Thursday, June 6, 2013

HFF closes sale of Sunnyvale Business Center in Silicon Valley, California

Sunnyvale Business Center
 Sunnyvale, CA in Silicon Valley

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Sunnyvale Business Center, a three-building office/R&D campus totaling 175,000 square feet in Sunnyvale, California. 

Michael Leggett
HFF marketed the property on behalf of the seller, Equity Office Properties.  A large institutional investor purchased the asset for an undisclosed amount.

Sunnyvale Business Center is located on DeGuigne Drive near the intersection of the Lawrence Expressway and Highway 101 in Sunnyvale. 

Steven Golubchik
Situated on 10.33 acres, the campus includes three, two-story buildings that are 100 percent leased to TeleNav Inc. (NASDAQ: TNAV).  

More than $7.3 million has been invested to substantially renovate the property, which was originally constructed in 1990. 

The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein. 

John Simerlein
Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country.  For more information, visit

  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 |

“Commercial Real Estate Show” Unveils New Media Studio in Atlanta, GA

50 Glenlake Parkway, Atlanta, GA

ATLANTA, GA (June 6, 2013) – The nationally syndicated “Commercial Real Estate Show,” hosted by Michael Bull of Bull Realty, will be unveiling its new state-of-the-art video and audio studio at an open house event on June 20. The new studio is located in the Perimeter sub-market of Atlanta.

 Bull made the announcement Wednesday while appearing on the “Behind the Mic: Getting and Staying on the Radio” panel discussion at the National Association of Real Estate Editors’ 47th Annual Spring Conference in Atlanta.

Michael Bull
 The studio will feature high-quality audio and video equipment, a custom news desk, and a professional set, equipment and lighting. The show studio will be unveiled during an open house from 2 p.m. to 7 p.m. on Thursday, June 20. The studio is located at 50 Glenlake Parkway, just off Abernathy Road and Georgia 400.

 The “Commercial Real Estate Show” is slated to begin recording in the new studio by the end of June. In addition to producing the radio broadcast there, the show’s production staff will be able to produce high-quality video segments featuring show guests.

The “Commercial Real Estate Show” examines national commercial real estate and business issues by featuring high-caliber analysts, accountants, brokers, lenders, developers, attorneys and architects.

Michael Bull in current Atlanta studio
Bull, president of Bull Realty, launched the one-hour weekly program in October 2010 on one Atlanta radio station. 

In January, the “Commercial Real Estate Show” began airing in nine more U.S. markets on affiliates of the Wall Street Business Network.

 The program recently began airing on two additional stations in Albuquerque, N.M., and Atlanta, as well as The Liberty Express online radio station.

 In total, the show is now airing on 12 stations in 11 markets, on iTunes and on multiple websites.

The “Commercial Real Estate Show” is a nationally syndicated one-hour weekly talk radio show about commercial real estate-related topics in the U.S. 

New shows are broadcast weekly on 12 radio stations across the nation, on iTunes, on the Liberty Express and on the show website. 

For a complete list of show times around the country, visit

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

Stephen Ursery
The Wilbert Group

Quest Workspaces Adds 13,000 SF at Espirito Santo Plaza, Now 99% Leased in Downtown Miami, FL

                   Espirito Santo Plaza, Brickell Financial District
                  Downtown Miami, FL, 99 Percent Leased

Laura Kozelouzek
 Miami, FL, June 6, 2013 --  Quest Workspaces signed a 32,000 square foot renewal & expansion at Espirito Santo Plaza located in Miami’s Brickell Financial District.

 The executive suite company expanded by 13,000 square feet while renewing their existing lease of 19,000 square feet bringing the office building’s occupancy to 99%.   The mixed-use property also includes the Conrad Miami Hotel and 10 floors of luxury condominiums.

 “We are excited to be expanding our Brickell center at Espirito Santo Plaza, said Laura Kozelouzek, Founder and CEO, Quest Workspaces.

Brian Gale
“Since opening three years ago we have attracted Miami's top companies and helped dozens of startups, but because of its popularity we have had a wait list. Adding an additional 50 offices of various sizes and configurations will allow us to accommodate all budgets and companies,”  Kozelouzek adds.

The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza, exclusive leasing agents for Espirito Santo Plaza, worked with co-broker Lance Benson of Newmark Grubb Knight Frank, representing Quest Workspaces, to complete the transaction.

Ryan Holtzman
 “We are excited about the expansion of Quest Workspaces as it is a significant sign of an improving office market, “commented Taylor & Mathis’ Andrew Trench. “The additional 13,000 square feet will allow the firm to accommodate their extensive wait list for small companies seeking high profile office space.”

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

Andrew Trench Leasing Director, Taylor & Mathis
(305) 476-8880

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


Kent Mehring Joins WNC as Vice President, Asset Management

Kent Mehring
 IRVINE, CA, June 6, 2013 – WNC, a national investor in real estate and community development initiatives, announced today that Kent Mehring has joined the firm as Vice President, Asset Management.

Mehring brings 20 years of commercial real estate experience to his new role, including 14 years in low-income housing tax credit (LIHTC) programs. He is responsible for the oversight of WNC’s Asset Management division, including the lease-up of properties in the company’s portfolio, stabilized asset management and compliance monitoring.

“Kent is a skilled individual who brings with him a wealth of experience in successfully managing large property portfolios,” said Michael Gaber, Chief Operating Officer of WNC. “He is well-respected in the industry with numerous relationships, and I am thrilled to welcome him to WNC.”

Michael Gaber
Mehring joins WNC from Wentwood Capital Advisors, where he spent approximately seven years as Senior Vice President, Head of Asset Management. 

At the firm, he was responsible for the oversight of more than 450 low-income housing tax credit (LIHTC) properties nationally, including Puerto Rico, as well as the growth of the asset management and property management divisions. 

Mehring was previously Principal, Capital Transactions, with MMA Financial (Boston Financial), where for nearly eight years he was involved in the lease-up of LIHTC properties, stabilized asset management, workouts and dispositions. He began his career with AEW Capital Management, working in the company’s Hotel and Senior Living divisions.

Mehring is a member of the National Association of Home Builders and holds the organization’s Housing Credit Certified Professional designation.

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

 Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile

Hendricks-Berkadia Negotiates sale of 123 Acre Site in New Smyrna Beach, FL area for $500,000

Cole Whitaker
ORLANDO, FL--- Hendricks-Berkadia Real Estate Advisors, one of the nations’ largest multi-family property investment advisors and a leading provider of commercial capital in the U.S. recently negotiated the sale of a 123-acre site on S. Glencoe Road in the New Smyrna Beach area for $500,000.

Cole Whitaker, partner who heads the Southeast for Hendricks-Berkadia, and Jim Dowd of Jim Dowd Properties, Inc. based in Celebration negotiated the sale representing the seller, PNC Bank.  

Jim Dowd
Patricia Johnson and David Heyburn acquired the site.

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

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

Cuhaci & Peterson Architects named to remodel New Tribes Mission in Sanford, FL

 ORLANDO, FL --- Cuhaci & Peterson Architects, based in Orlando’s Baldwin Park has been hired to conduct interior remodeling of a multi-story headquarters for New Tribes Mission located at 1000 E. First St. in Sanford.

New Tribes Mission headquarters, Sanford, FL

Lonnie Peterson, chairman of Cuhaci & Peterson Architects, said the interior remodeling will cover some 30,000 square feet.

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

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

Beech Street Capital Closes $8.5 Million Loan to Refinance Tampa, FL Apartments

   Avenue Club Apartments, Tampa, FL

BETHESDA, MD,  JUNE 6, 2013 – Beech Street Capital, LLC announced today that it closed an $8.5 million Fannie Mae conventional loan to refinance Avenue Club Apartments, a 216-unit apartment complex in Tampa, Florida. 

Brian Sykes
This is the third transaction the borrower has completed with Beech Street since 2011.  Brian Sykes, senior vice president of originations in Beech Street’s Boston office, originated the transaction.  

  The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, two-years of interest only with 30 years of amortization thereafter, payable on an actual/360 basis.

 The borrower purchased the property in 2011 and immediately began a program of capital improvements that included a new clubhouse with fitness center, landscaping, and exterior painting. 

Thanks to these measures, occupancy has increased dramatically, rents have gone up, and the property’s value has risen substantially.  The borrower’s goal was to maximize the proceeds of the loan in order to recapture their equity investment in the apartments. 

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

Courtney Lewis
Jenifer Bernardi


HFF closes sale of 530-acre master-planned community in suburban Houston, TX

       Planned Sedona Lakes community, Manvel, TX

HOUSTON, TX – HFF announced today that it has closed the sale of a 530-acre master-planned community located in Manvel, Texas.

Davis Adams
HFF marketed the property on behalf of MA Sedona Lakes, LP, an investment of the E2M Value Added Fund.  Landeavor, LLC, in partnership with Walton Street Capital L.L.C. and its affiliates, purchased the property for an undisclosed amount. 

The community is situated off of Texas State Highway 288 at the County Road 101 exit just south of Pearland.  Sedona Lakes is planned to include 854 residential lots, which will be completed in four phases, and also includes five commercial reserves that total approximately 63.02 acres.

The HFF investment sales team representing the seller was led by managing director Davis Adams.

E2M Partners is a fully discretionary real estate investment fund manager based in Dallas, Texas, with more than $500 million of equity capital invested across multiple funds.  

E2M invests capital on behalf of its investors in real estate assets and real estate related debt in selected markets throughout the United States and within every major asset class. 

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 |

HFF expands investment sales group with addition of hotel team in its Boston office

Denny Meikleham
BOSTON, MA – HFF announced today that Denny Meikleham has joined the firm as a managing director in its Boston office.  Mr. Meikleham will be a member of HFF’s national hotel group and will focus on hotel capital markets transactions in the New England region.

 Also joining Meikleham at HFF is senior real estate analyst Alan Suzuki.

Mr. Meikleham has more than 30 years of experience in the hospitality industry and most recently served as a managing director at Pinnacle Realty Investments (PRI).

 In this role, he managed the day-to-day operations of PRI, which included profit/loss management, lead generation, and the marketing and sale of assets on behalf of clients.

Alan Suzuki
Prior to PRI, Mr. Meikleham spent nine years at LodgeWorks, LP in Wichita, Kansas as a Senior Vice President of Development/Partner.  

His hospitality experience also includes time spent at Wyndham International, Inc., Summerfield Hotel Corporation and Holiday Inns Incorporated.  Mr. Meikleham earned his bachelor’s degree from the School of Hotel Administration at Cornell University.

Alan Suzuki also joins the firm from PRI, where he was a vice president and prior thereto, a senior vice president at Pinnacle Advisory Group.  Mr. Suzuki also graduated from the School of Hotel Administration at Cornell University.

“During the past three years, HFF has strategically grown its hotel practice with key hires in Dallas, New York, San Diego, San Francisco and Tampa.  

"The addition of Denny and Alan in Boston further expands HFF’s footprint in the New England region and allows us to better serve our clients both locally and nationally,” said Daniel C. Peek, senior managing director and head of HFF’s national hotel group.

“The Boston office continues to grow its investment sales platform with the addition of product specialists, such as the hospitality team, that work closely with its debt and equity placement professionals,” added Riaz Cassum, senior managing director and co-head of HFF’s Boston office.

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 |

HFF closes sale of Class A multi-housing community in Greenville, SC


                 Candleton Village apartments, Greenville, SC

ATLANTA, GA – HFF announced today that it closed the sale of Candleton Village, a 314-unit, Class A garden-style multi-housing community in Greenville, South Carolina.

Megan Thompson
HFF marketed the property on behalf of the Carroll Companies.  The buyer, Hudson Capital Investments, LLC along with RW Partners headed by Reginald Winssinger from Phoenix, Arizona, purchased Candleton Village for an undisclosed amount free and clear of existing debt. 

Candleton Village is located at 741 Woodruff Road near the intersection of Interstate 85 and Interstate 385 near Greenville Downtown Airport.  Built in 2006, the property features one-, two- and three-bedroom units averaging 986 square feet each.  

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.

Jason Nettles
“Candleton Village presents the unique opportunity for increased revenue potential from renovating unit interiors with relatively new systems in-place.  The property’s location on Woodruff Road amongst Greenville’s most compelling new developments solidifies its position as one of the most centrally located apartment communities,” commented Thompson.

The Carroll Companies, headed by Roy E. Carroll, II, is one of the region’s largest owners of multi-housing properties. 

  The firm started as a single family custom home developer in the 1980’s, and has since branched out into multi-housing, commercial and office development. 

  In the last 11 years, the firm has built and/or has under construction more than 11,000 apartment units representing an asset value of more than $1.2 billion.

Roy E. Carroll II
               Hudson Capital Investments, LLC is a Charleston, South Carolina-based multi-housing investment firm headed by Lenny Blevins.

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 |

CBRE Global Investors Designs Midtown Atlanta Offices for Fast-Growth Firms

                      Atlantic Station, 201 17th Street, Midtown Atlanta, GA

ATLANTA, GA (June 6, 2013) CBRE Global Investors announced today the addition of professional technology and creative suites at Atlantic Station in Midtown Atlanta.

Jeff Keppen
CBRE Global Investors is turning the fourth floor of the 201 17th Street office building into suites designed to meet the needs of high-tech, creative companies that are growing quickly.

 “Midtown Atlanta is a mecca for the creative class, and the perfect place for tech companies to establish themselves and thrive,” said Jeff Keppen, senior vice president at CBRE.

“This design is truly different from anything in the marketplace, and essentially means a fast-growing company can have 3,000 square feet one day and 5,000 square feet the next day — with no headaches.”

The innovative design includes moveable partitions (so companies can add square footage without construction costs, building permits or disruption), and raised floors that store electrical wires and allow companies to quickly reconfigure workspaces. The 21,681-square-foot space is currently under construction.

 The look of the space — lofty ceilings, brick accents, reclaimed wood, panoramic views of Atlanta — offers the hip, creative vibe that entrepreneurial companies want. That aesthetic is combined with first-in-class amenities and ample parking. Plus, the 201 building is LEED Gold certified.

“The creative design of this space combined with the amenity base Atlantic Station offers makes attracting and retaining employees easy,” said Keppen. “Tech companies will have the convenience of a Midtown location, a hip office space and the flexibility to grow.”

 Two of the five available spaces have been pre-leased, demonstrating demand in the marketplace. “Atlanta, especially Midtown, is increasingly a magnet for fast-growth tech firms,” said Keppen. “For firms that have graduated from the incubator, we are offering office space for the next stage of growth.”

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


Marcus & Millichap Arranges Sale of 60-Unit Apartment Building in Fort Myers, FL for $3.5 Million


                           Seville Apartments, Fort Myers, FL

FORT MYERS, FL, June 6, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Seville Apartments, a 60-unit apartment community located in Fort Myers, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $3,500,000, or $58,333 per unit.

Casey Babb
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the South Florida-based seller, ICM Seville, LLC. 

Josh Talberg, an associate in the firm’s Minneapolis office procured the buyer of the property, a private investor based in Minneapolis. 

Seville Apartments is a 1980s vintage, Class “B+” garden apartment community located on 5.8 lushly landscaped acres and located at 7370 Pinnacle Pines Drive in Fort Myers, Florida. 

Seville Apartments unit mix features one- and two-bedroom apartment homes.  Property amenities include fully-appointed kitchens and baths, sizeable walk-in closets, ceiling fans, stackable washer and dryer connections, outside storage closets, semi-private breezeway entries and private screened-in patios and balconies.

Since 2007, there has been over a half-million dollars’ worth of capital improvements, including new roofs, air handlers, air compressors, appliances, landscaping, site drainage, parking lots, amenity upgrades and exterior fencing.

Josh Talberg
“The Seville Apartments was a short-sale that took almost a year to complete, but in the end, it commanded one of the highest prices on record in the current market cycle for southwest Florida apartments sized between 50 and 100 units,” said Babb in a statement. 

“Our platform was able to generate eight offers from a mix of local and international investors and our Tampa and Minneapolis offices worked in collaboration to execute the transaction over seven months of negotiation,” adds Babb.

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

Richard D. Matricaria
Regional Manager
Tampa, FL

(813) 387-4700

Marcus & Millichap Sells 29,000-SF Shopping Strip in Tamarac, FL for $3.85 Million


                         Point Plaza shopping center, Tamarac, FL

 TAMARAC, FL, June 6, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Point Plaza, a 28,842-square foot shopping strip in Tamarac, FL. The asset commanded a sales price of $3,850,000 representing $133.48 per square foot.

Douglas K. Mandel
Douglas K. Mandel, a First Vice President Investments, and Robert J. Granda, an Associate, both in Marcus & Millichap’s Ft. Lauderdale office, represented the seller, a private investor from Pembroke Pines, FL.  The buyer was a local private investor who purchased the property as part of a 1031-exchange. 

The property is situated on a large 3.45 acre in-fill site offering 132 parking spaces and direct frontage on Nob Hill Road. Point Plaza is located at 7118 Nob Hill Road in Tamarac, FL.

“Investors remain active in Broward County, building on a surge in retail deals in the final two quarters of 2012. 

"With more optimism in the market, buyers have a longer-term investment horizon than in previous years and are seeking higher returns in real estate than is available in many other investment classes. 

Robert J. Granda
"Exchange buyers are scouting the area for opportunities and many of these investors are looking to move up the quality scale.  This property proved attractive to investors due to its historical occupancy rates as well as its unique positioning as a service-oriented plaza for the local area.  

"The property has a great mix of local tenants - of which many of them have been in place prior to the recession of 2010-2011,” says Granda.

Point Plaza is fully-stabilized at 100 percent occupancy and about 60 percent of its current tenants have been in place for more than 10 years. Its tenants are primarily physicians offering cardiology, chiropractic, dental and orthopedic services.

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

Gregory Matus
Regional Manager
Vice President
Fort Lauderdale, FL

(954) 245-3400

MVP REIT, Inc. Announces Increase in Monthly Distribution to Annualized Rate of 6.7 Percent


LAS VEGAS, NV) – MVP REIT, Inc., a publicly registered, non-traded hybrid real estate investment trust, announced its board of directors has approved an increase in its monthly distribution. 

The current distribution rate is equal to an annualized distribution rate of 6.7 percent, or $0.05025 monthly, assuming a purchase price of $9.00 per share.

The annualized distribution rate, previously 6.2 percent, will increase with the June distribution, to be paid on July 10 to stockholders of record as of June 24. 

The Board has provided management the authorization in the future to raise the annualized distribution rate up to 7.0 percent depending on the performance of MVP REIT. This statement corrects a statement dated June 4, 2013 which had an erroneous annualized distribution rate.

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

Jill Swartz                            
Spotlight Communications
(949) 427-5172 ext. 701

Greysteel’s Multifamily Practice Group Led by Ari Firoozabadi Sells Oak Knolls Realty Corp. in Fairfax, VA


                          Oak Knoll Apartments, 3979 Oak Street, Fairfax, VA

Ari Firoozabadi
Fairfax, VA – Greysteel, a leading Washington, D.C. based real estate investment services firm has directed the sale of Oak Knolls Realty Corp. for $10,000,000.

Oak Knolls Realty Corp. a Florida S corporation, sole asset was a 110 – unit garden style apartment community located at 3979 Oak Street in Fairfax, Virginia.

Greysteel’s multifamily team led by Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown served as exclusive agent and advisor to Capital Investment Advisors LLC.

John Mullen
 “In a deal whereby we purchased the shares of an S corporation, Oak Knolls had a lot of moving parts and required a great amount of attention to get closed,” said Rebecca Pelino, managing member of Capital Investment Advisors LLC. “Greysteel provided ‘white glove’ service with the utmost responsiveness to overcome significant obstacles to consummate the deal,” continued Ms. Pelino.    

Oak Knolls is a well-located, multifamily community with tremendous upside through rezoning and redevelopment into at least 220 Class A units.

Henry Schuldinger
The City of Fairfax, 2012 comprehensive plan encourages improvement or replacement of aging housing stock and neighborhood revitalization, which Oak Knolls may be a part of in the near future. Under the comprehensive plan, Oak Knolls would be designated as “residential high”, enabling for higher density than currently permitted by right.

Greysteel served as exclusive agent and advisor to Capital Investment Advisors LLC.

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

Christine McCary

The Greysteel Company
7735 Old Georgetown Road, Suite 301
Bethesda, Maryland 20814

Essex Realty Group Brokers the Sale Of Single-Tenant Retail Building in Chicago, IL


                    1701 East Kensington, Walgreens leased, Mount Prospect, IL

Matt Welke
CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 1701 E. Kensington, a single-tenant NN-leased Walgreens located in Mount Prospect, Illinois.

The 15,120 square foot building was constructed in 1999 and occupies a 2.2-acre site. The village of Mount Prospect, located roughly 22 miles northwest of Chicago’s Loop, is a diversely populated city of 54,000. 

 David Schwartz and Matt Welke of Essex were the brokers in the transaction.  The price was approximately $3,820,000.

David Schwartz
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.