Thursday, October 3, 2013

Multi Housing Advisors Brokers Sales of Six North Carolina Apartment Communities for a Total $34.3 Million

Beacon Eastchase Apartments, 1600 Chasewood Drive, Charlotte, NC
CHARLOTTE, NC — Multi Housing Advisors (MHA) has brokered the sales of six North Carolina apartment communities totaling 1,261 units. The properties sold for a total of $34.3 million.

Marc Robinson
 Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the sellers in all six transactions. The buyers were not represented by brokers.

 “These recent transactions demonstrate that the multifamily market continues to recover with greater numbers of investors seeking value-add opportunities,” McCarley said.

The sales included:

• The 220-unit Beacon Eastchase, located at 1600 Chasewood Dr. in Charlotte. Eller Capital Partners purchased the value-add property for $8.3 million.

Jordan McCarley
• The 109-unit Lemans at Lawndale, located at 2005 W. Cone Blvd. in Greensboro, N.C. SBV Communities acquired the Class C property for $2.7 million.

• The 106-unit Lexington Commons, located at 2316 Golden Gate Dr. in Greensboro. SBV Communities purchased the Class C property for $3.4 million.

• The 180-unit Fox Run, located at 301 West Vandalia Rd. in Greensboro. Richard Anderson acquired the property for $4 million.

• The 454-unit The Park, located at 2332 Dunlavin Way in Charlotte. Northland Investment Corp. sold the property to FMM for $12.3 million.

Hanover Landing Apartments, 5920 Monroe Road
Charlotte, NC
• The 192-unit Hanover Landing, located at 5920 Monroe Rd. in Charlotte. Ellington Management Group acquired the property for $3.6 million.

 “Our Charlotte office continues to gain market share and momentum in the Carolinas as we serve our expanding client base,” said Robinson.
MHA recently expanded its Charlotte office and intends to open additional offices in the South. 

The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

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

Stephen Ursery
The Wilbert Group
404-965-5026 (O) 404-405-2354 (C)

Bull Realty Brokers $2.3 Million Sale of North Lanier Boat & RV Storage in Georgia

Aerial of North Lanier Boat & RV Storage, near Lake Sidney Lanier,  Forsyth County, GA

Judith Bennett
ATLANTA, GA – Bull Realty has brokered the $2.3 million sale of North Lanier Boat & RV Storage, a popular facility in Forsyth County, Ga., near Lake Sidney Lanier.

Judith Bennett, senior vice president in Bull Realty’s National Self-Storage Group, was the only broker on the transaction. The seller, First Citizens Bank & Trust Co., foreclosed on the property in June 2012. The unidentified buyer is expected to spend over $50,000 on property upgrades.

 “Judith did an outstanding job of securing and negotiating this sale between the seller and buyer,” said Michael Bull, president and founder of Bull Realty. “The property is well positioned for future success, and Judith was able to capitalize on that and produce a deal that holds value for both buyer and seller.”

Michael Bull
Located less than three miles from Georgia 400, the 8.5-acre, 497-unit North Lanier Boat & RV Storage totals 121,277 square feet. Meridian Management Group, which managed the property for First Citizens, has been retained by the new owner.

 “The area around this facility experienced high-paced residential and commercial growth until the middle of 2008,” Bennett said. “Now, with the improving economy, that growth is returning, and North Lanier will benefit immensely from that activity.”

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

Savannah Duncan
The Wilbert Group
O:  404.343.0870
C: 404.901.4433

Lincoln Property Company and Carefree Partners Engage JLL on 267-Acre Goodyear Industrial Site in Goodyear, AZ

Aerial of site for planned 267-acre Goodyear Air Park, Goodyear, AZ

PHOENIX, AZ – Lincoln Property Company (LPC) and industrial specialists in the Phoenix office of Jones Lang LaSalle (JLL) have collaborated to attract corporate design/build projects to a major new, multi-employer business park named Goodyear AirPark in Goodyear, Ariz.

Anthony J. Lydon
The announcement comes on the heels of a joint venture formed between LPC and property owner Carefree Partners Investments.

LPC will be the project’s design-build developer, based on the firm’s national scope, local office accessibility and ability to deliver an array of high-end design-build products. Jones Lang LaSalle Managing Directors Anthony J. Lydon, SIOR, and Marc Hertzberg, SIOR, serve as the project’s exclusive marketing coordinators.

The project, at build-out, has the potential to add approximately 4,000 new jobs to the market.

Marc Hertzberg
“We’re on the front end of the next wave of industrial building,” said Lincoln Property Company Executive Vice President David Krumwiede. “It is the opportune time to capture employer interest and make very big, very positive, very lasting contributions to the Valley’s job growth.”

“Goodyear is the Valley’s gateway from Southern California. Employers seeking new space solutions in Arizona can take advantage of our 30 to 40 percent operational cost savings, and the 267 acres of shovel-ready land that Goodyear AirPark provides to respond to their demand,” said Lydon.

David Krumwiede
 “LPC also has the financial and construction expertise to build exactly what corporate employers need, whether it is office, industrial, flex or research space. That gives us tremendous leverage toward our mission: to attract businesses that will provide long-term value to the greater West Valley market.”

According to JLL, only 10 percent of Goodyear’s 189 square miles is currently developed, offering significant opportunity for site selection and design-build activity. Current nearby industrial employers include Amazon, Macys, SubZero, Cancer Treatment Centers of America and Dick’s Sporting Goods.

 Goodyear AirPark is located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, directly south of the Goodyear Airport. Its 267 acres include flexible/divisible lot sizes with Highway 85 frontage and direct access to I-10 (via the I-10 reliever highway), a bicoastal, federal corridor that serves as the metro area’s main transportation artery. 

The site is also in close proximity to I-8 and the proposed Loop 202 and under construction Loop 303 freeways.

Goodyear AirPark offers variable zoning and is Foreign Trade Zone capable, which translates into a potential 75 percent reduction in real property tax and personal property (equipment) tax and duty deferral or elimination.
For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

San Fernando Valley Multifamily Trades at $88 Million; Marcus & Millichap Capital Corp. arranged $61.6 million in financing.

The Mercer at Warner Center, Woodland Hills District, Los Angeles, CA

Greg Harris

WOODLAND HILLS, CA – 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 The Mercer at Warner Center, a 477-unit multifamily complex in Woodland Hills, a district within the city of Los Angeles.

The sale completes a 1031 exchange for the purchaser, a private investor, who acquired The Mercer for $88 million, or $184,000 per unit, in an up-leg exchange for Crenshaw Village, a $60 million, 669-unit apartment portfolio located in the Los Angeles suburb of Baldwin Hills that closed in September.

Ron Harris
            IPA executive vice presidents investments Greg Harris and Ron Harris, and IPA directors Kevin Green and Joseph Grabiec advised the institutional seller on the purchase of The Mercer at Warner Center.

Danny Abergel, a vice president capital markets in the Encino, Calif. office of Marcus & Millichap Capital Corp. (MMCC), arranged the financing.

            “There is high demand for luxury apartment homes in this active market and The Mercer at Warner Center has received more than over $9 million in upgrades,” says Greg Harris.  “The property is poised to take advantage of continued revenue-generating renovations while maintaining insulation from new construction rents.”

Kevin Green
            “The Mercer at Warner Center is located just blocks from one of the largest and most robust business districts in the San Fernando Valley,” adds Ron Harris. “The property is surrounded by 6 million square feet of office space, more than 4.5 million square feet of industrial/flex space and 2.2 million square feet of world-class retail.”

            “The borrower required financing with an interest-only component that will enable them to implement further capital improvements,” says Abergel.

Joseph Grabiec
“MMCC had seven days to source a lender and finalize terms for the $61.6 million nonrecourse acquisition loan. We procured the funding on time and locked in a low interest rate ahead of the market’s almost 50 bps jump in rates,” adds Abergel.

            Built from 1968 through 1971 and partially renovated between 2006 and 2012, the 294,887-square-foot property is located on eight acres at 22100 Erwin St. in the Woodland Hills district of Los Angeles.

Danny Abergel
The Mercer at Warner Center is a pet-friendly community that provides residents with two pools with poolside cabanas, four built-in gas barbecue grills, picnic areas, a state-of-the-art fitness center with free weights, cardio and circuit training equipment, a lounge and Internet Wi-Fi café, lighted tennis courts and elegant water features throughout the grounds.

The apartments offer spacious floor plans, energy-efficient kitchens, central heating and air conditioning and private patios and balconies.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Marcus & Millichap Promotes Adam Mancinone to Associate Vice President Investments

Adam Mancinone
NEW HAVEN, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Adam Mancinone to associate vice president investments.

The achievement represents excellence in the development and servicing of long-term client relationships, according to J.D. Parker, first vice president and regional manager of the firm’s New Haven office.

J.D. Parker
Most recently a senior associate, Mancinone began his career with Marcus & Millichap in July 2003, was promoted to associate in January 2005 and advanced to senior associate in July 2006.

He graduated from Williams College with a degree in economics and English.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges $7.8 Million Sale of 68,142-SF Office Building in Miami, FL

Dadeland Executive Center, 9700 South Dixie Highway, south Miami, FL

MIAMI, FL, September 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dadeland Executive Center, a 68,142-square foot office property located in Miami, FL. The asset sold for $7,800,000.

Alex D. Zylberglait

Alex D. Zylberglait, a Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, FL.  Zylberglait also secured and represented the buyer, an operator from Coral Gables.

“This deal represented a tremendous opportunity for an investor to modernize the asset and raise rental incomes significantly through higher occupancy as well as through lease renewals. 

"The building also offers potential corporate users an ability to secure space, including a 9,500-square foot penthouse with outstanding building signage visibility,” says Zylberglait.

Dadeland Executive Center is an 11-story, Class-B office building anchored by AT&T. The building, which at the point of sale was 71% occupied, also houses a variety of tenants who provide legal, accounting and other professional services.

The property is situated off the intersection of South Dixie Highway (US1) and the Palmetto Expressway (SR 826) in the downtown Kendall/Dadeland area. Dadeland Executive Center is located at 9700 South Dixie Highway in Miami, FL.

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

Kirk A. Felici
First Vice President
Regional Manager
Miami, FL
(786) 522-7000

RECI Reports Commercial Mortgage Spreads Remained Unchanged in September

Chicago, IL - September has been a quiet month as mortgage spreads remain unchanged and lenders continue seeking high-quality funding opportunities. All in all, overall longer-term mortgage rates moved about 20 basis points downward during the month.

Jeanne Peck
In general terms, the most common commercial properties are enjoying a
continued resurgence in demand by lenders and investors based upon the
following highlights:

Multifamily - over the past five years the sharp decline in homeownership
rate has propelled multifamily demand to record heights.  With homeownership
rates at about 65% for all households, nearly five million more renters are
in the market.  The US Census Bureau shows more job creations in costly
dense urban areas, helping spur more demand for rental housing.  Lastly,
rising interest rates keep renters in place for longer terms as recovering
housing prices prove too costly.

Office - downtown core office buildings are trading for record prices, even
higher than the recession, as foreign investors and domestic pension funds
compete for a scarcity of products. On the other hand, suburban office
buildings are starting to show life, although rental rate increases are far
out of reach, as expenses and real estate taxes escalate faster than rents.

Industrial - the improving economy is directly benefiting this sector, as more developers are starting to build "spec" projects that are successfully leased upon completion. This sector enjoys steady growth as newer space replaces obsolete industrial/warehouse facilities in many markets.

Retail - "Urban infill" are the two words to remember for retail. Tenants are learning to reconfigure space into tighter sites with limited parking, in exchange for greater density and access to mass transit. Grocery-anchored centers and Fortress malls are the most desirable properties, also trading
at record-high premiums.
Property-type mortgage loan spreads:  Mortgage spreads over 10-year treasury notes are within a reasonably tight range for most types of Class-A
commercial properties.  Such spreads start at 175 basis points for office properties, varying about 15 basis points lower for retail/industrial properties and as much as 20 basis points lower for multifamily assets.

Jeanne Peck, the Director of the Real Estate Capital Institute, advises "with tightening mortgage spreads between various property types, lenders
continue scrambling for high quality assets in all commercial property categories. The Great Recession created a pent-up demand for core assets
which remains the biggest challenge for the real estate capital markets to

Call the Real Estate Capital RateLine at 7RE-CAPITAL (773-227-4825) for hourly rate updates.

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

Jeanne Peck
Executive Director
Real Estate Capital Institute
3517 West Arthington Street
Chicago, Illinois USA 60624

Brown Harris Stevens Reports Number of Manhattan Apartment Closings up 16% with Average Sales Price Up 8% from 3rd Quarter of 2012

Manhattan skyline
Hall F. Willkie
New York, NY --  According to the 2013 third quarter Manhattan residential market report released by Brown Harris Stevens, the average Manhattan apartment sale price of $1,451,621 was up 8% from the third quarter of 2012. A 75% increase in transactions over $10 million when compared to the same period last year pushed statistics higher this quarter.

The median price, which measures the middle of the market and is less impacted by high-end sales, rose 3% from a year ago to $870,000, its highest level in over four years. While inventory is still at low levels, the number of closings was up 16% to 3,240 when compared to the third quarter of last year.

 At $1,175,163, the average price of cooperative apartments rose 11% when compared to the third quarter of 2012. The average price increased for all size categories of co-ops, with studio and 3+bedrooms experiencing the biggest increases. The average price for a condo sold in the third quarter was $1,864,711, 9% more than the same period last year.

“Although there has recently been a rise in inventory which brought the current Manhattan absorption rate up to 3.5 months, scarcity remains an important issue,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

“When apartments are properly and justifiably priced they are selling quickly; the average time on the market this quarter was just 77 days, 29% less time than in the third quarter of last year,”

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

Katelyn Tumino
Rubenstein Public Relations

Meridian Capital Group Arranges $4.7 Million in Acquisition Financing for the Shelby Crossing Apartments in Louisville, KY

Shelby Crossing Apartments, 500 La Fontenay Court, Louisville, KY

Boca Raton, FL, Oct. 3, 2013 – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $4.7 million mortgage for the purchase of the Shelby Crossing Apartments multifamily property in Louisville, KY.

The 10-year loan features a competitive fixed-rate of 4.25% and was provided by a CMBS lender. This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office. 

 The Shelby Crossing Apartments is located at 500 La Fontenay Court and is composed of seven two-story buildings totaling 90 units on 6.25 acres of land. Amenities include tennis courts, a swimming pool, fitness center, clubhouse and laundry facility.

 “Agency lenders, the natural choice for a property like this, had challenges structuring around the perpetual use agreement for the amenities,” said Mr. Kaminetzky. “As a result, Meridian creatively worked to overcome these obstacles with a CMBS lender,” he added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.

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

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

Plaza Advisors Announces Sale of Clermont Crossings at Lost Lake in Clermont, FL

Clermont Crossings at Lost Lake shopping center, Clermont, FL

Jim Michalak
TAMPA, FL -- Plaza Advisors is pleased to announce the sale of Clermont Crossings at Lost Lake shopping center located in Clermont (Orlando Market) Florida.

The center contains a total of 149,698 square feet of gross leasable area. The property is situated on 33.291 acres and was built in phases during 2009 through 2011.

The asset was 91.1% leased at the time of sale. The property was shadow anchored by BJ’s Wholesale Club, ALDI, Firestone and IHOP. The transaction included an 11,254 square foot strip that with Inline tenants Jimmy Johns and Flippers Pizzeria.

 The seller and buyer were KMH Limited Liability Company and Commons at Twin Lakes Associates, LLC, respectively. Both parties are a private equity firms. 

Mike Cvetetic
Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction. The buyer utilized 1031 Tax Exchange funds from the previous sale of Commons at Twin Lakes by Plaza Advisors.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

Plaza Advisors has closed over 130 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.

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

Jim Michalak
 Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627