Monday, August 12, 2013

Saks Fifth Avenue OFF 5TH, Old Navy and Carter’s Sign Leases at HSA Commercial’s Mayfair Collection in Wauwatosa, WI

Saks Fifth Avenue OFF 5TH, The Mayfair Collection, Wauwatosa, WI

Timothy C. Blum
CHICAGO, IL (Aug. 12, 2013)-- Timothy Blum, executive vice president and managing director of the Retail Division of HSA Commercial Real Estate, today announced that the firm has finalized leases with Saks Fifth Avenue OFF 5TH, Old Navy and Carter’s for The Mayfair Collection, a 270,000-square-foot shopping center development in Wauwatosa, Wis.

The project, which broke ground in April 2013, already has lease commitments with Nordstrom Rack, Dick’s Sporting Goods and Ulta Beauty.

The Wauwatosa location will be Saks Fifth Avenue OFF 5TH’s first in the state of Wisconsin. The store’s grand opening is projected to occur in spring 2014.

The Mayfair Collection project has attracted interest from several other unique, best-in-class retailers seeking their first locations in suburban Milwaukee and in the trade area of nearby Mayfair Mall, the primary regional shopping destination in the state of Wisconsin.

 To accommodate these retailers, HSA Commercial is adaptively re-purposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments that, through innovative design, celebrate the property’s industrial heritage.

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

Mark Thomton

Rare South Beach Retail Portfolio Trades for $18.1 Million

Retail portfolio on Alton Road corridor, South Miami Beach, FL

Drew Kristol
MIAMI BEACH,  FL, Aug. 12, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a portfolio of seven retail properties totaling 43,000 square feet in a prime location in South Beach.

The sales price of $18.1 million equates to $420 per square foot.

            Drew A. Kristol and Kirk D. Olson, both vice president investments in Marcus & Millichap’s Miami office and directors of the firm’s National Retail Group, represented the seller, Twin City Realty LLC and the buyer, a local family trust.

Kirk D. Olson
“This sale attracted a great deal of interest from the investment community,” says Kristol. “We vetted a deep buyer pool, including many institutional and local entities, all interested in owning quality real estate in the hot South Beach market. 

“A portfolio like this was a very rare opportunity to control key retail locations on the Alton Road corridor.” 

South Miami Beach night skyline
The portfolio consists of six retail properties located along the high-profile Alton Road commercial corridor, and one additional retail property located on Collins Avenue and 73rd Street in Miami Beach.

Major tenants include Panera Bread, Papa John’s Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs, and Provecho Bistro Latino.

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

Ben Johnson
Marketing Director

(925) 953-1736

Voit Real Estate Services Directs $2 Million Sale of 14,655-SF Office Building in Los Angeles CA

2351 West 53rd Street, Los Angeles, CA

David Fults
 Los Angeles, CA, (Aug. 12, 2013) – David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office successfully directed the $2,050,000 sale of a 14,655 square-foot office building in Los Angeles, Calif., on behalf of the seller, Building Industry Credit Association.

The buyer, Park View Dream LLC, will use this building for its real estate investment and management business, according to Fults, a Senior Vice President in Voit’s Los Angeles office.

Brian McLouglin
“Our client, Park View Dream LLC, bought the building to take advantage of low interest rates and lock in their real estate costs at a historically low level”, said Fults.  “In addition, they plan to lease out a portion of the building, which will drive their cost down even more.  This will be an excellent long term investment for our client.”

The property is located at 2351 West 3rd Street in Los Angeles, CA.

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

David Fults / Brian McLoughlin
Voit Real Estate Services
323-558-5403 / 323-558-5404


Marcus & Millichap Reports Slow but Steady Economic Gains Support Broad-Based Industrial Revitalization

Industrial complex, Columbus, OH

WALNUT CREEK, CA – Marcus & Millichap’s second quarter research shows that though economic growth has been modest so far this year, demand for industrial space has been supported by an expansion of the drivers that underpin the economy — distinguishing this year’s performance from the recent past.

IDI Distribution Center, Memphis, TN
Demand for big-box distribution locations has expanded beyond traditional tenants, such as third-party logistics services, freight forwarders and other trade-related activities, to include a growing cadre of manufacturers, e-commerce companies, fulfillment centers, and home goods and food suppliers.

In addition, the combination of easing credit conditions and low interest rates have spurred demand from small- to mid-sized manufacturing and high-tech firms, stabilizing industrial multi-tenant performance.

Multi-modal mega-distribution hubs, submarkets near key seaports, air cargo and railroad transit locations, and modern Class A warehouse facilities remain the locus of industrial demand.

Industrial building, Santa Fe Springs, CA
As a result, the recovery in many metros and product types, while improving, continues to lag gateway and inland port markets. Similarly, investors have focused acquisitions on core assets in primary markets.

 However, recent transaction trends reflect a notable uptick in tertiary markets where higher yields and stronger revenue growth opportunities have attracted investors.

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

Gina Relva,
Public Relations Manager

(925) 953-1716

$27.6 Million Silicon Valley Multifamily Sale Arranged by IPA

Campbell Plaza Apartments, 710 Nido Drive, Campbell, CA

CAMPBELL, CA,  Aug. 12, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Campbell Plaza Apartments, a 121-unit garden-style apartment complex in the city of Campbell, Calif. 

The sales price of $27,600,000 equates to $228,000 per unit.

            IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller, Spieker Companies. The buyer is The Bascom Group.

Stanford W. Jones
            “The investment appeal of this asset is driven by Silicon Valley’s extraordinary employment fundamentals, which are expected to translate to continued high market occupancy, as shown by Campbell’s second quarter 2013 average occupancy of 97.5 percent,” says Jones.  “Strong market occupancy is also reflected at the property and should enable the buyer to continue to increase market rents.”

Philip Saglimbeni
            “In addition to proximity to thriving high-tech employers such as eBay and Netflix, Campbell Plaza represents a prime urban infill community,” adds Salvatore Saglimbeni. “Vibrant Downtown Campbell, the VTA Light Rail Line and the Safeway Anchored Campbell Plaza Shopping Center are all within walking distance.” 

Built in 1972 on 3.8 acres, the property is located at 710 Nido Drive and consists of one single-story clubhouse/fitness center and eight two-story residential buildings. 

The one-, two- and three-bedroom floor plans average approximately 785 square feet and feature fully equipped kitchens, separate dining room areas in most homes and spacious bedrooms.

The community has an outdoor swimming pool and spa, picnic area, open-space, parking and a renovated clubhouse with billiards room, lounge, computer room, kitchen area, shared laundry room and state-of-the-art fitness center.

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

Gina Relva,
Public Relations Manager

(925) 953-1716

Landmark $138 Million Multifamily Sale Arranged by IPA in Foster City, CA

Harbor Cove Apartment Homes, Foster City, CA

FOSTER CITY, CA, Aug. 12, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Harbor Cove Apartment Homes , a 400-unit waterfront apartment complex in Foster City, Calif., the geographical midpoint between San Francisco and Silicon Valley.

Stanford W. Jones
The sales price of $138 million equates to $345,000 per unit.

            IPA executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the seller, Essex Property Trust.

The buyer is a fund sponsored by Acacia Capital Corporation. In addition to Harbor Cove, the Jones-Saglimbeni Team has brokered seven other major trades in the Bay Area year to date, with over $300+ million in pending closings. 

            “Despite significant volatility in the capital markets over the past few months, we continue to see very strong and qualified activity on well-located assets positioned to capitalize on the Bay Area’s vibrant economy”, says Jones. 

Philip Saglimbeni
“The primary acquisition premise for Harbor Cove is based on an extensive renovation strategy, which is driven by wide spreads to Class-A rents in the immediate market.

“Furthermore, Harbor Cove’s micro-location is arguably the best in Foster City, boasting dramatic waterfront views, award-winning schools and immediate access to both retail and employers.”

“Opportunities to acquire larger multifamily assets in the mid-peninsula market are extremely rare.  In fact, Harbor Cove is the only 100-plus unit asset that has traded hands in Foster City since 2004,” adds Philip Saglimbeni. 

The property is located on more than 15 acres at 900 East Hillside Blvd. in Foster City, Calif.

Built in 1971 on the waterfront of Foster City’s largest lake, Harbor Cove Apartment Homes is composed of 12 three-story residential buildings and one two-story leasing office/clubhouse.

Approximately 30 percent of the apartments have full or partial water views and all residents have direct private access to the lakefront recreation area.

The complex features an outdoor swimming pool with sundeck, barbecue and picnic area with gazebo, sand volleyball court, two tennis courts, extra storage, carports, open space parking and a renovated clubhouse with a lounge, kitchen area and state-of-the-art fitness center.

Floor plans average approximately 767 square feet and apartments feature fully equipped kitchens and a private balconies or patios.

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

Gina Relva,
Public Relations Manager

(925) 953-1716

HC Real Estate Capital Arranges $5,280,000 in Financing for Office Property In Vero Beach, FL

Croesus office building, 2001 9th Avenue, Vero Beach, FL

Vero Beach, FL, Aug. 12, 2013 -- Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,280,000 in financing for the Croesus Office Building  (“COB”) located at 2001 9th Avenue in Vero Beach, FL.

 COB is a 49,000 square foot multi-tenant office property that was built in 1974 and is currently 94% leased.  HC Real Estate Capital worked exclusively on behalf of the borrower to secure a 5-year loan through a local lender at a competitive rate.

Chris Caveglia, Principal at HC Real Estate Capital states, “This property is well positioned in the Vero Beach market and has maintained a high occupancy over the years.”  Caveglia went on to say, “The multi-tenant property has a diverse mix of tenants that includes First American Title, Cardinal Property Management, Keystone Properties, Tri Meats and JL Tax.” 

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. 

Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Crossman & Company: Growth in Core Business Translates to New Employees

Johnny Fitzgerald
Orlando, FL, Aug. 12, 2013 -- Crossman & Company recently appointed Johnny Fitzgerald, a commercial real estate veteran, deeply entrenched and well known in the South Florida market, as Senior Associate.

 Johnny joins Crossman & Company in the Boca Raton office bringing a wealth of experience and knowledge from working with a variety of institutional and private clients, including Kimco Realty.

His strong connections in the retail community provide great exposure and access for the company’s South Florida Team. Since the opening of the Boca Raton office earlier this year, Crossman & Company continues to focus on growth in the South Florida market.

 “Due to the dramatic increase in leasing activity, we have tripled the size of our team in South Florida. We have great clients with great properties, and we look forward to growing together,” stated John Crossman, President of Crossman & Company.

 South Florida will be a key growth market for the next 12-18 months for Crossman & Company’s Leasing, Sales, Property Management, Asset Management and Development.

 Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm which represents over 200 shopping centers in FL, GA, AL, TN, SC and NC.

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

Claire Pagán

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