Thursday, October 31, 2013

Marcus & Millichap Arranges Sale of Hardee’s Drive-Thru Restaurant in Spruce Pine, NC

Hardee's Drive-Thru Restaurant, 6187 Highway 19 East, Spruce Pine, NC

John E. (Jay) Brigel
SPRUCE PINE, NC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hardee's Drive-Thru Restaurant, a 2,732-square foot net-leased property located in Spruce Pine, NC, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,010,000.

James Allen Smith
John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office represented the seller, a private investor based in California.

 James Allen Smith, a vice president investments in Marcus & Millichap’s Charlotte Uptown office, served as broker of record in this transaction. 

Brandon Michaels
Brandon Michaels, a vice president investments, and Kyle Sterling, an associate both in the firm’s Encino office procured the buyer of the property, a California-based limited liability company.

Hardee's Drive-Thru Restaurant was built in 1984 and is located at 6187 Highway 19 East in Spruce Pine, NC. The property is situated on a 1.13-acre lot with frontage on busy US Highway 19 East, which is the major corridor linking the towns of Spruce Pine and Burnsville with Interstate 26.  

“I was able to create additional value and proceeds for my seller by reworking a short lease into a new, longer term with increases,” says Brigel.  “It was a win-win-win for seller, buyer and franchisee.”
For a complete copy of the company’s news release, please contact:

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

Lori Kilberg of Hartman Simons to Serve as President of CREW Network in 2015


Lori Kilberg

ATLANTA, GA (Oct. 31, 2013) – Hartman Simons partner Lori Kilberg has been elected president-elect of the Commercial Real Estate Women (CREW) Network, the industry’s leading advocate for the advancement of women in commercial real estate.

The announcement was made at the 2013 CREW Network Convention & Marketplace, held in Dallas in October. Kilberg will become president of the organization in January 2015 and will serve a one-year term. In January 2014, she will begin her third year on CREW Network’s Board of Directors and will serve next year as president-elect.

 Judith Nitsch, a founding principal and chairman of Boston-based Nitsch Engineering Inc., will serve as president of the CREW Network in 2014.

 “This is a tremendous honor, and I’m very excited about the chance to lead an organization whose mission I deeply believe in and wholeheartedly support,” said Kilberg, who served as president of CREW’s Atlanta chapter in 2011.

Judith Nitsch

“I have been involved with CREW for more than a decade, and in that time I’ve seen it have a powerful effect on the careers of women throughout the commercial real estate industry. I look forward to continuing the organization’s important work.”

 “We are extremely proud of Lori’s election and her ongoing excellent work with CREW,” said Summey Orr, managing partner of Hartman Simons. “Lori brings a terrific combination of intelligence, experience and passion to her work here at Hartman Simons, and those traits will no doubt serve her and CREW well during her presidency.”

 Kilberg represents clients in the acquisition, development, leasing and sales of regional malls, outlet centers, power centers, lifestyle centers, mixed-use developments, warehouses and distribution facilities, multifamily communities and urban redevelopment projects. Her clients include institutional and development firms as well as national retailers and industrial companies.

Summey Orr
 Kilberg’s involvement with CREW began with the Atlanta chapter in 2002. She graduated from the 2004 CREW Atlanta Leadership Program and has served on the board of the Atlanta chapter. 

As an Atlanta chapter delegate in 2009, she chaired the Atlanta CREW Network Liaison Committee, for which she won the Impact Award in 2010. 

She was editor of the Sponsorship Playbook and has served on the Membership Education Committee during the last four years.

 Kilberg is a frequent lecturer on real estate law and diversity issues.

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

Stephen Ursery
The Wilbert Group
404.549.7150 – office
404.405.2354 – cell

Sale of independent living community in Middletown, NJ closed by HFF

Regal Pointe, 1800 Highway 35 South, Middletown, NJ

DALLAS, TX – HFF announced today that it has closed the sale of Regal Pointe, a 128-unit, independent living community in Middletown, New Jersey.

Ryan Maconachy
HFF marketed the property on behalf of Middletown Senior Housing LLC, which was a joint venture among affiliates of Equity Resource Investments, LLC of Cambridge, Massachusetts; Beacon Communities LLC of Boston, Massachusetts; and Lincoln Street Capital LLC of Rockland, Massachusetts.

 An affiliate of The Carlyle Group, based in Washington, D.C., purchased the property, which was offered free and clear of existing debt.  Equity for the investment will come from Carlyle Realty Partners VI L.P., a $2.25 billion U.S. real estate investment fund.

Regal Pointe, which has been renamed Arbor Terrace at Middletown, is located at 1800 Highway 35 South along Monmouth County’s main traffic artery. 

Situated on 6.24 acres, the property features studio and one-bedroom units and recently underwent extensive renovations including an overhaul of residential units, main common areas and the kitchen.  Resident services include three meals-per-day, housekeeping, transportation and on-site third-party home health care and physical/occupational therapy.

Chad Lavender
The Carlyle Group intends to convert a portion of the existing units to assisted living and memory care to provide the current and future residents with several levels of care.  The Arbor Company has been selected to operate the community going forward.

The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

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 arranges financing for Lido Beach Resort in Sarasota, FL

Lido Beach Resort, 700 Ben Franklin Drive, Sarasota, FL

BOSTON, MA – HFF announced today that it has arranged financing for Lido Beach Resort, a 222-room beachfront hotel in Sarasota, Florida.

Dana Brome
               HFF worked exclusively on behalf of Ocean Properties, Ltd. to secure the seven-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor.  Loan proceeds were used to refinance the existing loan.

               Lido Beach Resort is located at 700 Ben Franklin Drive, just north of Siesta Key in Sarasota.  Hotel amenities include two swimming pools, three poolside Jacuzzi’s, a beachside Tiki bar, fitness center and business center.

 In addition, Ocean Properties, Ltd. has planned a significant renovation of the rooms and commercial areas within the first 2.5 years of the loan term.  The extensive room renovation will include replacement of the kitchen appliances and cabinets as well as new soft goods.  The commercial area renovation will incorporate the lobby and pool/Tiki bar.

               The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.
  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 |

Greystone Bolsters Affordable Housing Lending Services with Proprietary Loan Program

New York –– Greystone, a leading national provider of multifamily and healthcare mortgage loans, today launched its Greystone Affordable Loan Program, which provides long-term, fixed, forward rate-lock financing for multifamily affordable housing properties.

The non-agency program complements Greystone’s existing Fannie Mae, Freddie Mac, and FHA lending platforms, providing borrowers with a comprehensive range of options for financing affordable housing developments, acquisitions and rehabilitations.

 The Greystone Affordable Loan Program offers 15- or 30-year term non-recourse mortgages for loans of minimum $1,000,000. Loan to value ratios can range from 80% to 85% for LIHTC properties. 

The availability of this fixed-rate financing structure enables borrowers to either obtain an early rate lock for long-term financing, where new construction and/or repairs can be completed during the forward rate lock period, or immediate funding for moderate rehab transactions, where repairs or renovations occur upon closing of the permanent mortgage. 

 “We’re seeing more demand from borrowers as the affordable housing market matures, but there are few competitive financing solutions available today,” said Jeff Englund, managing director and head of Greystone’s Affordable Housing group.

 “Greystone’s Affordable Loan Program fills a widening gap in the affordable housing lending sector, while at the same time, we continue to offer a full spectrum of lending options through our traditional GSE platforms to meet our borrowers’ financing needs.”

 Greystone, ranked as a top-10 Fannie Mae DUS lender by volume, top-5 Fannie Mae Multifamily Affordable Housing lender by volume and the number one FHA lender for 2012, offers a full range of long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.

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

Karen Marotta
212 896 9149

Jessica Kleinman/Josh Gerth
646 395 6300

Goddard Investment Group Acquires Overlook III Building in Vinings, GA

Overlook III, on Mount Wilkinson also known as Vinings Mountain, Vinings, GA

ATLANTA, GA – Goddard Investment Group, LLC, has acquired the 440,000-square-foot Overlook III building in Atlanta.

Robert C. Goddard III
 Situated atop the highest point inside Interstate 285, Overlook III offers skyline views from every floor. Located on Mount Wilkinson (also known as Vinings Mountain), the 21-story building’s 18 balconies and ample covered parking make Overlook III one of the top Class A office buildings in the Northwest Atlanta submarket.

 The acquisition was completed through the Goddard Value-Add Office Fund I, L.P.

 The building boasts proximity to sought-after housing in Vinings and Buckhead as well as an array of excellent restaurants and shopping within walking distance. Overlook III currently is 70 percent occupied by diverse local, regional and national tenants.

 “Like many people in Atlanta, I have always believed this is one of the highest quality buildings in the city,” said Robert C. Goddard, III, chairman and CEO of Goddard Investment Group.

“The design and prominent location of Overlook III make it unique. We are excited to improve this great asset and reintroduce it in the coming months with major improvements to the public spaces and amenities.”

 Building on Overlook III’s quality infrastructure, Goddard will begin a substantial renovation and repositioning program to re-establish the building as a contemporary, best-in-class asset. Plans call for improvements to the public areas, including the lobbies, elevators, water feature and landscaping.

 Goddard Value-Add Office Fund I, L.P. is a commingled, institutional fund sponsored by Goddard Investment Group, which was founded in 2000 and is headquartered in Atlanta with a regional office in Dallas. The company has acquired and managed more than 9 million square feet of commercial property and currently has investments in Atlanta, Dallas, Houston, Miami and Tampa.
For a complete copy of the company’s news release, please contact:

Rachel Tobin
(404) 724-2501

HFF closes sale of first property in a seven-asset Southeast & Mid-Atlantic multi-housing portfolio

The Apartments at Blakeney, Charlotte, NC

Jason Nettles
ATLANTA, GA – HFF announced today that it has closed the sale of The Apartments at Blakeney, a 295-unit multi-housing community in Charlotte, North Carolina. 

This is the first property to close in a seven-asset, Class A Southeast and Mid-Atlantic U.S. multi-housing portfolio that HFF marketed on behalf of the owner, Northwood Ravin and affiliates.  

Matthew Lawton
Associated Estates Realty Corporation purchased The Apartments at Blakeney.  Associated Estates expects to close on the balance of the portfolio in stages through fourth quarter 2014.

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and executive managing directors Matthew Lawton and Mark Gibson.

Mark Gibson
“High-quality, well-located assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases,” said Nettles. 

John Kukral
“This was a very limited offering process, with a handful of very qualified buyers competing for some of the highest quality multi-housing assets in the Southeast and Mid-Atlantic.”

Northwood Ravin was formed by Northwood Investors LLC and Ravin Partners LLC.  Northwood Investors is a privately-held real estate investment advisor with more than $3 billion of assets under management. 

David Ravin
Northwood Investors was founded in 2006 by John Z. Kukral.  Ravin Partners was established in 2011 by David Ravin, the former president of the Residential Division of Crosland.  Northwood Ravin develops, constructs and manages award-winning luxury multifamily communities throughout the southeast.
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 |

HFF closes sale of grocery-anchored retail center in Loganville, GA

Loganville Crossing, 4753 Atlanta Highway (U.S. 78), Loganville, GA

Jim Hamilton
 ATLANTA, GA – HFF announced today that it has closed the sale of Loganville Crossing, a 120,819-square-foot grocery-anchored retail center in Loganville, Georgia.

                HFF marketed the property on behalf of the seller, Loganville Crossing Investment LLC & Downtown Square Capital, LLC.  American National Insurance Company, which was represented by Realm Realty Company, Inc., purchased the asset. 

Loganville Crossing is located at 4753 Atlanta Highway (U.S. 78) in Loganville, northeast of downtown Atlanta.  Built in 2008, the center is 98 percent leased and is anchored by Kroger.  Other tenants include Edible Arrangements, Great Clips, Marco’s Pizza, Quest Diagnostics and Shane’s Rib Shack.

Richard Reid
                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid and real estate analyst Mike Allison.

 For more information, visit

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 |

HFF closes sale of multi-housing development site in Neptune, NJ

Rendering of Signature Place, 3360 Route 66, Neptune, NJ

 FLORHAM PARK, NJ - HFF announced today the sale of Signature Place, a 25.37-acre, fully-approved multi-housing development site in Neptune, New Jersey.

Kevin O'Hearn
HFF marketed the property on behalf of a partnership between Highview Homes and Chase Partners.  The property sold for an undisclosed amount free and clear of debt. 

The site is located at 3660 Route 66, south of Corporate Drive and west of Jumping Brook Road just off Exit 100 on the Garden State Parkway and in close proximity to the Jersey Shore Premium Outlets. 

Once completed, the development will include 272 luxury apartment units, 8,142 square feet of retail space and associated parking.  Current plans include community amenities such as a 3,792-square-foot clubhouse with fitness center, outdoor swimming pool, tot lots, rain garden, picnic area and two free-standing parking garages. 

Jose Cruz
The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn along with senior managing director Jose Cruz and real estate analyst Marc Duval. 

According to O’Hearn, “HFF is pleased to have played a role in this transaction.  The buyer is getting a fully-approved, extremely well-located site that will be developed into one of the top Class A apartment communities is Monmouth County.”

Highview Homes and Chase Partners are leading real estate development companies with expertise in acquisition, planning, design and construction of multi-housing communities.  Each partner has experience in completing acquisitions and developments throughout New Jersey and the surrounding Tri-State area.

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 |