Monday, August 11, 2014

Charles Dunn Company Completes $19 Million Sale of a 12-Story Creative Office Property in Downtown Los Angeles

John Anthony

 LOS ANGELES, CA, Aug. 11, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $19 million sale of a 12-story, 186,000-square-foot creative office building located at 155 W. Washington Blvd. in Downtown Los Angeles.

John Anthony and Christopher Steck of Charles Dunn Company represented the seller, San Mateo, Calif.-based West Washington Properties, LLC. 

The buyer was a private investor from Los Angeles and was represented by Emil Golub of Fortune Investments. The multi-tenant creative office building was over 97 percent leased at the time of the sale.   

“With the current demand for creative office space within Los Angeles, and the beginning resurgence of this pocket of Downtown, we marketed the property as a strong value-add opportunity for an investor that was looking to capitalize on the short-term existing leases at below market rents,” said Anthony, senior managing director with Charles Dunn Company.

Christopher Steck
 “We identified a buyer who saw the long-term opportunity to reposition the asset and at an ideal time to invest in this key market.”

Built in 1927, the building was renovated in 2010 and includes 70 covered parking spaces. 

It is well located and offers high visibility from the 110 and 10 freeways and is near an abundant and growing entertainment, dining, retail and nightlife amenity base. 

Additionally, the property is just a few blocks from Grand Station stop on the Metro Blue Line, and 23rd Street Station on the Metro Expo Line.

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

Darcie Giacchetto
D.G. Communications, Inc.

Boca Raton, FL Townhouse Development Sale for $2.14 Million Brokered by Marcus & Millichap

Joseph P. Thomas

BOCA RATON, FL, Aug. 11, 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 Mizner Townhomes Development Site, 1.724 acres of land approved for 26 townhomes located in Boca Raton, FL. The asset sold for $2,140,000.

Joseph P. Thomas, a vice president investments, and Steven Ross, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a Coral Springs developer.  Thomas and Ross also secured the buyer, a private investor from San Francisco.

Mizner Townhomes is a 1.724 acre redevelopment project that was previously approved for 26 luxury townhomes. Currently, a 16-unit apartment building occupies the north half of the site.

 The apartment building was constructed in 1972 of concrete block and painted stucco and consists of two one-bedroom/one-bath apartments and 14 two-bedroom/two-bath apartments.
Mizner Townhouse Development Site, Boca Raton, FL
The area surrounding the Mizner Townhomes Development Site consists primarily of single-family homes, condominiums, office buildings and retail properties. 

Local points of interest include the Royal Palm Country Club, Boca Raton Resort and Mizner Park which is approximately one mile to the north. Mizner Townhomes Development Site is located at 20 Southeast 14th Street in Boca Raton, FL.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges Sale of McDonald’s Ground Lease in Plantation, FL for $3.6 Million

Lori Schneider

 PLANTATION, FL, Aug. 11, 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 3,900-square foot, McDonald's ground lease in Plantation, FL. 

The asset sold for $3,600,000 representing $923 per square foot.

Lori Schneider, a senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Plantation, FL. 

“This ground lease procured a price higher than average rent because of the property's location in a popular, dense suburban market.  The tenant also has a proven sales history at this location,” says Schneider. Schneider also recently listed and sold two McDonald’s in North Carolina: a 4,449-square foot McDonald’s in Swansboro, NC for $1,100,000 and a 3,300-square foot McDonald’s in Spring Lake, NC for $1,052,632.

McDonald's, 1351 South University Drive, Plantation, FL
“The high demand for quality, credit net-leased properties is outpacing the current supply, creating a narrow margin in cap rates in both large and small markets,” she adds.

McDonald's is located at 1351 South University Drive in Plantation, FL.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

HFF closes $10 million sale of CVS-anchored shopping center in West Hartford, CT

Boulevard Shops, West Hartford, CT
BOSTON, MA – HFF announced today that it has closed the sale of Boulevard Shops, a 24,600-square-foot, CVS-anchored shopping center in West Hartford, Connecticut.

               HFF’s Boston retail investment sales team marketed the property exclusively for the seller, HPE Boulevard LLC, an affiliate of Hirschfeld Properties LLC. 

  Lerner Properties LLC purchased the center for $10.028 million free and clear of existing debt.

               Boulevard Shops is situated on 1.82 acres at 463 Prospect Avenue at the intersection of three of the area’s major roadways, Boulevard, West Boulevard and Prospect Avenue.  This places the property in the epicenter of a residential community in the greater Hartford area.  The outdoor center is 93.5 percent leased to several national and regional tenants, including CVS, UPS Store, H&R Block, Sprint and Santander Bank.

Jason Lerner
               “We are very excited about this acquisition as we believe it’s a strong addition to our portfolio,” said Jason Lerner of Lerner Properties.  “This is our first property in Connecticut, and we’re looking forward to further expanding our portfolio in Connecticut and other states in the New England region as well.” 

               Hirschfeld Properties LLC is a fully-diversified real estate developer engaged in the development, leasing, management and ownership of multifamily residential communities, shopping centers, office buildings and hotels throughout the United States.  The company also develops mixed-use projects which integrate all four of these project types and acquires select existing income-producing property.  Learn more at

Headquartered in Englewood Cliffs, New Jersey, Lerner Properties prides itself on its consistent success and achievements in an ever-changing commercial real estate environment.  Through multi-generational, single-family ownership, Lerner Properties has been able to maintain a solid sense of tradition and leadership. 

  They develop, own and manage a portfolio of strategically-located open-air shopping centers and retail properties in high barrier-to-entry markets.  Through a "hands-on" management approach, Lerner Properties is able to optimally achieve the highest potential for its end users.  Find out more at

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 |

WNC Closes $125 Million Institutional LIHTC Fund

Michael Gaber
IRVINE, CA, Aug. 11, 2014– WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 39, LP (WNC Corp. 39), a $125 million institutional low-income housing tax credit (LIHTC) fund. 

The fund, which includes six investors, will acquire 25 properties located throughout the nation.   

 WNC Corp. 39 is comprised of a variety of affordable housing communities, including 15 family, nine senior and one senior/family mix. 

Together they offer 1,684 units of affordable housing in 12 states, including: Alaska, Arkansas, California, Illinois, Kansas, Minnesota, Mississippi, New Jersey, Oklahoma, South Dakota, Texas and Washington.

The 25 properties will consist of a combination of new construction and substantially rehabilitated units. The properties that are scheduled for rehabilitation will continue WNC’s efforts to preserve and maintain the nation’s low-income housing supply.

 “We are pleased to complete this offering that will deliver additional low-income housing options and preserve existing affordable housing in communities where the demand for such housing continues to outpace supply,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“For nearly 30 years, the LIHTC program has been among the most successful examples of public/private partnership in our nation’s history, and we appreciate the ongoing support of our existing investors and development partners, along with the added commitment from new investors, as we work to increase the inventory of affordable housing nationwide.”

 WNC Corp. 39 is the second WNC-sponsored LIHTC fund to close in 2014, representing a total equity raise of $185 million. With the close of the fund, WNC welcomes two new investors to its LIHTC portfolio.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Marshall Hotels & Resorts Names Two Regional Vice Presidents of Operations

David Price

NEW YORK, NY and SALISBURY, MD, Aug. 11, 2014—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today named industry veterans David Price and Matt Jones regional vice presidents of operations. 

  Price will oversee the company’s expanding New York and New Jersey portfolio.  Jones will be responsible for specific ownership groups within the Marshall portfolio.

“As we continue to take on more hotels along the Eastern seaboard, it becomes necessary to find the leading hotel managers in those markets,” said Mike Marshall, president and CEO. 

  “Both David and Matt are well-respected operators with more than 50 years combined experience between them.  

"We have every confidence that these two will help Marshall Hotels & Resorts as it grows to the next level, both improving existing bottom lines for our current owners and ones ‘yet-to-be-signed.’”

With more than 23 years of hospitality experience, David Price has a proven track record of turning around under-performing properties and driving continuous growth in established hotels. 

Matt Jones
Prior to joining Marshall, he held a number of increasingly important hospitality management positions, including regional director of operations for Hospitality Ventures Management Group and district general manager for Prime Hospitality, AmeriSuites and Wellesley Inns.  

Price holds a Bachelor of Science in Psychology from Georgia Southern University and an Associate Degree in Liberal Arts from the University of Hawaii.  

Additionally, hotels under his direction have received two Weingardner Awards for the Hampton Inn Tifton, DoubleTree by Hilton F&B Operator of the Year and Renovation of the Year for Holiday Inn Resorts at the Beach House in Hilton Head.

Prior to joining Marshall, 30-year hospitality specialist Matt Jones most recently worked with Choice Hotels International as a director of franchise management.

 In that role, he worked with licensees to improve their products and performances in the various brands of Choice Hotels.  Prior to his role with Choice, he was general manager of numerous hotels for Harrison Group Resort Hotels. He graduated with a Bachelor of Arts from Salisbury University and is a Certified Hotel Administrator (CHA).   Jones brings a wealth of experience in operations, brand management and product improvement.  

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

Lauralee Dobbins, media
Daly Gray Public Relations
(703) 435-6293

NAI Realvest Negotiates New Lease of 5,153 Rentable Square Feet for Architects at Horatio Professional Center in Maitland, FL

Mary Frances West

ORLANDO, Fla. – NAI Realvest recently negotiated a new lease agreement for 5,153 rentable square feet at Horatio Professional Center, 541 E. Horatio Ave. in Maitland.

Mary Frances West, CCIM, senior broker associate at NAI Realvest brokered the transaction on behalf of the landlord Dallas-based Horatio Florida Partners LLC.    The new tenant Humphreys and Partners Architects leased Suite 100 in the professional building located just off U.S. Highway 17-92. 

 NAI Realvest is exclusive management and leasing representative for the Horatio Professional Center.

NAI Realvest negotiates new and expansion leases totaling more than 6,300 square feet at Industrial Centers in Orlando, FL

Kristen Kemp
 ORLANDO, FL – NAI Realvest recently negotiated three new industrial leases totaling 6,330 square feet at three Orlando industrial centers. 

 NAI Realvest principal Michael Heidrich and associate Kristen Kemp negotiated a new lease with Florida Boba Company, Inc. for Suite 3 with 3,000 square feet at 5014 Forsyth Commerce Rd., representing the landlord, Maitland-based Forsyth Central Commerce Park, LLC.

 Tom R. Kelley II, CCIM, principal negotiated a new lease agreement with WJ Weeks Architecture representing the landlord Miami-based South Park, LLC at South Park Business Center.  

The tenant leased 1,830 square feet of office warehouse space in Unit 103 of the facility located at 8600 Commodity Circle in south Orlando.

 In Southeast Orlando, Heidrich and Kemp also represented the Boston-based landlord BIEL REO, LLC in an expansion lease at Airport Industrial Center, 7480 Narcoossee Rd.  The tenant, Romanoff Floor Covering Inc., of Smyrna, Ga. was already leasing 3,000 square feet at the facility and expanded into an additional 1,500 square feet for a total occupancy of 4,500 square feet.

NAI Realvest Negotiates New Leases for Office Space totaling  2,747 Rentable Square feet in Downtown Orlando, FL and  Casselberry, FL
Jeff Bloom
ORLANDO, Fla. – NAI Realvest recently negotiated two new office lease agreements totaling 2,747 rentable square feet at two locations – a historic office building in downtown Orlando and a freestanding professional office building in Casselberry.

 Jeff Bloom, CCIM, senior director at NAI Realvest represented the tenant, TrueNorth Technology Solutions in the lease of 1,595 square feet in suite 305 at One South Orange Ave.  in downtown Orlando off E. Central Blvd.  The landlord is One South Orlando Ltd.

 NAI Realvest Associate Chris Adams completed an office lease agreement with the Seminole County Democratic Party who will occupy the 1,152 square foot, freestanding professional office building at 2909 Lakeview Drive in Casselberry of SR 436.  Mel Pearlman and Susan Pearlman are the landlords of the property.  

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

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