Tuesday, September 24, 2013

CVS-Anchored Center in Coventry, Rhode Island, Brings $11.6 Million

Coventry Crossing, Coventry, RI

Margaret Huelskamp
COVENTRY, R.I., Sept. 24, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Coventry Crossing, a 20,752-square-foot CVS-anchored shopping center in Coventry, R.I. The $11.6 million sales price equates to $559 per square foot.

            Robert Horvath, a vice president investments, and Todd Tremblay, also a vice president investments, both in Marcus & Millichap’s Boston office, and Margaret Huelskamp, a senior associate in Providence, R.I., represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented the buyer, Cole Capital Advisors Inc.

Robert Horvath
 “The CVS has more than 19 years remaining on the original base term,” says Tremblay. “All tenants have scheduled rental increases every five years throughout the base term and option periods.”

            Built in 2008 on 5.65 acres, the center is located at the signalized intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike in Coventry, R.I. It is directly across the street from the entrance to the Centre of New England development and off exit 7 from Interstate 95.

Todd Tremblay
Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income.

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

Gina Relva
Public Relations Manager
(925) 953-1716

How Will the Panama Canal Expansion Affect South Florida’s Commercial Market?

Panama Canal   (Marcus & Millichap file photo)
WALNUT CREEK, CA -- Q: How will the expansion of the Panama Canal and the subsequent improvements to Miami and Port Everglades harbors affect South Florida’s commercial real estate market?

Kirk Felici
A: “The Panama Canal expansion is a historic event that presents investors with an opportunity that comes along only once in a generation,” says Kirk Felici, first vice president and regional manager at Marcus & Millichap.

Being the closest to the Panama Canal, the Port of Miami and Ft. Lauderdale’s Port Everglades will have an advantage over other eastern seaboard ports.

The Port of Miami has already begun port and storage expansion to accommodate larger post-Panamax ships and more traffic.

In addition, the port authority is planning a $1 billion tunnel project that will prevent increased trucking traffic from congesting current roadways while allowing improved access to intermodal transportation to move cargo inland from the port. Port Everglades is also planning a $313 million project to deepen its canal.

According to Felici, the Panama Canal expansion is projected to significantly impact commercial real estate demand in South Florida. The increased cargo volume will increase demand for all four of the major property types that Marcus & Millichap represent: industrial, office, shopping centers, and apartments.

“Within 10 years of completion of the canal and our port expansions, port volume is projected to double and create 3% annual job growth,” Felici says. “Increased cargo volume is expected to increase demand for commercial properties such as storage facilities, distribution centers, and warehouses.”

He adds, “Other port-related businesses such as custom brokers, logistic firms and freight forwarders will also need additional warehouse and office space due to demand created by post-Panamax deliveries.”

Commercial property investors are projected to see a strong return on investment fueled by three key factors:

•Job growth — More local jobs will power a strong demand for housing and retail properties.

•International economic growth — As the gateway to South America, Florida ports will provide essential infrastructure for that growing region. In addition, special events such as soccer’s World Cup and the Olympics (both slated to be hosted by Brazil in coming years) will create demand spikes that will further increase demand for commercial properties.

•Geographic and industrial zone limitations — South Florida’s limited commercial property supply will also put these properties at a premium. The peninsula not only has limited commercial space because of geographic constraints, but also because of zoning restrictions for industrial properties. The value of that land will definitely increase as Panama Canal traffic picks up.

Felici says, “In anticipation of the coming growth, prudent investors can get ahead of the cycle by investing in these properties now. As demand grows so will rents and therefore prices will also increase, and investors are likely to be in a strong position for good ROI.”

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

Kirk Felici
Marcus & Millichap
5900 North Andrews Avenue
Suite 100
Ft. Lauderdale, FL 33309
Tel: (954) 245-3400
Fax: (954) 245-3410

Marcus & Millichap
5201 Blue Lagoon Drive
Suite 100
Miami, FL 33126
Tel: (786) 522-7000
Fax: (786) 522-7010

HFF arranges $40 million bridge loan for Abitare Apartments in suburban Philadelphia, PA

Abitare Apartments, 10000 Towncenter Boulevard within Voorhees Town Center,
Voorhees, NJ

FLORHAM PARK, NJ – HFF announced today that it has arranged a bridge loan for Abitare Apartments, a 353-unit, nine-building, multi-housing community in Voorhees, New Jersey, a suburb of Philadelphia.

Jim Candranell
               HFF represented Lowe Enterprises Investors on behalf of one of its pension fund clients to secure the three-year, floating rate loan with Capital One Bank.  Loan proceeds will be used to retire existing financing, purchase a ground lease, and complete the conversion of previously planned condominium units at the property to rental units.

               Abitare Apartments is located at 10000 Towncenter Boulevard within Voorhees Town Center, a 732,000-square-foot mixed-use development including an enclosed mall anchored by Macy’s and Boscov’s, “The Boulevard” retail shops, and office, restaurant and educational space.

Completed in 2009, the property is situated above and around “The Boulevard” and consists of 315 completed rental units that are 94 percent leased, 38 partially completed units that will be converted to for rent units, and two pad sites entitled for the potential development of 72 apartment units.

 Units are offered in studio, one-, two- and three-bedroom layouts averaging 1,036 square feet each.   Community amenities include a clubhouse, fitness center, billiard room, business center, outdoor pool and garage parking. 

               The HFF team representing Lowe Enterprises Investors and its client was led by managing director Jim Cadranell and associate director Michael Lachs.

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

NAI Realvest Closes Sale of Orlando Industrial Portfolio in Orange and Seminole Counties, Florida for $24 Million

Monroe CommerCenter North, 4150--4200 Church Street, Sanford, FL

George Livingston
ORLANDO, FL --- NAI Realvest recently closed the sale of an industrial portfolio in Orange and Seminole counties that totals more than 525,000 square feet of space.

The transaction was handled by the NAI Realvest investment team of George Livingston, Chairman, Principal Christie Alexander, Broker Associate Drew Saphos, CCIM, and Paul Vera, along with Principal Michael Heidrich, who will continue to lease the portfolio for the new owners.

Christie Alexander
Blue Vista Capital Partners in Chicago and Rio Hondo Capital Partners of Baltimore, in a joint venture, paid $24 million for the portfolio.   The seller of the properties was Cornerstone Core Properties REIT. 

The portfolio includes Monroe CommerCenter North, located at 4150-4200 Church St. in Sanford; Monroe CommerCenter South, at Church Street and Monroe Road in Sanford; Hanging Moss CommerCenter at 6100-6148 Hanging Moss Rd. in Orlando; and Goldenrod CommerCenter, 1460-1476 Goldenrod Rd. in east Orlando.

Drew Saphos
All four CommerCenter properties were developed within the past 12 years by Realvest Development and Small Bay Partners LLC, a group that included Livingston, banker Geof Longstaff and longtime area developer Howard Schieferdecker.

NAI Realvest Property Management will continue to serve the new owners as management agent for the portfolio.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Arranges Sale of Sentry Storage Facility in Belleview, FL

Sentry Storage, 6535 SE 110th Street, Belleview, FL

Michael A. Mele
BELLEVIEW, FL,  Sept. 24, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sentry Storage, a 38,704-square foot self-storage facility located in Belleview, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Michael A. Mele, a first vice president investments, Luke Elliott, associate in Marcus & Millichap’s Tampa office and Richard Jones, an associate in the firm’s Atlanta office, represented the local seller, a private investor.  Mele and Elliott also procured and represented the buyer of the property, a limited liability company based in California.

Luke Elliott
Sentry Storage is located at 6535 SE 110th Street in Belleview, Florida.  This is a 30,991 net rentable square foot facility situated on 3.8 acres of land.  The property was built in multiple phases between 1987 and 2002 and includes 32 units, of which 74 are climate-controlled units, 125 are standard drive-up units, five are retail bays and 16 are RV and boat parking spaces. 

The facility consists of six storage buildings, two retail buildings, a second-story manager’s apartment and a propane filling station.  The retail building contains the manager’s office and the Pack-N-Send center, as well as the five rentable retail bays.

Amenities at this location include security cameras, alarm system, gated entrance and roll-up doors.  The property also benefits from being a U-Haul dealer.

“Our extensive property marketing campaign netted the owner several legitimate offers and at the end of the day, we were able to select a buyer that was thoroughly committed to the process, while structuring a deal that worked for all parties involved,” said Elliott in a statement.

  “This transaction is also a great indicator that properties in tertiary markets are steadily growing popularity with investors.” adds Elliott.

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

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

Colliers Brokers $4M Lease at Quadrant Business Center in Deerfield Beach, FL

Quadrant Business Center, 600 SW 12th Avenue, Deerfield Beach, FL

MIAMI, FL - Colliers International South Florida is pleased to announce that the firm has represented landlord State Teachers Retirement System of Ohio in a 51,500-square-foot lease at Quadrant Business Center located at 600 SW 12th Avenue in Deerfield Beach.

Robert Listoken
The new tenant, Florida Backyard by Fortunoff, will use the space as a warehouse and distribution center for its retail outlets in South Florida.

Colliers International South Florida brokers Robert Listokin and Clinton Casey handled the lease transaction, which is valued at $4 million. Florida Backyard was represented by New York-based Julius M. Feinblum Real Estate.

"The I-95 exposure of Quadrant Business Center, its location, and opportunities for expansion drew Florida Backyard to the space," Listokin said. The family-owned manufacturer of casual furniture and accessories is based in Long Island, New York.

Clinton Casey
"Florida has always been at the top of our list," said Bernard Sensale, CEO of the Fortunoff Backyard Store. "Our first retail stores are planned for Stuart, Boca Raton and Palm Beach Gardens. They will open between September and October of this year.

 “Florida is a great outdoor market and many people here are from the Northeast and are already familiar with our brand and what we offer. 

"We are receiving merchandise in our Deerfield Beach distribution center now, and we are training new staff and associates with the goal of expanding throughout Florida in the next three to four years.

“This location on I-95 gives us easy north-south access, and to Florida's west coast."

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Investment Strategy: Not Just Any Buyer: The Right Buyer with the Right Terms

Lincoln Road commercial corridor, Miami Beach, FL

 WALNUT CREEK, CA -- In South Florida, a rare property moves quickly.

Drew Kristol
This South Beach retail portfolio was enough to pique any savvy investor’s interest: It features seven ground-floor retail properties built in the late 1920s, rich with character and exceedingly rare. Outstanding rental potential due to low rents and short-term leases made the portfolio even more appealing.

For Drew Kristol, a vice president investments in Marcus & Millichap’s Miami office and a director of the firm’s National Retail Group, and his partner, Kirk Olson, also a vice president investments and a director of the National Retail Group, that meant they needed to find the very best match for the property — a buyer who could appreciate its unique qualities and ensure its success in the thriving South Beach market.

“There’s a lot of competition for these types of properties because they’re so hard to come by,” Kristol says. “We have only five legitimate retail corridors in South Beach: Lincoln Road, Washington Avenue, Collins Avenue Fashion District, Ocean Drive, and the Alton Road Corridor

Kirk Olson
Alton Road, in particular, benefits from both the high-rise, professional condo traffic and the traffic leaving and entering Lincoln Road, so these properties are really sought after.”

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.

Selective vetting to find the right fit

Kirk Felici
When a portfolio gets that kind of attention, the key is to pick an experienced buyer with a track record of closing similar transactions. Kristol says that his team qualified buyers who understood the process and were willing to do the work to make the deal happen.

“On a big portfolio like this with a lot of moving parts, Kirk and I try to be as realistic as possible about obstacles we’re likely to encounter as we go to market,” Kristol says. “With myriad details to consider, the most important part of the process happens before the properties ever hit the open market — everything begins with the seller.”

Kristol and his team worked closely with the principals, getting to know them and thoroughly researching the property. Issues, whether they’re with tenants, the structure, the title, or environmental concerns, are bound to surface; a good team brings them to light and develops a sound strategy.

Bill Rose
“We always learn everything there is to know about properties we market so we can be as open as possible to the buying community,” Olson says. “Those buyers who hear everything there is to hear and are still at the table are the best possible candidates. They’re the ones we want to work with.”

A commitment to sellers

Of course every deal has its unique challenges, and this one required particular sensitivity to the sellers’ emotional state. “That’s often the case when you have a seller who hasn’t transacted very often,” Kristol says. “In this situation, the same family had owned the portfolio for almost 50 years. You’ve got people going through a life-changing experience and with that comes a lot of emotion.”

Alton Road Bridge, Miami Beach, FL
When it was time to take the property to market, Kristol and Olson did so with support from Kirk Felici, first vice president and regional manager of the Miami office, as well as from Bill Rose, vice president and national director of the National Retail Group.

 “By having dominant local presence and expertise, national exposure and the support of institutional-grade marketing packages, we are incredibly effective selling these types of high-profile assets that walk the line between private and institutional investments,” Kristol explains.

Ocean Drive, Miami Beach, FL
Kristol recalls working so hard on day one that they received multiple offers immediately, from both private and institutional investors and out-of-area and local buyers. They chose the buyer based not just on price but also on terms and the ability for a quick close. The sales price of $18.1 million equates to $420 per square foot.

Kristol and Olson were able to keep the sellers focused on the big picture and guide them to the finish line. The Marcus & Millichap team’s many years of experience and steadfast commitment to specialization kept the deal on track and made for a successful transaction.

“Our firm was founded on this principle,” Olson says. “The most effective market knowledge can only come through specialization in terms of property type and geography.

Collins Avenue, Miami Beach, FL
“This specialization allows us better access to the right buyers and to vendors that can help speed a transaction. We have a better understanding of how to articulate the value of a deal and geographic market and also how to overcome common deal pitfalls. That’s how we’re best able to maximize value for our clients, and that’s what we’re in business to do.”
For a complete copy of the company’s news release, please contact:

Anantara Vacation Club Phuket Mai Khao earns recognition from industry leaders

Anantara Vacation Club Phuket Mai Khao. 

Bangkok, Thailand (Sept. 24, 2013)  Anantara Vacation Club, a unique shared ownership concept, has earned industry accolades for its first purpose-built Signature Club Resort, Anantara Vacation Club Phuket Mai Khao

Harold Derrah
Open since June, the stunning new resort just garnered “Best Shared Ownership” and “Highly Recommended: Best Architectural Design” from the prestigious Thailand Property Awards, the annual industry recognition program. 

“We are delighted to receive this recognition from our peers in the industry,” said Harold Derrah, CEO of Anantara Vacation Club.  “Our vision is to connect our guests to local cultures by creating extraordinary properties in the world’s most beautiful areas and to provide distinct experiences with our luxurious and heartfelt hospitality.  It’s a pleasure to be recognized for our efforts.”

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

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190

Marcus & Millichap, Inc. Files Registration Statement for Proposed Initial Public Offering

Calabasas, CA – Marcus & Millichap, Inc. announced Sept. 23  that it has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The number of shares and the price range for the offering has not been determined.

Citigroup Global Markets Inc. and Goldman, Sachs & Co. will serve as joint book runners for the proposed offering. JMP Group Inc. and William Blair & Co. will act as co-managers.

A preliminary prospectus for the offering, when available, may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup Prospectus Department  c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at batprospectusdept@citi.com, or by phone at (800) 831-9146; Goldman, Sachs & Co., Attention: Prospectus Department – Nondi Blanks, 100 Burma Road, Jersey City, New Jersey 07305, by email at prospectus-ny@ny.email.gs.com, or by phone at (212) 902-1171.

A registration statement related to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. 

These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

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

Addo Communications
Lasse Glassen
(424) 238-6249