Thursday, August 28, 2014

Smith Equities Negotiates Sales of Two Student Housing Communities in Tampa, FL Totaling $22.3 Million

TAMPA, FL (Aug. 28, 2014)  –Orlando-based Smith Equities Real Estate Investment Advisors  “SEREIA” recently  arranged  the  sale  of  two  “purpose” built  student  housing communities serving the University of South Florida (USF).

Geoff Harlan
 Campus Club, built in 2005, is a 64 unit, 256 bedroom community on East Fletcher that sold  for  $10.5  million.  Campus  Club  has  all  4  bedrooms,  4.5  baths  and  is  the  only property to have the extra half bath in the USF market.

College Court, built in 2004, is a 92 unit, 356 bedroom community on North 56th Street that sold for $11.8 million. College Court has apartments that are a mix of 3 bedrooms, 3 baths and 4 bedrooms, 4 baths.

Both communities are gated and have resort style pools.
Paul  Guyet  and  Geoff  Harlan  of  Smith  Equities  teamed  up  to  work  with  two  different sellers to secure one buyer for both properties.

“Since no new student housing communities were built this past year and enrollment was up, the off-campus market was very active this past leasing cycle” stated Mr. Guyet.

“In addition, a major business publication just reported that USF intends to double its student body which will fuel more investment in this market”.

“Although both of these properties were owned by different sellers, we were able to put both under contract with the same investor” stated Mr. Harlan.

Paul Guyet
 “Since the properties were so close to each other physically, we saw value in presenting them together to investors that were looking for opportunities in the USF student housing market.”

“Smaller Student Housing Properties represent a unique challenge to sell,” said Robert Smith, CCIM, president and founder of Smith Equities Real Estate Investment Advisors.

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

Paul M. Guyet, 407.422.0704, ext. 105

IPA Sells 328 Multifamily Units in San Antonio, TX

Will Balthrope
SAN ANTONIO, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of 328 multifamily units in San Antonio. The property’s name and transaction details were not disclosed.

            IPA executive director Will Balthrope represented both parties in the transaction.

            “The property is a first generation value-add opportunity,” says Balthrope. “It has been well maintained since its build in the mid-2000s. The implementation of a luxury enhancement package should allow management to push rents to the level of the neighboring peer assets.”

            Located in San Antonio, the property is close to the some of the city’s strongest employment centers. Units feature Whirlpool appliances, European cabinetry with decorative hardware, nine-foot vaulted ceilings and garden-style oval tubs. 

Community amenities include a resort-style pool with fountains, a 24-hour state-of-the-art fitness center, a complimentary tanning studio and an executive business center.

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

 Gina Relva
Public Relations Manager
(925) 953-1716

Retail Center in The Woodlands, Texas, Changes Hands

Nate Newman

 THE WOODLANDS, 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 242 Crossing, a 41,721-square-foot retail center in The Woodlands, Texas.

The exact terms of the sale were not released, however, the asking price was more than $11,500,000.

            Nate Newman, an associate in The Woodlands office of Marcus & Millichap, represented the seller, a well-established local developer.

            “The center sits at the southeast corner of Interstate 45 and FM 242 at the north entrance to The Woodlands,” says Newman.  “It was highly desired by the undisclosed buyer, who wanted to control the hard corner due to their plans for the surrounding development.”

            “The strategic nature of the parcel and keeping the identity of the buyer confidential prior to closing added to the complexity of the transaction,” Newman continues. “The property has benefited greatly from the large amount of new development in the area, including the 385-acre, three-million-square-foot ExxonMobil headquarters and the more than four million square feet currently being developed in The Woodlands.”

The Woodlands development, Woodlands, TX
            The center is located at 8000 Highway 242 in The Woodlands and is visible to more than 248,000 cars per day. The St. Luke’s Hospital district is across the interstate from the site. Annual median income in the area is $127,900.

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

 Gina Relva
Public Relations Manager
(925) 953-1716

Lincoln Harris Brokers CommunityOne’s New Office Lease in Raleigh, NC

Kaler Walker
RALEIGH, N.C. (Aug. 28, 2014) — Lincoln Harris has brokered CommunityOne Bank’s new lease of 4,871 square feet of office space at Rexwoods Center IV, located at 4325 Lake Boone Trail in Raleigh. 

CommunityOne Bank offers more than 50 branches and ATMs throughout North Carolina. This is the bank’s first office in Raleigh.

 Kaler Walker of Lincoln Harris’ Raleigh office brokered the lease on behalf of CommunityOne Bank. Highwoods Properties, the landlord, was self-represented by Jane Doggett.

 “Rexwoods Center IV is the perfect location for CommunityOne Bank’s new office because of its prime West Raleigh location, signage opportunities and easy access to I-40 and I-440,” Walker said.

 “Class A office space is disappearing in Raleigh, so tenants who are interested in higher quality space need to act quickly in order to get the best deals.”

Jane Doggett
 Rexwoods Center IV is a 42,331-square-foot Class A office building located in a campus in close proximity to Rex Hospital, banks, restaurants, neighborhoods and shopping. The building includes covered parking, fiber optic telecommunications and on-site maintenance.

 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)

Lee & Associates Brokers Three Industrial and Office Leases Totaling 222,711 Square Feet in Atlanta’s Airport Submarket

Rick Tumlin
ATLANTA, GA (Aug. 28, 2014) — Lee & Associates’ Atlanta office has arranged three industrial and office leases totaling 222,711 square feet in the Airport submarket of Atlanta.

 Rick Tumlin and Mike Sutter of Lee & Associates, along with Mike Morgan of Interstate Tenant Advisors LLC, represented PrimeSource Building Products, Inc. in its lease of 159,153 square feet at 3060 South Park Blvd. in Ellenwood, Georgia.

The Dallas-based company signed a long-term lease with extensive tenant improvements. Sean Boswell of Colliers International represented the landlord, First Industrial Realty.

 The Fulton County Government signed a 53,558-square-foot expansion and long-term extension at 3025 Commerce Way in Hapeville, Georgia. Tumlin, Sutter and Billy Snowden of Lee & Associates represented Cobalt Capital Partners, the landlord, in the lease.

 Tumlin, Sutter and Scott Prather of Lee & Associates represented Prologis, the landlord, in the leasing of more than 10,000 square feet of office leases at 510 Plaza Drive in College Park, Georgia.

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)

MBA Releases 2014 Mid-Year Commercial/Multifamily Servicer Rankings


 Washington, D.C. (Aug, 28, 2014) – The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2014.

 At the top of the list of firms is Wells Fargo with $446.8 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $378.2 billion, Berkadia Commercial Mortgage LLC with $242.9 billion, KeyBank National Association with $167.2 billion, and GEMSA Loan Services, L.P. with $95.7 billion.

Wells Fargo, PNC/Midland, KeyBank, and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS);

PNC/Midland, Prudential Asset Resources, GEMSA, and MetLife are the largest servicers for life companies; 

PNC/Midland, Wells Fargo, Walker & Dunlop, LLC, and Berkeley Point Capital, LLC are the largest Fannie Mae servicers; 

Wells Fargo, PNC/Midland, KeyBank, and GEMSA are the largest Freddie Mac servicers.

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

Shawn Ryan
(202) 557-2727

South Florida Office and Retail Asset Sells for $13 Million

21/22 Center, Coral Way, Miami, FL
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has arranged the sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail building on Coral Way in Miami.

 The $13 million sales price equates to $175 per square foot.

            Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, an associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented both principals in the transaction.

            “The 21/22 Center is a stabilized asset that has received nearly $2 million in capital improvements during the last two years, including new elevators, chillers, common area upgrades and tenant improvements,” says Mandel.

Douglas K. Mandel
            The office and retail building is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way in Miami. The location is between downtown Miami’s Brickell financial district and Coral Gables’ central business district. 

The building is approximately one mile west of Interstate 95, three miles southwest of downtown Miami, two miles east of downtown Coral Gables, Fla. and just a few miles east of Miracle Mile.  

            The 21/22 Center features 18,356 square feet of ground floor retail space and 56,105 square feet of office space. The building was constructed in 1983 utilizing cast-in-place isolated column footings and continuous footings. The exterior walls are finished with painted stucco and the building is fitted with an aluminum and glass curtain wall system and aluminum and glass windows.

            An attached five-story parking garage provides direct entrances to the office building from the second through fifth floors. The parking facility accommodates 172 parking spaces. The lower floors have an automated pay parking system. Two parking spaces are reserved for electrical vehicles and have charging stations.

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

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

Andre Satchell Joins Marcus & Millichap capital Corp. as Associate Director in Houston, TX

Andre Satchell
HOUSTON, TX – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has added AndrĂ© Satchell as associate director in the firm’s Houston office, according to MMCC’s central region vice president Charles Krawitz.

            In his new position, Satchel will be responsible for securing commercial debt financing for an array of property types including multifamily, office, industrial, retail, manufactured housing and hospitality. He will be primarily focused on clients based in Texas with an emphasis on the greater Houston market.

 “AndrĂ©’s sophistication and financial expertise will be of great value to entrepreneurial property owners,” says Krawitz. 

“He is smart, driven, tenacious and committed to bringing creative debt and equity solutions to commercial real estate investors throughout Texas.”

Charles Krawitz
            Prior to joining MMCC, Satchell served as senior associate with the financial advisory firm Duff & Phelps in its Real Estate practice group. In his prior post, he specialized in underwriting complex real estate portfolio transactions for investment and financing purposes.

Satchel graduated from Norfolk State University, where he earned a Bachelor of Science degree in Environmental Toxicology. 

He has also holds the Certified Commercial Investment Member (CCIM) designation and is a Candidate Member of the Appraisal Institute. He is also involved in the Young Leaders program organized by the Urban Land Institute.

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

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

Post Properties Announces Quarterly Dividends

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.40 per share for the third quarter of 2014. 

The dividend is payable on October 15, 2014 to all common stockholders of record as of September 30, 2014.

Post also announced regular quarterly dividends on its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2014. The dividend is payable on September 30, 2014 to all Series A preferred stockholders of record as of September 15, 2014.

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

Post Properties, Inc.

Chris Papa, 404-846-5000 

Essex Realty Group Brokers the Sale Of 68-Unit Multi-Family Apartment Building in Chicago, IL

James Darrow
 CHICAGO, IL – Essex Realty Group, Inc. is pleased to announce the sale of 1622 N. California in Chicago, Illinois.

 The North Hotel at 1622 N. California, is a brick single room occupancy (SRO) hotel/apartment building in the Humboldt Park neighborhood which is comprised of 66 apartments/rooms and 2 retail spaces.

 The property is situated just north of the intersection of North and California Avenues, steps from beautiful Humboldt Park.

The sale price was approximately $1,750,000.

 Jim Darrow and Jordan Gottlieb were the listing agents. Doug Fisher represented the purchaser.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.