Sunday, June 2, 2013

Marcus & Millichap Reports Economy Gains Traction, Buoying Miami-Dade Retail

            Brickell CityCentre development, Downtown Miami, FL

MIAMI, FL -- The improving housing market, rising tourism and job growth are benefitting the Miami-Dade retail sector. Heavy foreign investment in the Miami condo market has shrunk the available supply of for-sale listings, and strong buyer interest has prompted developers into action.

Many of the new housing projects are high-density, mixed-use properties that contain a retail component. The largest of these developments under way is the four-block, mixed-use Brickell CityCentre in downtown Miami. The project will contain a 520,000-square foot upscale shopping center in addition to 800 condos, a hotel, and an office building.

The project is located near the Metromover’s  8th Street station, providing convenient access from other areas.

 In addition, there are 25 other planned residential projects downtown and eight currently under way, which will help support new retailers in Brickell CityCentre when the project opens in 2015.

Foreign condo owners and prospective buyers are helping boost tourism levels. Hotel occupancy in Miami was up 3.9 percent in the first quarter and the rise in tourism is supporting a jump in retail sales and retail jobs. Stores hired more than 3,100 workers in the first quarter of the year.
For a complete copy of the company’s report, please contact: 

Gina Relva
 Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax

NAI Realvest Negotiates New Office Lease for Wellness Center in Building B at La Vina Office at Lake Nona, FL

   La Vina Office Park at Lake Nona, FL

ORLANDO, Fla. --- NAI Realvest recently negotiated a new lease agreement for professional office space in Building B of La Vina Office at Lake Nona, 9161 Narcoossee Rd. in East Orlando. 

Mary Frances West
 Mary Frances West, CCIM senior broker associate at NAI Realvest, negotiated the lease of suite B208 with 1,610 square feet representing the landlord Orlando-based Ripley’s International, LLC.  

 The tenant is NU Wellness, LLC d/b/a Progressive Wellness Medical Center is the tenant.

The 21,028 square foot second floor of Building B is now 94 percent leased.  

West added that there is a lease proposal pending on Suite B104 – the only remaining suite on the second floor at La Vina Office a Lake Nona.
For a complete copy of the company’s news release, please contact: 

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

NAI Realvest negotiates sales of industrial properties Totaling More than $686,000 in Sanford, FL

     Central Florida Industrial Park, Sanford, FL

Monroe CommerCenter IV

MAITLAND, FL. – NAI Realvest recently negotiated the sales of two industrial properties totaling $686,400 in Sanford.
 Michael Heidrich, a principal at NAI Realvest negotiated both transactions representing the sellers.

 McWeeney-Smith Real Estate Partnership of Orlando sold a 12,000 square foot office-warehouse building at 751 Central Park Drive in Sanford’s Central Florida Industrial Park for $600,000 to Space Port USA, Inc.   The buyer was represented by David Hammett of CRE Advisors. 

Michael Heidrich
 Heidrich brokered the sale of a 1,350 square foot industrial condo at 4240 Church St. in Monroe CommerCenter IV representing the seller/developer Small Bay Partners, LLC of Maitland.  The buyer, Longwood-based FC Management Consulting, LLC paid $86,400 for the condo in shell condition.

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

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

It Took More than two years of effort plus renovation to lease 13,771 square feet of Class A office space at Crystal Center in Lake Mary, FL

          Crystal Center office building 95 Percent Leased in Lake Mary, FL

MAITLAND, Fla. – It took more than two years of effort by NAI Realvest in Maitland to lease up most of the remaining space at Crystal Center at 3300 West Lake Mary Blvd. in Lake Mary, but the effort was worth it.

Mary Frances West
 Senior Broker-Associate Mary Frances West, CCIM recently negotiated two new lease agreements that total 13,771 square feet of Class A office space at the Crystal Center to the Nemours Foundation and to J.D. Insurance & Financial Group. Now the building is 95 percent leased.

 West said the biggest problem was the struggling economy.    “Costar posted a 19 percent vacancy rate for the first quarter of this year in the Lake Mary submarket and we’re in a recovery mode,” West explained.

 During the same period, Lake Mary showed a 50,000 square foot negative absorption rate, meaning more tenants vacated the Lake Mary submarket than moved into Lake Mary.

 West said she was able to convince the landlord, Maya Associates, LLC of Okemos, Mich., to renovate the building lobby along with the second floor landing and seal and repair the exterior of the building.  The owner was forward-thinking and dropped the rental rate to below market to accelerate occupancy to cost conscious tenants.
For a complete copy of the company’s news release, please contact: 

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

Emerson International closes on four new office leases totaling more than 4,000 SF in Central Florida

                    Major Plaza, Major Boulevard, Orlando, FL

Altamonte Springs, FL --- Emerson International recently closed on four new office lease agreements that total more than 4,000 square feet of space in Orlando, Longwood and Altamonte Springs.

Sanlando Office Center, West State Road 434. Longwood, FL 
Kenneth Koch, director of leasing at Emerson International, negotiated two lease agreements in Orlando and Longwood representing Emerson as landlord.

Beacon Enterprises leased 971 square feet in the Major Plaza building on Major Blvd. off Kirkman Rd. near the I-Drive tourism corridor in southwest Orlando.

Zac Starkey
RDL Development, LLC, leased 1,322 square feet of office space in the Sanlando Office Center on West SR 434 in Longwood.

Zac Starkey, Commercial leasing associate at Emerson International, negotiated two lease agreements in Altamonte Springs at CenterPointe Office Park.

Brad Central Business Group, Inc. leased 700 square feet of office space and the Together We Are Better Foundation, Inc. leased 1,054 square feet at CenterPointe Office Park.
For a complete copy of the company’s news release, please contact: 

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

Winston James Development leases 1,050 square feet of commercial space at Beville Road Business Park in Daytona Beach, FL

            Beville Road Business Park, Daytona Beach, FL

South Daytona Beach, FL. --- Winston James Development, which developed the Beville Road Business Park in Daytona Beach, recently reported it negotiated a new lease agreement for 1,050 square feet of commercial space there.
Jamie A. Adley

Jamie Adley, president of Beville Road Business Park, said Beautiful Salon and Spa leased the space.

The locally owned business is expanding, Adley said.
For a complete copy of the company’s news release, please contact: 

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

Celebration Golf Management names Anukul Hampton Executive Chef at Stonegate Golf Club in Solivita and promotes Michele Woods to Banquet Chef Supervisor

Anukul Hampton
KISSIMMEE, FL– Celebration Golf Management has appointed Anukul Hampton executive chef at Stonegate Golf Club at Solivita in Kissimmee.

Arto Rahmani, general manager of Solivita Club services and vice president of food and beverage operations for Celebration Golf Management, said Hampton has more than 14 years of hospitality experience.

Hampton has been featured in Orlando Home and Leisure magazine and served as signature chef at the Central Florida Restaurant Forum Magazine Taste of the Nation exposition.

“Chef Anukul is a highly skilled professional with an excellent sense of timing and taste,” Rahmani said. “He possesses just the right mix of experience and creativity and we’re sure he’s going to be a big hit with our guests,” Rahmani said.

Rahmani also promoted Michele Woods to banquet chef supervisor at Mosaics Restaurant at Solivita. Woods joined Celebration Golf Management two years ago as banquet cook.

Michele Woods is a great leader who is very detail-oriented with strong organizational and communication skills, and that’s what our guests at Solivita deserve,” Rahmani said.

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

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

Ackerman & Co. Sells CVS Pharmacy in Conyers, GA

                                CVS Pharmacy, Conyers, GA

Atlanta, GA – Ackerman & Co. has brokered the sale of yet another net-leased drugstore. Jason Powell, vice president of brokerage at Ackerman, arranged the sale of a single-tenant CVS Pharmacy located in Conyers, Ga. This marks the fourth net-leased CVS or Walgreens sale by Ackerman in 2013.

Jason Powell
The CVS is strategically positioned directly across the street from Rockdale Medical Center, a 138-bed acute-care hospital in Conyers, was constructed for Eckerd Drugs in 1996; CVS assumed the lease in 2009.

This well-located, single-tenant, net-leased investment attracted many buyers from across the country seeking  assets leased by Walgreens and CVS. The 9,504-square-foot CVS was sold promptly, in an all cash deal, for approximately $1,900,000 to Florida based LJL Holdings, LLC. The seller is a private entity based in New Jersey. 

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

Fara Wilson, VP of Marketing
770. 913.3904

Regency Centers Purchases Preston Oaks in Dallas, TX

             Preston Oaks Shopping Center, Dallas, TX

DALLAS, TX--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, closed on the off-market acquisition of Preston Oaks, a 103,503-square-foot neighborhood center anchored by market-dominant grocer H-E-B Central Market.

Stuart Brackenrdige
 Redeveloped in 1991, Preston Oaks is anchored by a 30,439-square-foot H-E-B Central Market alongside national retailers including Gap, Pier 1 Imports and White House Black Market.

The center is strategically located in the affluent Preston Hollow neighborhood at the southeast corner of Preston Road and Royal Lane with 58,000 vehicles daily.

 Preston Oaks is surrounded by 109,000 people with an average household income of $144,000 within a three-mile radius. Plus, this infill center serves a highly educated workforce with a dense daytime population of 118,000.

“Preston Oak fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Stuart Brackenridge, vice president of acquisitions and dispositions for Regency Centers.

“The historically high occupancy rates and notable tenant sales performance made Preston Oaks a desirable addition. With a high demand for quality retail space in this trade area given the strong demographics and high barriers to entry, Preston Oaks provides Regency with a dynamic center at a premier Dallas address.”

In addition to Preston Oaks, Regency Centers owns 11 centers in the Dallas market, totaling 809,000 square feet.

 For leasing information, contact Ryan Griffin at 214-706-2502.

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

Todd Templin, Boardroom Communications
954-370-8999 or 954-290-0810 (cell)

LYND Secures Deal to Manage Three Apartment Communities in Denver Metro Area and Boulder County, CO


                 North Main Apartments at Steel Ranch rendering, Louisville, KY

DENVER, CO — The Denver office of LYND, a national real estate management firm, has been selected by Golden-based Confluence Companies to manage the North Main Apartments at Steel Ranch now under construction and two more communities in the planning stages. The agreements cover 578 units.

Laurie Lyons
“We chose LYND because simply put, they know what they’re doing,” said Tim Walsh, president of Confluence. “They have more than 30 years in the business managing multifamily properties and have a great resume handling lease ups. They’ve also developed and managed their own projects so they think like an owner and understand the importance of providing value.”  

 “We are excited to collaborate with one of the most innovative multifamily developers in Colorado,” said Laurie Lyons, senior vice president and business development officer for LYND based in Denver. “We look forward to providing outstanding results for Confluence and delivering exceptional service to tenants.”

 Confluence is building 228 garden-style luxury units in Louisville, which Money Magazine ranked as one of the best places to live in 2011.

 The $36 million development in Steel Ranch will open to residents in August with amenities such as a large outdoor firepit and gathering area, a washing station for dogs, a Velo station for bicycle cleaning and maintenance, a gourmet-style kitchen, yoga studio, fitness center and year-round lap pool.

Tim Walsh
 “Local interest in North Main is unbelievable,” said Lyons. “We have received unsolicited deposits just to be on the wait list. Clearly, this is a much-needed property in Louisville.”

 Confluence and Lynd have also reached agreement on two planned apartment communities, West Eighth Apartments in Golden and Van Gordon in Lakewood. Construction begins in June on the 99 units at West Eighth and in 2014 on the 251 units at Van Gordon.

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

Todd Templin, Boardroom Communications
954-370-8999 or 954-290-0810 (cell)

Cousins Properties Names Connolly Chief Investment Officer

Colin Connolly
ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ) has promoted Colin Connolly to the role of Chief Investment Officer, placing him in charge of acquisitions, dispositions and opportunistic investments for the Company.

Since joining Cousins in September 2011 as Senior Vice President, Connolly has executed a number of high-profile office acquisitions, including Promenade, 2100 Ross, Post Oak Central and 816 Congress.

Larry Gellerstedt
“Colin has proven to be a key player in the ongoing implementation of our strategic plan,” said Larry Gellerstedt, CEO of Cousins. “He brings a fresh perspective to the leadership team, and we look forward to his continued contributions to Cousins’ success.”

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

HFF arranges $24.3 million financing for Pickwick Farms Apartments in Indianapolis

                                      Pickwick Farms Apartments, Indianapolis, IN

INDIANAPOLIS, IN – HFF announced it has arranged a $24.3 million financing for Pickwick Farms Apartments, a 516-unit multi-housing community in Indianapolis, Indiana.

Jon Everson
HFF worked on behalf of Pickwick Properties, LLC to secure the 10-year, 3.6 percent fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

Pickwick Farms, built in two phases from 1978 to 1980, is located on the northwest side of Indianapolis, near 86th Street and Interstate 465.  Renovated in 2007, the property includes studio, one-, two- and three-bedroom units that are leased both unfurnished and furnished. 

Community amenities include a movie theatre, racquetball court, indoor basketball court, playground, community room, fitness center, swimming pool and two tennis courts.  At closing, Pickwick Farms was 96 percent occupied.

Zachary Roden
The HFF team representing the borrower was led by managing director Jon Everson and senior real estate analyst Zachary Roden.

“This property was especially attractive to lenders due to its experienced sponsorship, highly desirable infill location, heavily populated medical district and the fact it is located less than half of a mile south of Hamilton County, the fastest growing county in Indiana,” commented Everson.

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 |

Marcus & Millichap Capital Corp. Arranges $14 Million Cash-Out Refinance in New York City

                              Manhattan Office Building One Block from Union Square
Christopher Marks

NEW YORK, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged $14,000,000 of debt for a 58-unit mixed-use property in New York City.

Christopher Marks, an associate director in MMCC’s Manhattan office, arranged the loan.

David Lloyd
“Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”

“The challenge in this transaction was finding a lender willing to provide cash-out on an asset with vacant retail units,” adds Marks. “We demonstrated our value by identifying a bank that was able to see the advantages of the property’s location, which is one block from Union Square.”

Sean Beuche
 “Sean Beuche and David Lloyd, both associates in the Manhattan office of Marcus & Millichap Real Estate Investment Services, referred the borrower to MMCC,” Marks concludes.

The five-year fixed 30-year term loan amortizes over 30 years at 2.625 percent. The LTV is 50 percent.

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

Ben Johnson
Marketing Director
(925) 953-1736

Dan Litman of Marcus & Millichap Capital Corp. Arranges Two Refinances Totaling $12.8 Million in California

Downtown Los Angeles at Night

LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged debt on two properties for two different clients totaling $12,835,000, according to William E. Hughes, senior vice president and managing director of MMC

Dan Litman
One is a bridge loan refinance to accommodate the entitlement of two vacant city blocks and four adjacent parcels in downtown Los Angeles for a substantial development. The other is the refinance of 14 units of a 15-unit condominium community in Studio City, Calif.

Dan Litman, vice president capital markets in MMCC’s West Los Angeles office, arranged both loans.

“Dan demonstrated both initiative and deep market knowledge in closing these loans,” comments Hughes. “His ability to complete these two vastly different transactions is a testament to his skills as an originator and to the power of the Marcus & Millichap platform.”

William E. Hughes
“The challenge for the bridge loan on the land in Los Angeles and the downtown Los Angeles properties was finding a lender willing to cross collateralize the vacant two city blocks with some of the borrower’s income-producing properties, two of which had suffered substantial fire damage in 2007,” says Litman.

 “We were able to demonstrate the value of the fire-damaged parcels to the lender through the borrower’s plans to redevelop the entire site, which encompasses most of a full city block in downtown Los Angeles.”

The five-year loan provides for one-year interest only and amortizes over 25 years at 5.75 percent interest, with an LTV of 55 percent.

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

Ben Johnson
Marketing Director
(925) 953-1736

Marcus & Millichap Names Rick Anderson First Vice President

Rick Anderson
CALABASAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Rick Anderson to the position of first vice president, according to John J. Kerin, president and chief executive officer.

“As the firm continues to grow and expand into new markets, attracting, developing and retaining talented employees will be critical to our success,” says Kerin.

 “This has, and will continue to be, a major focus for Rick. His background in coaching, counseling and workplace effectiveness has helped make him an invaluable resource to our managers and staff,” adds Kerin.

John J. Kerin
Prior to joining the firm, Anderson worked in the human resources departments of financial services and customer relationship management companies. 

He received a Bachelor of Arts degree in English from Washington and Lee University, a Juris Doctorate from the College of William and Mary, and a master’s degree in organizational development from Pepperdine University.

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

Ben Johnson
Marketing Director
(925) 953-1736

Marcus & Millichap Capital Corp. Arranges $8 Million in Refinancing for Class A Office Property in Arizona


                  Class A Office Property, Rio Rico, AZ

RIO RICO, AZ– Marcus & Millichap Capital Corporation (MMCC) has arranged an $8 million refinance for Class A office property in Rio Rico, Ariz.

Chad O'Connor
            Chad O’Connor, a vice president capital markets in MMCC’s San Diego office, arranged the loan.

            “This transaction was a refinance from short-term to long-term fixed-rate debt with cash out for another project,” says O’Connor. “In a tertiary market, we were able to provide a fully amortized 18-year fixed term even though the tenant’s lease is set to expire in 15 years.”

            The interest rate is 4.35 percent and LTV is 70 percent.

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

Ben Johnson
Marketing Director
(925) 953-1736