Tuesday, November 26, 2013

Silicon Valley Apartment Complex Sells for $11.4 Million


The Village at Lawrence Station,
 formerly Agate Garden Apartments,
3488 Agate Drive, 3508 Agate Drive
and 3518 Agate Drive
Santa Clara, CA
  
SANTA CLARA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Village at Lawrence Station, a four-building, 56-unit apartment complex in the Silicon Valley city of Santa Clara, Calif. The $11,400,000 sales price equates to $203,000 per unit.

Adam Levin
Adam Levin, vice president investments in Marcus & Millichap’s Palo Alto office, represented the seller, Interstate Equities Corp., and the buyer, a local private investor.

            “Formerly known as Agate Garden Apartments, the property was transformed into a cohesive community with new signage and a uniform appearance by the previous owner,” says Levin. 

            The apartment complex is located at 3488 Agate Drive, 3508 Agate Drive and 3518 Agate Drive in Santa Clara, Calif. near Lawrence Station, a Caltrain station in Sunnyvale, Calif.

The Village at Lawrence Station is a courtyard-style apartment complex featuring studio apartments, one-bedroom/one-bath units, two-bedroom/one-bath apartments and three-bedroom/two-bath units.

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

Gina Relva
Public Relations Manager
(925) 953-1716


Greater Los Angeles Retail Center Trades for $16.9 Million


Simi Valley Shopping Center, 1856 Erringer Road, Simi Valley, CA




Anita Paryani
SIMI VALLEY, CA,  Nov. 26, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Simi Valley shopping center, a 99,662-square-foot retail center in the Greater Los Angeles Area city of Simi Valley. The $16.9 million sales price equates to $170 per square foot.

            Marty Cohan, vice president investments, and Douglas Cole, associate, both in Marcus & Millichap’s West Los Angeles office, represented the seller, who had owned the property for 45 years, and the buyer, Milan Capital Management of Anaheim, Calif.

Jake Roberts
Cohan and Cole also arranged, through Marcus & Millichap Capital Corp.’s Anita Paryani and Jake Roberts, both vice presidents capital markets in MMCC’s West Los Angeles office, an interim refinance of the seller’s existing conduit debt with a $7.5 million flexible bridge loan that permitted repayment without penalty.

  That mortgage was retired at close with a new loan arranged by Milan Capital Management that provides leverage and construction money in anticipation of a complete renovation of the shopping center, including the expansion and extension of the anchor tenant’s lease.  

            “The Los Angeles and Ventura county retail markets are seeing a lot of activity,” says Cohan.

Marty Cohan
“Anchor tenants are upgrading and expanding and investors seeking acquisition and remodeling opportunities abound. 

Well-located centers with value-add possibilities such the Simi Valley shopping center are attracting a great deal of attention from across the investment spectrum,” adds Cohan.

 “The center’s new owner competed aggressively for the property and we enjoyed working with them.”

            “Known locally as the ‘Smart & Final Center,’ the Simi Valley shopping center’s tenant mix and central location make it a popular shopping destination,” concludes Cole.

Douglas Cole

            Built in 1965 on 6.8 acres, the property is located at 1856 Erringer Road in Simi Valley, Calif., at the corner of Los Angeles Street and Erringer Road. Both streets are main thoroughfares through Simi Valley.

            Smart & Final, Tri-Counties Regional Center, Theresa’s Country Feed, Pet, and the Simi Valley Hospital anchor the center.

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

Gina Relva
Public Relations Manager
(925) 953-1716


Marcus & Millichap Promotes Scott A. Niedergang to Associate Vice President Investments in Chicago Office


Scott A. Niedergang
CHICAGO, IL  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Scott A. Niedergang to associate vice president investments.

This high level of recognition represents excellence in the development and servicing of long-term client relationships, according to John Przybyla, first vice president and regional manager of Marcus & Millichap’s Chicago Downtown office.

 John Przybyla,
Niedergang began his career with Marcus & Millichap in 2007, and after 18 months in the sales intern program, became an associate in the firm’s Healthcare Real Estate Group. In April 2012, he was promoted to senior associate. 

Since joining the firm, Niedergang has advised his clients on the sale of more than 50 transactions in 18 states.

His portfolio of closings includes multi-tenant medical office buildings, dialysis clinics, United States Department of Veterans Affairs clinics, ambulatory surgery centers and outpatient clinics.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Franklin Street Real Estate Services Brokers $2 Million Sale of Prime Property in Coral Gables, FL



635 Almeria Avenue Apartments, Coral Gables, FL to be demolished for new development

MIAMI, FL, Nov.  26,  2013 —  Franklin Street Real Estate Services,  a full-service commercial real estate firm with offices in Tampa, Atlanta, Jacksonville, and Miami, brokered the sale of one of the few remaining pieces of prime developable land in Coral Gables, FL.

Deme Mekras
Franklin Street’s Deme Mekras represented the buyer, developer Michael Garcia-Carillo, whose company GC3 Development plans on tearing down an existing older apartment building to construct five new luxury townhomes.  The sales price for the property was $2.075 million representing $415,000 per lot. 

 “The price on this deal underscores the fact that the luxury housing market continues to heat up here in South Florida,” said Mekras, regional managing partner for Franklin Street’s Miami office.  “Coral Gables is one of Miami-Dade County’s most mature and exclusive neighborhoods.  There is a lot of demand to live here.”

 The homes will be built adjacent to another small town house community developed by the seller during the last real estate boom.  Mekras said prices for the new residences will start at around $1.7 million.  They will offer spacious floor plans, garages and open courtyards. 

 “The town homes will be a perfect fit for empty nesters relocating to Florida from across town or from another state or country who want to downsize and free themselves from the maintenance of a house, while maintaining luxury and a great location.” 





 Located at 635 Almeria Avenue, the development is easily accessible to the famed Miracle Mile, downtown Coral Gables’ bustling nightlife, dining and world-class shopping.  Sales of the units are expected to kick off officially in early 2014.

Miracle Mile retail corridor, Coral Gables, FL
Mekras noted that the Almeria property is special in that there is very little land left in Coral Gables for new residential construction. 

 “We’ve seen some new rental product built in Coral Gables since this current boom began, but not much in the way of for sale product,” said Mekras.  

“With that in mind and the ultra-luxury units at 635 Almeria, this project should do very well. “

 While Mekras represented the buyer, the deal itself was an off market transaction.



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

Todd Templin
Boardroom Communications
954-370-8999/954-290-0810

Australia’s Crown Group Honored for Resort-Style Development


Top Ryde City Living Apartments, Sydney, Australia

Iwan Sunito
SYDNEY, AUSTRALIA -- Crown International Holdings Group (Crown Group) is a leading Australian property group, active in property development and property investment in Sydney.  The company was co-founded by architect Mr Iwan Sunito and engineer Mr Paul Sathio in 1996.

 Crown Group was recently awarded the Urban Development Institute of Australia (UDIA) NSW President’s award – considered one of the highest property development accolades in Australia – for its resort-style development Top Ryde City Living.

Top Ryde City Living was also named best High-Density Development in NSW and ACT at the UDIA NSW awards for excellence 2013 and a Master Builders Association Excellence in Housing award 2013.

 Since the company was founded 17 years ago, Crown Group has successfully completed major developments in Sydney’s best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes.

Viva by Crown apartments, Sydney, Australia
Today, Crown Group boasts a $3 billion portfolio of projects under development and in the pipeline and is currently developing four major projects.

They are Top Ryde City Living, a seven-tower development in Top Ryde, Viking by Crown, a 10-storey residential complex in Waterloo, V by Crown, a 27-storey residential tower in Parramatta and Skye by Crown a 20-storey development in North Sydney launched in June 2013.

 Crown group launched Viva by Crown, the final stage of Top Ryde City Living this week and will launch a development in Sydney’s CBD in 2014.

 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

FrontDoor Communities Breaks Ground on Freeman’s Point in James Island, SC




ATLANTA , GA– FrontDoor Communities celebrated the groundbreaking of Freeman’s Point, a 130 home community on 40 acres located just south of historic downtown Charleston in James Island, South Carolina.

Terry Russell
The master-planned community features a 1,000 linear foot waterfront park – accessible to every homeowner – that includes an amenities center, community dock, access to ecotourism and a series of walking trails all adjacent to Seaside Creek.

“At FrontDoor Communities, we deliver better homes through quality design,” said Terry Russell, CEO of FrontDoor Communities. “Not only will Freeman’s Point offer high-quality homes with thoughtful design, but the community’s walking trails, waterfront park and countless other outdoor amenities reinforce our objective to embrace the local community’s devotion to the outdoors by fostering an active lifestyle.”

Construction on the project is expected to begin later this year, and is estimated to bring hundreds of jobs to the local community over the next several years. 

James Island marshes, South Carolina
Homes will range in price from the upper-$300,000s and will be available in 2014. The site plan of the first phase and waterfront park design were both unveiled during the groundbreaking ceremony.

FrontDoor is developing Freeman’s Point in a joint venture with MiddleStreet Partners, an award-winning, Charleston-based residential developer.

Located close to top-notch schools, Freeman’s Point is FrontDoor’s third community in Charleston and the company’s first in desirable James Island.

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

Michael Phillips                                                                                                                     
404.996.0828                                                      

Joshua P. Guterman •The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0637  • M: 571-357-3624

$100 million acquisition financing for Tower at Cityplace in Dallas, TX secured by HFF


Tower at Cityplace, 2711 North Haskell Avenue, Dallas, TX
John Brownlee
DALLAS, TX – HFF announced it has arranged $100 million in financing for Tower at Cityplace, a 1.3 million-square-foot, Class A office tower in Dallas, Texas.

                HFF worked exclusively on behalf of the borrower, Parmenter Realty Partners, to secure a loan through GE Capital Real Estate.  Loan proceeds were used to acquire the asset with a future funding component for leasing and capital expenditures.

                The Tower at Cityplace is located at 2711 North Haskell Avenue just north of downtown Dallas and visible from the North Central Expressway in Dallas’ Uptown District. 

The 45-story tower is 69 percent leased to tenants including Dean Foods, Lone Star/Hudson Advisors, AON Service Corporation and Headington Oil. 

Jim Curtin
The property features a 35,000-square-foot Larry North Fitness Center and Spa, 55,000 square feet of meeting room space, a 300-seat amphitheater, several dining options and direct access to the DART rail and McKinney Avenue Trolley service.

                The HFF team representing Parmenter was led by senior managing director John Brownlee and associate director Jim Curtin.

                Parmenter Realty Partners is a real estate investment, management and development company, headquartered in Miami, Florida, with regional offices in Dallas, Atlanta and Washington, D.C. 

Parmenter operates a series of institutional investment funds focused on the southeast, southwest and D.C. Metro regions of the U.S. 

The company is actively involved in the expansion of its portfolio in major markets, identifying and acquiring under-performing properties and utilizing its vertically-integrated platform to increase value on behalf of its investors.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes 279-unit sale of Waterhouse Place in Beaverton, OR


 Waterhouse Place, 600 NW 158th Avenue, adjacent to Cornell Oaks Corporate Center, Beaverton, OR 

Ira Virden
PORTLAND, OR – HFF announced it has closed the sale of Waterhouse Place, a 279-unit, garden-style multi-housing community in Beaverton, Oregon. 

                HFF marketed the property on behalf of the seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management.  A joint venture between Holland Partner Group and an affiliate of Heitman purchased the property free and clear of existing debt.

                Waterhouse Place is located at 600 NW 158th Avenue adjacent to Cornell Oaks Corporate Center and less than one mile from Nike’s world headquarters in Beaverton. 

Sean P. Deasy
Partially renovated in 2009, the complex features one-, two- and three-bedroom homes averaging 937 square feet each.  Community amenities include a nature trail and stream, two swimming pools, hot tub, 24-hour fitness center, barbecue and picnic area, and clubhouse.

                The HFF investment sales team was led by director Ira Virden, co-head of HFF’s national multi-housing investment sales group Sean Deasy, and senior real estate analyst Kerry Hughes.

Kerry Hughes
                “The community’s superb location near several corporate headquarters such as Nike, Intel, Tektronix and Columbia Sportswear combined with plentiful community amenities, such as the 92-acre Tualatin Hills Athletic Center, The Streets of Tanasbourne and Tanasbourne Town Center, made this property extremely attractive to investors,” commented Virden.

                Established in 1971 and headquartered in Portland, Oregon, Guardian Real Estate Services has evolved into a leading management, development and investment firm.

 The company offers a diversified real estate service platform including property management, investments, development and advisory services.  Guardian delivers custom solutions by offering a higher level of expertise, resources and creative capacity to develop a unique approach for each client. 

Founded in 2000, The Holland Partner Group is comprised of five operating companies focused on development of new communities, new construction operations, property management and redevelopment services in conjunction with investment and asset management. 

The services and resources provided by Holland allow its strategic alliance partners to invest in core, core-plus and value-added communities in the primary Western United States’ markets.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes $7.043 million sale of Publix Plaza in Tifton, GA


 Publix Plaza620 Virginia Avenue North, adjacent to the Interstate 75 in Tifton, GA

Brad Peterson
ORLANDO, FL - HFF announced it has closed the sale of Publix Plaza, a 52,600-square-foot grocery-anchored retail center in Tifton, Georgia.

HFF marketed the property on behalf of the seller, TMall Development, LLC, an RCG Ventures related entity.  Publix Super Markets, Inc. purchased the unencumbered property for $7.043 million.

Publix Plaza is located at 620 Virginia Avenue North adjacent to the Interstate 75 in Tifton.

 Completed in 2012, the Publix-anchored center is 98.1 percent leased and is situated adjacent to Tifton Plaza, which includes tenants such as Belk, JCPenney, Bealls Outlet, JoAnn Fabrics, TJ Maxx and Carmike Cinemas.

Whitaker Leonhardt
The HFF team representing the seller was led by senior managing director Brad Peterson and real estate analyst Whitaker Leonhardt.

“Due to its location and its Tifton Plaza shadow anchor, Publix Plaza enjoys an extended trade area that spans more than 20 miles. With the nearest Publix being more than 45 miles away, customers are travelling considerable distances to visit the center,” commented Peterson.

RCG Ventures is an Atlanta‐based privately funded real estate investment group that: acquires shopping centers, buys distressed debt, and develops commercial real estate in the continental United States.

The company’s primary focus is acquiring and repositioning value‐add anchored shopping centers in secondary and tertiary markets.

 Founded in November of 2003, RCG Ventures has steadily grown its portfolio through direct investment in shopping centers. 

In addition, the company selectively enters into joint ventures with institutional partners and with owners in search of an equity partner.

Since inception, RCG has acquired 85 assets totaling approximately $500 million of Invested Capital. RCG's current portfolio includes approximately 66 assets in 20 states, and over 6.75 million square feet. 

Additional information about RCG Ventures can be found at www.rcgventures.com.
  
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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

HFF secures $145 million refinancing for The Mercato in Naples, FL

   
The Mercato, 9115 Strada Place,  along Tamiami Trail
(U.S. Highway 41) north of downtown Naples
. 


WASHINGTON, D.C. – HFF announced it has secured a $145 million refinancing for The Mercato, a 456,000-square-foot mixed-use development in Naples, Florida.

HFF worked exclusively on behalf of the borrower, a joint venture between Madison Marquette Retail Enhancement Fund, Barron Collier Companies and The Lutgert Companies to secure a five-year, floating-rate bridge loan through managing director Dan Martin and senior relationship manager Andy McLay at GE Capital Real Estate.

The Mercato is located at 9115 Strada Place along Tamiami Trail (U.S. Highway 41) north of downtown Naples

Chris Drew
Completed in 2009, the lifestyle center consists of approximately 320,000 square feet of retail and approximately 136,000 square feet of office space. 

The 14-building development is more than 85 percent leased and includes retail anchors such as Whole Foods, Silverspot Theatre and Nordstrom Rack.

The HFF team representing the borrower was led by managing director Mark Remington, director Chris Drew and associate director Jordan Lex. 

“GE Capital performed flawlessly, generating a huge win for our clients and this trophy asset, providing financing critical to the continuation of the successful business plan at The Mercato,” said Remington.

Jordan Lex
Madison Marquette (MM) provides a full range of real estate services for over 20 million square feet of retail and mixed-use properties throughout the United States. 

The company specializes in enhancing the value of retail assets through an integrated approach to leasing, property management, marketing and development services. 
MM has offices located in Charlotte, Dallas, Ft. Lauderdale, Los Angeles, New York, Philadelphia, San Diego, San Francisco, Seattle and Washington, D.C.  For more information, please visit www.madisonmarquette.com.

Barron Collier Companies (BCC), which traces its roots to County Founder Barron Gift Collier, today is one of the largest diversified companies in Southwest Florida.  

Daniel Martin
In addition to the responsible development, management and stewardship of numerous land holdings nationwide, BCC counts among its business ventures extensive agricultural operations, commercial, retail and residential real estate development, and oil exploration and mineral management.

The Lutgert Companies is acknowledged as one of Southwest Florida’s pre-eminent real estate development and brokerage companies. 

 The Lutgert Companies is privately held and has holdings in Lutgert Insurance, Premier Sotheby’s International Realty, Premier Commercial Real Estate and Lutgert Title, LLC. 

 The company is currently developing properties in Florida and North Carolina.  The Lutgert Companies has been a member of the Southwest Florida business community for fifty years, and has more than 200 employees and 515 sales associates.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

Mortgage Bankers' Report Profiles Housing Future for Older Americans

  




Nadia Greenhalgh-Stanley
WASHINGTON, DC — The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) released a new report entitled “A Profile of Housing and Health among Older Americans” authored by Professors Michael D. Eriksen of Texas Tech University, Gary V. Engelhardt of Syracuse University, and Nadia Greenhalgh-Stanley of Kent State University.

“The study found older Americans who own their homes are more financially secure and generally experience fewer impediments to good health than their peers who rent,” said Professor Eriksen.

  “Owning a home provides the single largest asset in most Americans’ retirement portfolios, while renters have far more difficulty modifying their living space to adapt to any of the myriad physical ailments that tend to affect older people. 


Gary V. Engelhardt
“Our report serves as a useful reference for all parties interested in the implications of housing on an aging society, a situation America now faces with large numbers of the Baby Boomer generation rapidly heading into retirement age.”

This new RIHA report examines the housing and health status of older Americans roughly a decade after the Commission on Affordable Housing and Health Facility Needs for Seniors in the 21st Century released its report detailing the challenges facing all levels of government and society in ensuring support for housing and health needs as the population ages.

 This latest study provides a profile of the housing, functional status and health status of the near old (individuals aged 55 through 64) and older Americans (aged 65 and older) using the most recent data available from the Health and Retirement Study, a joint product spearheaded by the National Institute on Aging and the University of Michigan.

Michael D. Eriksen
“Housing demand over the next decade will be significantly impacted by the aging of the U.S. population,” said Mike Fratantoni, Executive Director of RIHA, and Vice President, Research and Policy Development for MBA.

“Real estate finance must also evolve to meet these changing needs, whether older Americans age in place and continue to own their homes, or whether they rent,”

The principal findings are as follows:

  • There were more than 47 million near old and older American households in 2010, of which 80 percent were homeowners.

  • Housing is still the dominant asset in the portfolios of older Americans. 

Michael Fratatoni
Median housing equity for older American homeowners was $125,000; the median housing-equity-to-income ratio was 2.4:1; and 50 percent of the typical older homeowner’s portfolio was composed of housing wealth.

  • 44 percent of older renters spend more than 30 percent of annual gross income on rent, which suggests that the availability of affordable rental housing is a concern for older Americans.  

  • Older renters have almost double the number of limitations in their ability to conduct daily activities relative to homeowners. 

  • 36 percent of older individuals have fallen in the last two years, and one-third of these have been seriously injured in a fall.  The likelihood of falls occurring rises steeply as housing quality declines.

  • 31 percent of older Americans have residences that have special safety features.  13 percent have modified their home to be either more accessible or safer between 2008 and 2010.

  • Approximately half of those reporting a home modification between 2008 and 2010 (7 percent) had associated out-of-pocket expenses.  The median out-of-pocket expenditure was $800; the mean expenditure was $2,260.

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

Shawn Ryan
sryan@mba.org
(202) 557-2727

This report, along with other RIHA studies, can be found at www.housingamerica.org.

RealtyTrac® Reports Institutional Investor Purchases Plummet Nationwide; Up in Georgia and North Carolina





Daren Blomquist


IRVINE, CA  — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its October 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annualized pace of 5,649,965,  a 2 percent increase from the previous month and up 13 percent from October 2012.

Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in three bellwether western states: California (down 15 from a year ago), Arizona (down 13 percent), and Nevada (down 5 percent).

The national median sales price of all residential properties — including both distressed and non-distressed sales — was $170,000, unchanged from September but up 6 percent from October 2012, the 18th consecutive month median home prices have increased on an annualized basis.

The median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41 percent below the median price of $185,000 for a non-distressed property.

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist,vice president at RealtyTrac.

“The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders.”

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

Jennifer von Pohlmann
949.502.8300, ext. 139

Brittney Marin
949.502.8300, ext. 107

Data and Report Licensing:
800.462.5193