Tuesday, May 14, 2013

HFF closes $11.3 million sale of Midtown Mall in Ashland, KY

                                            Midtown Mall, Ashland, KY

ATLANTA, GA – HFF announced today that it has closed the sale of Midtown Mall, a 153,723-square-foot, grocery-anchored shopping center in Ashland, Kentucky.

Richard Reid
                HFF represented the seller, Emmes Asset Management Company, in the sale of the property to BDB Realty.  The purchase price was $11.3 million.

                Midtown Mall is located at 711 12th Street in Ashland, which is near the border of Ohio and West Virginia.  The property is 81 percent leased and is anchored by Kroger and Big Lots, both of which have recently renewed long-term leases.  Other tenants include Gatti-Land, Rent-a-Center, Subway and Wendy’s. 

                The HFF team representing the seller was led by managing director Richard Reid.

“This asset presented investors with a centrally located retail center in downtown Ashland combined with strong anchors and excellent lease-up potential. 

  In addition, the center’s proximity to a variety of businesses that drive the local economy offered investors great value and promising returns making it an attractive choice,” commented Reid.

Established in 1992, Emmes Asset Management Company is a registered investment advisory firm offering separate accounts tailored to the needs of its institutional clients. 

With approximately $1.3 billion in assets under management, the Emmes portfolio consists primarily of office, retail, industrial and multifamily holdings within the major United States markets.
For a complete copy of the 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 | www.hfflp.com

HFF closes sale of Huntsville Plaza in Huntsville, AL

Huntsville Plaza, Huntsville, AL

ATLANTA, GA – HFF announced today that it has closed the sale of Huntsville Plaza, a grocery-anchored shopping center in Huntsville, Alabama.

Jim Hamilton
                HFF represented the seller in the sale of the property to an affiliate of Yale Realty Services Corp. 

                Huntsville Plaza is located at 5900 University Drive near Research Park Boulevard across from Madison Square Mall and one half of a mile from Cummings Research Park.  The property is leased to Earth Fare, JoAnn Fabric, Powerhouse Fitness, Guitar Center and Chipotle.

Richard Reid
                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid along with senior managing director Danny Finkle.

Yale Realty Services Corp. is a privately-held real estate investment firm that specializes in open air shopping centers anchored by strong credit grocery stores and top credit big box retailers. 

Danny Finkle
Based in Westchester County, New York, with a satellite presence in Boston, Massachusetts, the firm owns and operates a portfolio of high yield retail properties along the U.S. Atlantic seaboard.

For a complete copy of the 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 | www.hfflp.com

Marcus & Millichap Announces Sale of Tara Gardens in Largo, FL for $825,000

                                        Tara Gardens Apartments, Largo, FL

LARGO, FL, May 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tara Gardens, a 22-unit apartment community located in Largo, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $825,000.

Michael P. Regan
Michael P. Regan and Francesco P. Carriera, vice president investments and Nicholas Meoli, senior investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor.  The listing agents also procured the buyer of the property, a private investor based in California.

Francesco P.
Tara Gardens was built in 1972 and is located at 1630 Jefferson Avenue in Largo, Florida.  The property consists of a two-story building situated on approximately 0.51 acres of land.

Tara Gardens is comprised of one and two-bedroom units that were renovated within the last year.  Property amenities include central heat and air-conditioning, and an on-site laundry facility. 

“This buyer is from California and this is his second acquisition in Pinellas County within the past 12 months,” Meoli said in a statement.  “There is an ongoing trend with out-of-state investors targeting multifamily properties in the Tampa Bay area.”

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

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

ST Residential Sees Success as its Atlanta Portfolio Nears Sellout

The Brookwood, Atlanta, GA

ATLANTA, GA – April marked the start of a successful Spring for ST Residential, as Senior Vice President and Regional Director John Huckaby has sold out the last remaining homes at The Brookwood, Sanctuary at One River Place and Townhomes at One River Place; closed on more than 19,000 square feet of retail space at The Brookwood to Coro Realty; and placed two land parcels under contract at One River Place, allowing builder Jim Chapman to build up to 10 single-family homes and seven additional townhomes.

Townhomes at One River Place
Atlanta, GA
 “We’ve seen strong demand at all of our properties in Atlanta,” says Huckaby. “The market has definitely improved due to limited supply for new construction.”

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

Liz Lapidus Public Relations
Kate Thacker / Liz Lapidus

Greysteel Announces Exclusive Free-Standing Absolute Net-Leased Applebee’s Offering in Glen Allen, VA

Glen Allen, VA – One of Washington, D.C.’s leading real estate investment sales firms, Greysteel, announced today that Vice President Peter Snell, head of the Single Tenant Net Lease Investment Group, has been named exclusive advisor and agent for the freestanding Applebee’s located in Glen Allen, Virginia.

Peter Snell
The offering, which is priced at $3,227,313 (6.50% cap), is a 4,370 square foot building, built in 1990, leased to Potomac Family Dining Group, the seventh largest franchisee in the Applebee’s system with 69 units.

The 1.35 acre property is an out parcel to the Westpark Shopping Center and surrounded by numerous national retailers including Lowe’s, Kroger Pharmacy, Sam’s Club, Michaels, Dollar Tree and CVS.

Just 10 miles northwest of the heart of Richmond, Virginia, the property is ideally situated at the southwestern corner of West Broad Street and Pemberton Road. The Broad Street corridor, known for its extensive retail, hosts numerous regional and neighborhood shopping centers.

Westpark Shopping Center, Glen Allen, VA
The single tenant net lease market has been on fire of late as Greysteel’s Peter Snell explains, “we have seen an influx of investors move into the single tenant net leased arena; with a general lack of product we are seeing historically low cap rates.

“The Applebee’s offering in Glen Allen represents an opportunity to own well located premier real estate, long term absolute net leased to a leading franchisee. In today’s market these offerings are hard to come by.”

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

Yassi Farzaneh
Production Manager
7735 Old Georgetown Road, Suite 301
Bethesda, MD 20814
T. 202-280-2714
C. 703-973-5322

Multifamily Sector Still Going Strong, Can Expect More Modest Rent Growth

Michael Bull
 ATLANTA, GA – After several years of almost head-spinning improvement, the U.S. apartment market still faces a bright future, but the sector has entered a phase of more modest rent growth and stabilized occupancy levels.

 That was one of the market insights provided on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. The episode provided an enlightening look at the U.S. multifamily sector, as Bull and his guests discussed a number of topics, including rent increases, occupancy rates, investor interest and operational challenges.

 The national apartment occupancy rate was 94.9 percent at the end of the first quarter, said Greg Willett, vice president of research and analysis for MPF Research, a division of RealPage. “Looking at occupancy numbers, we have been essentially full across the country for right at two years,” he said.

Gregg Willett
 Nationally, the average rent has increased almost 11 percent since the end of 2009 and is now 5 percent higher than its pre-recession peak, according to Willett. Annual rent growth came in at 2.6 percent during the first quarter, down a bit from the 4.8 percent annual rent growth the sector experienced during its post-recession peak, Willett said.

 Looking forward, “we think we have a couple of years where the occupancy rate pretty much stabilizes where it is, maybe drifting down just a tiny bit,” Willett said. “We’ve also reached the stage in the cycle where we would expect to see rent growth holding around the long-term norm, which is 2.5 to 3 percent.”

Ernie Eden
 The single-family home market has started to improve, but any negative impact that may have on the multifamily sector should be blunted by the entry of more and more Millennials into the workforce and the strict down-payment requirements on single-family home purchases, said Marvin Banks, a corporate advisor to Cortland Partners, a firm that owns and develops apartments, and a director of the Private Bank of Buckhead.

Referring to Millennials, Banks said, “There’s so much demand coming [into the multifamily sector], and [demand is] not going to be much of an issue for a number of years … The demographics are undeniable.”

Marvin Banks
Ernie Eden, a senior vice president in Bull Realty’s Apartment Group, and Bull both noted that investor competition for apartment assets remains fierce and therefore bidders must present organized and detailed offers to sellers. “Get your money organized ahead of time and be able to show the seller where the money is, who you are and why the seller should do business with you,” Eden said.

 “You’ve got to show up with a great offer, and you better be able to show proof of funds,” Bull added.

 The entire episode on the U.S. multifamily market is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available May 16 and will examine smartphone applications for the commercial real estate industry.

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

Stephen Ursery
The Wilbert Group