Monday, March 31, 2014

HFF closes $5.65 million sale of and secures $3.95 million financing for San Diego County multi-housing community

Kenora Terrace apartments, 3541 Kenora Drive, Spring Valley, CA

Hunter Combs

SAN DIEGO, CA – HFF announced today that it has closed the $5.65 million sale of and secured $3.95 million in acquisition financing for Kenora Terrace, a 46-unit, garden-style multi-housing community in Spring Valley, California. 

               HFF marketed the property on behalf of Pacifica Companies.  Doug Wetton Properties purchased the property for $5.65 million.  HFF also secured a three-year, interest only acquisition loan on behalf of the buyer through a balance sheet lender. 

Kenora Terrace is located at 3541 Kenora Drive with nearby access to State Routes 94 and 125 and Interstate 8, which provide direct access to major employment centers in downtown San Diego and Mission Valley. 

Situated on 2.5 acres, the property totals 40,834 rentable square feet and includes 40 two-bedroom and six three-bedroom floor plans.  Built in 1979, 13 of the property’s units were partially renovated prior to the sale.  Community amenities include a playground, barbecue area and on-site parking.

The HFF investment sales team representing Pacifica Companies was led by director Hunter Combs.

               HFF’s debt placement team was led by senior managing director Aldon Cole.

Aldon Cole
               “Kenora Terrace presented a great opportunity for investors with its desirable location within Spring Valley, family-oriented unit mix consisting of large two- and three-bedroom units, and high occupancy (fully leased at closing) in a historically well-leased submarket. 

“ Per MarketPointe, the East County San Diego submarket has a 3.5 percent vacancy rate compared to the 4.6 percent vacancy rate for the San Diego Metro, as of September 2013.

“ Looking forward, Kenora Terrace’s submarket is forecast to have an average vacancy rate of 1.4 percent during the next five years according to Reis, lower than San Diego Metro (2.4 percent), the West (3.8 percent) and the nation (4.4 percent),” commented Combs.

Pacifica Companies is a San Diego-based diversified real estate group with $3 billion in assets.

Based in Newport Beach, California, Doug Wetton Properties, Inc. currently owns and manages more than 20 multifamily projects in Southern California.

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 $19.8 million financing for Cantera Meadows in suburban Chicago

Cantera Meadows office building, 28100 Torch Parkway, Warrenville, IL

CHICAGO, IL – HFF announced today that it has arranged $19.8 million in financing for Cantera Meadows, a 203,842-square-foot, Class A office property in Warrenville, Illinois.

               HFF worked on behalf of Adventus Realty Services, Inc. (as trustee for Adventus Realty Trust) to secure the 10-year, 4.98 percent, fixed-rate loan with JPMorgan Chase Bank, National Association.  The securitized loan was used to purchase the property and will be serviced by HFF.

Christopher Carroll
               Cantera Meadows is located on an 11.8-acre site at 28100 Torch Parkway along the north side of Interstate 88 at the Winfield Road interchange. 

The property is within the Cantera master-planned development in Chicago’s western suburbs.  Completed in 1997 and renovated in 2011, the eight-story property features a full-service cafeteria, fitness center, multiple conference facilities and parking for 810 vehicles. 

Tenants at the 92 percent leased property include EN Engineering, LLC, Patterson Medical Supply, Inc. and Symbria, Inc.

               The HFF debt placement team was led by managing director Christopher Carroll.

Adventus Realty Trust is a private Real Estate Investment Trust (REIT) formed in early 2012. Adventus is based in Vancouver, British Columbia, Canada, and is focused on US income producing commercial real estate, primarily in the suburban office market of Chicago, Illinois.

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 |

NAI Realvest Names Angela Harwell Associate in Orlando, FL

Angela Harwell

ORLANDO, FL-- NAI Realvest, one of central Florida’s largest commercial real estate services companies, recently named Angela Harwell, CCIM an associate.

Robin L. Webb, CCIM, managing director at NAI Realvest said Harwell has more than nine years of experience in commercial real estate sales and leasing. 

Harwell, who attended the University of South Florida, also has 20 years of experience in sales, marketing, account management and customer service. 

Robin  L. Webb
Harwell was formerly a broker-associate with Lakeland Commercial Realty.  Prior to that she was the director of sales and leasing with 6/10 Corporation where she specialized in commercial portfolio management, sales and leasing of office, retail and industrial properties.  Harwell earned her CCIM Designation in 2013.

Webb said Harwell will be teaming with NAI Realvest director of retail services Mez Birdie, CCIM and focusing on sales and leasing of retail properties in Central Florida and mainly the Polk County area.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Loews Hotels & Resorts Announces Michael Palmeri as Senior Vice President and New Head of Acquisitions and Development

Michael Palmeri
NEW YORK, NY – (March 31, 2014) - Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced the promotion of Michael Palmeri to Senior Vice President, Acquisitions and Development, who will assume responsibility for leading the company’s property acquisitions, real estate development and capital raising.

 Palmeri, who joined Loews Hotels & Resorts in 2011, has played an instrumental role in growing the company and expanding the Loews brand. 

Loews recently acquired hotels in Los Angeles, Washington, D.C. and Boston and today opens hotel four in Orlando, Universal’s Cabana Bay Beach Resort, a joint venture with NBC Universal.

Additionally the company is developing a hotel in Chicago, which is scheduled to open in early 2015.  He also plays a key role in managing new capital partners and raising equity for deals.
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For a complete copy of the company’s news release, please contact:

Sarah Murov                                                                                                      
(212) 521-2495                                                                                                                                                           
 Chris Daly 
 (703) 435-6293

First Quarter Leasing Exceeds 63,000 SF for Taylor & Mathis Broward Team

Donna Korn
Sawgrass, FL, March 31, 2014 -   Taylor & Mathis of Florida’s Broward leasing team has executed 63,673 square feet of leases in the first quarter of 2014.

 “After years of company downsizing and consolidation, we are seeing significant interest in expansions as well as a move to upgraded office space,” according to T&M Director of Leasing Donna Korn

“In the first quarter alone we have completed 43,691 square feet of lease expansions and renewals and nearly 20,000 square feet of new deals.”  Last year Taylor & Mathis leased nearly 180,000 square feet of office space throughout their Broward County portfolio.

Donna Korn and Jennifer Gemma of Taylor & Mathis brokered the following office lease transactions in Broward County on behalf of the building landlords including 20,216 and 18,888 square feet leased at MetLife’s Miramar Center and Venture Corporate Center and 24, 569 square feet leased at Brookdale Realty’s Corporate Center in Sawgrass Corporate Park.

Scott Allen
·         ROW Management, Ltd. will relocate their offices from Miramar to 10,624 square feet at Brookdale Realty’s Corporate Centre I in Sawgrass Corporate Park. 

Ryan Nunes and Scott Allen of CBRE co-brokered the deal.  ROW is responsible for sales, marketing, operations and administration of The World, the largest, privately owned residential yacht on earth.

“We are extremely pleased with the high level of service provided to us by the Taylor & Mathis team,” said ROW’s President & CEO Tom McAlpin

“They have done a fine job of accommodating our requirements in a professional and timely manner. The building and surrounding area meets our needs and we are looking forward to our move this summer.”

·         Lockton Companies, LLC, the world’s largest privately owned insurance brokerage firm, signed a 12,317 square foot renewal at MetLife’s Miramar Centre in Miramar, Florida.  The deal was co-brokered by Alexander Brown and Charlie Barton of CRESA. 

·         Interim Healthcare, Inc. signed a renewal and expansion of 12,486 square feet for their corporate headquarters at Brookdale Realty’s Corporate Centre III in Sawgrass Corporate Park.

Ryan Rosalsky
 Ryan Rosalsky of Newmark Grubb Knight Frank co-brokered the deal on behalf of the national franchisor of home care, hospice and healthcare staffing companies.

·         NV5, Inc. signed a renewal and expansion of 11,776 square feet for their corporate headquarters at MetLife’s Venture Corporate Center in Hollywood, Florida.   The firm nearly doubled the size of their offices with a 7,166 square foot expansion. 

NV5 Holdings, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets.

·         South Florida Regional Planning Council, a planning and public policy agency, renewed their lease of 7,112 square feet at MetLife’s Venture Corporate Center in Hollywood, Florida.  

·         Network specialist Ciena Communications, Inc. will relocate from Doral to 6,237 square feet at MetLife’s Miramar Centre in Miramar, Florida.  The deal was co-brokered by Ryan Ackerman of CBRE.

Ryan Ackerman
·         HSDI Technology, Inc., a human resources consulting and staffing service, signed a 1,662 square foot lease at MetLife’s Miramar Centre in Miramar, Florida. 

 ·         Global provider of integrated communications, R.R. Donnelley & Sons Company signed a 1,459 square feet at Brookdale Realty’s Corporate Centre I in Sawgrass Corporate Park.  Ryan Nunes and Scott Allen of CBRE co-brokered the deal. 

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

Donna Korn  or
 Jennifer Gemma

SVN | Chicago Commercial Completes Sale of Walton on the Park South in Chicago, IL

Walton on the Park South, Chicago, IL

Jerry Goldner

 CHICAGO, IL (March 31, 2014) - Gold Coast rental condominium tower, Walton on the Park South, and an adjacent 17,180-square-foot development site zoned for 261 residential units, have been acquired by Miami developer, Crescent Heights Inc.

Located at 2 W. Delaware St. in Chicago, the sale included 160 units of the 201-unit high rise and the neighboring parcel.

An unsolicited offer was generated by Jerry Goldner, vice president of investment sales at SVN | Chicago Commercial, who represented the purchaser in the transaction. Goldner a 34-year veteran of the Chicago commercial real estate market, was also the sole broker of Cityfront Center Plaza Phase II, now referred to as the Optima Chicago Center.

Kevin Maggiacomo
Kevin Maggiacomo, CEO of Sperry Van Ness, who is familiar with the details of this transaction, confirmed it is the single largest deal transacted in the firm’s history.

Sperry Van Ness, LLC is a national full-service commercial real estate advisory firm located at 940 West Adams Street in downtown Chicago.

 The platform provides Sales, Leasing, Property Management and Auction Services. 312.676.1866. For more information, please visit

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

Mark Thomton,, 312-267-4523

Arbor Commercial Mortgage Named Newest Freddie Mac Program Plus® Lender

Ivan Kaufman
UNIONDALE, NY (March 31, 2014) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, has been approved by Freddie Mac’s as its newest Program Plus® multifamily lender and in-house servicer.

Freddie Mac's Program Plus network is a highly selective group of experienced multifamily lenders with more than 150 branches across the nation. Program Plus Seller/Servicers are approved by Freddie Mac for specific geographic areas. Arbor has been approved as a seller and servicer for New York, New Jersey and Connecticut.

“We are extremely pleased to have been named as Freddie Mac’s newest Program Plus seller and servicer,” stated Ivan Kaufman, Chairman and CEO of Arbor.

“As a leading multifamily lender, the attractive financing programs our clients will now be able to access through Freddie Mac will complement the other diverse and flexible commercial loan products we have offered the industry for the past two decades.

John Cannon
“We look forward to a long and successful relationship with our newest partner and to providing our loyal clients with another financing option to suit their business goals.”

“We are pleased to approve Arbor Commercial Mortgage as a Program Plus lender,” added John Cannon, Senior Vice President of Production and Sales for Freddie Mac.

“Freddie Mac only purchases multifamily mortgages through the nation's best locally based lenders who have years of lending expertise and proven track records of success.

“Based on in its long-standing multifamily financing experience and the expertise of its senior management team, Arbor is a logical and complimentary addition to our family of lenders. We look forward to partnering with Arbor for the betterment of borrowers for years to come.”
For a complete copy of the company’s news release, please contact:

Chris Ostrowski
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd,
Suite 900
Uniondale, NY

Sunday, March 30, 2014

RealtyTrac® Reports U.S. Residential Sales Volume Decreases in February for Fourth Consecutive Month as Distressed Sales Continue to Dry Up and Institutional Investors Pull Back Purchases

Daren Blomquist
IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up 7 percent from a year ago.

 February marked the fourth consecutive month where sales activity has decreased on a monthly basis.

The decrease in sales volume nationwide was driven by monthly decreases in 31 states. Meanwhile sales volume decreased on a year-over-year basis in six states, including Massachusetts, California, Arizona and Nevada, and 21 of the nation’s 50 largest metro areas, including seven California markets along with Phoenix, Orlando, Las Vegas and Detroit, among others.

“Supply and demand have reached a bit of a standoff in this uneven real estate recovery,” said Daren Blomquist, vice president at RealtyTrac.

“The supply of distressed properties — which buyers and investors have come to rely on over the past few years — is evaporating quickly in most markets, but that dwindling supply is not being adequately replenished by non-distressed homeowners listing their homes or by new homes being built.

“Meanwhile, a key source of demand over the past two years — institutional investors purchasing single family homes as rentals — is starting to decline, and it’s not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers.”

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

Jennifer von Pohlmann
 949.502.8300, ext. 139

$24.9 Million Eight-Property Manufactured Home Community Portfolio Sale Arranged by Marcus & Millichap

Part of eight-property manufactured home portfolio in Ohio

Kyle Baskin
CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 1,013-site eight-property manufactured home community portfolio in Ohio. 

The total sales price is $24,950,000, which equates to $24,630 per site.

            Kyle Baskin, senior associate, and Jonathon McClellan, associate vice president investments, both in Marcus & Millichap’s Cleveland office, represented the seller, Evergreen Communities, and procured the buyer, UMH Properties Inc.

            “With the growing demand for affordable housing in the Marcellus and Utica Shale region, we, along with the seller, felt that the time was right for the disposition of these eight assets,” says McClellan. 

“The seller took advantage of the strong market conditions and UMH will benefit from the substantial upside that the communities have to offer.”     

Jonathan McClellan
            Located throughout Ohio, these all-age manufactured home communities are situated on approximately 270 total acres. The average occupancy is approximately 70 percent.

            UMH Properties Inc. is a public equity real estate investment trust that owns and operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee.

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

Gina Relva
Public Relations Manager
(925) 953-1716

South Florida Multifamily Complex, Brokered by Marcus & Millichap, Sells for $18.2 Million

Whispering Palms Apartments, 5540 NW 36th Street, Lauderdale Lakes, FL

Tal Frydman

LAUDERDALE LAKES, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Palms, a 315-unit apartment complex in Lauderdale Lakes, Fla. The $18,200,000 sales price equates to $57,800 per unit.

            Tal Frydman, vice president investments, Daniel Cunningham, senior associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale office of Marcus & Millichap, represented the seller, a Miami- and New York-based investor, and the buyer, a private investor from New York.

            “Whispering Palms is a stabilized multifamily asset in Broward County, where respectable economic trends are driving apartment performance,” says Frydman. “Housing starts and retail sales are rising, and job growth has been solid, lowering the county’s unemployment rate to less than the national and statewide level.”

Daniel Cunningham
            “Whispering Palms is well positioned for value enhancement through the continuation of its renovation program,” adds Frydman. “The seller purchased the complex from a lender 18 months ago. At that time, the property had a significant amount of deferred maintenance and was more than 60 percent vacant,” Frydman continues. 

“The seller stabilized the asset and made significant improvements. The buyer, who also owns the property next door, saw the property’s improved potential and moved ahead of the competition to secure it.”

            “The new owner already has management in place,” Frydman concludes.

            Built in 1973 on just less than eight acres, the apartment complex is located at 4540 NW 36th St. in Lauderdale Lakes, Fla., minutes from Florida’s Turnpike, Interstate 95, employment centers, shopping destinations and Fort Lauderdale International Airport.

            Whispering Palms consists of five four-story apartment buildings containing 46 one-bedroom/one-bath units, 118 two-bedroom/one-bath apartments, 70 two-bedroom/two-bath units and 81 three-bedroom/two-bath apartments. 

Derek Gibbs
Community amenities include a playground, pool, on-site laundry, two elevators in each building, on-site parking and an on-site management office. Apartments feature central air-conditioning, spacious closets and balconies and/or patios. 

Approximately 30 units have upgraded kitchens with new cabinets, countertops and tiles, and approximately 40 percent of the apartments have new bathroom vanities. 

At the time of the sale, Whispering Palms was approximately 96 percent occupied.

Gina Relva
Public Relations Manager
(925) 953-1716

Largest Contiguous Assemblage of Multifamily Properties off Lincoln Road in South Beach, FL Hits the Market for $15 Million

Lincoln Palms Portfolio, Located at 1600 Meridian Ave., 1608 Meridian Ave.,
1607 Jefferson Ave., 1615 Jefferson Ave. and 827 16th Ave. in South Miami Beach, Fla.

Arthur Porosoff
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has received the exclusive listing for the Lincoln Palms Portfolio, five multifamily properties totaling 66 units in Miami Beach, Fla. The portfolio is priced at $15 million.

            Arthur Porosoff, a vice president investments in Marcus & Millichap’s Miami office who specializes in the sale of Miami Beach multifamily buildings, is representing the seller, a private investor based in New York.

“The Lincoln Palms Portfolio presents investors with an opportunity to purchase an apartment portfolio with ‘in-place’ cash flow in Miami-Dade County’s highest appreciating submarket,” says Porosoff.

“The portfolio’s below-market rents and capital improvement possibilities will provide the new owner with revenue enhancement opportunities. Depending on the investor’s business plan, a potential exit strategy includes correctly timed conversion to condominiums,” adds Porosoff.

Located at 1600 Meridian Ave., 1608 Meridian Ave., 1607 Jefferson Ave., 1615 Jefferson Ave. and 827 16th Ave. in Miami Beach, Fla., the portfolio is situated on an over-an-acre lot in South Beach just steps from Lincoln Road.

South Beach, FL Night Skyline
The two-story garden-style buildings feature a total of 35 studios, 28 one-bedroom apartments, two two-bedroom apartments and one four-bedroom townhouse.

 Apartments feature ceramic tile and solid oak wood flooring, wall air conditioning units and walk-in closets. Some units feature private patios or balconies. 

All five buildings have a connected courtyard that offers multiple sitting areas and bicycle racks.

Gina Relva
Public Relations Manager
(925) 953-1716

$12.5 Million Office Building Hits the Market in San Antonio, TX

Shavano Center III, San Antonio, TX

Scott Ryan
SAN ANTONIO, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it is marketing for sale Shavano Center III, a 63,501-square-foot three-story office building in San Antonio. The $12.5 million listing price equates to $197 per square foot.

            Scott Ryan, an associate vice president investments in Marcus & Millichap’s Austin office, is representing the seller, a local developer.

            “Shavano Center III is stabilized at 100 percent occupancy,” says Ryan. “The property is an attractive, well-placed asset with a varied tenant mix and staggered rollover.”

            The building is set back slightly from Loop 1604 at 3619 Paesanos Parkway in San Antonio between Interstate Highway 10 and U.S. Highway 281. Retail and entertainment venues in the immediate vicinity include The Shops at La Cantera, The Westin Resort, The Rim and Six Flags Fiesta Texas.

            Built in 2007, Shavano Center III is situated in a 3.29-acre park-like setting landscaped with mature oak trees. The building features steel-frame construction and concrete tilt wall panels with stone veneer.

Gina Relva
Public Relations Manager
(925) 953-1716

$10.8 Million Multi-Family Property Changes Hands in Phoenix, AZ Area

Monterey Pines apartments, 8650 West Peoria Avenue, Peoria, AZ

Cliff David
PEORIA, AZ– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Monterey Pines, a 216-unit apartment home community in Peoria, a major suburb of Phoenix. The $10.8 million sales price equates to $50,000 per unit.

            Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the Phoenix office, represented the seller, Murano Properties. David and Gebing also advised the buyer, Mentor Properties Inc.

Steve Gebing
            “The interior amenities and community advantages offered by Monterey Pines are unparalleled for an asset of its vintage,” says David. “The property’s physical improvements include well-designed floor plans that amplify the available living space and feature revenue enhancement capabilities through existing washer/dryer connections.”

            “Furthermore, Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” continues David.

 “The plan is a $463 million investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”

            Developed by Hrebec Properties in 1984, the apartment complex is located on 10 acres at 8650 West Peoria Ave. in Peoria, Ariz. just south of the Bell Road retail corridor, which is anchored by the Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall.

            Apartment interiors at Monterey Pines feature garden kitchen windows, oversized walk-in closets with double rods and shoe shelves, individual exterior storage rooms and covered private patios/balcony decks. 

Community amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.

Gina Relva
Public Relations Manager
(925) 953-1716

Miami Walgreens on the Market for $10.36 Million

Walgreens, 12711 SW 200th Street, Miami, FL

Scott Sandelin
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced that it is exclusively marketing for sale a 14,820-square-foot Walgreens drugstore in Miami.

The $10,363,000 listing price equates to $700 per square foot. Scott Sandelin, senior associate, and Marcos Puente, associate, both in Marcus & Millichap’s Miami office are representing the seller.

            “Walgreens signed a 25-year triple-net lease on the property in 2009,” says Sandelin.

             The property is located directly in front of a Publix-anchored shopping center at the signalized intersection of SW 127th Avenue and SW 200th Street at 12711 SW 200th St. in Miami.

Marcos Puente
It was constructed in 2009 on 1.6 acres and features ample parking and a drive-thru pharmacy. Payless and Bank of America are nearby tenants.

Gina Relva
Public Relations Manager
(925) 953-1716

$47.25 Million Buys 502 Apartment Units in Northwest Philadelphia, PA

Charter Court at East Falls, Philadelphia, PA

Clark Talone
PHILADELPHIA, PA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. 

The $47,250,000 sales price equates to $94,124 per unit.

            Clark Talone and Andrew Townsend, senior associates, and Ridge MacLaren, first vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development.

Mark Thomson and Zachary Pierce, formerly of Marcus & Millichap, also took part in the transaction.

Andrew Townsend
            “The Charter Court sale typifies the strength of the multifamily market in Philadelphia today. Buyers from North Jersey recognized the ability to grow rents significantly in the hot East Falls neighborhood,” says MacLaren.

            “Treetop took advantage of the opportunity to acquire immediate scale in a thriving location,” adds Talone. “The property’s strong current occupancy will generate cash flow while Treetop embarks on a $7 million renovation program.”

            The property is located in a quiet, tree-lined setting at 5450 Wissahickon Ave. in Philadelphia, two blocks from the Queen Lane Southeastern Pennsylvania Transportation Authority (SEPTA) station, which provides easy access to Center City.

            Charter Court at East Falls consists of two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment.

Ridge MacLaren
Shared amenities include a resort-style pool area with cabanas, a business center, a fitness center, pet spa and door attendant. The previous owner completed a nearly $5,000,000 renovation program that included upgraded amenities, common areas, hallways and many unit interiors.

            “Resource was rewarded by having a strong vision for this property several years ago,” notes Townsend. “They did a lot of the ‘heavy lifting’ and delivered a stable, improved property with significant upside to a strong sales market.”

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Marketing South Florida Office Asset Listed at $14 Million

Cypress Executive Center, 1901 West Cypress Creek Road, Fort Lauderdale, FL

Douglas K. Mandel

FORT LAUDERDALE, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it is marketing for sale the Cypress Executive Center, a 140,635-square-foot office building in the Cypress Creek business district of Fort Lauderdale, Fla.

The $14 million listing price equates to just less than $100 per square foot. Douglas K. Mandel, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, is representing the seller.

            “Cypress Executive Center’s higher-than-average retention ratio is a testament to its outstanding location, proximity to local area amenities and overall quality,” says Mandel. ”The submarket has seen occupancy levels increase and fundamentals strengthen over the past several quarters.”

            The property is located between downtown Fort Lauderdale and Boca Raton approximately one mile west of Interstate 95 on the north side of West Cypress Creek Road at 1901 West Cypress Creek Road. The location is one-quarter mile from the Fort Lauderdale Executive Airport and nine miles from downtown Fort Lauderdale.

            Built in 1986 on 9.8 acres, the six-story building features large floor plates with central core common areas and hallways. Offices along the perimeter of the building provide natural light and views of the tropical Florida landscape.

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Milllichap Lists Two Virginia College Locations

Virginia College, 9355 Cortana Place, Baton Rouge, LA

Marc E. Strauss
 FORT LAUDERDALE, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada announced it is exclusively listing two Virginia College properties, one in Baton Rouge, La. and one in Macon, Ga.

The 90,982-square-foot Louisiana property is listed for $11,984,424, which represents $132 per square foot.

The list price for the 102,098-square-foot Georgia property is $10,279,651, which equates to $101 per square foot. The properties can be purchased together or separately. Virginia College is a chain of private, for-profit, nationally accredited post-secondary institutions located primarily in the southeastern United States.

Marc E. Strauss, first vice president investments, and Richard Moravek and Aaron O’Connor, associates, all in Marcus & Millichap’s Fort Lauderdale office, are representing the seller.

Richard Moravec
William Hoffpauir, senior associate in Marcus & Millichap’s Lafayette, La. office, is the firm’s broker of record in Louisiana. Michael J. Fasano, vice president and regional manager in Atlanta, is Marcus & Millichap’s broker of record in Georgia.

“The Baton Rouge building is a former service merchandise store and the Macon building was a Kmart,” says Strauss.

“Both buildings were completely renovated into classrooms, training areas, reception areas and break rooms. The triple-net leased investments have more than 11 years remaining on their leases, are in pristine condition and should serve the college and its growing needs for years to come.”

Virginia College in Baton Rouge, La. is located on approximately 6.97 acres at 9355 Cortana Place. The property adjoins the Cortana Square Mall. Virginia College in Macon, Ga. is located on a main artery near Macon Mall at 1901 Paul Walsh Drive on approximately 18.25 acres.

Gina Relva
Public Relations Manager
(925) 953-1716

HFF arranges $35 million refinancing for multi-housing community in Hoboken, NJ

The Metropolitan of Hoboken apartments, 1300 Clinton and 1313 Grand Streets,
 Uptown Hoboken, NJ
Jim Cadranell

FLORHAM PARK, NJ – HFF announced it has arranged a $35 million refinancing for The Metropolitan of Hoboken, a 128-unit apartment community in Hoboken, New Jersey.

HFF worked exclusively on behalf of the borrower, AEW Capital Management, L.P., to secure the three-year, fixed-rate loan through Capital One.  AEW owns the property on behalf of one of its institutional clients.

The Metropolitan of Hoboken is located at 1300 Clinton and 1313 Grand Streets in uptown Hoboken. 

Completed in 2000, the apartments are 96 percent leased and consist of one-, two- and three-bedroom layouts. 

The two-building community includes 2,000 square feet of ground floor retail and recently renovated amenities such as a fitness center, two resident lounges, parking garage, landscaped courtyard with picnic area, as well as free shuttle service to the PATH Hoboken train station.

Jon Mikula
The HFF team representing the borrower was led by managing director Jim Cadranell along with senior managing director Jon Mikula and associate director Samuel Seiden.

“Capital One provided very competitive pricing and maximum flexibility for AEW on this transaction.  It was a pleasure to work with both of them on this financing,” said Cadranell.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.

One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $38  billion of capital invested in more than $51 billion of property and securities in North America, Europe and Asia (as of December 31, 2013).

Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.

AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore, and Hong Kong, as well as additional offices in eight European cities. For more information please visit

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 |