Thursday, June 27, 2013

Lincoln Completes a Large Industrial Acquisition in South Florida With Purchase of Medley International Business Park West

Medley International Business Park West, Miami, FL

MIAMI, FL (June 27, 2013) – Lincoln Property Company (Lincoln) has purchased Medley International Business Park West, an 11-building, 847,000-square-foot industrial park in Miami, from TA Associates. Lincoln acquired the property on behalf of a large pension-fund client.

Lincoln will manage the property and has selected Americas Industrial Realty Corp. to handle the leasing.

The Medley West transaction is one of the largest industrial property acquisitions in SouthFlorida during the past decade and marks Lincoln’s third industrial acquisition in the area in the last few years.

 The firm’s industrial portfolio in South Florida now totals more than 1.3 million square feet, and Lincoln remains committed to continuing to acquire and develop industrial properties in the market.

Miami International Airport
“This was a rare and unique opportunity to acquire a large-scale, multi-tenant industrial property in one of the three top-tier industrial markets in the United States,” said Roy Paskow, a senior vice president for Lincoln who oversees the firm’s South Florida operations.

“Over the coming months, we will re-brand and re-position this asset to take advantage of the strong demand in Miami-Dade for well-located industrial space with railaccess for warehousing and light manufacturing.”

Medley West is centrally located at 105th Avenue and Okeechobee Road and features easy access to the entire Miami-Dade region, including the Miami International Airport, the Port of Miami, and major highways including the Dolphin Expressway (SR 836), the Palmetto Expressway (SR 826) and the Florida Turnpike.  

Port of Miami, Miami, FL
Medley West boasts an occupancy rate of 93 percent, with current tenants ranging in size from approximately 5,000 square feet to more than 100,000 square feet.

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

Stephen Ursery
The Wilbert Group
Please note new office number: (404) 549-7150
Cell: (404) 405-2354

HFF secures $13.75 million mezzanine loan for Denver multi-housing project

Prospect Park randering, Denver, CO

INDIANAPOLIS, IN – HFF announced today that it has secured $13.75 million in mezzanine financing for Prospect Park, a to-be-built, 296-unit multi-housing project in Denver, Colorado.

Dave Keller
                Working on behalf of Edwards Companies, based out of Columbus, Ohio, HFF placed the mezzanine loan with Behringer Harvard Opportunity REIT II, Inc.  Mezzanine loan proceeds will be used in conjunction with a construction loan to finance construction of the project.

                Upon completion in the third quarter of 2014, Prospect Park will have studio, one-, two- and three-bedroom units within a five-story, 300,000-square-foot building built over a 350-stall parking garage. 

Community amenities will include a two-story community center with a cafĂ© and lounge area, billiards and a business center, roof top community space, multiple courtyards including social spaces and a splash pool. 

Ken Martin
The property is situated on 2.6 acres at 2970 Huron Street in the Prospect Park neighborhood of Denver just blocks from the Union Station redevelopment and adjacent to Coors Field. 

The HFF team representing Edwards Companies was led by senior managing director Dave Keller and associate director Ken Martin.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

ZipRealty Launches Seller Center to Revolutionize Home Selling

EMERYVILLE, CA ZipRealty, Inc. ( (NASDAQ: ZIPR), the leading online residential real estate brokerage and technology provider, has released the Seller Center, a groundbreaking suite of tools and services available for the first time ever to help home sellers select the right price for their home.

Lanny Baker
 “We are thrilled to launch a new service line developed solely to meet the needs of home sellers on,” says CEO and President Lanny Baker. “Our new Seller Center brings together the many components that are essential in the home-selling process all in one place.”

 The ZipQuote™ Estimate Page: A one-stop shop for property value estimates, this page aggregates estimates from four different sources, including the new home value tool. 

Interactive Pricing Tool: Custom-built by ZipRealty, this innovative new pricing tool lets owners identify comparable properties and analyze recent home sales trends.

Expert Opinion: Local agent experts are available to help refine the listing price, develop a marketing strategy and assist sellers through the listing and selling process.

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

Stacey Corso
Public Relations Manager
ZipRealty, Inc.
Office: 510.735.2667
Cell: 415.672.6460
Follow us on Twitter: @ZipRealty

Avison Young completes three industrial/flex-tech property transactions totaling approximately $17 million in Orange and Los Angeles Counties

Ball Road Business Park, Anaheim, CA

Irvine, CA – Avison Young Principals Dan Vittone and Alan Pekarcik announced today the sales of three industrial/flex-tech properties totaling approximately $17 million in the Orange County, CA cities of Anaheim and Santa Ana, and La Mirada, which is located in Los Angeles County.

Dan Vittone
 “Demand for multi-tenant industrial parks in Southern California remains strong, especially given the increased activity by 1031 exchange buyers as a result of changes to federal and state tax laws that went into effect January 1, 2013,” comments Vittone.

Two of the three sales brokered by Avison Young were buy-side representations of 1031 exchange clients. The three properties are as follows:

Ball Road Business Park, located at 701-741 East Ball Road in Anaheim, totals 114,984 square feet (sf). Built in 1987 and situated on 6.4 acres, the property is located one mile east of the 5 Freeway and 1.5 miles west of the 57 Freeway.

Alan Pekarcik
Built in 1978, the multi-tenant industrial building at 2907-2977 South Croddy Way in Santa Ana totals 30,528 sf and sits on 1.7 acres.

Parkway La Mirada, which is located at 16810-16900 Valley View Avenue in La Mirada and built in 1990, totals approximately 23,000 sf and is situated on 1.32 acres.

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

Darcie Giacchetto
D.G. Communications, Inc.

Greysteel’s Multifamily Team Led by Ari Firoozabadi Named Exclusive Advisor and Agent on Sale of Courtyard Park in Hyattsville, MD

Courtyard Park Apartments, 4201 - 4213 Oglethorpe St.
 Hyattsville, MD

Ari Firoozabadi
HYATTSVILLE, MD  – The Greysteel Company’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, and Lance Ahmadian have been named exclusive advisor and agent for the sale of Courtyard Park Apartments located at 4201 – 4213 Oglethorpe Street in Hyattsville, Maryland. 

John Mullen
The 94 unit walk-up apartment community is conveniently located inside the beltway next to major employers and transportation hubs, reinforcing strong rental demand and bolstering a stable submarket. 

Kyle Tangney
The property is ideally located with a bus stop across the street offering direct access to the Prince George’s Plaza Metro station on the Metrorail Green Line as well as a stop on the University of Maryland Shuttle bus route. “QUOTE”

Courtyard Park is located three miles from the Washington, D.C. border offering residents and investors convenient access into the city, the University of Maryland, and new retail developments.

Caleb Brown
Less than one mile from the property is the Hyattsville Arts District offering a high-end living experience with plush area amenities.  University Town Center and The Mall at Prince Georges are located a little over a mile from the property.  

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

Yassi Farzaneh

Marcus & Millichap Capital Corp. Arranges $5 Million Walgreens Refinance

Walgreens, Quincy, IL

QUINCY, IL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million refinance for a 14,820-square foot Walgreens in Quincy, Ill.

Steven Goldwyn
            Steven Goldwyn, an associate director in the Fort Lauderdale office, arranged the loan.

            “Daniel Greenberg, a senior associate with Marcus & Millichap Real Estate Investment Services, reached out on behalf of the client. The borrower wanted to retire the seller carryback debt from when they closed the property’s acquisition at the end of 2012,” says Goldwyn.

Daniel Greenberg
“Seeking options, we offered both the longest fixed-rate loan available in the marketplace in the form of a self-liquidating credit tenant lease, and a non-recourse bank loan at 4.5 percent for 10 years on a 30-year amortization schedule. The borrower opted for self-liquidating,” Goldwyn says.

            The 24-year loan amortizes over 24 years at a fixed rate of 5.1 percent.  The loan-to-value is 51 percent.
 For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

$14.5 Million Buys Los Angeles Apartment Complex


 Villa La Paloma Apartments,
 7722 Reseda Blvd., Reseda, CA

RESEDA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Villa La Paloma, a 138-unit apartment complex in Reseda, a community in the San Fernando Valley region of Los Angeles. The $14,500,000 sales price equates to $105,072 per unit.

Jeff Louks
            Jeff Louks, a senior vice president investments in the Encino office of Marcus & Millichap, represented the seller, 1439 Curson Partners LP. The buyer is La Paloma LLC.

            “The new owner took advantage of an exceptional investment opportunity,” says Louks. “Villa La Paloma’s location borders Northridge and is only two miles from a well-known university.

“Although the property is subject to rent control, the high rate of turnover from students helps keep rents as close to market as possible and modest upgrades and strategic marketing can further increase the income stream,” adds Louks.

Located at 7722 Reseda Blvd., the 92,122-square foot property is situated in a park-like setting on 2.48 acres.

Villa La Paloma was built in 1978 and is composed of 114 junior one-bedroom/one-bath units, 21 one-bedroom/one-bath units, and three two-bedroom/two-bath units. Amenities include spacious floor plans, vaulted ceilings in 61 units, a swimming pool and Jacuzzi, large landscaped courtyard with barbecues, plentiful gated parking, a recreation room and secure intercom entry.

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

Ben Johnson,
Marketing Director
(925) 953-1736