Thursday, April 11, 2013

Kevin McCrann Promoted to Associate Vice President Investments in Marcus & Millichap’s New Jersey office



Kevin McCrann
NEW JERSEY, April 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kevin McCrann to associate vice president investments. 

The achievement represents excellence in the development and servicing of long-term client relationships, according to Michael Fasano, vice president and regional manager of the firm’s New Jersey office.

Michael Fasano
            Most recently a senior associate, McCrann joined the firm in January 2006, was promoted to associate in February 2008 and advanced to senior associate in January 2009.

 He is an associate director of the firm’s National Multi Housing Group and a member of Special Asset Services.

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

 Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Promotes Dan Danielak to Associate Vice President Investments in Detroit, MI Office



Dan Danielak
DETROIT, MI, April 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Dan Danielak to associate vice president investments. The achievement represents excellence in the development and servicing of long-term client relationships, according to Jonathan Dwoskin, regional manager of the firm’s Detroit office.

Most recently, Danielak was a senior associate.

Danielak began his career with Marcus & Millichap in February 2005 and was promoted to senior associate in February 2008. He has been a real estate broker for over 22 years and has significant experience guiding his clients through the disposition and acquisition process.

Jonathan Dwoskin
Danielak earned an M.B.A. from the University of Detroit Mercy in finance, and a B.S. in mechanical engineering from Michigan State University.

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

 Ben Johnson,
Marketing Director
(925) 953-1736

RealtyTrac® Reports First Quarter Foreclosure Activity At Lowest Level Since Q2 2007

                   





Daren Blomquist
IRVINE, CA, April 11, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its U.S. Foreclosure Market Report™ for March and the first quarter of 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 152,500 U.S. properties in March, a decrease of 1 percent from the previous month and down 23 percent from March 2012.

The decrease in March helped drop first quarter foreclosure numbers to the lowest level since the second quarter of 2007. Foreclosure filings were reported on 442,117 U.S. properties in the first quarter, down 12 percent from the previous quarter and down 23 percent from the first quarter of 2012.

“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off,” said Daren Blomquist, vice president at RealtyTrac.

“Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states.”

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

 Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:
Data Sales Department
800.462.5193

Deerfield Beach, FL Office Building Sells for Over $5 Million



350 Corporate Center, Deerfield Beach, FL


John K. Crotty
MIAMI, FL, April 11, 2013 - Colliers International South Florida is pleased to announce the sale of 350 Corporate Center, a multi-tenant office building located at 350 Jim Moran Boulevard, Deerfield Beach, FL.

The 55,356-square-foot, two story property sold for $5,010,000 or just over $90 per square foot in a financed transaction to Florida Motels Group, Inc. Executive Vice President John K. Crotty, CCIM and Chairman - Founding Partner Michael T. Fay represented the seller, FG Deerfield Partners, LTD.

Michael T. Fay
Florida Motels Group, Inc. will operate the 100% occupied building as an income producing investment. The buyer was attracted to this property based on the mix of strong regional tenants and the quality of the building, which has no deferred maintenance, says Crotty.

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Two South Georgia Properties Bring $37.5 Million



The Residences at Five Points, Valdosta, GA


VALDOSTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Residences at Five Points, a multifamily complex, and College Station, a student housing community, both in Valdosta, Ga. The Residences at Five Points sold for $27,000,000, which equates to $102,273 per unit. College Station brought $10,500,000, or $102,941 per unit.


College Station Student Housing Community
Valdosta, GA

            John E. “Jay” Brigel, a senior investment specialist in Marcus & Millichap’s Tampa office, represented the sellers and buyers in both transactions. The Residence at Five Points’ seller is a South Georgia private investment group. The purchaser is based in South Florida. A Texas-based company acquired College Station from a local owner.

John E. Brigel
            “The two properties received a great deal of interest from the investment community and the sales set a high standard for per door pricing in South Georgia, particularly College Station, where 80 percent of the units are two-bedroom/two-bath,” says Brigel.

 “The new owners, both of whom happen to be first-time investors in the state of Georgia, are well positioned for revenue growth in this strong multifamily and student housing submarket.”

The Residences at Five Points is a gated 264-unit apartment development located on approximately 15 acres at 100 Garden Drive in Valdosta. The property is conveniently located near South Georgia Medical Center, Valdosta State University and Moody Air Force Base.

Valdosta State University campus
Valdosta, GA
In August 2012, The Residences at Five Points was 95 percent occupied and full occupancy is expected by August 2013. The tenant mix is approximately 60 percent student, 22 percent professional and 18 percent military.

            College Station is located at 1400 Baytree Dr. in Valdosta, just a block from Valdosta State University, and is 100 percent occupied. The property is situated on seven acres, comprises 102 units and was built between 2005 and 2011.

 The 222-bed asset includes 64 two-bedroom/two-bath units of 897 square feet, 20 two-bedroom/two-bath units of 1,000 square feet and 18 three-bedroom/three-bath units of 1,195 square feet.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Retail Center Trades Hands in Cincinnati, OH Metro Area


  
Village at the Mall, Florence, KY


 FLORENCE, Ky., April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Village at the Mall, a 92,764-square foot shopping center in the Cincinnati/Northern Kentucky metropolitan area. The terms of the sale were not disclosed.

Joel Dumes
            Joel Dumes, a vice president investments, and Charles Bulger, an associate, both in the Cincinnati office of Marcus & Millichap, represented the seller, a private investment group. The buyer is a private investor.

            “Well performing multi-tenant retail properties in the Cincinnati area are being targeted by investors as household formation and income growth drive retail sales,” says Dumes. “Northern Kentucky has been outperforming other areas of the metro as tight vacancy gives owners the leverage to raise rents.”

Charles Bulger
            The property is located at 7606 Mall Road in Florence, Ky. at the corner of Kentucky Route 18 and Mall Road, just off interstates 71 and 75 and across from the 856,000-square foot Florence Mall. Village at the Mall has two access points, one of which is a signalized intersection that also serves Florence Mall.

Developed in 1991, Village at the Mall is 100 percent occupied. Major tenants include Five Guys Burgers and Fries, a brand new Aspen Dental, a new freestanding Vitamin Shoppe, a ground-leased Chipotle, Party City, The Tile Shop, Pier 1 Imports, Dollar Tree, Casual Male and HoneyBaked Ham.

The property includes three pad sites totaling more than 10,000 square feet.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Greystone Originates Four HUD Loans for Over $43 Million



  
Courtyard Village at Raleigh Hills, Portland, OR

New York, NY – April 11, 2012 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that it has originated more than $43 million in HUD loans across four properties in Oregon, Nebraska, Washington and Florida.

Betsy Vartanian
The deals were overseen by Adam Sasouness, an originator in the Greystone multifamily lending group.

One of the loans, Courtyard Village at Raleigh Hills, was refinanced by Greystone in 2011. However with the unprecedented low interest rates, it made sense to refinance again, further reducing the borrower’s interest rate by 120 basis points. The project is a 179-unit senior living community located in Portland, Oregon, which was refinanced for $15,244,700 with a 29 year self-liquidating non-recourse loan.

Lauder Ridge Garden Apartments
North Lauderdale, FL


“As the largest multifamily lender of HUD insured loans, Greystone provides loans in markets nationwide varying in size and scope. We are very dedicated to finding the optimal financing structure to meet our client’s needs and objectives,” said Betsy Vartanian, head of Greystone’s FHA business.

She continued, “Even though all four loans faced significant prepayment penalties, refinancing still made sense as interest rates are currently at historically low levels, and the refinancing covered the penalties.


Lexington Ridge Apartments
Lincoln, NE
“With the depth of our experience and resources, coupled with the great opportunities affiliated with HUD insured financing, we are able to arrange financing for our borrowers regardless of location or loan size and provide them with competitive rates and attractive terms including non-recourse.”
Greystone provided a $12 million loan to Lexington Ridge Apartments, a 216-unit apartment complex located in Lincoln, Nebraska; a $4.8 million loan to Heatherwood Apartments, a 66 unit property in Tukwila, Washington; and a $11.2 million loan to Lauder Ridge Apartments, a 152 unit property in located in North Lauderdale, Florida.

Greystone was the number one FHA lender in 2012 and is ranked as a top-10 Fannie Mae lender. With more than 200 professionals throughout the United States, Greystone is the multifamily and healthcare mortgage lending expert and leader.


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

Loretta Mock/Josh Gerth
Cognito
+1 646 395 6300

NAI Realvest Negotiates $824,500 Sale of 28-Unit Apartment Building in Daytona Beach Tourist District

 
Branches East Apartments, 416 North Grandview Ave.,
 Daytona Beach, FL


Maitland, FL -- NAI Realvest sold the 28-unit Branches East Apartments located in the heart of the Daytona Beach tourist district at 416 North Grandview Ave.

Mez Birdie
Chris Butera, investment associate along with Mez Birdie CCIM, director of investment services at NAI Realvest, negotiated the transaction representing the seller Branches East Apartments, LLC of Milwaukee.      

Chris Butera
 The buyer Starr Properties LLC, based in Ormond Beach, purchased the multi-family property which is situated just two blocks from the beach. 

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

Chris Butera, Investment Associate NAI Realvest 386-453-4789 cbutera@realvest.com;
Mez Birdie, CCIM, CPM, SCSM Director/Retail & Investment Services NAI Realvest 407-875-9989, Mbirdie@realvest.com
Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989; pmahoney@realvest.com;
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Hendricks-Berkadia Negotiates sale of 10 acre multi-family site in Panama City Beach, FL for $1,050,000




ORLANDO, FL. --- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of Waterpointe, a 10-acre multi-family site on Front Beach and Cobb Roads in Panama City Beach for $1,050,000.


Cole Whitaker
Cole Whitaker, partner who heads the Southeast Division of Hendricks-Berkadia in Orlando, negotiated the transaction with associate partner Hal Warren representing the seller, Redus Florida Land, LLC.

Lakeshore Capital Investments acquired the site.

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

 Cole Whitaker, Southeast Partner, Hendricks-Berkadia, 407-218-8880, cwhitaker@hpapts.com;
Hal Warren, Associate Partner, Hendricks-Berkadia 407-218-8881 hwarren@HPAPTS.com;  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

NAI Realvest Negotiates New Lease with Tommy Hilfiger Outlet Store at Kissimmee, FL Shopping Center


   


ORLANDO, FL– NAI Realvest recently negotiated a new retail lease agreement with another major tenant – Tommy Hilfiger – at Kissimmee Shopping Center on Old Vineland Rd. in Kissimmee.

Paul Partyka
Paul P. Partyka, managing partner at NAI Realvest brokered the transaction representing the landlord, Herndon, Va.-based KVOS, LLC.

 Tommy Hilfiger Retail LLC based in Bridgewater, N.J. leased Suite 2553 with 5,000 square feet at the Kissimmee Shopping Center.    

 Tommy Hilfiger’s clearance store joins Nike, Converse and Bealls at the center located at 2501-2573 Old Vineland Rd.

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

Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989, ppartyka@realvest.com
Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com
Patrick Mahoney, President, NAI Realvest, 407-875-9989, pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142