Saturday, August 16, 2014

Marcus & Millichap Arranges Sale of 37,358-SF Seniors Housing Property in Lake City, FL for $7.4 Million

Krone Weidler
LAKE CITY, 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 WillowBrook Assisted Living, a 37,358-square foot seniors housing property located in Lake City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.

Krone Weidler, associate vice president investments and L.J. Tsunis, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

WillowBrook Assisted Living is located at 1580 South Marion Avenue in Lake City, Florida.  The 37,358-square foot building is situated on approximately 5.2 acres of landscaped land that includes a gazebo and a pond.  Built in 2000, with an addition added in 2004 and 2007, WillowBrook is one of the newer assisted living facilities in north central Florida.

L.J. Tsuni
“We received multiple offers from our buyer base around the country and in the end, an LLC out of Ohio purchased the asset,” says Ms. Weidler.  “This is a great example of the interest buyers have in a high quality seniors housing product.” 

“Class A products in Class A locations with a private pay resident base are in high demand,” adds Ms. Weidler. “Initially, Willowbrook was sold in April 2013 for $6,700,000 and less than 15 months later, the same asset sold for $7,400,000.”

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

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

HFF arranges $29 million financing for multi-housing property in Tampa, FL area

Mona Carlton
MIAMI, FL – HFF announced it has arranged $29 million in financing for Summer Palms, a 340-unit, garden-style multi-housing community in Riverview, Florida.

                HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan through GE Capital Real Estate. 

Summer Palms is located at 10220 Summer Palm Drive between Interstate 75 and U.S. Highway 301 near Big Bend Road in Riverview, approximately 20 miles southeast of downtown Tampa. 

Completed in 2001, the property is 95 percent leased and includes one-, two-, three- and four-bedroom floor plans averaging 1,142 square feet each. 

Elliott Throne
Community amenities include a swimming pool, fitness center and clubhouse with social area.  The borrower is further enhancing the asset to take advantage of the upcoming increase in local demand once the St. Joseph’s Hospital South, a new $225 million hospital, opens in 2015 across the street from the asset.

The HFF debt placement team representing Beachwold was led by senior managing director Mona Carlton, managing director Elliott Throne, associate director Todd Adams, real estate analyst Maxx Carney, as well as director Michael Tabor, who is based in HFF’s local Tampa office.

“Beachwold has been finding strong value-add opportunities to buy in the Florida market and has repositioned them with great success,” stated Throne. 

  “On Summer Palms, they were able to take advantage of a very aggressive bridge financing market where the cost of capital keeps decreasing and the overall terms keep getting more favorable for borrowers.  

Todd Adams
The loan from GE will allow them to offer a great updated product for both existing residents and new residents who are coming into the market due to the arrival of the area’s new hospital.”

Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. 

  Through the company’s vast operational and ownership experience, in depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk.  

The company presently controls more than 40 properties and more than 10,000 multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia

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 |

Lodging Econometrics Reports U.S. Pipeline Posts Double-Digit Year-over-Year Gains for Third Consecutive Quarter

PORTSMOUTH, NH -- The Construction Pipeline continued its upward momentum in Q2 14, posting a double-digit gain Year-Over-Year (YOY) for the third consecutive quarter. At Q2 14 the Pipeline Stands at 3,311 Projects/ 421,387 Rooms, an increase of 17% by Projects and 20% by Rooms YOY. The Pipeline has been increasing for the past nine quarters off the bottom established in Q1 2012.

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

Jennifer McLynch
Marketing Communications Manager
Lodging Econometrics
P: +1 603.431.8740, ext. 16
F: +1 603.431.4418


SR Commercial Acquires Two Commercial Assets Totaling $51 Million in San Diego County, CA

SR Commercial Portfolio, Miramar, CA

 SAN DIEGO, CA – SR Commercial has acquired two commercial assets encompassing nearly 300,000 square feet and totaling over $51 million of total capitalization in San Diego County.

 The company’s recent acquisitions include a 235,472 square-foot portfolio of office, industrial and retail product in Miramar, Calif.; and a 62,814 square-foot industrial/Flex project in San Diego, Calif., according to Adam Robinson, a Principal at SR Commercial.

“Competition continues to climb for high-quality investment product in San Diego County,” explains Robinson, who founded SR Commercial along with partner CJ Stos. “Limited opportunities combined with strong tenant demand is beginning to drive rental rates upward in both office and industrial markets.  The result is that investment properties on the market today are poised to deliver deep value to those investors who are able to secure product.”

SR Commercial Portfolio, San Diego County, CA
Robinson notes that SR Commercial has acquired over a million square feet of investment product in the past 24 months, and plans to continue to invest in large properties and portfolios throughout San Diego, Orange County, Los Angeles, and the Inland Empire.

SR Commercial’s two most recent acquisitions include:

Acquisition 1: Mark II Portfolio in Miramar, Calif.

SR Commercial acquired the Mark II Portfolio, a 235,472 square foot, high-quality portfolio of office, industrial and retail product in Miramar, Calif. for $40 million fully capitalized.

 The portfolio, which encompasses nearly 15 acres of land, is located near the intersection of Interstate 15 and Miramar Road in Miramar, Calif. and consists of eight single and multi-tenant industrial buildings, five multi-tenant office buildings, and one retail/showroom building that is currently fully occupied by 24 Hour Fitness.

Adam Robinson
Acquisition 2: Morena Business Center in San Diego, Calif.

SR Commercial also recently acquired the Morena Business Center, a 62,814 square-foot industrial property in San Diego, Calif., for $11 million fully capitalized.

The property was 74 percent occupied when acquired.

SR Commercial plans to renovate the vacant units, creating a more modern build-out with polished concrete floors and exposed ceilings. Additional improvements to the project will include new exterior paint, awnings, and signage, as well as updated landscaping. 

“We are experienced in transforming industrial product into more creative spaces that are aligned with the demands of today’s tenants,” explains Stos, who notes that SR Commercial has completed similar renovations in more than seven other investment properties over the past 24 months.

  “Based on the asset’s excellent location and these modern renovations, we will have the opportunity to create deep value in this property that will support a long-term hold.”

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

Amanda Alenick Brenner/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Pompano Beach, FL Mini-Warehouse Sells For Nearly $1 Million

Jonathan Thiel

 FORT LAUDERDALE, FL -- Berger Commercial Realty, a regional full service real estate firm, announced the sale of a mini-warehouse located at 10 N.E. Ninth St. in Pompano Beach for $926,000.

 Berger Commercial Realty Senior Vice President Steve Hyatt and Sales Associate Jonathan Thiel represented 10 NE 9th Street, LLC in selling the 15,533-square-foot building to TMT Properties, Inc.

 Founded in 1981, TMT Properties is a family owned and operated real estate investment company. Its Broward portfolio consists of retail, office and industrial properties.

 The Pompano mini-warehouse was over 90 percent leased and featured 46 self-storage units at the time of its sale. It is conveniently located off Dixie Highway and Atlantic Boulevard near I-95 and Federal Highway.

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

Marielle Sologuren
Pierson Grant Public Relations

(954) 776-1999, ext. 226