Friday, January 3, 2014

Berger Commercial Realty Broker Associate Greg Milopoulos Closes Four New Tenant-Rep Leases Totaling More Than 14,000 Square Feet in South Florida


Pompano Center of Commerce, 1800 NW 15th Avenue, Pompano Beach, FL

Greg Milopoulos
FORT LAUDERDALE, FL (Jan. 3, 2014)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker associate Greg Milopoulos recently represented four tenants in signing new leases totaling more than 14,000 square feet of space in Broward and Palm Beach counties.

Milopoulos represented:

American Speed Factory Inc., in a lease of 8,000 square feet of warehouse space, located at 990 N.W. 11th Ave. in Fort Lauderdale, from JAFED Properties Co., represented by Randy Rauch of Rauch Heim Commercial Real Estate;

Randy Rauch
 Plan B Engineering in a lease of 3,204 square feet of flex-warehouse space at the Pompano Center of Commerce, 1800 N.W. 15th Ave. in Pompano Beach, from Prologis Pompano, represented by Tom Viscount of Butters Realty and Management;

 JCAL Holdings LLC in a lease of 2,025 square feet of warehouse space, located at 1700 Depot Ave. in Delray Beach, from Depot Warehouse LLC;

and Armour Settlement Services LLC in the sublease of 1,000 square feet of office space, located at 608 S.W. 4th Ave. in Fort Lauderdale, from Blue Interactive Agency LLC.

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

Marielle Sologuren
(954) 776-1999, ext. 226



New Long-Term Treasury Benchmark of 3 Percent-Plus Not Seen in Two years

  



Chicago, IL, Jan. 3, 2014 – Real Estate Capital Institute reports that as 2014 unfolds, markets awake to a newlong-term treasury benchmark of three-percent-plus, a rate not seen in two years. 

 The yield level has exceeded many analysts' expectations for 2013 - there may be room for some volatility throughout the year.  Many investors remain more bearish on treasuries and corresponding low mortgage rates, expecting rates to rise 25 to 100 basis points throughout the year. 

While treasuries rates increased more than 100 basis points last year, funding
sources absorbed much of these increases by accepting lower mortgage spreads.

In the face of a rising rate environment, major realty capital markets trends for 2014 year include:

*    Mortgage rates approaching the historical norms of the past decade
--- within 5.5% to 6% range for 10 year funds and about 4% for shorter-term
debt.

*    More funds available for all levels of the capital stack for property types.  Investors are seeking joint venture, preferred equity and other types of funding opportunities in search of more attractive yields.

*    Investors are pulling back as multifamily properties reach stratospheric pricing levels.  Yet strong demand remains for housing in general, as more investors instead move into the single-family sector. 

*    A steady course continues on lending formats as life companies provide the best long-term debt pricing based upon lower leverage, banks tackle markets with floating-rate loans and conduits pursue tertiary markets and more structured transactions.

*    As the economy continues to recover, new construction funds are more available for retail, industrial and lodging properties, but becoming more selective on multifamily ventures. In particular, commercial properties with strong preleasing of 50% to 70% attract attention.  Most construction lenders want to see at least 25% equity based upon project costs.

Jeanne Peck
*    More competitive forward-delivery and pre-sale programs will emerge as investors seek to capture new construction deals vs. tightly-priced, existing project opportunities.

The Real Estate Capital Institute's director, Jeanne Peck, advises "The 'action' in the capital markets is in the new construction arena.  

" Projects with proven sponsorship in infill locations attract a feeding frenzy among banks; lifecos are designing ways to compete, with a few offering new construction/ and perm programs.”

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for daily rate updates.


The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, IL USA 60624
Contact: Jeanne Peck, Executive Director
director@reci.com

Stephen A. Horn Named Chief Acquisition Officer of National Retail Properties Inc.


Stephen A. Horn
Orlando, FL - National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Stephen A. Horn was named Executive Vice President and Chief Acquisition Officer.

Mr. Horn joined NNN in 2003 and has been a prolific originator of single tenant, net-leased retail investments for National Retail Properties.

“Steve’s passion, hard work and expertise have been instrumental in developing and nurturing many long-term client relationships for NNN,” said Craig Macnab, CEO and Chairman of the Board.

 “His understanding of retail real estate and his tireless deal making in the net let space have made him a valuable partner to NNN’s portfolio of retailers.”


Craig Macnab

Prior to joining NNN, Mr. Horn worked in the Mergers & Acquisitions Group at A.G. Edwards & Sons in St. Louis and served on active duty in the United States Marine Corps. 

He is a graduate of the University of Southern California and a member of the International Council of Shopping Centers.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

 As of September 30, 2013, the company owned 1,850 properties in 47 states with a gross leasable area of approximately 20.3 million square feet. 

For more information on the company, visit www.nnnreit.com.


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

Kevin B. Habicht
Chief Financial Officer
(407) 265-7348

$7.6 Million Sale of Strategic Biscayne Corridor Parcel in Miami’s Edgewood, FL Neighborhood Arranged by Marcus & Millichap

  
The 36,864-SF Boulevard site is at 3360 Biscayne Boulevard, Miami, FL

Ryan T. Shaw
MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Boulevard, a 36,864 square-foot land parcel fully approved for a mixed-use project, located in Miami, FL. The asset sold for $7,600,000.

Ryan T. Shaw and Jonathan Gerszberg, Senior Associates in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hollywood, FL. 

“This was a unique opportunity for an investor to purchase a fully entitled, shovel ready, mixed-use development project in Edgewater, one of the most actively growing markets in Florida,” says Shaw. 

“Located on the intersection of Biscayne Boulevard and 34th Street, The Boulevard is ideally positioned between Downtown, Midtown, and the Design District.



Jonathan Gerszberg
“The site is fully approved for 150,510 square feet, consisting of approximately 13,000 square feet of ground floor retail, and a 127-unit, 16-floor, residential tower,”

This is the third sale Shaw has facilitated in the Biscayne corridor this year.  He also brokered the sale of Staples, located at Biscayne Boulevard and 21st Street, and the 27,750-square foot land parcel located at Biscayne Boulevard and 28th Street.

“The sale of The Boulevard is an excellent example of the demand foreign investors have for stable investments in Miami, as well as our firm’s ability to facilitate that demand,” adds Gerszberg.

The Boulevard is located at 3360 Biscayne Boulevard in Miami, FL.


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

Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL
(786) 522-7000

$900,000 Sale of Tampa, FL Apartments Brokered by Marcus & Millichap


 This 24-unit, garden-style apartment community
is located at 4005 East Humphrey Street, Tampa, FL
Michael Donaldson
TAMPA, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 24-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $900,000.

Nicholas Meoli
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Land O’ Lakes. 


The local buyer, a limited liability company, was secured by Luis Baez, an investment specialist also in the firm’s Tampa office.

The 24-unit, garden-style apartment community is located at 4005 East Humphrey Street in Tampa, Fla.  

Luis Baez
Built in 1972, the complex is situated on approximately a 0.60 acre lot which consists of two, two-story buildings.  Amenities of the property include private patios/porches, and central air-conditioning in each unit.


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

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

Marcus & Millichap Arranges Sale of 12,090-SF Seniors Housing Property in Sebring, FL


                 Former Sebring Assisted Living Facility, 2301 US 27 South, Sebring, FL

Krone Weidler


SEBRING, FL, Jan. 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of  a former Sebring Assisted Living Facility, a 12,090-square foot seniors housing property located in Sebring, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $415,000.

Krone Weidler, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  Ms. Weidler also procured the buyer of the property, a limited liability company from Winter Haven, Fla.

This former Sebring Assisted Living Facility is located at 2301 US 27 South in Sebring, Florida. 

This bank-owned asset is a former 32-unit/45-bed assisted living community that was built in 1960 and 1981. 

The property consists of two buildings totaling 12,090 square feet; a one-story assisted living facility and a two-story office building. The property ran as an assisted living community with a limited mental health (LMH) license.

“The seller, a financial institution outside of Florida, is a well-established client of our firm. When asked to do a proposal on this asset, it was important to ensure the asset could re-open as an assisted living community,” says Ms. Weidler. 

“After getting a comfort level that the asset could re-open as assisted living, finding the right buyer became much easier.  There were multiple offers on the asset, which shows the continued strength of seniors housing in Florida.”

“The buyer plans an extensive renovation to provide a fully secured memory care community, a demand that continues to grow around the country and particularly in Florida with our aging population,” concludes Ms. Weidler.

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

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