Monday, September 29, 2014

HFF secures $15 million in financing for manufactured home community in Rancho Cordova, CA


Zach Koucos
SAN DIEGO, CA – HFF announced  that it has secured $15 million in financing for Mobil Country Club, a 479-unit, senior (55+) manufactured home community in Rancho Cordova, California.

                Working exclusively on behalf of Country Club Investors, LP and Storz Management Company (SMC), HFF placed the 15-year, fixed-rate, 30-year amortization loan with Voya Investment Management (formerly ING).  Proceeds will be used to retire existing debt on the property and for capital reserves.

                Mobil Country Club is situated on a 54.6-acre site at 2473 Sunrise Boulevard, approximately 10 minutes east of downtown Sacramento. 

Completed in three phases, the community is 99.2-percent occupied and includes off-street and guest parking, as well as 110 RV/boat storage spaces.  Community amenities include a heated swimming pool, clubhouse, billiard room, library, sauna and enclosed spa.

Typical Mobil Country Club Home, Rancho Cordova, CA
                The HFF team representing the borrower was led by director Zach Koucos.  HFF worked directly with SMC’s CFO Mark Weiner and president Andy Carey on the transaction.

                “Our life insurance company correspondents are very aggressive right now for long-term, fixed-rate loans on high quality multi-housing properties such as Mobil Country Club.  Many of our clients with long-term hold objectives are taking advantage of today’s unique recapitalization opportunities,” Koucos said.

“I have worked with many lending institutions and intermediaries on transactions of various sizes, and my recent experience with HFF was by far one of the best,” Weiner said.


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Marcus & Millichap Arranges $26.8 Million Sale of Cedar Trace Apartments in Maryland Heights, MO


Alex Blagojevich

 ST. LOUIS, MO, Sept. 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has arranged the sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The $26.8 million sales price equates to $72,043 per unit.

Marcus & Millichap vice presidents investments David Gaines and Alex Blagojevich arranged the sale, along with senior associate William Holman, Marcus & Millichap’s broker of record in Missouri.

“Cedar Trace is a stable apartment community located in a thriving northwestern St. Louis suburb,” says Gaines. “The buyer intends to take advantage of the strong demand in the rental marketplace by updating unit interiors and driving revenue at the property.”

Cedar Trace Apartments is located at 2000 McKelvey Hill Drive in Maryland Heights, 20 miles northwest of downtown St. Louis.  Its proximity to Westport Plaza, West County Mall, Interstate 270 and the Bi-State bus line make it a convenient location for its residents.

Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges Sale of Burger King in Indiantown, FL for $1.1 Million

  
Lane Schwartz

INDIANTOWN, FL, Sept. 29, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 2,450-square foot Burger King located in Indiantown, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,601,500 representing a 6.25% CAP rate.

Barry M. Wolfe, a vice president investments, and Alan Lispky, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Vero Beach, Fla.

 The buyer, a private investor from Tarzana, CA, was secured and represented by Lane Schwartz, a first vice president investments, in Marcus & Millichap’s West Los Angeles office. 

Barry M. Wolfe
“This Burger King is located on the primary trucking corridor between Lake Okeechobee and The Palm Beaches.  The lease includes unusually high rent increases for a Burger King which will increase the CAP rate for the buyer to over 7 percent in the next couple of years,” says Lipsky.

Burger King has operated from 15608 SW Warfield Boulevard in Indiantown, Fla for more than 20 years.

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


Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Berger Commercial Realty Negotiates $24 Million Purchase of Palm Beach County Portfolio in Florida


Lloyd C. Berger
FORT LAUDERDALE, FL (Sept.  29, 2014) – Berger Commercial Realty announced the opening of a new office in Boynton Beach as a result of a $24 million deal it negotiated for its client, Kendall Properties.

 Kendall Properties purchased a 280,000-square-foot office portfolio from LouJA Realty in a deal that closed on Friday, Sept. 26. The portfolio consists of seven buildings on four different properties in Boynton Beach and Delray Beach.

 "Our client recognized that Palm Beach County offers better upside and saw the opportunity this portfolio provided," said Berger Commercial Realty President and founder Lloyd Berger, who brokered the deal on behalf of Kendall Properties.

 Berger Commercial Realty plans to hire six full-time staff members in its Boynton Beach office to manage and lease the buildings in the Kendall Properties portfolio, as well as existing assignments in Palm Beach County. The regional commercial real estate firm also has offices in Fort Lauderdale and Miramar, where its property management team currently oversees 7 million square feet of space throughout the tri-county area.

Woolbright Corporate Park
1901 and 1903 South Congress Avenue
Boynton Beach, FL
 The Palm Beach County portfolio consists of:

·        Delray Office Park, located at 4723, 4731 and 4733 W. Atlantic Ave. in Delray Beach; 
·        Woolbright Corporate Park, located at  1901 and 1903 S. Congress Ave. in Boynton Beach;
·        Gulfstream Professional Building, located at 500 Gulfstream Boulevard in Delray Beach;
·        Woolbright Professional Building, located 2240 W Woolbright in Boynton Beach.

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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226


Prime Property Investors Selects Greystar to Lease and Manage Newly Acquired Estates at Fountain Lake in Houston, TX


Barbara J. Gaffen
CHICAGO, IL (Sept. 29, 2014) – Northbrook, Ill.-based Prime Property Investors (PPI) announced today that it has designated Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre luxury rental community in Houston that consists of 14 three-story garden-style buildings with a total of 306 units.

Greystar is the largest operator of apartments in the United States.

 Located on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake is in Houston’s Fort Bend County, one of the fastest-growing counties in the nation, according to the U.S. Census Bureau.

PPI acquired the property from Dallas-based Trammell Crow Residential (TCR) earlier this year and is in the process of executing a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded luxury apartments in the area.

According to Barbara J. Gaffen, co-CEO of PPI, hiring Greystar was step one in elevating the community to one of the most exclusive luxury rental properties in the area.

“Creating a high-end living environment for residents is more than upgrading units and common areas, it’s also providing an unprecedented level of service,” said Gaffen.

Estates at Fountain Lake Apartments, Houston, TX
“Given Greystar’s world-class expertise with multifamily housing in Houston, we are confident they will provide the highest level of service to everyone living at Estates at Fountain Lake.”

The property consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 98 percent pre-leased and more than 96 percent physically occupied. Average rents are approximately $1,300 per month.


For more information on Estates at Fountain Lake call (281) 494-7744 or visit http://www.estatesatfountainlake.com/.


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

Kelly Shumaker
Senior Account Executive, Taylor Johnson
Direct:    312-267-4519
Phone:   312-245-0202
Fax:        312-245-9205


NAI Realvest negotiates Two New Leases at the Cherry Street Medical Plaza in Kissimmee, FL


Jeffrey W. Bloom

 ORLANDO, FL – NAI Realvest recently negotiated two new leases totaling 2,063 square feet of medical-professional space at the Cherry Street Medical Plaza, 512 W. Cherry Street off Highways 192 and 441 in Kissimmee.

 Senior Director Jeffrey W. Bloom, CCIM brokered both transactions representing the landlord, Sareen, LLC of Longwood and the local tenants.

 Katherine Welty, M.D., P.L., a family practice group leased Suite A with 1,027 square feet and JSLayson Professional Association, a family medical center focusing on sports and physical injury treatment leased Suite B.

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


Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

NAI Realvest Negotiates Four New Office Leases in Maitland, FL totaling over 9,500 square feet

  
Kristen Kemp

MAITLAND, Fla. --- NAI Realvest recently negotiated four new lease agreements in totaling 9,521 square feet of Class A office space in Maitland.

Tom R. Kelley II, CCIM, principal at NAI Realvest and associate Chris Adams represented local tenant Air Quality Assessors of Florida in the lease of 5,030 square feet at 2250 Lucien Way, Suite 305.   Natany Bramingham, Inc. is the landlord.  

 Kelley and Adams also negotiated a lease on behalf of the landlord JLR Properties, Inc. at 291 Southhall Lane.  The tenant BMI Elite d/b/a BMI Ventures, Inc. leased 1,000 square feet

 NAI Realvest principal Michael Heidrich and associate Kristen Kemp represented the landlord at 1015 Maitland Center Commons Blvd. in a lease to Steven H. Marks, P.A. for suite 104 with 1,991 square feet.  

Michael Heidrich
 Jeff Bloom, senior director at NAI Realvest represented landlord Maitland Law Centre, Inc. in a lease agreement for 1,500 square feet at 175 Lookout Place, Suite 100.  Trevisani Oral Surgery is the new tenant. 


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



Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Lincoln Harris Brokers Diligent Board Member Services’ 10,186-Square-Foot Office Lease in Charlotte, NC


Marshall Willimson
CHARLOTTE, N.C. (Sept. 29, 2014) — Diligent Board Member Services Inc. has signed a 10,186-square-foot lease at the 368,092-square-foot Ally Center, located at 440 South Church St. in Charlotte.

Marshall Williamson and Jubal Early of Lincoln Harris’ Charlotte office represented the tenant in the transaction. Diligent develops software that allows organizations’ boards to prepare and disseminate materials through a secure portal to decrease paper consumption and minimize security risks.

“Diligent is excited about their Charlotte location and is already considering expansion alternatives,” Williamson said.

LEED Gold-certified Ally Center includes a state-of-the-art fitness center, a sundries store and three fast-casual restaurants. The landlord is 440 Church Street Venture LLC.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Charles Dunn Co. Completes 19,653-Square-Foot Lease with USC at World Trade Center in Downtown Los Angeles, CA


Chris Runyen
LOS ANGELES, CA, Sept. 29, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a four-year, 19,653-square-foot lease with University of Southern California (USC) for expansion of its charter school.

The space is within the World Trade Center, a 370,000-square-foot, 10-story office building located at 350 S. Figueroa Street in Downtown Los Angeles.

Chris Runyen, senior managing director with Charles Dunn Company, represented the landlord, Jamison Properties. USC was represented by Dennis Smith, Howard Feuerstein, and Cory Campbell of Travers Realty.

With this new lease, USC is expanding its presence by nearly doubling its space within the property, and has brought World Trade Center’s occupancy up to 74 percent.

“This was an expansion of USC's Hybrid High School that has a total of 20,000 square feet on the ground floor,” said Runyen.

World Trade Center, Los Angeles, CA
“The ground floor space serves as classrooms and administrative offices for the freshman and sophomore classes. 

"This new space is located on the second floor and will provide additional classrooms for those students advancing to their junior and senior years.

“The school made some minor renovations to its new space – that was previously used for education purposes – in time to take occupancy for the 2014/2015 school year.”

Runyen added that Charles Dunn aggressively marketed the space to schools, emphasizing that they could take advantage of the existing E-1 occupancy required by charter schools. 

World Trade Center occupies the entire block of Figueroa to Flower Streets and 3rd to 4th Streets. It is adjacent to the Ketchum YMCA, the Westin Bonaventure Hotel and the Downtown Hyatt and is a short walk to numerous dining and retail amenities.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


Sunday, September 28, 2014

$5 Million Line of Credit Arranged by Marcus & Millichap Capital Corp. for Orlando, FL Investor


Christopher Marks
ORLANDO, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged a $5 million line of credit for an investor in Orlando, Fla.

Christopher Marks, originator, and Kyle Young, associate originator, both in MMCC’s Manhattan office, arranged the financing.

            “Our client wanted to invest further in their real estate holdings, but for a number of reasons, a traditional mortgage wasn’t the answer,” says Marks.

“We assessed their needs and recommended a line of credit to support their new ventures. Most lenders quoted three-year loans, but MMCC arranged a line of credit with a five-year term and a two-year option to extend.”

The borrower’s real estate holdings include a portfolio of Dollar General stores.

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

Marcus & Millichap’s Technology and HelpDesk Support Ranked Among Top 50


Bill Benoist
CALABASAS, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been awarded inclusion in the prestigious 2014 HDI CSAT Elite 50, one of the highest honors in technological excellence, ranking number 14 among the top 50 help desk support centers around the world.

The award was presented by HDI, the world’s largest professional association and certification body for technical service and support professionals.

Support centers are ranked based on customer satisfaction survey responses gathered by the HDI Customer Satisfaction Index (CSI), an independent, third-party service. 

Based on the data collected over a 12-month period, participating technical service and support centers are identified as leaders in the industry.

The 50 support centers with the highest scores are then named by HDI as members of the HDI CSAT Elite 50, receiving further acknowledgement as industry leaders at the HDI Annual Conference & Expo.

Richard Peltz
“This award is an outstanding recognition for the department, and symbolizes our commitment to providing our more than 1,300 agents across the U.S. and Canada with the resources and information services (I.S.) customer support to realize their potential and give them pride of association with our firm,” says Richard Peltz, senior vice president and chief information officer at Marcus & Millichap.

Bill Benoist, vice president of information services, and his team raise the bar every year and are committed to achieving the highest level of support available in the industry,” says Peltz.

The HDI CSAT Elite 50 award is the latest recognition of Marcus & Millichap’s focus on technological excellence. In 2014 the firm also ranked fifty-first among the InformationWeek Elite 100, which identifies and honors the nation’s top business technology innovators.

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

$11 Million Sale of Addison Court Shoppes in Boca Raton, FL Arranged by Marcus & Millichap


Addison Court Shoppes, Boca Raton, FL
BOCA RATON, 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 Addison Court Shoppes, a 16,860-square-foot shopping center with a Bank of America outparcel, located in Boca Raton, Fla.

The asset sold for $11,075,000, which equates to $531 per square foot.

Douglas K. Mandel, a first vice president investments, and Brian Rosen, a senior associate, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a Boca Raton-based limited liability company.

Brian Rosen
“This was an opportunity for an investor to purchase a high-quality and rare Boca Raton asset anchored by Bank of America, Starbucks and Kee Grill,” says Rosen. 

“Healthy economic growth and improving retail market conditions continue to attract out-of-state and cross-border investors to Palm Beach County,” adds Mandel. “The resulting increase in competition is most pronounced for deals in affluent areas like Boca Raton.”

This sale is the fourth Palm Beach County shopping center Mandel has closed this year.  

Previous sales include Congress Center and HSBC Plaza in Boca Raton and Linton International Plaza in Delray Beach.

 Addison Court Shoppes is a well-maintained retail strip center with a 4,000-square-foot Bank of America outparcel. 

Other tenants in the center include Starbucks, Offerdahl’s, a salon and a drycleaners. The property is located at 17940 North Military Trail in Boca Raton.

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

Pinellas County, FL Self-Storage Facility Sells for $10.2 Million


Gandy at 4th Street Storage, St. Petersburg, FL
ST. PETERSBURG, 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 Gandy at 4th Street Storage, a six-building, 720-unit self-storage facility in St. Petersburg, Fla.

The $10.2 million sales price equates to $143 per square foot. Michael Mele, a senior vice president investments in Marcus & Millichap’s Tampa office, represented the seller, a local developer, and the buyer, a national self-storage real estate investment trust.

            “The asset is a premier self-storage facility located in an area of St. Petersburg that is experiencing an apartment and retail construction boom,” says Mele. “This is the highest price per square foot we have seen since the downturn.”

Michael A. Mele
            The property is located at 10111 Gandy Blvd. in St. Petersburg near the intersection of Gandy Boulevard, which receives traffic counts of 48,620 vehicles per day, and 4th Street, which produces a daily traffic count of 38,000.

The current population within three miles of the property is more than 47,000. Interstate 275, the major thoroughfare that connects Pinellas and Hillsborough counties is approximately two miles away. 

Other commercial properties in the neighborhood include Vantage Point Condominiums, Baypoint Commerce Center and the popular and historic Derby Lane Greyhound Track.

            Constructed in 2007, Gandy at 4th Street Storage is one of the newest self-storage facilities in Pinellas County. 

The facility is 82 percent climate-controlled. Units are range in size from nine square feet to 300 square feet. 

All of the buildings feature stucco exteriors with reinforced modular metal framing. Access to the facility is granted through an electronic keypad entry system and digital video surveillance cameras are prevalent throughout. An on-site rental office allows for easy management and provides additional income through the sale of moving supplies.

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

Marcus & Millichap Promotes John Godwin to First Vice President Investments in Detroit, MI Office


John Godwin
DETROIT, MI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted John Godwin to first vice president investments.

This distinction recognizes Godwin’s excellence in the development and servicing of long-term client relationships, according to Steven Chaben senior vice president, group manager and regional manager of the Detroit office.

            “With this promotion, John has earned a prestigious designation within the firm and solidified his reputation as a knowledgeable and successful investment professional,” says Chaben. “His superior client service has earned him a high degree of loyalty and respect.”

            A graduate of Oakland University in Rochester Hills, Mich., Godwin began his career with Marcus & Millichap in 2000, focusing on retail, office and industrial investments. 

            Godwin resides in Farmington Hills.

Tal Frydman Promoted to First Vice President in Fort Lauderdale, FL Office

Tal Frydman
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Tal Frydman to first vice president investments.

This distinction recognizes Frydman’s excellence in the development and servicing of long-term client relationships, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

He began his career with Marcus & Millichap in 1999 and was promoted to senior associate in 2003.  Two years later he became a senior investment associate, and in 2008 he attained his most recently held title of vice president investments.

            Frydman resides in Delray Beach, Fla.



Nathan Pealer Moves Up to Associate Vice President Investments in Washington, DC Office

Nathan Pealer
WASHINGTON DC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has promoted Nathan Pealer to associate vice president investments.

           “The achievement represents Pealer’s success in developing strong client relationships,” says Bryn Merrey, first vice president and regional manager of the firm’s Washington D.C. office.

Pealer began his career with Marcus & Millichap in 2005 and was promoted to senior associate in 2008. 

His specialty is in advising institutions, developers and private clients in the sale of shopping centers, net-leased retail and other leased commercial investment properties. He earned his bachelor’s degree in economics from Pomona College.

Pealer began his career with Marcus & Millichap in 2005 and was promoted to senior associate in 2008. His specialty is in advising institutions, developers and private clients in the sale of shopping centers, net-leased retail and other leased commercial investment properties. He earned his bachelor’s degree in economics from Pomona College.


Brett Hatcher Climbs Ladder to Vice President Investments in Columbus, OH Office

Brett Hatcher
COLUMBUS, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has promoted Brett Hatcher to vice president investments in Columbus, according to Michael Glass, first vice president and regional manager of the office. 

Most recently, Hatcher was a senior associate with the firm.

            “Brett has excelled as an investment real estate specialist, and possesses a deep understanding of the self-storage property sector,” says Glass.

 “His expertise, combined with his strong brokerage performance and dedication to providing superb client service to self-storage investors, owners and developers across the country have earned Brett this prestigious honor.”

            Hatcher started his career with Marcus & Millichap in May 2006 as an associate, and was promoted to senior associate in July 2009. A director of the firm’s National Self-Storage Group (NSSG), Hatcher has closed 60 transactions in the Midwest and nationwide totaling over $226 million and consistently ranks within the top 10 investment specialists in the NSSG.


Kahlil Barnard Promoted to First Vice President Investments in Indianapolis, IN Office

Kahlil Barnard
INDIANAPOLIS, IN  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has promoted Kahlil Barnard to first vice president investments.

This distinction recognizes Barnard’s excellence in the development and servicing of long-term client relationships, according to Josh Caruana, regional manager of the Indianapolis office.

            “With this promotion, Kahlil solidifies his reputation as a knowledgeable and successful investment professional,” says Caruana. “His superior client service has earned him a high degree of loyalty and respect from investors as well as from his peers.”

            A graduate of Indiana University Bloomington, Barnard began his career with Marcus & Millichap in 1997. He was named sales associate in 2000, became senior associate in 2002, was named senior investment associate in 2005, and in 2007 he assumed his most recent title as vice president investments. 

Over the course of his career, Barnard has focused on leased investment real estate brokerage and services.

            Barnard is a senior director of the National Retail Group. In his spare time he actively participates in leadership and mentorship roles both within the company and externally as a board member of the Indiana University Center for Real Estate Studies.
  
 Two Houston, TX Agents Named Vice President Investments

Justin Miller
HOUSTON, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced Jeffrey Fript and Justin Miller have been named vice presidents investments in the Houston office, according to David Luther, vice president regional manager of the office.

            “Both Jeff and Justin are extremely skilled investment sales specialists who have made major contributions to the success of the Houston office,” says Luther.

 “Their strong track records of closing transactions and dedication to providing exceptional service to our private and institutional investor clients have earned them this high honor.”

            Formerly an associate vice president investments, Fript specializes in arranging multifamily real estate transactions in the Houston area. 

He began his career at Marcus & Millichap in March 2006 as an associate and was promoted to senior associate three years later. Fript is also a director of the firm’s National Multi Housing Group.

Jeffrey Fript
                    Miller was an associate vice president investments prior to his promotion to VPI. He started his career in 2007 as an associate with a specialty in retail property investments.

 In April 2013, Miller was named a senior associate, and then promoted to associate vice president investments in March 2013
 
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

24-Building Apartment Complex Sold by Marcus & Millichap in Fort Worth, TX


Ridgmar Square Apartment, Fort Worth, TX
FORT WORTH, TX --  Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of Ridgmar Square, a 24-building, 332-unit apartment property located in Fort Worth, Texas. The terms of the sale were not disclosed.

Al Silva, senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth, had the exclusive listing to market the property on behalf of the seller, a private investor from Washington State. The buyer, a Texas-based investment group, was also secured by Silva. 

“We generated a half-dozen offers during a four-week marketing process and the transaction closed within 75 days of agreement on terms,” says Silva. “The new owner plans to invest more than $3 million in renovations that will substantially improve the product this property offers to the local rental market.”

Al Silva
Ridgmar Square is located at 2508 Ridgmar Blvd. in Fort Worth, Texas. The apartment complex is conveniently situated with frontage on Interstate 30, and is just 10 minutes west of downtown Fort Worth. 

            This uniquely constructed property consists of large one- and two-bedroom floor plans featuring 10 different architectural styles from all over the world. Community amenities include two large pools, a clubhouse with a fitness center and secure access gates.
  
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

$22.1 Million Multifamily Sale Arranged by Marcus & Millichap in Milwaukee, WI


David Gaines
MILWAUKEE, WI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has arranged the sale of The Franklin Apartments, a 114-unit property in Milwaukee, Wis. The $22.1 million sales price equates to $193,860 per unit.

For Marcus & Millichap, vice presidents investments David Gaines and Alex Blagojevich handled the sale, along with first vice president and regional manager Matthew Fitzgerald, Marcus & Millichap’s broker of record in Wisconsin.

The Franklin Apartments is located in east downtown Milwaukee and features one- and two-bedroom units averaging 1,028 square feet each. “The submarket of downtown Milwaukee is, as a whole, tight,” says Gaines. “By making strategic unit improvements, this was an opportunity for a rare, ‘Class A,’ add-value opportunity in a supply-constrained, in-fill market.”

 “Our experience and access to investors in the Midwest, as well as in over 20 states across the country, are key to uniting buyers and sellers in a way that results in successful multifamily transactions,” adds Fitzgerald.  

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

Marcus & Millichap Promotes Four Agents to Vice President Investments in Detroit, MI


 Seth Barnett, Dino Bistolarides, Brandon Hanna and Edward Lippincott


DETROIT, MI – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  has announced that four agents have been named vice presidents investments, according to Steven Chaben, senior vice president and group manager of the Detroit office.

The new VPIs are Seth Barnett, Dino Bistolarides, Brandon Hanna and Edward Lippincott.

            “It’s an honor to have four VPIs here in the Detroit office,” says Chaben. “Not only are Seth, Dino, Brandon and Ed assets to our office, they are assets to the entire company. This promotion recognizes their exceptional brokerage skills, strong track records of investment sales transactions and dedication to providing superb client service to our private and institutional clients alike.”

Steven Chaben
            Barnett most recently held the title of associate vice president investments. 

An eight-year veteran of the firm, he began his career in 2006. Barnett is part of Marcus & Millichap’s Affordable Housing Advisors, specializing in the disposition of project-based Section 8 multifamily housing in the Midwest, West Coast, Mountain and Southwest regions.

            Prior to being named a VPI, Bistolarides was a senior associate of the firm. His career at Marcus & Millichap began in September 2007 as an agent specializing in retail investment brokerage. Currently a senior associate in the firm’s National Retail Group, Bistolarides focuses on the disposition of single- and multi-tenant retail properties in the Midwest and nationwide.

            Hanna was most recently a senior associate of the company, a position he has held since 2010. He began his career with Marcus & Millichap in 2007 as an associate in the firm’s National Retail Group and was promoted to senior associate of the firm in July 2010. Hanna arranges the disposition of both net-leased and multi-tenant retail properties.

            Before being promoted to VPI, Lippincott was an associate vice president investments. He started his career with Marcus & Millichap in September 2006. A member of the firm’s Affordable Housing Advisors, Lippincott specializes in the brokerage of project-based Section 8 housing, HUD-insured and state agency financed assets nationwide.

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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

292-Unit Apartment Complex Sold by Marcus & Millichap in Fort Worth, TX


The Brentwood Apartments, Fort Worth, TX
FORT WORTH, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Brentwood, a 292-unit apartment complex located in Fort Worth, Texas. The terms of the sale were not released

Al Silva, a senior director of Marcus & Millichap’s National Multi Housing Group in  Fort Worth, had the exclusive listing to market the property on behalf of the seller, a Texas LLC.  The buyer, a Texas-based private investor, was also secured by Silva. 

“We conducted 25 property tours and received 12 offers from well-qualified investors during a three-week marketing process,” says Silva.  “The transaction closed just 45 days after an agreement was reached between buyer and seller.  The buyer assumed an existing Fannie Mae loan to complete the transaction.”

Al Silva
The Brentwood is located at 8300 Brentwood Stair Road in Fort Worth, 10 minutes east of downtown Fort Worth along Eastchase Parkway and just south of Interstate 30.

 The property is situated in a healthy commercial area with major shopping centers and national retailers within walking distance. The location is also just minutes from Dallas Cowboys Stadium and the Dallas/Fort Worth International Airport.

Built in 1984, The Brentwood underwent $2 million in renovations, including both interior and exterior upgrades, between 2011 and 2013. At the time of the sale, the property was in excellent condition and the new owner will continue the unit improvement program.


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

Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716

$30.8 Million Refinances Two Hospitality Properties in Virginia and Ohio

  
Hampton Inn Crystal City, Arlington, VA

 WASHINGTON, DC– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two CMBS loans totaling $30.8 million to refinance two hospitality properties.

The properties are the Hampton Inn Crystal City in Arlington, Va., which received $25 million and the Holiday Inn Capital Square in Columbus, Ohio, which received $5.8 million.

Keith Bauer, a director in MMCC’s Washington, D.C. office, arranged both loans.

            “In light of upcoming maturity, the borrowers decided to take advantage of new lower interest rates and the opportunity to take out equity,” says Bauer.

Holiday Inn Capital Square, Columbus, OH
“Keith and his team did an excellent job understanding our needs, delivering multiple loan proposals and insuring the best possible fit for our situation,” says Benoist Castera, a representative of InterAmerican Hotels and president of Sound Hospitality, which provides hotel management services for the hotels.

“Keith explained the pros and cons of each alternative and he and his team walked us through each and every step of the process until the closing was completed. Conduit loans have become much more complicated and I am thankful that I had Keith and MMCC on my side.”

Keith Bauer
            The Hampton Inn loan is a $25 million CMBS debt placement with a fixed interest rate of 4.76 percent and a 65 percent loan to value. The Holiday Inn received a $5.8 million CMBS loan with a fixed interest rate of 4.8 percent and a 70 percent loan to value.

“These debt transactions really underscore our comprehensive platform of service offerings to create value for our clients outside of the traditional investment sale,” concludes Gregory LaBerge, vice president and national director of Marcus & Millichap’s National Hospitality Group.


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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716

Saturday, September 27, 2014

Premier Midtown West development site in Manhattan listed for sale by HFF


Rendering of planned development site at
609 West 56th Street and 823 11th Avenue
Midtown West, Manhattan, New York City
NEW YORK, NY – HFF announced it has been named to market for sale 823 11th Avenue and 609 West 56th Street, a 10,700-square-foot, double lot development site in Midtown West in Manhattan.

               The site is located at the northwest corner of 11th Avenue and West 56th Street within walking distance of Riverside Park, De Witt Clinton Park, Columbus Circle, Central Park and Lincoln Center. 

It is currently improved with a six-story and three-story structure housing a Lexus car dealership and garage on the ground floor and various office tenants on the upper floors. 

The key corner parcel is zoned for 128,400 square feet of residential and/or commercial development.

Andrew Scandalios
               The HFF investment sales team representing the seller is led by senior managing directors Eric Anton and Andrew Scandalios. 

According to Mr. Anton, “this site will receive a tremendous amount of interest given its corner location and the substantial amount of exciting development activity in the surrounding area.” 

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 | www.hfflp.com


HFF closes sale of four Class A office properties in suburban North Dallas, TX


Champion Partners co-owners Steve Modory (left) and Jeff Swope
 DALLAS, TX – HFF announced it has closed the sale of four Class A office properties totaling more than 800,000 square feet in Galatyn Park in Richardson, Texas, a North Dallas suburb.

               HFF represented the seller, Champion Partners and Long Wharf Real Estate Partners, in the transaction.  Spear Street Capital purchased the assets for an undisclosed amount. 

Founded in 1991, Champion Partners is a privately-owned entrepreneurial commercial real estate investment and development firm with a focused opportunistic and value-creation strategy, primarily within the office, industrial and land sectors. Owned and managed by Jeff Swope and Steve Modory, Champion pairs its thorough knowledge of the real estate industry with a unique understanding of the overall capital 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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


Premier Washington Heights development site in Upper Manhattan, NYC, listed for sale by HFF


Eric Anton
NEW YORK, NY – HFF announced it has been named to market for sale 1040 St. Nicholas Avenue, a 10,560-square-foot, vacant development site in the Washington Heights neighborhood of Upper Manhattan.

               The site is located at the crossroads of Saint Nicholas Avenue, West 163rd Street and Amsterdam Avenue on a triangular parcel within short distance of New York Presbyterian Hospital, Yeshiva University, The City College of New York, and countless shops, restaurants, and neighborhood amenities.

 The parcel is zoned R7-1, with a C1-4 commercial overlay, which allows for residential, commercial, and community facility uses.  

1040 St. Nicholas Avenue is optimally zoned and located for a residential development with a community facility component due to the proximity to various universities and medical centers.

Andrew Scandalios
               The HFF investment sales team representing the seller is led by senior managing directors Eric Anton and Andrew Scandalios. 

According to Mr. Anton, “The development of this triangular site will help to further enhance this dynamic uptown neighborhood.” 


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 | www.hfflp.com


HFF secures equity for 80 Broad in Manhattan’s financial district


Mike Tepedino
NEW YORK, NY – HFF announced it has secured equity for the acquisition of 80 Broad, a 423,403-square-foot retail and office building in Manhattan’s Financial District. 

               HFF worked exclusively on behalf of the buyer, Broad Street Development LLC (“BSD”), in sourcing the capital from RXR Realty (“RXR”).  Equity proceeds were used to purchase the property, which closed on September 12.

               The 36-story building was completed in 1930 and most recently renovated in 2013, retaining 1930’s art deco design elements while implementing significant recent upgrades.

 The property is currently 89 percent leased to a variety of mostly smaller sized tenants. 

 Located on the west side of Broad between Stone and Marketfield Streets, the property is walking distance from the New York Stock Exchange, City Hall, World Trade Center, Fulton Street Transportation Center, Battery Park, the R, J, 1, 2, 3, 4 and 5 trains and the Staten Island Ferry.

Michael Gigliotti
               The HFF equity placement team representing Broad Street Development on this transaction was led by senior managing director Mike Tepedino and managing director Michael Gigliotti.

               “With the acquisition of 80 Broad Street, BSD is returning to its roots of operating downtown office buildings,” Gigliotti said.  “There is not a group more equipped to successfully operate this property than BSD, and RXR recognized that by aggressively providing equity to round out the capital stack.” 

This transaction represents another milestone for the New York office of HFF as it continues its aggressive expansion into the New York City office sales and equity markets under leadership from Andrew Scandalios, Eric Anton and David Fowler. 

 Broad Street Development, led by principals Raymond Chalmé and Daniel Blanco, is the culmination of more than 15 years of experience in developing, managing and leasing commercial properties and residential condo conversion projects throughout North America.  

Eric Anton
A relationship driven real estate company, BSD success has been acquiring and repositioning real estate assets in order to provide the highest levels of service and quality to its tenants. This ultimately results in enhanced value.

RXR Realty is a vertically-integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. 

 RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets.  

The Company is one of the largest owners, managers and developers in the New York Tri-State area with interests in approximately $6.5 billion of assets, comprised of 87 operating properties containing approximately 17.7 million square feet. 

 For more information about RXR, visit www.rxrrealty.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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com