrazana. 

“Despite the recent turbulence in the capital markets, it’s a great time to be a borrower.  Lenders are aggressively pursuing quality assets and quoting rates that are well below historical averages,” said Drew.

                HFF’s debt placement team secured more than $3.9 billion in financing for retail assets nationally in 2012.  HFF closed more than $680 million in retail transactions across all capital markets platforms in the state of Florida during 2012.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF Austin hires John Taylor as managing director in its investment sales group

John Taylor
AUSTIN, TX – HFF announced today that John Taylor has joined the firm as a managing director in its Austin office to focus on investment sale transactions in Austin and San Antonio, Texas.

Mr. Taylor joins HFF from Jones Lang LaSalle, where he was a senior vice president and leader of the capital markets group for Central Texas.  Prior to that, he worked in the capital markets groups at Trammell Crow and CBRE. 

“John is a leader in the capital markets space in both Austin and San Antonio and HFF is delighted to have him on board,” said Sean Sorrell, senior managing director and co-head of HFF’s Austin office.  

Sean Sorrell
“HFF Austin has been committed to growing its investment sales and debt placement teams with the right mix of talent and John will complement the existing team perfectly.”

“HFF has had a significant presence in the Austin and San Antonio markets since the early 1980’s.

Jody Thornton
"However it was not until the opening of HFF Austin in January 2011 and the expansion of the office since then with professionals such as John Taylor, that we have been able to expand our footprint and build upon our market share to offer our clients the highest level of service across all business lines,” said Jody Thornton, executive managing director of HFF in Dallas

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

LaGrange Plaza: PetSense “The Place for Pet Lovers” Grand Opening Aug. 10

LaGrange Plaza, LaGrange, GA

LaGrange, GA- Amanda Steidtmann of Crossman & Company signed a new-lease for 7,104 square feet at 139 Commerce Ave. LaGrange, GA 30240. LaGrange Plaza leased the space to PetSense. PetSense will have their grand-opening on Saturday, August 10th.
Amanda Steidtmann

“PetSense is growing rapidly across the Southeast and we are excited to welcome them to LaGrange Plaza,” stated Steidtmann.  “We are expecting PetSense to do extremely well in the LaGrange market.”.

 Petsense now operates locations in 21 states with corporate headquarters located in Scottsdale, Arizona. For more information on PetSense please visit:.

 LaGrange Plaza, a Publix-anchored center was recently remodeled and has great visibility on Commerce Avenue, a major retail corridor.

For more details on spaces available for lease please contact Amanda Steidtmann, or 770-541-0864.

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in FL, GA, AL, TN, SC and NC.

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

ARCA Capital Investments Inc. Signs Lease at Wells Fargo Center Miam

Wells Fargo Center, Downtown Miami, FL
Indra Campbell
Miami, FL  –Wells Fargo Center has captured its fifth tenant this year with ARCA Capital Investments, Inc., signing a 4,418 square foot lease at the downtown Miami office tower.  Taylor & Mathis reports year-to-date leasing activity at the building has exceeded 50,000 square feet. 

“Interest in Wells Fargo Center has come from a diverse corporate base,” stated Taylor & Mathis’s Brian Gale, who spearheads leasing efforts for owner MetLife.  

Bryan Gale
“This year we’ve leased space to a financial services firm, law firm, business school and two real estate firms – a high-end executive suite operation and a top brokerage firm.” 

 Andrew Easton of Jones Lang LaSalle negotiated the lease transaction on behalf of ARCA, a wealth management financial services firm, which is relocating to downtown Miami from Miami Beach.  Ryan Holtzman of Taylor & Mathis represented MetLife.

Ryan Holtzman
“ARCA Capital Investments chose Wells Fargo Center as the permanent location of our offices,”  said Indra Campbell, President & CEO ARCA Capital Investments.

“We regard Wells Fargo Center as the premier office space for South Florida, and it provides the most value for the applicable lease rates. 

Andrew Easton
"The amenities of the office building and the adjacent JW Marriott Marquis are truly exceptional. The location, facilities and staff of both the office building and the hotel dovetail nicely with our desire to provide concierge service to the Ultra High Net Worth clients,”

Wells Fargo Center is a 750,000 square foot Class A office tower located downtown one city block off Interstate 95 and south of the Brickell Bridge.

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

Brian Gale,
Taylor & Mathis
(305) 476-8880

Espirito Santo Plaza in Miami, FL Reaches Elusive 100% Occupancy with 100,000 SF of Leasing

Espirito Santo Plaza, Downtown Miami, FL

Miami, FL, July 31, 2013 – With 100,000 square feet of leases this year, Taylor & Mathis of Florida has brought Espirito Santo Plaza to 100% occupancy.

Andrew Trench
The firm reported two new leases this month.  Anchor tenant, Fowler White Burnett, P.A. renewed their lease while Jernigan Capital LLC will move into the market signing a 2,500 square feet lease. Last month Taylor & Mathis reported a 32,000 square foot renewal & expansion by Quest Workspaces.

 “The ultimate goal for a broker is to bring a building to 100% occupancy,” commented Taylor & Mathis Leasing Director Andrew Trench. “Given the flux in the market it doesn’t happen often. 

Matthew Cheezem
" It’s the equivalent to that hole in one in golf.  It is certainly easier when working with a building that has a Brickell Avenue location, exceptional management and amenities like the on-site Conrad Hotel.”

 The Taylor & Mathis Miami leasing team, exclusive leasing agents for Espirito Santo Plaza, worked with co-brokers Matthew Cheezem and Matthew Goodman of Cresa to complete the Fowler White Burnett lease.  Taylor & Mathis’ Andrew Trench negotiated the Jernigan Capital deal.

Aerial of Downtown Miami, FL

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

Andrew Trench
Leasing Director
Taylor & Mathis

(305) 476-8880 

Brian Gale
Taylor & Mathis
(305) 476-8880  

Marriott Flags Return to Downtown Syracuse, NY with Opening of Courtyard by Marriott/Residence Inn Syracuse Downtown at Armory Square

Courtyard by Marriott/Residence Inn Syracuse Downtown
 at Armory Square, Syracuse, NY
SYRACUSE, NY, July 31, 2013 - -Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, and RHS Holdings, LLC, a prominent, Syracuse-based real estate development firm, today unveiled the first new-build hotels in downtown Syracuse in more than five decades with the official ribbon cutting of the new Courtyard by Marriott/ Residence Inn Syracuse Downtown at Armory Square.

The combination hotel, a 78- room Residence Inn and 102-room Courtyard by Marriot constructed under one roof, is located in the heart of the city’s historic Armory Square district and anchors the Connective Corridor that links downtown with Syracuse University.   

            The hotels also mark the return of Marriott brands to downtown Syracuse.  The $30 million project is the largest, non-office building, new construction project in downtown Syracuse in more than 25 years.

Armory Square
Downtown Syracuse, NY
“We are proud to be a part of the continued revitalization of Downtown Syracuse and Armory Square,” said Richard Sykes, vice president of RHS Holdings, and partner in the hotel ownership group, The Inns at Armory Square, LLC. 

 “We’re thrilled to be part of the wave of economic development downtown with guests expected to bring in more than $18 million a year to the local economy.” 

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

Lauralee Dobbins
Daly Gray, Inc.
 or dial 800-321-2211.

MBA Statement on Richmond, CA Eminent Domain Program

David H. Stevens
Washington, D.C. – David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today issued the following statement on a proposed program in Richmond, California that would allow local officials to use eminent domain powers to seize mortgages and force financial losses on millions of Americans:

“The program is a short-term solution for a few underwater borrowers that will have severe negative long-term costs for every homeowner in the city. 

“Mortgages in Richmond will become more expensive, making neighboring cities more desirable for prospective home buyers, which will hold down home values for everyone in Richmond.

“In short, the program is ill-advised and likely unconstitutional and will add to Richmond’s problems rather than solve them.”

For more information on this issue, please visit MBA's Eminent Domain Resource Center.

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

John Mechem
(202) 557-2924

Tuesday, July 30, 2013

$20.6 Million Shopping Center and Adjoining Pad Site Change Hands in New Jersey

Marketplace at Edgewater, Edgewater, NJ

Mark Taylor
EDGEWATER, N.J., July 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Marketplace at Edgewater, an 88,641-square-foot shopping center and an adjoining 10,030-square-foot pad site in Edgewater, N.J.

The shopping center sold for $16,375,000 and the pad site brought $4,230,000. The total sales price for both sites equates to $232 per square foot.

            Mark Taylor and Dean Zang, both first vice presidents investments, and Christopher Munley, a vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, a private investor.

Dean Zang
 Greg Babaian, a vice president investments in the firm’s New Jersey office, represented the buyer, Capstone Realty Group.

            “The sale of Marketplace at Edgewater is indicative of the surge in demand we are seeing for Northern New Jersey retail properties,” says Taylor.

Greg Babaian
            “The buyer is a value-add purchaser that pursues opportunities in well-located markets such as the Marketplace at Edgewater,” says Babaian. “The new owner plans to modernize the asset and fill vacant space with high-quality tenants.”

“Investors throughout the Tri-State Area are keen on the area’s local retail properties due to the region’s economic stability, concentration of high-income households and proximity to Manhattan,” adds Munley.

“This was a complex transaction that included three leasehold interest leases, the State of New Jersey’s riparian rights and separate owners of the ground underlying the three parcels of land,” concludes Taylor.

            Built in 1990 on approximately 6.4 acres, the center is situated along the Hudson River near the George Washington Bridge at 725 Tower Road in Edgewater, N.J. 

Marketplace at Edgewater is anchored by Trader Joe’s, which leases the pad site. Other tenants include Animal General, Binghampton Bagel, Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo Physical Fitness.

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

Gina Relva
Public Relations Manager
(925) 953-1716

RiverRock Selected To Manage 3.2 Million Sq. Ft. Office and Industrial Portfolio in Southern California and Arizona

Newport Beach, CA (July 30, 2013) – RiverRock Real Estate Group, a West Coast based commercial real estate management and leasing firm, today announced that AEW Capital Management (AEW) has awarded it the management of a 3.2 million-square-foot of portfolio office and industrial space located in Southern California and Arizona.

Steve Core
 In the past 12 months, RiverRock has grown its management portfolio by 9.1 million square feet. With the addition of this contract, the company now manages more than 25 million square feet of commercial space.

Beginning August 1, RiverRock will take over property management, leasing oversight and engineering of 28 properties throughout Southern California and Arizona. 

 RiverRock will add approximately 30 employees who currently manage the properties.

 The company will be assuming regional offices in Santa Fe Springs, Rolling Hills, Upland, Riverside, and the San Gabriel Valley, as well as Phoenix. 

  “We are excited about this new opportunity with AEW,” said Steve Core, president of RiverRock Real Estate Group. “We have an excellent management team in place and we hope this assignment leads to future growth in new markets.”
For a complete copy of the company’s news release, please contact:

David Ebeling
Ebeling Communications
949.278.7851 (Cell)

The Woodmont Co. Completes Sale of Retail Center in Allen, TX


                                McDermott Commons
                                2021-2035 West McDermott Drive
                                Allen, TX
ALLEN, TX, July 30, 2013 – The Woodmont Company, a national real estate firm specializing in the development, management, leasing and sale of retail shopping centers, has completed the sale of McDermott Commons, a 55,560-square-foot retail center located in Allen, TX to a private investment firm. 

Brad Cruickshank
Brad Cruickshank of The Woodmont Company represented the seller in the transaction, LNR Partners. The buyer represented itself.

            Located at the southeast corner of McDermott Drive and Custer Road at 2021-2035 West McDermott Drive, McDermott Commons is anchored by a Jumpstreet Trampoline Park.

 The sale included the in-line retail space, two outparcels with ground leases to Taco Bell/Pizza Hut and Wendy’s, as well as a freestanding building leased to BB&T Bank.

 Built in 2001, McDermott Commons was 73% percent occupied at the close of escrow.  The Woodmont Company has been retained by the purchaser to handle leasing at the center.

Mt. Pleasant Plaza, Mt. Peasant, TX
            The sale of McDermott Commons comes just days after The Woodmont Company completed the $1,075,000 sale of Mt. Pleasant Plaza, a fully occupied, 7,325-square-foot retail center located at 1401 South Jefferson in Mt. Pleasant, TX. 

Tenants include: Little Caesar’s Pizza, Carter Blood Care, Metro PCS, Check N Go, and Diddy’s Yogurt.

Cruickshank represented the seller, Iron Point Titan Asset Management. The buyer was a private investment group based in Denton, Texas who was represented by Blake Martin of Quest Commercial Realty.

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

David Ebeling
Ebeling Communications
949.278.7851 (Cell)

Marcus & Millichap Promotes Six Midwest-based Agents to Vice President Investments

Steven R. Chaben
CALABASAS, CA, July 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted six Midwest agents to vice president investments.

 This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap in the investment real estate brokerage profession, according to Steven R. Chaben, senior vice president and managing director.

            The agents, their office locations and specialties are:
Sean M. Delaney

·         Kyle Stengle, Chicago Downtown, Multifamily

·         Sean M. Delaney, Chicago Oak Brook, Self-Storage

·         Daniel F. Danielak, Detroit, Office and Industrial

·         Ashish V. Vakhariya, Detroit, Retail/Net-Leased

·         David Weinberg, Detroit, Office and Industrial

·         Brent Silcox, Indianapolis, Multifamily and Manufactured Housing

 Previously, Stengle, Danielak and Delaney held the title associate vice president investments. Vakhariya, Weinberg and Silcox were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Chaben.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

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

Gina Relva
Public Relations Manager

(925) 953-1716

Palm Beach County Retail Center Hits the Market at $21 Million

HSBC Plaza, Boca Raton, FL

BOCA RATON, FL  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been awarded the exclusive listing to market for sale HSBC Plaza, a 45,730-square-foot retail center in Boca Raton, Fla. The listing price is $21,000,000.

Douglas K. Mandel
            Douglas K. Mandel, a first vice president investments, and C. Todd Everett, SIOR, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller, the center’s developer.

            “This is an opportunity to acquire a high-quality center with a diversified tenant base and strong in-place cash flow,” says Mandel.

“HSBC Plaza is surrounded by affluent residential communities,” adds Everett.

The property is located at 19120 South State Road 7 on the southeast corner of State Road 7/ U.S. Route 441 and Yamato Road, two major Boca Raton thoroughfares.

C. Todd Everett
Traffic counts at the intersection are in excess of 63,000 vehicles per day and more than 150,000 people reside within a five-mile radius. Two upscale shopping destinations, the Boca Town Center Mall, a super-regional shopping center and Mizner Park, a lifestyle center, are nearby.

The location is within a 30-minute drive of downtown Palm Beach, the Palm Beach International Airport, downtown Fort Lauderdale and the Fort Lauderdale International Airport.

HSBC Plaza is 95 percent leased to a variety of local, regional and national tenants, including MedExpress, Dunkin’ Donuts, a 15,560-square-foot CVS outparcel and a 4,000-square-foot HSBC Bank branch outparcel.

The property has been well maintained with little to no deferred maintenance.

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

Gina Relva
Public Relations Manager

(925) 953-1716