Tuesday, June 17, 2014

Shopping Center Trades Hands in Northwest Houston, TX

Garrette Matlock
HOUSTON, TX, June 17, 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 the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston.

The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.

            Garrette Matlock, senior vice president investments in the firm’s Denver office and James Bell, vice president investments in Marcus & Millichap’s Houston office, represented the seller, AMG Guaranty Trust. 

            “We generated interest from investors nationwide and received offers from both coasts, Texas, and points in between,” says Matlock. “The new owner is a private investor based in California.”

            “Shadow-anchored by one of the country’s most successful grocery store operators, the Cypresswood Kroger Center is well positioned to provide long-term stability for its small shops and pads and a steady stream of income for the new owner,” adds Bell.

James Bell
            The property is located at the signalized intersection of Texas State Highway 249, Tomball Parkway, and Cypresswood Drive at 19724 State Highway 249 in Houston.

 The center can be accessed from multiple access points on both arteries. A Lowe’s home improvement store is across from the property on Cypresswood Drive and a CVS/pharmacy and a Sonic restaurant are across from the center on Tomball Parkway.

            At the time of the sale, the Cypresswood Kroger Center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House.

All of the leases are triple-net.

 For a complete copy of the company’s news release, please contact:
Gina Relva,
Public Relations Manager
(925) 953-1716

CBRE Orlando Lists New Offering: 596 Units in Upscale Winter Park, FL

Sun Key Apartments, Winter Park, FL
ORLANDO, FL -- CBRE is pleased to present Sun Key, a 596-unit multi-housing investment opportunity with a highly desirable Winter Park address.

With more than $12 million in capital upgrades in recent years, this infill community is the "best-in-class" asset in this high-demand, high-barrier-to-entry location.

The property is currently 94% occupied, and presents new ownership with the opportunity to acquire a luxury community with upside well below replacement cost and new Class "A" product.

To be determined by market
Number of Units
Year Completed/Renovated
Net Rentable SF
Construction Style   
Garden, 2- and 3-story

 This desirable entry point is likely to allow investors to enjoy tremendous returns through modest property enhancements and further market improvement going forward.

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

Shelton Granade
Executive Vice President
 +1 407 839 3103

ZipRealty Finds Oakland, CA Home Price Growth Exceeds San Francisco, Berkeley and Alameda

EMERYVILLE, CA, June 17, 2014 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, today released a new report showing that Oakland median home price growth has surpassed San Francisco, Berkeley and Alameda.
ZipRealty analyzed the latest MLS data on home sales as of May 31, 2014 to create the four-city study. Zip codes in which five or more real estate sales closed in 2014 were included in the analysis.
Oakland’s median home sales price jumped 23% to $478,000 in May 2014. “As Oakland continues to experience something of a Renaissance, home prices keep accelerating across the city,” said Don Cruz Datanagan, District Broker for the East Bay office of Zip Realty.
 “Astronomically high San Francisco prices have sent residents flocking across the bay in search of lower home prices in Oakland over the past two years. In turn, we have seen this place upward pressure on pricing.”
San Francisco’s median home sales price rose 14% year-over-year as of May 2014 to just over $1 million, while Alameda’s median home sales price increased 11% during the same time period to $666,250. Meanwhile, Berkeley was the only city of the four metros studied by ZipRealty to post a decline in price of 1% year-over-year to $801,000 as of May 2014.


MAY 2013
MAY 2014

The most expensive zip code in Oakland is 94611, where the median home price was $795,000 as of May 31, 2014, a (2%) decline from the previous year.
  • Neighborhoods in 94611 include Piedmont Pines, Grand Lake, Glen Highlands, Sheperd Canyon and Merriwood.
The most expensive zip code in San Francisco is 94123, with a median home price of $3.15 million. The year-over-year increase in 94123 was 109% as of May 31, 2014.

Don Cruz Datanagan
·         Neighborhoods in 94123 include the Marina, Cow Hollow and Pacific Heights.

The most expensive zip code in Alameda is 94501, with a median home price of $725,000, a 22% year-over-year increase as of May 31, 2014.
  • Neighborhoods in 94501 include the Gold Coast, South Shore, Fernside, Bronze Coast and East End.
The most expensive zip code in Berkeley is 94705, with a median home price of $2 million as of May 31, 2014, an 85% year-over-year increase.
  • Neighborhoods in 94705 include Claremont, the Claremont Hills, Elmwood and Panoramic Hill
  • For a complete copy of the company’s news release, please contact:
Stacey Corso


Marcus & Millichap Arranges Sale of 27,780-SF Retail Property in Lauderhill, FL for $1.39 Million

Jonathan Gerszberg
LAUDERHILL, FL, June 17, 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 The Atrium, a 27,780 square-foot mixed-use retail and office property located in Lauderhill, FL. The asset sold for $1,390,000.

Jonathan Gerszberg, a senior associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lauderhill, FL.  

Gerszberg also secured the buyer, a senior living operator, from Cleveland, TN who intends to use the building to support their senior care facility next-door.  

Gerszberg explains that “this was a surprisingly complex transaction because the buyer wanted all of the tenants on short-term leases in order to provide them with the flexibility to use the building as they see fit.  We were able to negotiate with the tenants and balance a number of moving pieces to close the deal.”

The Atrium is located at 4311 Rock Island Road in Lauderhill, 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

HFF closes $50.025 million sale of 200 Middlefield Road in Menlo Park, CA

200 Middlefield Road, Menlo Park, CA
SAN FRANCISCO, CA – HFF announced today that it has closed the $50.025 million sale of 200 Middlefield Road, a 41,933-square-foot, Class A office property in Menlo Park, California.

               HFF marketed the property on behalf of the seller, Menlo Equities.  The asset was purchased for $50.025 million, or approximately $1,193 per square foot.

200 Middlefield is located within walking distance to the downtown Palo Alto retail core and is less than one mile from the Palo Alto and Menlo Park Caltrain stations.

Steven Golubchik
 Originally constructed in 1967, the property underwent a full rebuild in 2012.  The two-story property is 100 percent leased to a diverse mix of private equity and technology firms including Summit Partners, Optum Soft, Blackstone and Rubicon.

The HFF investment sales team representing the seller was led by managing director Steven Golubchik along with senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.  HFF worked in conjunction with Cornish and Carey’s Kevin Cunningham on the sales assignment.

”This sale represents a generational opportunity as it is one of the few newly constructed buildings to come to market in the past 15 years in the submarket,” said Golubchik.

Michael Leggett
 “With a roster of credit tenants, as well as the high-quality reconstruction and finishes completed by Menlo, the property generated substantial interest from numerous domestic and foreign investors.”

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF announces the $24.45 million sale and $10.125 million financing of two Central Florida grocery-anchored retail centers

Cornerstone Plaza, Cocoa Beach, FL
MIAMI, FL – HFF announced today the closing of the $24.45 million sale of and $10.125 million financing for Beachway Plaza in Bradenton, Florida and Cornerstone Plaza in Cocoa Beach, Florida, two Publix-anchored retail centers totaling 189,567 square feet.             

HFF marketed the properties on behalf of Retail Properties of America, Inc. (“RPAI”), which were purchased by Branch Properties, LLC for $24.45 million.

 In addition, HFF arranged five-year acquisition financing on behalf of the buyer for Beachway Plaza through Guggenheim Commercial Real Estate Finance, LLC.

Beachway Plaza, Bradenton, FL
Beachway Plaza is located at the intersection of Manatee Avenue W and 75th Street West in Bradenton with a daily traffic count of more than 29,000 cars per day.  

Built in 2004, the 120,990-square-foot center is 84.8 percent leased to tenants including Publix, Bealls Outlet and Staples.

Renovated most recently in 2004, Cornerstone Plaza is located at the intersection of North Atlantic Avenue and South Shepard Drive in Cocoa Beach. 

Danny Finkle
The 68,577-square-foot property is situated on 8.33 acres and is 86 percent leased to tenants including Publix, Cocoa Beach Realty and Beef ‘O’ Brady’s.

The HFF investment sales team representing the seller was led by senior managing director Danny Finkle and managing director Luis Castillo.

HFF’s debt placement team representing the buyer was led by director Chip Sykes.

“The opportunity to acquire two high-volume, Publix-anchored centers with value creation potential proved to be extremely appealing to investors,” said Castillo.  “The response to this offering was tremendous and resulted in a great outcome for RPAI.”

Luis Castillo
HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States.  

As of March 31, 2014, the company owned 227 retail operating properties representing 31.2 million square feet, including its pro rata share of unconsolidated joint ventures.  The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI.  Additional information about the company is available at www.rpai.com.

Chip Sykes
Founded in 1973 and based in Atlanta, Branch Properties, LLC is a private real estate investment firm primarily focused on high-quality neighborhood shopping centers located in the southeastern United States.  

As a vertically integrated real estate operating company, Branch has the in-house expertise to source, negotiate, acquire, develop, finance, lease and manage neighborhood shopping center investments.

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

Berger Commercial Realty Broker Judy Dolan Handles Sales Transaction of $1.3 Million St. Petersburg, FL Apartments

Judy Dolan
FORT LAUDERDALE, FL, June 17, 2014 - Berger Commercial Realty, a regional full service real estate firm, announced today the sale of a 32-unit, multi-family property in St. Petersburg.

 Berger Commercial Realty broker Judy Dolan represented JP Morgan Chase Bank N.A. in the sale of Lakeside Apartments to Park View Resort, Inc. for $1.325 million. The sale was an all-cash deal.

 Located at 3855 9th Ave. North and 917 39th St. North in St. Petersburg, the property consists of 32 units in two buildings and a laundry room.

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

Marielle Sologuren
Pierson Grant Public Relations

(954) 776-1999, ext. 226

Charles Dunn Company Completes Two West Hollywood, CA Multifamily Property Sales Totaling $4.7 Million

Kimberly Roberts Stepp
LOS ANGELES, CA, June 17, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed two multifamily property sales totaling $4.7 million in West Hollywood.

The sales include; a 10-unit property that sold for $3.3 million and is located near Fountain Ave. and W. La Brea Blvd. at 1220 N. Formosa Ave; and a five-unit property that sold for $1.4 million and is located just north of Santa Monica Blvd. at 1231-1235 N. Vista St.

For the Formosa sale, Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Los Angeles-based Aquat 9, LLC, as well as the 1031 exchange buyer, a Los Angeles-based private investor. The transaction closed at a 4.8 percent cap rate and sold at full asking price. 

Built in 1960, the building includes four, one-bedroom one-bathroom units; two, two-bedroom/one-bathroom units; and four, two-bedroom/two-bathroom units. It offers controlled access and was completely renovated in 2013 with high-quality upgrades to all the units.

For the Vista sale, Stepp represented the seller, Los Angeles-based Jambax, LLC. The buyer was a private investor from Los Angeles who was represented by Diana F. Tiao of The Collective Realty. The transaction closed at a record low 2.9 percent cap rate.

Diana and Will Tiao
Built in 1930, the two-building property includes a three-bedroom/two-bathroom front unit; and four one-bedroom/one-bathroom units.

“We received multiple offers on both properties and selected all-cash buyers, closing escrow in less than 30 days,” said Stepp. 

“The West Hollywood market for rental properties is one of the best locations for multifamily property investment in California as there are limited availabilities, strong demand, and high barriers to entry for these opportunities.”

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

Darcie Giacchetto
D.G. Communications, Inc.


$54,750,000 in recent loan closings from W Financial

NEW YORK, NY -- New York City’s commercial real estate marketplace has been exceptionally busy, and W Financial continues to provide bridge loans all over town that enable owners, operators and developers to sign contracts definitively and to then close reliably and quickly.

 If we haven't already closed a loan with you during the last 11 years, then let’s get started the next time a time-sensitive or complex deal comes across your desk.

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity and joint venture equity on well-located, cash-flowing properties.

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship. Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
recent news:

Easton & Associates Arranges the Lease or Sale of Nearly 55,000 SF of Commercial Real Estate in May

Celia Bravo
Doral, FL, June 17, 2014— Easton & Associates, the commercial real estate brokerage division of The Easton Group, announced the following activity in May:


-Waco Filters Corp. renewed a lease for 21, 800 square feet of industrial space at 11701 NW 100 Road in Medley.   

The landlord is FDG Flagler Station Phase 1 LLC.  

  Easton & Associates Mike Waite and Jim Armstrong represented the tenant and Flagler Development Company’s Stuart Gordon represented the landlord.

Michael Waite
-Meat Town Distributors, Inc. signed a new lease for 10, 650 square feet of space at 10400 NW 33rd Street, #120 in Miami.  Easton & Associates Mike Waite and Jim Armstrong represented the landlord, SPG Doral West LLC, an affiliate of Seagis.  Celia Bravo of Realty World-South Florida represented the tenant.

 -Molinera Foods, Inc. extended its lease for 10,000 square feet of space at 9021 NW 105 Way in Medley.  Easton & Associates Mike Waite and Jim Armstrong represented Molinera and Alex Bernaldo of Americas Industrial Realty represented the landlord, Columbia Florida 105th Industrial Realty. 

Jim Armstrong


-Easton & Associates Lou Marcantonio represented Astar USA LLC in the sale of 11, 700 square feet of office suites located at 1200 Brickell Avenue, Miami.  The seller was Office 1200 Brickell LLC., represented by CWV Realty Corp. A sales price was not disclosed.                                

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

Todd Templin
Boardroom Communications