Friday, April 12, 2013

Philadelphia, PA-Area Shopping Center Sale Arranged by Marcus & Millichap



                            
                                       Allen Forge Shopping Center, Lansdale, PA


LANSDALE, PA, April 12, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Allen Forge Shopping Center, a 51,878-square foot neighborhood shopping center in Lansdale, Pa., approximately 28 miles northwest of Philadelphia. The $9,333,000 sales price equates to $187 per square foot.

Matthew Gorman
            Matthew Gorman, an associate vice president investments, and Michael Shover, a senior associate, represented the seller, a Philadelphia-area developer and property owner. Gorman and Shover also represented the buyer, a Lehigh Valley-based 1031 exchange investor.

            “At the time of the sale, the Allen Forge Shopping Center was 100 percent occupied and had a waiting list of interested tenants,” says Gorman “The property is extremely well located within the local market and has had a long history of good tenancy and solid performance.”

            The center is located at 850 S. Valley Forge Road in Lansdale, less than 1.5 miles from the corporate headquarters of Merck & Co. Inc. and North Penn High School, one of the largest high schools in the state.

Michael Shover
            The Allen Forge Shopping Center’s credit tenants include a 13,000-square foot stand-alone CVS drugstore with drive-through, a 9,000-square foot Pennsylvania Liquor Control Board Wine and Spirits retail outlet and a Bank of America branch.

Recent property improvements at the shopping center include a new fa├žade and parking lot repaving.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Marcus & Millichap Promotes Chris Cunning to First Vice President Investments in Las Vegas, NV Office


  
Chris Cunning

 LAS VEGAS, NV. April 12, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Chris Cunning to first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Richard Bird, regional manager of the firm’s Las Vegas office.

Cunning began his career with Marcus & Millichap in September 1997.  He was promoted to senior investment associate in July 2003 and was named vice president investments in January 2008.

Richard Bird
He is director of Special Asset Services, the National Retail Group and the Net Leased Properties Group.

Cunning graduated from California State University, Northridge with a Bachelor of Science degree in business administration.

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

Ben Johnson,
Marketing Director
(925) 953-1736

Harmony, FL Welcomes New 15,000-SF Town Square Marketplace


  


  
HARMONY, FL  – To help fulfill the requests of local residents and community members, Harmony Development Company is pleased to announce the opening of a brand new Town Square Marketplace, located at the main entrance into the Town of Harmony on SR 192. 

Paul Partyka
 Brock Nicholas of Harmony Development Company said a grand opening celebration is planned for April 26 when final inspections will be cleared and all tenants will have occupied their suites. 

 Paul P. Partyka, managing partner at NAI Realvest who handles marketing and leasing for Harmony Development, recently negotiated leases that will bring two more major tenants to Town Square Marketplace in April. 

 Harmony Development Company required that new businesses were family-oriented, created a sense of neighborhood and were in line with the community’s overall objectives.

Brock M. Nicholas
 Located at 7250 to 7274 Harmony Square Drive South, the first phase occupies about 15,000 square feet of space and is divided up as follows:

 Community tours are available daily.  For more information on the town of Harmony, visit www.harmonyfl.com or call 407-891-8358.

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

Melanie Lentz-Janney
Doverwood Communications, Inc.
321.945.4208

Celebration Golf Club to kick off second season of Golf ‘n Gals League with April 19 Launch Party in Celebration, FL



        
                  Golf 'n Gals League at Celebration Golf Club, Celebration, FL


Celebration, FL -- Celebration Golf Club near Walt Disney World will kick off the second season of its beginner-friendly Golf’n Gals 9 hole League with a launch party on Friday, April 19 from 5 to 7 p.m.

Carol Daniels
Carol Daniels, golf sales agent, said the Golf’n Gals League tees off every Wednesday beginning May 8 at 5:30 p.m. at Celebration Golf Club. Cost is $20 including green fees, cart fees and prizes.

“The Golf’n Gals League offers lady golfers a good time without pressure, using a variety of formats,” Daniels said. “It’s relaxed, and we focus on helping each league member improve her game, but mostly we’re out to have fun,” she said.

To join the Golf’n Gals League, RSVP by phone to the Celebration Golf Shop at 407-566-4653ext 4605 or email cdaniels@celebrationgolf.com  Deadline to RSVP is by Wednesday, April 17.

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

Carol Daniels, Golf Sales Agent, 407-566-4653 x 4605 cdaniels@celebrationgolf.com
Gene Garrote, President, Celebration Golf Management, 407-566-1045; ggarrote@cgmgolfproperties.com
Beth Payan or Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Luxury Highrise Penthouse Suite Could Become Orlando’s Newest, Classiest Night Club


                                 
                       9,470-SF Penthouse Condo at The Plaza's North Tower,
                       South Orange Avenue and Pine Street, 
                       Downtown Orlando, FL


ORLANDO, FL --- A 9,470 square foot penthouse space and 10,000 square foot sky terrace patio overlooking Lake Eola could become downtown Orlando’s most luxurious night club if Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty gets his way.

John Kurtz
Soderstrom said Stirling Sotheby’s International Realty commercial specialist John Kurtz is handling the leasing arrangements for the property.

Stirling Sotheby’s International Realty currently represents the space on the 16th floor of The Plaza’s North Tower on S. Orange Avenue at Pine Street, and Soderstrom said his group is talking to local, national and international night club operators.

“As the local economy improves we believe the Plaza’s North Tower Penthouse could emerge as one of the region’s premier leisure and entertainment venues,” Soderstrom said.

Roger Soderstrom
Kurtz said the lease agreement includes a full event kitchen, board room, conference area, TV monitors, patio furniture and bar with elegant elevator foyer, reception center, full prep kitchen, air-conditioned computer room and other features.

Lease rate, according to Kurtz, is $28 per square foot plus electric and janitorial services.


For a complete copy of the company’s news release, please contact:
  
John Kurtz, Commercial Specialist, Stirling Sotheby’s International Realty, 407-333-1900
 Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-333-1900; rsoderstrom@stirlingSIR.com
Beth Payan or Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Hendricks-Berkadia Negotiates Sales of Community Development Sites in Vero Beach, FL and Palm Bay, FL to D.R. Horton



Parkside West, Palm Bay, FL

ORLANDO, FL--- Hendricks-Berkadia which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sales of two residential tracts in Vero Beach   and Palm Bay to D.R. Horton, Inc.

Cole Whitaker
Cole Whitaker, Partner who heads Hendricks-Berkadia in the Southeast and Senior Partner Hal Warren negotiated both transactions.

D.R. Horton Inc. acquired 116 residential home sites in the Westfield Subdivision in Vero Beach for $1,279,902. Whitaker and Warren represented the seller, Capstone Resdev, LLC.

Hal Warren
Whitaker and Warren represented Capstone Resdev again in the sale of 155 residential home sites at Parkside West in Palm Bay.   D.R. Horton paid $2,319,121 for the property.

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

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@hpapts.com
Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates New Lease Agreement with Metal Fabrication firm and Renewal with Elevator company at Goldenrod CommerCenter in East Orlando, FL




                                  Goldenrod CommerCenter, East Orlando, FL



ORLANDO, FL  – NAI Realvest recently negotiated a new lease agreement for 2,206 square feet of industrial space at 1468 N. Goldenrod Rd. in suite 250 of Goldenrod CommerCenter in east Orlando. 

 NAI Realvest Principal Michael Heidrich brokered the transaction representing the landlord, Maitland-based COP-Goldenrod, LLC.  The new local tenant is Allied Simulation, Inc. doing business as Allied Metal Fab.

Michael Heidrich Sr.
 Heidrich also brokered a lease renewal agreement for the same landlord with Alternate Elevator Sales & Service LLC who occupies Suite 125 with 2,000 square feet at 1460 N. Goldenrod Rd. at Goldenrod CommerCenter.

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

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@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, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Regency Centers Announces Portfolio Under Contract



JACKSONVILLE, FL, April 12, 2013--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency”) announced today that it and its partners, as previously discussed, have elected to sell all of the assets (the “Portfolio”) owned in Regency Retail Partners, LP (the “Fund”).

The Portfolio is under contract and once the transaction closes, the Fund, of which Regency has a 20% interest, will be dissolved. Further details will be disclosed once the disposition is complete, which is expected to occur by the end of the third quarter due to a number of secured loan assumptions.

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

Regency Centers Corporation
Patrick Johnson
 904-598-7422

Berger Commercial Realty Negotiates $7.6 Million Purchase of Multifamily Property in Belle Glade, FL



                                 
                                             2000 South Main Street, Belle Glade, FL

FORT LAUDERDALE, FL - Berger Commercial Realty President Lloyd Berger and Vice President Joseph Byrnes recently represented Ytech Development, LLC in the $7.6 million purchase of a 384-unit multifamily property in Belle Glade from Greystone Belle Glade LLC. The deal closed April 1st.

Lloyd C. Berger
 The 369,700-square-foot property, located at 2000 S. Main St., is situated on 

24 acres of land and features tennis courts, basketball courts, swimming pools, activity centers, and management and maintenance offices among 34 buildings.

 "Ytech Development and CEO Yamal Yidios Char recognized a unique investment opportunity in purchasing this gated, garden-style community," said Berger.

Greystone services more than $12 billion in loans and took title of the property in June 2012 after a lengthy foreclosure by Fannie Mae.

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

  Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Lincoln Property Company Southeast Brokers Lease of 12,500-SF Warehouse/Office Facility in Metro Orlando, FL



111 Highland Drive, Longwood, FL


Sean DuPree
ORLANDO, FL (April 12, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered Green Business Venture’s new lease of 111 Highline Drive, a 12,500-square-foot warehouse/office building in Longwood, Fla.

Sean DuPree, director of sales and leasing for Lincoln, represented the landlord in the transaction; Jeff York of York Property Co. represented the tenant, which does business as Southeastern Data.

Jeff York
 111 Highline Drive includes 1,250 square feet of office space and 11,250 square feet of warehouse space with clear heights ranging from 19 feet to 22 feet. The facility also contains three overhead doors, three exhaust fans and fire sprinklers.

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

Stephen Ursery
The Wilbert Group
404-965-5026
.

Marcus & Millichap Brokers $2.2 Million Sale of Oxford Storage in Fern Park, FL


                                                             
Oxford Storage, Fern Park, FL

FERN PARK, FLA., April 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oxford Storage, a 46,750 rentable square foot self-storage facility located in Fern Park, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Michael A. Mele
The asset commanded a sales price of $2,200,000.

Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a partnership.  Mele also procured and represented the buyer, a limited liability company based out of Michigan.

Oxford Storage was constructed in 1999 and is situated on 4.06 acres of land.  Located at 230 Oxford Road, the property comprises 420 storage units, 169 of which are climate-controlled, 218 are non-climate controlled and 33 are parking spaces.  The sizes of the storage units range from 25 to 400 square feet.  Amenities include electronic gate access, truck rental and moving supplies.

“This is a definite ‘add value’ play for the buyers. They will benefit significantly once their management takes over, making this a very nice deal for them,” says Mele.

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

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Record-Breaking Multifamily Sale in Seattle, WA Generates $518 price per SF, the highest ever for a multifamily property of less than 100 units.


  
Elliott Bayview Apartments, Seattle, WA


 SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Elliott Bayview Apartments, a 41-unit apartment building in Seattle.

Timothy McKay
The $14,650,000 sales price equates to $357,317 per unit and $518 per square foot. The price per square foot is the highest ever achieved by a multifamily property of less than 100 units in Seattle.

            Timothy McKay, senior associate, and Daniel Chhan, associate, both in the Seattle office of Marcus & Millichap, represented the seller, a local developer, and the buyer, a Los Angeles-based family investment company.

“This transaction perfectly highlights the firm’s ability to move capital around the country, with particular emphasis on the West Coast in this case,” says McKay.

Daniel Chhan
“We began working with the property’s developer about halfway through the construction process and over the span of approximately 120 days we spoke with a number of local, regional and national apartment buyers.

“Ultimately, we reached out to a representative of the buyer, whose company was in a 1031 exchange,” adds McKay. “The transaction progressed smoothly and we closed on time; just 44 days following the effective date.”

“Multifamily property investors target Seattle because of its extremely strong local economy and high barriers to entry,” concludes Chhan.

Constructed in 2012, the 28,296-square foot property is located at 151 John St. in Seattle’s Queen Anne neighborhood.

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

Ben Johnson,
Marketing Director
(925) 953-1736

SR Commercial Completes Largest Industrial Acquisition in North San Diego County, CA in 2013

 

     La Pacifica industrial park, 3801, 3809, and 3817 Ocean Ranch Boulevard, Oceanside, CA  


SAN DIEGO, CA (April 12, 2013) – SR Commercial, a privately held, full-service commercial real estate investment company, has acquired La Pacifica, a 230,000 square-foot multi-tenant industrial park located in Oceanside, Calif. for a total consideration of $19.8 million.

Adam Robinson
La Pacifica is located at 3801, 3809, and 3817 Ocean Ranch Boulevard in Oceanside, Calif. 

This acquisition marks the largest industrial transaction in North San Diego in the 2013 calendar year based on total square footage and consideration, according to Adam Robinson, a Principal of SR Commercial.

“Quality, for-sale multi-tenant industrial product is scarce in the current San Diego market, and the competition for these assets is strong,”  says Robinson, who founded SR Commercial with CJ Stos.

 “This is especially true in North San Diego, where the industrial market continues to grow and attract manufacturing and distribution tenants.  At SR Commercial, we have been able to adapt to this competitive environment by creating a strong track record of closings in Southern California.”

CJ Stos
Including this most recent acquisition, SR Commercial has acquired over $50 million in industrial product over the past 12 months, according to Robinson, who notes that most of these transactions were off-market deals.

Bob Willingham and Ron King of Cushman & Wakefield identified the off-market opportunity to purchase La Pacifica, and represented SR Commercial as the buyer in the transaction. 

The seller, Congressman Darrell Issa, U.S. Representative for California's 49th congressional district, was represented by Aric Stark and Dennis Visser of Cassidy Turley.

“To compete for this property, the seller was seeking a buyer who could close all-cash within 45 days, and we were able to do that,” says Robinson.


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

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

Independent Directors of Annaly Capital Management, Inc. Unanimously Approved the Management Externalization Proposal and Recommend Shareholders Vote “FOR” the Proposal



NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) filed its definitive proxy statement with the SEC seeking shareholder approval for, among other proposals, the Company entering into a management agreement with Annaly Management Company LLC (the “Manager”) under which the Manager will assume responsibility for the Company’s management.

Under the proposal, the Company would pay the Manager an annual management fee of 1.05% of the Company’s stockholders’ equity, and the Manager would be responsible for paying all compensation expenses associated with managing the Company and its subsidiaries. 

The Company’s independent directors unanimously approved the Management Externalization Proposal and recommend shareholders vote “FOR” the approval of the Management Externalization Proposal.

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

Annaly Capital Management, Inc.
Investor Relations,
888-8Annaly

Cousins Properties Announces Redemption of 7.75% Series A Cumulative Redeemable Preferred Stock



ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that it will redeem all 2,993,090 issued and outstanding shares of 7.75% Series A Cumulative Redeemable Preferred stock (the “Series A Preferred Stock”).

The redemption date (the “Redemption Date”) will be May 13, 2013. The Series A Preferred Stock (NYSE: CUZ PR A - CUSIP: 222795304) will be redeemed in whole at the par value of $25.00 per share of Series A Preferred Stock (the “Redemption Price”).

The Redemption Price does not include the $0.484375 per share quarterly dividend that will be paid separately on or before May 15, 2013 to holders of record of the Series A Preferred Stock on May 1, 2013.

 From and after the Redemption Date, dividends on the Series A Preferred Stock will cease to accrue and the only remaining right of the holders of shares of the Series A Preferred Stock will be to receive payment of the Redemption Price and such quarterly dividend.

The notice of redemption will be mailed to holders of record of the Series A Preferred Stock on April 11, 2013.

This press release does not constitute an offer of any securities for sale.

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

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications