Monday, December 2, 2013

Kiser Group Retained to Sell Two Apartment and Four Mixed-Use Properties in Chicago, IL Area

994-996 Green Bay Road – Winnetka,IL

John Meyer
CHICAGO, IL (Dec.  2, 2013) – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has been retained for six new listings across Chicagoland.

The two apartment listings include a 70-unit, two-building complex in Mundelein and a five-unit, three-flat plus coach house in Chicago’s Humboldt Park neighborhood.

The four mixed-use apartment/retail properties include an eight-unit building in downtown Winnetka; a 23-unit, two-building property in Oak Park adjacent to Oak Park River Forest High School; an 18-unit corner building in downtown Arlington Heights; and a 12-unit building along Chicago’s Devon Avenue.

Embassy Apartments, 40--42 South Shaddle
 Mundelein, IL

40-42 S. Shaddle – Mundelein,IL

Listed for $5 million and located at 40-42 S. Shaddle, Embassy Apartments includes two identical 35-unit buildings for a total of 70 apartments with 137 parking spaces on a four-acre parcel. 

The unit mix includes 64 two-bedroom, 1½-bath units, four one-bedroom, one-bath apartments and two studios. The two-bedroom units contain approximately 1,000 square feet.

 “Embassy Apartments provides stable income,” said John Meyer, managing director of Kiser Group, who is marketing the listing. “It consistently maintains 100 percent occupancy because of its proximity to numerous large employers like Westfield Hawthorn Mall and CDW.”
Brian Mond
994-996 Green Bay Road – Winnetka,IL

 Listed for $3 million, 994-996 Green Bay Road includes six two-bedroom, one-bath apartments and two ground-level retail spaces. The 1,000-square-foot apartments have been fully occupied for many years. Capital improvements include the installation of a new boiler in late 2012 and significant porch renovations in 2008.

 “The chance to invest in downtown Winnetka is quite rare,” said Meyer, who is listing the property. “With its unique Tudor-style architecture, spacious units and upscale location, this property will keep rising in value, allowing the investor to raise rents over time.”

300-312 Madison – Oak Park, IL

Listed for $2.7 million, 300-312 Madison consists of two fully-leased buildings totaling 18 apartments and five commercial spaces at the northwest corner of Cuyler and Madison.

Lee Kiser
15 N. Vail – Arlington Heights, IL

This 18-unit mixed-use building at the corner of Vail and Davis in downtown Arlington Heights is listed for $2.65 million.

The three-story brick building includes 16 one-bedroom, one-bath apartments and two commercial spaces that have been leased to restaurants since 2008. The property includes a full basement level with additional storage areas and a laundry room with owned machines.

 “With below market rents, 15 N. Vail has a lot of upside potential,” said Brian Mond, managing director of Kiser Group, who is marketing the property along with Lee Kiser, principal of Kiser Group.

Brian Semel
“The building attracts commuters because it’s across the street from the Metra Union Pacific/Northwest Line Arlington Heights station. Renters can also walk to boutique retail stores and restaurants in the surrounding area.”

1539 W. Devon – Chicago, IL

 1539 W. Devon is a fully occupied 14-unit SRO property made up of 12 residential units and two commercial spaces. Listed at $525,000.

1651 North Francisco -- Chicago, IL

 1651 N. Francisco is a five-unit walk up building and coach house in Humboldt Park listed for $550,000.

"The recent rehab of units and tenant-paid utilities makes this a high-quality building in a quickly appreciating area,” said Brian Semel, senior managing director of Kiser, who is marketing the property. “An investor can expect to see a 12.5 percent cash-on-cash return by the end of the first year.”

Sean Connelly
 “The duplex potential in the front unit brings automatic upside to the investment,” added Sean Connelly, senior managing director of Kiser Group, who is also marketing the property. “Its location three blocks south of Bloomingdale Trail also appeals to renters.”

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

Mark Thomton

Marcus & Millichap Names Brenton J. Baskin Sales Manager of San Diego, CA Office

Brenton J. Baskin
 SAN DIEGO, Calif.,  Dec. 2, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brenton J. Baskin sales manager of its San Diego office, according to John Vorsheck, regional manager of the firm’s San Diego office.

“Brenton’s commercial real estate knowledge and experience make him a strong asset for our investment sales professionals and clients in San Diego,” says Vorsheck.

Baskin began his career with Marcus & Millichap in March 2008 under the firm’s sales intern program and became an agent in the Newport Beach office in March 2009. 

John Vorsheck
His product specialty was retail investments and he was a member of Marcus & Millichap’s National Retail Group. Baskin was promoted to senior associate in December 2012.

Prior to joining Marcus & Millichap, Baskin was an associate at a boutique real estate firm in Orange County where he was responsible for business development and loan origination.

Baskin graduated from San Diego State University with a Bachelor of Science degree in business administration and marketing.

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

Gina Relva
Public Relations Manager
(925) 953-1716

HFF closes sale of Silicon Valley office complex in San Jose, CA

Gold Street Technology Center, 2100, 2130, 2150, 2160 and 2190 Gold Street
San Jose, CA

Michael Leggett
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Gold Street Technology Center, a five-building, 302,600-square-foot office/R&D campus in San Jose, California, which serves as the long-time world headquarters for Tivo, Inc.

                HFF marketed the property on behalf of PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.  Embarcadero Capital Partners purchased the complex.

                Gold Street Technology Center is comprised of 2100, 2130, 2150, 2160 and 2190 Gold Street, all situated along Highway 237 at the convergence of Sunnyvale, Santa Clara and San Jose in Silicon Valley. 

Steve Golubchik
The property has easy access to Interstates 880, 680 and U.S. Highway 101 and is served by the VTA Light Rail and bus lines providing access to the ACE commuter train, Caltrain commuter train and Amtrak rail lines. 

Built between 1999 and 2000, Gold Street Technology Center is 80 percent leased to four tenants: Tivo, Inc., eSilicon Corporation, Minerva Networks and PiCoral. 

The HFF investment sales team representing the seller was led by senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett, managing director Steven Golubchik, and director John Simerlein.

John Simerlein
Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco peninsula.  The firm invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture.

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 |

HFF closes sale of Class A neighborhood center in Weston, FL

Weston Shops, 4473--4477 Weston Road, Weston, FL

Danny Finkle

MIAMI, FL – HFF announced today that it has closed the sale of Weston Shops, a 30,420-square-foot neighborhood center in Weston, Florida.

                HFF marketed the properties on behalf of the seller, an affiliate of Spirit Realty Capital, Inc., which was advised by Coventry Land Company.  Savitar Properties, Inc. purchased the asset free and clear of existing debt. 

                Weston Shops is located at 4473-4477 Weston Road just off Interstate 75 and Griffin Road in suburban Broward County.  Completed in 2007, the center is 100 percent occupied and consists of a 14,820-square-foot Walgreens, a 4,000-square-foot Mayors Jewelers and an 11,600-square-foot multi-tenanted strip center situated on approximately four acres. 

                The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and managing director Coler Yoakam.

Luis Castillo
HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013.  The HFF Florida team has capitalized more than $476 million in retail transactions during this time.

Spirit Realty Capital, Inc. (NYSE: SRC) was formed in 2003 to invest in single-tenant operationally essential real estate, which refers to generally free-standing, commercial real estate facilities where tenants conduct retail, service or distribution activities that are essential to the generation of their sales and profits. 

Spirit Realty Capital completed a merger with Cole Credit Property Trust II, Inc. on July 17, 2013.  As a result, Spirit Realty Capital has an estimated enterprise value of approximately $7 billion comprising a diverse portfolio of approximately 2,083 properties across 48 states as of September 30, 2013. 

Coler Yoakam
There are approximately 370.4 million shares of post-merger Spirit Realty Capital common stock outstanding as of September 30, 2013. 

Coventry Land Company is a leading real estate investment manager offering a broad array of services to institutional investors seeking superior risk-adjusted returns in the value-add retail/mixed-use property sector.  Founded in 1998, the firm has invested more than $2.5 billion in transactions since inception through Funds I, II, and III. 

Based in Miami, Savitar Realty Advisors is a real estate investment management organization that owns or controls approximately 4,000,000 square feet of commercial properties with an active presence in 6 states.

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 |

HFF secures $42 million financing for Valley Mall and Valley Mall Plaza in Yakima, WA

Kristian Lichtenfels
 DENVER, CO – HFF announced today that it has arranged a $42 million financing for Valley Mall and Valley Mall Plaza, a top-performing regional mall and adjacent retail power center totaling 679,845 square feet in Yakima, Washington.

Paul Brindley
Working on behalf of CenterCal Properties, HFF placed the seven-year, full-term interest-only loan with a national bank at a floating-rate of LIBOR plus 170 basis points.  

Proceeds were used to refinance maturing debt on the property. 

Valley Mall and Valley Mall Plaza are located in the Yakima submarket of south central Washington State.  Renovated in 2001, the properties are collectively 94 percent leased to tenants such as Macy’s, Sears, Kohl’s, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Michael’s, Ulta and Old Navy. 

Eric Tupler
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Paul Brindley, managing director Tom Wilson and real estate analysts Kristian Lichtenfels and Erica Christensen.

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 |

HFF closes $5.6 million sale of Stonecreek Apartments in southeast Portland, OR

Stonecreek Apartments, 11612 SE Division Street, Portland, OR

Nick Klein
PORTLAND, OR – HFF announced today that it has closed the sale of Stonecreek Apartments, a 90-unit multi-housing community in southeast Portland, Oregon.

                HFF represented both the seller, CIC Stonecreek LLC, and the buyer, Norton Company-III LLC, in the transaction.

Tyler Linn
                Located at 11612 SE Division Street, Stonecreek Apartments is close to Interstate 205 and has easy access to downtown via the number 4 Tri-met line, which stops in front of the property. 

  The community has one- and two-bedroom units and offers residents a pool, laundry center, recreation room, sun deck, sports courts and nightly security patrol. 

Tom Wilson
                 The HFF investment sales team representing both the buyer and seller was led by associate directors Nick Klein and Tyler Linn.  HFF’s Tom Wilson arranged original financing on the property in 2008 and assisted on this transaction with the loan assumption for the new buyer.

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 |

New Acquisition by MCA Realty Demonstrates Changing Multi-Tenant Market in Orange County, CA

Brookhollow Freeway Showroom Center, Santa Ana, CA

Joe Winkelmann
Orange County, CA (Dec. 2, 2013) – Orange County-based investment and management firm MCA Realty has completed a new industrial acquisition in Santa Ana, Calif. that reflects a growing trend in the Orange County market, according to Tyler Mattox, Principal at MCA Realty. 

The firm, which specializes in office and industrial properties throughout the Western U.S., acquired the Brookhollow Freeway Showroom Center, an 87,609 square-foot multi-tenant industrial/retail property, for a total consideration of $9.5 million.

 “Southern California’s multi-tenant industrial market is progressing in a unique way,” explains Mattox. “Selected high visibility industrial properties are being renovated into contemporary showroom projects. Owners and investors are creating spaces that deliver a distinctive experience to consumers.”

Michael Hartel
“Today’s investors have new opportunities to transform older multi-tenant properties into hubs for shopping, dining and more,” says Mattox, who notes that the SoCo center in Costa Mesa, Calif. - a unique destination for interior design trade, boutique shopping, and dining - is an example of this new evolution. 

The Brookhollow Freeway Showroom Center, which consists of four separate buildings that are visible from the 55 freeway, will be positioned as a retail destination center.

“By repositioning multi-tenant industrial properties and creating destination centers, owners will be better able to attract and retain strong tenants, which will ultimately have a positive impact on an investor’s bottom line,” explains Mattox. 

MCA Realty acquired the Brookhollow Freeway Showroom Center as an off-market transaction, and plans to implement improvements and complete the leasing of the center. 

Kevin Turner
  The property, which was 63 percent occupied at the time of purchase, is currently occupied by, Kid’s Room Furniture, Sit n’ Sleep and AGR. One of the property’s four buildings is vacant, and is divided into two suites of 15,894 square feet and 16,006 square feet.  MCA Realty plans to market both of these suites for lease.

“This property presents enormous potential to tenants looking to attract new customers based on its location, freeway visibility and size,” notes Mattox.

Mattox also notes that MCA Realty was able to open escrow at a favorable basis on this property as a result of the firm’s relationship with the local brokerage team that handles the leasing for the project.

“The MCA Realty team is made up of former brokerage professionals, and we pride ourselves on building strong partnerships with brokers, working with them from acquisition to disposition to ensure that they can benefit over the lifecycle of each investment.”

Tyler Mattox
MCA Realty was represented by Joe Winkelmann of Voit Real Estate Services in the acquisition.

 The seller, a Seattle-based investment manager, was represented by Mike Hartel and Kevin Turner also of Voit Real Estate Services. The three professionals from Voit will handle the leasing of the property on behalf of MCA Realty.

acquisition of the Brookhollow Freeway Showroom Center is consistent with MCA Realty’s strategy of acquiring functional, multi-tenant industrial properties at pricing levels significantly below replacement cost with strong income characteristics, according to Mattox.

Jared Gordon
With its newest Orange County acquisition, MCA Realty’s portfolio now encompasses 679,970 square feet of multi-tenant industrial product. The firm has added a total of over $33.2 million to its portfolio in the last 12 months.

In addition to Southern California, MCA Realty is actively acquiring properties throughout Las Vegas, Texas, and Arizona.

MCA Realty is a full service real estate investment and management company specializing in office and industrial properties throughout the Western U.S.  The goal of the company is to identify commercial real estate investment opportunities and execute value creation strategies that maximize returns to its investors. 

Peter Cheng
MCA Realty's principals, including Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.

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

Jenn Quader / Amanda Alenick
Brower, Miller & Cole
(949) 955-7940

Lincoln-Cushman Team Brokers Connecture’s Lease of 28,299 Square Feet at 55 Allen Plaza in Downtown Atlanta

55 Allen Plaza, Downtown Atlanta, GA

Tony Bartlett

ATLANTA, GA (Dec. 2, 2013) – Lincoln Property Company Southeast (Lincoln), in conjunction with the Atlanta office of Cushman Wakefield, has brokered Connecture Inc.’s new lease of 28,299 square feet of office space at 55 Allen Plaza, a Class-A, 350,000-square-foot office tower in downtown Atlanta that Lincoln manages and leases.

Tony Bartlett, senior vice president at Lincoln, and Andy Sumlin, leasing director at Cushman & Wakefield, represented the landlord in the transaction, while Cushman & Wakefield brokers Carla Williams and Jeff Samaras represented the tenant.

Andy Sumlin
Cushman & Wakefield is a longtime tenant of 55 Allen Plaza, and the Atlanta office of the firm co-markets and leases the building with Lincoln.

Connecture, which provides Web-based information systems used to create health insurance exchanges, will occupy the entire fourth floor of the building. The firm’s 11-year lease will bring the occupancy rate of 55 Allen Plaza’s office space to 93 percent.

Connecture’s lease marks another significant moment in the improvement of 55 Allen Plaza that began when Lincoln purchased the building on behalf of a pension fund client in 2011.

Carla Williams
New building amenities and increased operational efficiencies have resulted in several industry awards.

Also, leasing efforts in 2013 have successfully resulted in more than 53,000 square feet of leases. In addition to Connecture, Lincoln executed leases to top-notch tenants like Doner Partners, Fogle Law Firm and Ernst & Young.

Lincoln has recently completed the construction of three spec suites totaling 8,000 square feet, which allow 55 Allen Plaza to offer small suites to tenants for the first time. The spaces offer high-end finishes, open ceilings, polished concrete floors and designer lighting.

Jeff Samaras
The Bread Box, a café that serves breakfast, lunch and Starbucks coffee and also features fresh-baked bread, has opened in the building. Carlyle’s Catering, a well-known Atlanta-based firm, operates the café.

Furthermore, 55 Allen Plaza achieved LEED Gold Certification last year and was recognized in July of this year by the Atlanta Better Buildings Challenge for achieving a 20 percent reduction in energy and water consumption.

The building also has been designated a BOMA 360 Performance Building by the Building Owners and Managers Association (BOMA) International.

The BOMA 360 Performance Program recognizes commercial properties that demonstrate best practices in building operations and management. Fewer than 50 buildings in Georgia have earned the designation.

Centennial Olympic Park
“I could not be prouder of the effort our team has put into 55 Allen Plaza and of the results we have achieved,” Bartlett said. “The advances have been remarkable, and 55 Allen is undoubtedly a best-in-class asset within the Downtown and Midtown office market.”

Overlooking the Downtown Connector on downtown Atlanta’s northern edge, 55 Allen Plaza provides tenants with access to all of Atlanta’s sub-markets.

As part of the Allen Plaza mixed-use development, the building is surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, retail and Centennial Olympic Park. Prominent tenants in the building, which opened in 2007, also include Ernst & Young, Skanska and the design firm ASD.

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

Stephen Ursery
The Wilbert Group